The richest man in the world, Elon Musk, recently posted a photo of a Shiba Inu, Dogecoin mascot. However, Dogecoin price failed to react positively to the post, as has happened most of the times in the past when Musk made similar posts.
Dogecoin price failed to respond to Elon Musk’s Shiba Inu post
Dogecoin price failed to rise on the back of Share Elon Musk Xwhere he posted a meme of A.J Shiba Inu Playing the banjo. DOGE has risen in the past on the back of such posts because the Japanese dog breed is the mascot of the meme currency. Notably, this post comes amidst a decline in the cryptocurrency market, sparking bearish sentiment towards DOGE.
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As such, this may explain why the price of Dogecoin failed to rise on the back of Elon Musk’s post Bear market. The flagship and other altcoins fell along with Bitcoin, which is now well below the psychological level of $100,000.
But amid speculation about this Dogecoin price You may already be in a bear market, which is positive for the first meme coin Elon Musk ad X Money will be launched soon. There has been a lot of speculation that DOGE could be included as a payment option in the social media platform’s payment system.
This remains a possibility, given Elon Musk’s affinity for Dogecoin, even going so far as to refer to himself as “Father.” Potential inclusion of DOGE as a payment option on X money It could act as a bullish catalyst for the Dogecoin price, as it will boost the meme coin’s utility
What’s Next for DOGE Amid Bear Market Fears?
Cryptocurrency analyst CryptoCeek provided insight into what’s next for the price of Dogecoin as it continues to decline. in Share XHe noted that DOGE is drifting toward $0.14 again and that a breakdown below that level could put a further decline to $0.10 on the horizon. This puts the first meme coin at risk of being lost Bull market structure.
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However, CryptoCeek added that a reversal of the 20-day EMA could see the Dogecoin price recover by $0.21. In the meantime, he announced that range traders are still running the show. Meanwhile, Cryptoanalyst Ali Martinez He raised the possibility of Dogecoin price falling to $0.07. He declared It is below $0.16, DOGE support is quickly disappearing, with the next true demand zone at $0.07.
At the time of writing, Dogecoin is trading at $0.16, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Freepik, chart from Tradingview.com
