Crypto News

Even Elon Musk’s tweets couldn’t save Dogecoin from crashing

elon musk dogecoin crash
Image by Netto Figueiredo from Pixabay 

The current Dogecoin price chart is every DOGE advocate and investor’s nightmare. Something that Tesla boss Elon Musk couldn’t prevent. Even with his uber-shilling tweets.

Dogecoin: To The Moon Ground

The most dreaded day is here. A market-wide correction is significantly pulling down cryptocurrency prices. As a result, all coins are printing red candles with various degrees of loss, including the Shiba Inu-inspired Dogecoin.

Twitter-based cryptocurrency commentator Tyler Durden (handle inspired the famous Fight Club movie character) lost no time sharing his thoughts on DOGE’s latest drawdown. And how Elon Musk’s “tweet efforts” couldn’t do anything to save the catastrophe.

Also Read: Elon Musk’s Favorite Dogecoin Among the Biggest Victims of His Manipulative Tweets

“$Doge Even Elon can’t save this with his tweets. He’s tried, and each time he just created another lower high. So 0.05 is programmed,” he tweeted Friday.

DOGE prices have dropped almost 15% in the last seven days and 8% in the previous hour itself. The way it looks now, the trend of losses is going to continue for a while. On the daily chart, Dogecoin is trading below both the crucial 20-day MA and 50-day MA lines.

The meme coin has dropped pretty close to the dynamic support near the $0.26 level (100-day MA). Further selling pressure could exacerbate losses, and DOGE could even retest the $0.144 support (marked by 200-day MA).

Also Read: 3 Reasons Why Dogecoin Price Could Crash By Another 50%

dogecoin, Even Elon Musk’s tweets couldn’t save Dogecoin from crashing
DOGE Looks Primed To Drop To $0.14 Price Level, Source: DOTUSDT on TradingView.com

Strong Dollar

As mentioned above, the Dogecoin selloff is a part of the comprehensive cryptocurrency market correction. This is in conjunction with global stock, gold, and commodity markets that are taking a beating. All while the US Dollar keeps rising from strength to strength.

dogecoin, Even Elon Musk’s tweets couldn’t save Dogecoin from crashing
DXY Index Blasted Past The 200 MA, Source: DXY on TradingView.com

Commenting on the US Dollar spike, seasoned trader and analyst Jacob Canfield mentioned how this “usually leads to a sell-off in equities, gold, and commodities”, and how “#Bitcoin might suffer as well.”

Traders such as Sven Henrich already saw this coming for the greenback. The Federal Reserve’s key interest rate appreciation announcement this Wednesday confirmed the same.

Dogecoin and the whole crypto market’s bearishness is here to stay, as the US Dollar is currently roaring. The same scenario occurred in the mid of March last year. What followed next was the epic stock and crypto crash. Will it happen this time as well? Will Elon Musk tweet again to restore investor faith in DOGE? Let us know what you think in the comments below.

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Himadri Saha

Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.

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