Did Elon Musk Inorganically Pump Dogecoin Price?
TheDogecoin priceamazed the entire crypto space by rallying more than 800% in a very less timeframe. Moreover, the price smashed its highest level as Tesla CEO Elon Musk attempt hard accordingly.
In a recent update, SEC is rumoured to have opened an investigation into Elon Musk’s tweets on the dogecoin. As the rounds outspread in the crypto space, intense selling haunted the asset which dragged the price and the trading volume to much lower levels.
However, the DOGE price is expected to plunge to much lower levels close to $0.016 in the coming days as per analysts, TOP AIM STOCKS.
#Dogecoin $DOGE under a lot of selling pressure as Elon Musk will be investigated by the SEC
Dogecoin price could fall even lower as key indicator is about to present a sell signal.
DOGE bulls face a lot of resistance to the upside while support remains weak. pic.twitter.com/bQVufl3bSt
— RESEARCH 24/7 (@smallcappick) February 25, 2021
Dogecoin Price Analysis
The DOGE price received a massive boost in the form of extensive buying a couple of days before that rallied the price from $0.04 to $0.06. The price however trended within the same margin around $0.05 in the previous trading day and initiated a deep plunge since the early trading hours.
Currently, the price is attempting very hard to sustain above $0.05 levels. Moreover, as the trading volume has dipped drastically more than 50%, the price is expected to revisit still lower levels in the coming days.
On the other hand, as Elon Mask’s tweets are under the SEC scanner, the possibility of him tweeting again to pump the DOGE price seems unrealistic. Therefore, the DOGE community can uphold the price by nullifying the selling pressure and HOLD the asset.
- The resistance levels are pretty strong and are formed at $0.06
- The support levels are formed at $0.0444
- The indicators for dogecoin price are currently neutral