Dogecoin price dropped as bitcoin price triggered a sudden crash on May 26. While this drop served as a great opportunity to accumulate DOGE, according to some, it failed to recover with BTC. Meanwhile, Tesla CEO Elon Musk tweeted about DOGE.
Elon Musk tweet did not affect DOGE
DOGE price failed to recover and as we reported on Cryptokoin.com, there was a wide decline. However, the rotation of capital from altcoins, including Dogecoin, was determined by Tesla CEO Elon Musk’s latest tweet. Usually, tweets from Musk, including DOGE, caused the price to rise, but despite the recent mentions, the dog-themed crypto seems unaffected. Musk said that today’s derogatory use of the word “billionaire” is morally wrong and stupid. He used the phrase “Dogecoin Trillionaire movie” on David Gokhshtein’s response, “Trillionaire sounds better.”
This indifference of investors, investors like Dogecoin It shows that he is speculating on relatively stable assets like Bitcoin rather than highly volatile assets. Dogecoin price is undergoing a tight consolidation which is gradually in favor of the sellers. The UST-led collapse hit DOGE hard with a drop to $0.065 on May 12. While DOGE recovered 44 percent on May 13 to set a high at $0.096, it has since been forming lower highs.
What levels to expect for DOGE?
On May 26, the price of Dogecoin dropped 6 percent and Bitcoin tried to make up for these losses as it rose. However, DOGE seems to have run out of fuel as the jump didn’t happen. This lack of buying pressure may indicate that investors are attracting capital for risky altcoins. The only place this capital could flow seems to be stablecoins or relatively stable assets like Bitcoin or Ethereum.
Therefore, investors need to be careful when trading altcoins. DOGE is changing hands at $0.78 with support at $0.073 and resistance at $0.087. On the one hand, if Dogecoin price breaks the $0.073 barrier, it indicates that sellers are in control and will drop the altcoin to $0.062, according to analyst Akash Girimath. Here buyers have a chance to regroup and come back.
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