The wealthiest individual globally, Elon Musk, recently shared an image of a Shiba Inu, which serves as Dogecoin’s mascot. Surprisingly, the price of Dogecoin did not exhibit a positive reaction to Musk’s post, contrary to previous occurrences where similar posts by Musk resulted in price surges.
Dogecoin Price Fails To React to Elon Musk’s Shiba Inu Post
Despite Elon Musk’s X post featuring a meme of a Shiba Inu playing a banjo, the Dogecoin price failed to experience a significant surge. Historically, DOGE has seen rallies following such posts due to the Japanese dog breed being the meme coin’s mascot. However, the current crypto market downturn has generated bearish sentiment towards DOGE.
What’s Next For DOGE Amid Bear Market Concerns
As the Dogecoin price continues to decline, Crypto analyst CryptoCeek predicts a potential drop to $0.10 if the price breaks below $0.14. This could jeopardize the meme coin’s bull market structure. However, a reversal above the 20-day EMA might push the price towards $0.21. On the other hand, analyst Ali Martinez suggests a possible drop to $0.07 if support below $0.16 weakens.
At present, Dogecoin is trading at $0.16, reflecting a decline in the last 24 hours according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com