Musk has a Shiba Inu and is unlikely to give up his Dogecoin holdings

If Musk "abandons" Dogecoin, what kind of "price hell" will DOGE fall into?

Once Elon Musk's support for Dogecoin weakens, the price of Dogecoin is likely to fluctuate greatly.

Musk has been pushing regulators to approve X Payments, a financial platform that is interconnected with his X platform, but this process has not been smooth sailing and has encountered many obstacles.

Despite Musk's efforts, he has not yet obtained full regulatory approval from all states in the United States, which is likely to delay the launch of the platform.

Even if it can be successfully approved in the future, given the inflationary nature of Dogecoin itself, the probability of it being selected as the main payment currency is still at a low level.

Based on the current market chart, it is initially expected that there will be a 40% - 60% decline, and the price will be in the range of $ 0.123 to $ 0.22.

However, if the two key support levels of $0.077 and $0.057 are difficult to hold and are broken by the market, the price of Dogecoin may plummet by as much as 82%, and may even fall to $0.0098.

Under the dual disadvantages of reduced support and continued market pressure, such a downward trend will fully expose the inherent risk characteristics of cryptocurrencies. The market outlook is not optimistic and investors need to remain highly vigilant.

In the recent trading phase, the price of DOGE has suffered a significant decline, and its decline has exceeded 13% in the past 24 hours.

The price successfully broke through the key support level of $0.35 and fell all the way to a low of $0.30.

From the relative strength index (RSI) shown on the 4-hour chart, the reading is 17.67, which clearly shows that the asset is in a severely oversold state.

Such low RSI levels often indicate that the downward trend may be reversed or temporarily paused. After all, in this case, buyers may enter the market to take advantage of this price discount.
#doge #比特币市场波动观察