What kind of 'price hell' will DOGE fall into if Musk 'abandoned' Dogecoin?
Once Elon Musk's support for Dogecoin weakens, the price of Dogecoin is highly likely to experience significant fluctuations.
Musk is vigorously promoting the approval of the financial platform X Payments, which is interrelated with his X platform by regulatory authorities; however, this process has not been smooth and has faced numerous obstacles.
Despite Musk's considerable effort and dedication, he has yet to obtain complete regulatory approval from all U.S. states, which is likely to postpone the platform's launch.
Even if he can successfully obtain approval later, given the inflationary nature of Dogecoin, the probability of it being chosen as a primary payment currency remains low.
From the current market charts, it is initially estimated that there will be a decline of 40% - 60%, with prices falling within the range of $0.123 to $0.22.
However, if the two key support levels of $0.077 and $0.057 are unable to hold and are broken by the market, the price of Dogecoin may plummet, with a decline of up to 82%, potentially dropping as low as $0.0098.
In the unfavorable situation of reduced support and rising market pressure, such a downward trend will fully expose the inherent risk characteristics of cryptocurrencies, and the market outlook is not optimistic, requiring investors to remain highly vigilant.
In the recent trading phase, the DOGE price has encountered a significant decline, having fallen over 13% in the past 24 hours.
The price successfully broke through the key support level of $0.35, dropping down to a low of $0.30.
From the 4-hour chart's Relative Strength Index (RSI), the reading stands at 17.67, clearly indicating that this asset is in a severely oversold state.
If anyone is confused due to market fluctuations and does not know how to deal with being stuck, or feels misled during the trading process, feel free to reach out!
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