Summary
TLDR: Dogecoin price has historically been influenced by Elon Musk’s engagement, but recent market conditions have caused a downturn. Despite Musk’s positive comments, DOGE has not seen a price increase and is expected to continue falling due to market cues. A 20% correction is possible, but a recovery could occur if the price breaches $0.182. This analysis is for informational purposes only and not financial advice.
Key Points
1. Dogecoin price did not respond as expected to Elon Musk’s positive comments about the meme coin, failing to prevent a drawdown in price.
2. Dogecoin’s bond with Elon Musk has weakened over the past year as his interest shifted to Artificial Intelligence, leading to a decline in support from investors and active addresses on the network.
3. Technical analysis suggests that Dogecoin could experience a 12% to 20% correction in price, but if it successfully breaks through $0.182, it could rally to $0.20.