Dogecoin’s Price Crashes to Historic Low – Will Elon Musk’s Plans Save DOGE?

• Dogecoin hits historic low, but Elon Musk’s plans offer hope.
• Death cross confirms Dogecoin’s downtrend, investors await Musk’s next move.
• Dogecoin’s price struggles, but Musk’s involvement might spark a comeback.

Dogecoin (DOGE) has hit a major setback, with its price plunging to a historic low of $0.0985, reflecting a significant 6.91% drop in the last 24 hours. This steep decline extends over a seven-day period, with the meme coin losing over 18% of its value. After reaching a daily high of $0.1059, DOGE dropped to a low of $0.097 before seeing a slight recovery.

Amid the ongoing sell-off, Dogecoin’s price has confirmed the formation of a death cross on both hourly and daily charts. This technical indicator occurs when the short-term moving average (9-day) falls below the medium-term moving average (21-day), solidifying the downtrend and signaling a bearish market outlook. As a result, the outlook for Dogecoin appears grim, with the chart pattern further reinforcing the case for the bears.

Despite the downturn, there are some positive developments in the futures market for Dogecoin, along with an increase in open interest. However, the cryptocurrency continues to be heavily correlated with Bitcoin, which has also seen significant losses, dropping below the $70,000 mark. For Dogecoin, the key to maintaining short-term momentum lies in its ability to break through the resistance level of $0.10.

Source: Tradingview

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Elon Musk’s Plans to Revive Dogecoin

Although Dogecoin is currently facing tough times, there may still be hope for a rebound, and it could be tied to Elon Musk’s influence. Earlier this week, the Tesla CEO hinted at plans to take Dogecoin to new heights, stating that the meme coin might be “taken to the moon” by next year. While the details of Musk’s plans remain vague, his past involvement with Dogecoin has often led to price surges, leaving investors optimistic about a potential comeback.

Historically, Dogecoin tends to experience sell-offs in February, with the current 5.4% drop aligning with this pattern. However, past trends suggest that the months following February often bring slow but steady gains. If history repeats itself, this could be the worst month for DOGE, but the future may hold more promise for the cryptocurrency.

The fate of Dogecoin remains uncertain, but with Elon Musk backing the coin, many are hopeful that the meme token could make a comeback in the near future. Investors will be closely watching to see if Musk’s influence can help turn things around for DOGE.

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