Once Again, Dogecoin’s Future Is Somewhat Shadowed Due To Elon Musk’s Matters

In the past couple of years, the constant interference of Elon Musk in Dogecoin’s (DOGE) matters has made him a positive/negative factor for the meme coin.

This is the reason why the entire Dogecoin looks up to Elon Musk whenever they want to think about investing money in the DOGE.

Since the start of 2021, Elon Musk has been involved with Dogecoin and to this day, he seems to have remained loyal to the meme coin.

This is the reason why whenever Elon Musk makes an announcement or a decision about DOGE, it causes a huge frenzy in the DOGE community.

However, in the past couple of days, DOGE has not been doing well and there is nothing Elon Musk is able to do that could boost its price.

DOGE’s Recent Price Movement

On November 1, the trading price of DOGE hit a high trading price of $0.16. The meme coin had come all the way up to this figure after experiencing a sharp rally that had begun in the previous month.

To be exact, the rally for DOGE was initiated on October 25 because, at that time, the price of DOGE was at a low of $0.06. This means that the trading price of DOGE was boosted by 266% in a matter of a week.

Once again, it was due to Elon Musk’s input that the price of DOGE rose really higher than its lower price. The reason that pushed DOGE’s price higher was Elon Musk signing the deal to acquire Twitter.

However, as the rally continued for 7 consecutive days, it ended up making DOGE an extremely overbought crypto in the market.

Even the RSI indicated that DOGE was overbought and soon, its price would face a massive correction.

The Selling Grew Aggressive

As the meme coin was overbought at an extremely high level, it was only a matter of time before the short-term investors would start booking profits.

As the selling began, the price of DOGE started to plummet. Although the market was ready for the correction, it had not imagined the FTX crash. As the FTX crash came into play, the selling grew fierce.

The aggressive selling pressure first pulled DOGE to $0.11 and then ended up pulling it all the way down to $0.09. Although the bears did try and pull DOGE to a low of $0.08 the bulls defended the mark.

More Decline in DOGE

The reason why Elon Musk has not been able to save themselves from the great plunge is that he himself is in trouble due to Twitter.

Musk fired a large number of employees within a few days of overtaking Twitter. Since then, he has been facing multiple lawsuits and given the recent circumstances, he has hinted Twitter may go bankrupt.

This is not a positive signal for DOGE as many expected the meme coin would be Musk’s first choice as a payment method on Twitter.

With Musk facing a troublesome situation, Dogecoin has temporarily lost the support of its major supporter.

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