Technical analysis

Dogecoin Price Losing the Grip as Elon Musk May Not Remain Twitter CEO for Long!

Dogecoin price kick-started the monthly trade on a bullish note by gaining more than 50% in its value in just a couple of days. Meanwhile, the bearish action which followed dragged the price back to its initial levels again. This may be due to the reason that Elon Musk is again in rounds but did not mention anything about DOGE. Since then the DOGE price is struggling very hard to withstand the bearish pressure and rise high. 

DOGE price is yet again plunging heavily as the asset has plunged by more than 12% in the past 7 days. The bearish momentum was further fueled when the current Twitter CEO, Elon Musk expressed his willingness to step down as Twitter CEO and conducted a poll. 

As of now, more than 57% of 14 million votes are in favor of him stepping down as the CEO, while the poll may still run for another 3 hours. Along with this, the bearish sentiments prevailing within the space could be a major reason for the fresh decline in prices.

Dogecoin Price Analysis

Trading View

The Dogecoin price has been trading below the crucial 200-day MA since the beginning of the yearly trade. However, the November push uplifted the price beyond these levels marking the revival of a firm bullish trend. Presently, the DOGE price, despite the bearish action, is trying to sustain at these levels and trigger a rebound. Meanwhile, the buying volume has dropped heavily due to which the fear of slicing down from the 200-day MA levels emerges. 

In that case, the DOGE price is expected to test the lower support zone between $0.05 to $0.056 and attempt a rebound. Conversely, if the token triggers a rebound from the current levels after a brief consolidation, then a notable jump towards the interim resistance at 50-day MA levels at $0.095 appears imminent. 

Collectively, the Dogecoin price appears to be extremely bearish and if Elon Musk steps down as the Twitter CEO, the token may be negatively impacted. The November surge was fueled by the speculations of Twitter adding DOGE to their payment methods. Therefore, the coming few days could be extremely pivotal for the DOGE price as immense volatility may be expected until the year’s end. 

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