Today's Dogecoin DOGE Price Prediction Drops 6%
Rancakmedia.com – Dogecoin price prediction DOGE is pessimistic as it trades in the red a day after Elon Musk's supportive words of DOGE on Tuesday.
The meme currency's price had plummeted over the previous 24 hours losing about 6.7 percent on the day. Dogecoin price may fall to Monday's close of $0.1574 if the trend continues.
Tesla To Accept Dogecoin DOGE
With the potential to be used as a payment method, Dogecoin may well surpass its current status as a meme currency.
Musk, Tesla's chief executive, said that Dogecoin will be accepted as payment for certain Tesla items. The “father of Dogecoin” confirmed this in a tweet as stated below:
Elon Musk has been known to show support for Dogecoin at one time stating that he plans to build a University in Texas and tuition fees will be paid in DOGE.
Musk is also known to back Dogecoin claiming that it will be a superior payment method compared to Bitcoin.
Notably, the price of Dogecoin rises almost instantly whenever billionaire Tesla CEO Elon Musk mentions it in a tweet.
For example, the price of DOGE jumped 40 percent from $0.1774 to a daily high of $0.22 on Tuesday after the previous tweet was sent out.
Expect Dogecoin DOGE Prices
However, after yesterday's surge, a reversal has occurred, putting the Dogecoin price at risk of further declines.
The current DOGE/USD price action has resulted in a falling flag on the four-hour chart with yesterday's green candlestick to intraday highs as a flagpole. As long as the current correction does not break through the barrier around $0.1847, where the 100-period SMA and the resistance line of the flag converge, the current downside is expected to persist.
As a result, the price of Dogecoin may plummet to yesterday's initial price of $0.1774 — a 14% decrease from current levels.
Chart For Dogecoin DOGE Price
Declining daily trading volume and a downward sloping RSI supports our bearish Dogecoin price prediction.
At time of writing, Dogecoin price is holding around $0.1791 and advancing above its 100 SMA possibly completing the above negative narrative with Tuesday's intraday high above $0.22 being the aim higher.
Conclusion:
The price of Dogecoin had declined drastically over the previous 24 hours, losing around 6.7 percent on the day. The meme currency may fall to Monday's close at $0.1574 if the trend continues.
On Tuesday, Tesla CEO Elon Musk said that DOGE will be accepted as payment for certain Tesla items.