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Is the Dogecoin-Musk correlation losing its shine to better opportunities

Is the Dogecoin-Musk correlation losing its shine to better opportunities

If it wasn’t for Elon Musk, the crypto group wouldn’t have identified Dogecoin very intently. The meme coin has witnessed its youthful days prior to now. Nonetheless, of late it has been dropping its enchantment to its traders.

It’s right here to be famous that Elon Musk appears to be dropping his luster over the crypto group as his newest tweets have been failing to supply the identical impact on Dogecoin it did a yr again. As an illustration, Musk was continually tweeting about DOGE in April 2021. Following which, the token noticed an appreciation of 570%. Finally, it reached an all-time excessive of $0.74 on 8 Might 2021.

Nonetheless, over time Dogecoin’s rally has misplaced its energy to Musk’s tweet. Think about this- in a latest thread, Musk floated the concept of creating it potential for a Twitter blue subscription with DOGE. Following this, the worth didn’t see an enormous spike, at press time, DOGE was buying and selling at $0.14, up by simply 4.60% during the last day.

Now, the query is- Being a clever investor, do you have to nonetheless maintain DOGE? A fast evaluation of its worth trajectory can assist us perceive.

The story of worth?

79.78% down from its all-time excessive, the meme coin fell sharply until 16 July 2021. Since then it has been buying and selling throughout the $0.3327 to 0.1099 vary. On a macro-frame, it appears to have consolidated, however just a little zoom-in reveals that each one just isn’t properly with the meme token.

For it to achieve its all-time excessive, DOGE must usher in sufficient demand backed by traders’ confidence. The assure of which may’t be predicted. At press time, RSI stood at 50-mark trying northbound. Dogecoin would possibly see an appreciation in worth. However the spike won’t final lengthy for the reason that quantity oscillator stood at -13.52% on the time of writing.

Supply: TradingView, DOGE/USD

Apparently, whales may very well be energy, they will also be an element of loss for any token. Whereas retail quantity for DOGE stands at 34.16%, whales quantity is registered at 46.8%. This merely implies that any sell-off from the whales’ finish would see the worth look to a brand new low.

Supply: IntoTheBlock

On this regard, it needs to be famous that most of the cruisers who held the token for one to 12 months, determined to make an exit after 9 March. The lack of confidence appears to have performed a predominant function herein. Apparently, DOGE hasn’t seen HODLers strolling away. In actual fact, during the last yr, the variety of HODLers has seen a rise of 4.09%.

Supply: IntoTheBlock

That mentioned, most of Dogecoin’s metrics are giving a bearish sign in the meanwhile. It stays to be seen if Elon can save the token from falling down additional.

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