Unlock DOGE’s Explosive Surge as Government Adoption Clarity Ignites Crypto Revolution
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Dogecoin (DOGE) Price Drops as Elon Musk Rejects Speculation About U.S. Government Adoption
The price of Dogecoin (DOGE) has plummeted more than 5% following Elon Musk’s recent statement dismissing speculation that the newly proposed “Department of Government Efficiency” (D.O.G.E.) is in any way related to the cryptocurrency.
Musk took to a Q&A session where he cleared the air, revealing that the agency is solely focused on improving government operations by enhancing efficiency. He emphasized that there is no connection between D.O.G.E. and Dogecoin or any other cryptocurrency, stating, “The names are similar, but they are doing two different things.”
As news of this clarification spread, Dogecoin’s price suffered a sharp sell-off, dropping from approximately $0.20480 to as low as $0.16329, marking a loss of more than 20% within the week.
The decline in price can be attributed to fading speculation surrounding any potential government involvement with the cryptocurrency. Moreover, Musk’s earlier statements often triggered Dogecoin rallies; however, his recent remark about memecoins being “casino-like” may have exacerbated selling pressure.
The present price chart is exhibiting a descending triangle pattern, which frequently signals an upcoming breakdown. Dogecoin has been consistently making lower highs while finding temporary support around the $0.16 level. However, this support is under threat, and a breach below it could propel the price even further downward.
Furthermore, the Relative Strength Index (RSI) currently stands at 38.63, which indicates that bearish momentum holds sway for now, although the RSI remains far from entering deeply oversold territory beneath 30. This implies there may still be room for additional decline before potential buyers step in to stabilize the market.
Historically, Dogecoin has often seen rebounds when the RSI approaches or dips below 30; however, at present, the market is characterized by weakness without evidence of a strong reversal.
Source: https://coinchapter.com/dogecoin-doge-price-drops-as-elon-musk-rejects-speculation-about-u-s-government-adoption/?utm_source=rss&utm_medium=rss&utm_campaign=dogecoin-doge-price-drops-as-elon-musk-rejects-speculation-about-u-s-government-adoption
