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Dogecoin (DOGE) Drops 6% despite Musk’s Latest Comments

Dogecoin’s price presents bearishness today, coming after the bullish reactions when Elon Musk revealed Tesla would consider DOGE payments. The original meme coin has seen its value declining sharply within the last 24 hours, dropping nearly 6.7% in a day. If this trend persists, DOGE price may plummet further, dipping back into Monday’s close near $0.1574.

Tesla to Accept DOGE Payments

Dogecoin (DOGE) might shift from being a mere meme asset as Tesla hints at possibilities of accepting Dogecoin payments. Tesla billionaire Elon Musk confirms that his electrical car manufacture firm will accept DOGE payments in some products. The “Dogecoin Father” unveiled that through Twitter.

Elon Musk has supported Dogecoin since back then. He once revealed plans to introduce a learning institution in Texas and accept DOGE for tuition fees. The Tesla CEO has favored Dogecoin several times, saying the meme coin is better than Bitcoin for payment services.

Keep in mind that DOGE price surges immediately after Elon Musk mentions the canine-themed token in its tweets. For instance, the latest tweet by the executive saw Dogecoin gaining more than 40% from $0.1775 to a Tuesday intra-day peak beyond $0.22.

Dogecoin Might Drop 12%

Correction joined the Dogecoin after yesterday’s rally, threatening to take the alt deeper. The latest DOGE/USD price movements have printed a sinking flag on the 4Hr chart, with Tuesday’s green candle acting as the flag post. The current retracement will continue if Dogecoin fails to overpower the hurdle at $0.1847. Keep in mind that the flag’s resistance line and 100 Simple Moving Average coincide in this area.

Such a narrative will see DOGE taking towards its Tuesday’s opening value near $0.1775, translating to a 12% drop from DOGE’s current level.

DOGE/USD 4Hr Chart

The down-sloping Relative Strength Index and the falling daily trading volume support the pessimistic DOGE price forecast. While writing this article, Dogecoin has its price wavering near $0.1791. Rising above the 100-Simple Moving Average might undo the above bearish case as DOGE will target $0.22.

What are your views about Elon Musk’s impact on crypto prices? Can he trigger steady upside price trends? Feel free to share your thoughts below?

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