Dogecoin Musk is a partnership made in heaven. The self-proclaimed Dogefather has come to DOGE’s rescue time after time, taking the price of meme coin high. But in recent times, the same support is not coming. At its current price, DOGE desperately needs Musk’s support to trigger a bullish breakout.
Musk’s Silence Hurting Dogecoin Bulls
Looking at the trends of the past month, we expect Dogecoin’s price to fall in July unless it gets a helping hand- a few words from Musk might facilitate a bullish breakout.
Unlike its rival Shiba Inu, which has recovered due to frequent burns, Dogecoin’s founder has lamented the idea of burning DOGE in 2022.
In the past, Dogecoin relied on Elon’s words to turn a downtrend into an upswing. But those words have been few and far between, especially in the recent past.
Of late, Elon Musk has stayed silent about cryptocurrencies. Even at Dubai Economic Forum, Musk chatted about Twitter but kept mum about Dogecoin.
If Elon Musk does not come to its rescue, DOGE could break below the previous week’s low of $0.0588.
After that, the price might repel to $0.05, the same as July’s S1 support pivot. The price is just 1 cent shy of Doge’s historic pivotal level of $.049.
Bulls are already in the process of breaking the 55-day SMA price cap. However, they would like to annihilate the backbone of the ongoing downtrend.
But it is only possible if the price action does not break below last week’s low. If that happens, we can see momentum building and the uptrend continuing.
Therefore, Dogecoin is in dire need of a few words of encouragement from Musk. If he Tweets or says something about DOGE, then a bullish breakout is likely.
It is essential to break the backbone of the downtrend to ensure a consistent Dogecoin price rise. For this purpose, the Dogecoin bulls need some help from their favorite talisman Elon Musk. Although these are dicey times for crypto and DOGE, things can change quickly – at least for the short-term – if Elon talks about his plans for DOGE. But even at the Dubai Economic Forum, Musk Dogecoin’s words of wisdom or backing were missing. So, unless something drastic happens to crypto prices in general, Musk’s support is highly needed by DOGE.