Dogecoin (DOGE) Tumbles After Coinbase Pro Listing – Musk’s Effect?

A day after its official listing on Coinbase Pro went live, Dogecoin (DOGE) prices have crashed by more than 16% and still falling as the crypto market sentiment took a hit after Tesla CEO Elon Musk trolled Bitcoin and hinted at a possible break-up with the leading digital currency. At the time of writing, DOGE/USD is trading at around $0.36.

Musk is fast emerging as one of the most prominent influencers directing the price action in cryptocurrencies, with his recent announcements against Bitcoin sending its price lower a few weeks back and causing mayhem in the overall market as well. He also holds considerable influence over Dogecoin, with the online community reacting swiftly to his tweets, whether they have a positive or negative message in them.

During the previous session, the price of Dogecoin had surged and overturned almost all losses garnered over the course of the past month, especially in the aftermath of the crypto market crash in mid-May. However, Musk’s recent tweet signals his possible disappointment with Bitcoin and appears to indicate his falling out with the crypto market leader. As the world’s largest cryptocurrency, moves in Bitcoin often dictate price action in all other digital currencies, DOGE included, which could be driving the current decline.

Key Levels to Watch

On the 4-hour chart of DOGE/USD, most of the moving averages as well as technical indicators MACD and momentum are suggesting a pretty strong bearish bias. As of now, the price is sitting just above a key resistance level and it would be very interesting to see if buying pressure can build up and overcome this price point soon.

If not, however, we can see Dogecoin’s price slip down to the pivot point at $0.32. A breakdown of this level can put more selling pressure on DOGE and send its price crashing all the way down towards support levels at $0.28 and then at $0.25.

ABOUT THE AUTHOR See More

Aiswarya Gopan

Financial Writer & Editor - Asia & Europe Desk

Aiswarya Gopan is a former cybersecurity analyst, tech journalist and market researcher, who joins FX Leaders with over three years of experience in the blockchain industry. Aiswarya's areas of focus include market news out of the Asian and European markets as well as news coverage on cryptocurrencies.

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