Dogecoin’s (DOGE) price has recently experienced a bounce. The data shows that on May 18, the bears pulled Dogecoin’s price down to $0.08, and that is when the bulls came into action.
The bulls showed that they were not going to let the bears win that easily. Despite the stronger bearish sentiments, the bulls are seeing light on the other side of the tunnel.
However, the bears want to keep the sentiments negative, which is why they are selling every rally the bulls have formed.
Selling Power May Pull DOGE to $0.04
If the bears remain stronger against the bulls and the bulls fail to sustain the pressure, DOGE’s price may fall below $0.08. At this point, the bears may place their bets on increasing the selling intensity. If the bulls are not able to resist that, then the trading price of DOGE may dip to $0.06.
If the bears gain even stronger confidence and their selling power continues rising, then DOGE may tumble to $0.04.
DOGE’s Bullish Run with Elon Musk’s Contribution
Then comes the bullish movement of Dogecoin that is currently in discussion among all the DOGE supporters and investors. DOGE has been gaining a lot of public attention due to Elon Musk’s strong interest in acquiring Twitter.
Prior to the proposition, Twitter was expected to launch a monetization program. According to the program, the users would be able to earn cryptocurrencies through their followers.
At that time, it wasn’t decided which cryptocurrency would be integrated into Twitter. Jack Dorsey, the former CEO of Twitter was the one who came up with the proposal.
Many thought Jack Dorsey would go for Bitcoin as he had started mining Bitcoins back in 2021. However, things never materialized and Jack Dorsey went on to become a member of the Twitter board of directors and left his mantle to Parag Agrawal.
In early April, Elon Musk officially announced that he is interested in acquiring Elon Musk. By now everyone knows Musk’s love for Dogecoin and he even tweeted about integrating crypto-related technology into Twitter when he acquired it.
Therefore, the price of DOGE started rising. However, the recent announcements about Musk putting the Twitter acquisition deal on a hold have worked negatively for Dogecoin.
Investors Believing in Musk
Now, the price of DOGE is dependent on Musk whether he acquires Twitter or not. The investors believing in Dogecoin may turn up their acquisition power and try to push DOGE to $0.10. Going forward, as more details unravel surrounding DOGE, then its price may surge to $0.12 (50-day SMA).
Now, the deal between Elon Musk and Twitter is facing a small obstacle that is related to the fake accounts on the social media platform. If the issue is resolved, then the deal will be finalized, and things will become clearer for DOGE.