Dogecoin Price Prediction as Elon Musk Suggests He Might Step Down as Twitter CEO – Here are DOGE Levels to Look Out For
Elon Musk might soon be stepping down as the CEO of Twitter and, judging by Dogecoin’s price action on Monday, the news isn’t going down well. DOGE, the token that powers the decentralized dog meme-inspired Dogecoin blockchain payments network, was last down just shy of 2.0% on Monday near $0.077 and eyeing a retest of last Friday’s lows in the $0.074 area. Price predictions for the cryptocurrency remain downbeat, with DOGE currently down close to 30% on the month.
Traders are eying a retest of November’s double bottom lows in the $0.07 area, which also coincides with the key 78.6% Fibonacci retracement level back from the November highs near $0.16 to the annual lows just under $0.05. DOGE had pumped back in late October through to early November on hopes that Musk might implement Dogecoin into a future Twitter payments system.
If Musk does step down as Twitter CEO, that doesn’t mean an end to his influence over the company. He will still be its owner. In that regard, the Dogecoin community won’t yet lose hope that their cryptocurrency might find itself part of a future Twitter payments ecosystem. But any such hope isn’t evident in DOGE’s price action on Monday, with the cryptocurrency threatening a break below support in the $0.07 area, which could trigger a drop back into the $0.055-$0.068ish range that had been in play during September and most of October.
But looking at DOGE over a longer time horizon, things don’t look so bad. During the late October surge, Dogecoin broke above a key long-term downtrend. Dogecoin bulls will be hoping that if there is a short-term dip back to the $0.05 area, this could form a longer-term bottom ahead of a push back to record highs in 2023.
Over the weekend, Elon Musk asked Twitter via a
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