Musk speaks for Dogecoin [DOGE] again, but is that enough for push to 10 cents

ambcrypto.com:

The DOGEfather is back to pushing the memecoin up again after weeks of bearishness. Reassuring the community recently, Elon Musk tweeted his support for Dogecoin. As expected, the same triggered bullishness for DOGE. 

Trading at $0.05 or 5 cents, DOGE hasn’t shown a lot of promise as an asset. And, while the broader market bearishness has subdued the growth of many cryptocurrencies, Dogecoin has been disappointing its investors since May 2021.

After the crypto’s ATH, it hasn’t stopped falling on the charts. In fact, at this moment, DOGE is barely recovering from its lowest-ever point since June 2021.

Dogecoin price action | Source: TradingView – AMBCrypto

During the recent 32% crash, DOGE fell into the oversold zone and it has since been slowly making its way back up. The same spiked today, along with the price action, by 7.77% following the Tesla CEO’s comment.

However, it is not any and every DOGE-related announcement that induces a hike. The proof of the same lies in the fact that despite gaining the attention of the basketball community after the memecoin backed the Big 3 league team Aliens, DOGE failed to rally on 13 June as significantly as it did on 19 June.

Musk’s influence even managed to counter the broader market’s effects, resulting in a rally, in spite of the altcoin’s volatility being at a 45-day low.

Dogecoin’s volatility | Source: Intotheblock – AMBCrypto

That being said, investors shouldn’t really build any high expectations. Especially as this momentary spike will not be able to bear the weight of invalidating the slumping market. 

Increasing fear in the crypto-market has resulted in consistent depreciation of Dogecoin’s market value, bringing it to its lowest-ever point.

Dogecoin market value | Source: