The value of dogecoin (DOGE) dropped sharply in early U.S. hours on Sunday.
This comes after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the Saturday Night Live.
DOGE was as low as $0.41 which means it is down 37% from the $0.65 level pre-show level. DOGE hit a high around $0.76 as enthusiast tried to push it to the dollar with SNL being the catalyst that failed to materialize.
DOGE traders had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital joke into a speculator's dream. This type of move in my opinion takes value away from the rest of space, but some might say any publicity is good so I guess we will see what impact this has long term.
Elon did pump DODE or at least he tried to, He was asked 'what is dogecoin', Musk replied, "It's the future of currency. It's an unstoppable financial vehicle that’s going to take over the world." However, when Michael Che countered with, "So, it's a hustle?", Musk replied, "Yeah, it's a hustle." And laughed.
It was that subtle interaction that triggered some fear that the DOGEfather does not truly believe in the long term viability of DOGE and the selling started. The real question is where is DOGE going to bottom? Right now, I'd be watching the short term 21 moving average (DMA) at $0.3964. If that breaks, the $0.225 level would be the next level of support as that's near the upward-sloping 50 DMA.
If buyers can recapture the $0.50 level there might be a case for a recovery as the relative strength index (RSI) is oversold and scalpers look to capture some gains as it trends back to normal levels.
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Many of my crypto noob friends asked me if they can buy Doge before SNL. They thank me today for saying "no" to them. Greed was about to take over. I don't know what's going to happen in the future but at some point in time people are going to realize that they are a part of this joke. And then comes the fear.
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I was telling people to buy the rumor sell the news! It might be worth a scalp since the RSI got hammered down. Maybe a quick buy to see if this $0.50 level holds. I did buy $1K when I posted the article and I'm up %6 at the moment.
Yes, there is a good chance it would go up to $1 in the future or maybe more. Who knows!!
If you can afford to play the gamble, then why not. 😁
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It’s interesting to see how a single man can be so powerful only by rolling and sharing some stuff about some other stuff... his posts have always been related so some sort of price movements, either stock or crypto. I always admire him. He can be weird sometimes, but he is a genius kind.
I have a love hate relationship for him. yes, I think he is doing some cool things, but I don't think he cares about anyone, but himself. This has created many bag holders and I feel for those who blindly follow him. That does not mean I still don't want a tesla.
Yup, a Tesla would be a top pick. I think Elon is this kind of a man, who would mock everyone who is less smart than him. Which is approximately almost entire population of the world. I’m joking of course, but if we think wisely, the ultra smart people are a tiny bit, maybe less than 1% of the whole population.
It should be SNL tumbling right along with it after that turd of a show last night. ha.
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Climbing up back in the saddle, Yee haw!
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I could beat myself for not buying the pump and selling before the show.
The DOGE chart went exactly like I anticipated. A lot of hype before the show and disappointment dumps afterwards :|