Dogecoin Price Drops -14% After Elon Musk Bitcoin Tweet

The Dogecoin price is back below $0.4000 after the Tesla CEO’s latest attack on Bitcoin did more damage to DOGE than its intended target.

Dogecoin is last trading at $0.3661, lower by -14.18% on the day.

The ‘Dogefather’s’ loyal following may not be too impressed with his latest social media offering. The tweet that suggested he has finally parted ways with Bitcoin has affected DOGE more than any other top-rated crypto assets.

You have to scroll all the way down Coinmarketcap’s ranking system to #32 before you find a cryptocurrency that has performed worse in the last 24 hours.

Sadly, the Tesla chief’s Twitter account has been a key price driver for the cryptocurrency market in recent months. Musk has over 56 million followers and is the 17th most popular account on the platform.

Therefore his tweets reach a large audience and can be hugely impactful. Mostly those tweets have a positive effect on the Dogecoin price. He has long been an admirer of the coin and constantly shows his support to its community.

However, today was not one of those days.

Dogecoin Price Outlook

Yesterday, DOGE, similar to much of the market, was close to breaking out on the upside. However, the price failed to clear resistance at $0.4500 and reversed lower.

At today’s lowest point, the Dogecoin price had lost over -20% from the previous day’s high.

At the current level, the price is in no man’s land. At $0.3245, we can see an ascending trend line from the May 19th low. This is the first area of support. The obvious resistance area would be yesterday’s high of $0.4500.

Until either of those levels are broken, the likeliest path is sideways. Unless, of course, the ‘Technoking’ of Tesla decides otherwise.

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