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Dogecoin Tumbles After SNL

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@cryptictruth
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The value of dogecoin (DOGE) dropped sharply in early U.S. hours on Sunday.

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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.

Posted Using LeoFinance Beta