Dogecoin Price Prediction as Elon Musk Becomes Concerned about Falling Reach on Twitter – Where is DOGE Headed Now?

cryptonews.com:

Dogecoin (DOGE), the cryptocurrency that powers the dog meme-inspired Dogecoin crypto payments blockchain, cratered on Thursday, and price predictions have subsequently worsened. Having broken out of an uptrend that started in late-December 2022 earlier this week, things went from bad to worse for the internet’s favorite meme coin on Thursday amid a broad crypto sell-off triggered by a mix of Fed tightening fear induced downside and concerns about the SEC’s crackdown on US-based crypto staking services.

DOGE/USD has stabilized just above its 50-Day Simple Moving Average (SMA) near the $0.08 level on Friday, down more than 10% on the week and close to 18% versus last Saturday’s highs at $0.10. The bears hit their short-term target of a test of the resistance-turned-support $0.079 level, meaning that some stabilization in the Dogecoin market is now likely, for a few days at least.

Dogecoin’s latest drop has reduced its gains on the year to under 20% and traders are once again questioning whether Dogecoin ever managed to truly break out of its bear market that began in the second half of 2021 and lasted through most of 2022. The cryptocurrency is still up an impressive more than 60% from its 2021 lows under $0.05.

Hopes that serial entrepreneur and billionaire Elon Musk, who recently took over Twitter, might implement Dogecoin into a future payments system on the platform is keeping prices propped up versus the 2022 lows. But falling engagement on Twitter, which is evident in falling engagement on Elon Musk’s posts, has some analysts concerned that Twitter might not be the silver bullet to send Dogecoin back to all-time highs.

Musk is apparently growing increasingly frustrated over falling Twitter engagement - one recent study