Dogecoin Price Prediction as Elon Musk Says He Will Resign as CEO When This One Thing Happens – Is DOGE Doomed?

cryptonews.com:

Another sell-off wave has hit dogecoin price this week after billionaire Elon Musk announced that he would leave Twitter as CEO. Musk has been at the helm of the social media company since October. The largest meme coin rallied by more than 178% at the time, where it tagged $0.1596.

Over the last couple of years, Dogecoin price’s sensitivity to Musk’s tweets and comments has increased. Musk hinted that DOGE would be integrated into the platform after his Twitter acquisition - a move welcomed by the meme coin community.

However, the company later said that it was holding off on adding crypto payments. Nonetheless, Dogecoin remains close to the billionaire who holds the meme token.

Since taking over the top job at Twitter, Musk has been accused of neglecting his role at Tesla, the world’s leading electric vehicle (EV) manufacturer, where he is also the CEO. Tesla’s stock has plunged recently, toppling Musk from being the world’s richest man.

Dogecoin’s future recently seemed brighter than ever hands in the balance after Musk told his followers, “I will resign as CEO soon.” The business mogul says that he intends to focus on leading the software and server teams.

Dogecoin price is trading at $0.0741 after bears respected support at $0.0702. Analysts have predicted that the meme coin may drop to test a lower price level at $0.0573 if it confirms a break below $0.0702.

However, bullish momentum is gradually building, possibly bolstered by an incoming buy signal from the Moving Average Convergence Divergence (MACD) indicator. Traders may wish to enter their long positions after the MACD (line in blue) makes a clear divergence above the signal line (in red). 

Investors should tread cautiously, remembering that market conditions are