- Dogecoin price is currently contemplating reclaiming the $0.213 supply barrier.
- Elon Musk seems to have lost his sway over Dogecoin price as his tweets no longer affect the markets.
- A minor retracement to $0.192 seems likely if DOGE fails to slice through the said resistance level.
Dogecoin price hovers below a crucial ceiling, a breach of which will allow the meme coin to propel itself higher. However, after a steady rally since July 20, a retracement seems likely. Therefore, investors can expect the leg-up that follows this correction to take a jab at the said supply barrier.
Elon Musk and his diminishing control over cryptocurrency markets
Elon Musk and his tweets on Dogecoin sent the cryptocurrency flying during the peak hype cycle of the recent bull run. At one point in time, Musk’s tweets also moved Bitcoin price. Of late, his tweets have had diminishing control and barely move the markets. This shift in trend seems to be becoming more apparent since July.
DOGE/USDT 12-hour chart
Of the five Dogecoin-related tweets Musk has tweeted over the past month, only one provided a relatively positive return.
BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.
There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.
— Elon Musk (@elonmusk) July 9, 2021