Doge Price Prediction: Today’s Dogecoin Price, 12th Dec 2022

Dogecoin’s value increased in 2021 as the cryptocurrency markets recovered, gaining popularity on social media and spurring the creation of additional coins with Shiba Inu dog themes.

In order to provide a framework for governance and support for the development of the project’s community, the Dogecoin Foundation was established in 2014. Elon Musk unusually favors DOGE over other cryptocurrencies.

Furthermore, even in the context of cryptocurrency markets, the price of Dogecoin fluctuates wildly because social media communities are to blame for notable price peaks and subsequent crashes that garner mainstream media attention.

Doge Price Prediction:

The Dogecoin price recently fell from the $0.11 resistance level as the cryptocurrency market becomes more volatile. As a result, the price of the coin has dropped 8-9% in four days, retesting the $0.093 and $0.09 support levels. The drop, which was accompanied by a drop in volume, indicates a high probability of a bullish reversal, which could resume the previous recovery.

This Dogecoin supporter, however, recently lost his position as the world’s richest man due to aggressive selling by Tesla, a manufacturer of electric vehicles. Tesla’s stock has dropped 12.8% in the last five days, and it now trades at $174.

Moreover, the price of DOGE has dropped similarly, falling 8-9% in the last four days. These losses clearly outnumber those of Dogecoin’s competitor Shiba Inu, as well as market leaders Bitcoin and Ethereum.

As a result, the demise of Tesla could be one of the factors contributing to Dogecoin’s additional weakness.

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