Elon Musk believes Dogecoin could be a currency, DOGE prepares for recovery

Elon Musk, CEO of Tesla and Dogecoin proponent, believes DOGE has potential as a currency.
Dogecoin price is on track to recover, and the meme coin has posted nearly 4% gains overnight.
Analysts believe DOGE could recover from its slump, but bears reached exhaustion.

Elon Musk commented on the Dogecoin co-founder’s tweet. Musk believes DOGE could be a currency and fuels a bullish sentiment among investors.

DOGE is on track to begin recovery soon

Tesla CEO Elon Musk recently made a bullish remark on Dogecoin despite the market-wide bloodbath. Musk affirmed that DOGE has potential as a currency in response to Billy Markus, co-founder of Dogecoin’s tweet.

Musk likes the meme cryptocurrency and remains bullish on it. The billionaire CEO of Tesla has identified potential in DOGE and believes that the meme coin has the properties of a currency. The tweet has received a positive response from the DOGE community, and Dogecoin proponents are bullish on the meme coin.

The recent crypto market bloodbath had a negative impact on most cryptocurrencies, including Shiba-Inu-themed cryptocurrencies DOGE and SHIB. Dogecoin has struggled to recover from the correction. However, analysts have identified signs of bearish exhaustion in Dogecoin.

The Dogecoin price could likely wipe out recent losses and make a complete recovery. DOGE has posted nearly 4% gains overnight, and meme coin is on its path to making a comeback.

Another key factor driving a bullish sentiment in the community is the high volume of DOGE held by whales and investors across exchanges. Robinhood holds 30.97% of the meme coin’s circulating supply on behalf of its investors.

Analysts believe Dogecoin’s downtrend has hit its peak, and bears are exhausted. FXStreet analysts believe DOGE has had a chance to recover; however, the asset could retest support, extending from $0.078 to $0.087. If the bloodbath continues, DOGE could plummet instead of beginning recovery.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.