Will Dogecoin Price Hit $1?
Dogecoin price gained much traction in the recent times by surging with a huge margin within a small time frame. However, the price tanked notably amid the SNL event on the toes, which may have created a sense of FUD in the crypto space.
On the contrary, many still believe, the DOGE price will skyrocket to hit $1 post the SNL event. As it is believed that Elon Musk may give a mention on Dogecoin which will shill the price to its new highs.
The recent price trend however has raised many questions and according to some analysts, SNL event may not boost the DOGE price. According to analyst Mr. Whale, the price may tank hard as Elon musk may not give a mention at all.
As the early investors who can be referred to as whales are already in huge profit and hence the price is trending sideways in the past couple of days. The whales till now may not have cashed out their profits, yet the possibilities of doing so are high. Therefore many influencers still caution their followers to think before buying Doge as Whales may not let the price hit $1.
Retail FOMO Not a Bearish Signal!
The narrow trend of the DOGE price speculated on the possible price rally above $1 during the SNL event. Conversely, the rising prices have created a sense of FOMO among the retail traders. The CEO of Cryptoquant believes that the FOMO within the retail market is not a bearish signal.
Therefore, if the FOMO fear among the retail investors gears up, the DOGE price may be impacted positively. And the price may rally towards the north at a greater pace as mentioned by the CEO that,
“It could be an alpha if we find how retail investors move,”
The current market sentiments are however pretty bullish as many are eagerly waiting for the SNL event. Moreover, whether Elon Musk will give dogecoin a mention?
If he does, will the DOGE price be impacted?
This is the biggest buzz circulating in the crypto space which will be addressed during the SNL event by Elon Musk.
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Source: https://coinpedia.org/altcoin/elon-musk-to-shill-dogecoin-price-with-his-snl-event/
