Dogecoin Price Falls After Musk Clarifies US Government’s DOGE Position!

Dogecoin's price has taken a hit after Elon Musk clarified that the US government doesn't plan to use DOGE. The price fell to $0.163, with a 16% decline over the past five days, following a failed attempt to break through the $0.198 resistance level .

Musk's comment has dampened market sentiment, and the Network Value to Transaction (NVT) ratio has spiked, indicating a possible lack of investor confidence. However, long-term holders (LTHs) have been actively accumulating DOGE during the recent dip, which could provide a level of support and prevent further price declines .

The current market conditions suggest that DOGE may consolidate near the $0.164 support level, but a failure to break the $0.198 resistance could delay a recovery. If the price dips to $0.147, it could extend recent losses and signal more negative sentiment in the market .

It's worth noting that Dogecoin's price has been influenced by Musk's involvement, with the price surging 14.4% to $0.396 after the launch of (link unavailable), which featured the Dogecoin logo#doge⚡ #ElonMuskTalks