- Elon Musk’s tweet with #Dino420 sparks speculation about the connection of the DinoLFG token.
- WhaleChart’s market expert has been tracking the Dino token and replied to Musk’s Dino420 tweet.
- DinoLFG’s price sinks to lows of $0.06831 amid speculation.
Elon Musk’s endorsement of popular memecoins is an increasingly common occurrence in the cryptocurrency space. WhaleChart market experts have been closely monitoring the Dinoshi token and its potential connection to Musk, which remains unconfirmed.
There has been speculation that the Dinoshi token may be connected to Elon Musk. This speculation arises from a tweet by Musk that featured the hashtag #Dino420, which was posted one week after the launch of the #DinoLFG campaign. However, the tweet was deleted on the same day it was posted.
A leaked conversation between a team member and the founder of Dinoshi, dated November 18th, reveals that Dinoshi believes that Elon Musk will tweet again about the DinoLFG campaign. Additionally, the team allegedly possesses a physical Dogecoin that was signed by Dogecoin founder Billy Markus inside his home.
This has led to speculation that Elon Musk may have connections with both Dinoshi and DinoLFG and possibly even know the founder of Dinoshi. WhaleChart, a market tracker, has also replied to Musk’s Dino420 tweet, further fueling speculation.
Bears Mount Pressure On DinoLFG Prices
DinoLFG price movement in the past 24 hours shows the altcoin has been trading in a descending trendline, moving from an intraday high of $0.09122 to a low of $0.05982. The DinoLFG token is trading at $0.06808 at press time.
DinoLFG price action: CoinMarketCap
WhaleChart market experts noted that bears have been increasing the pressure on DINO token prices and suggest that DINO/USD will continue to remain in a bearish trend for the next few days before mounting a recovery.
The daily, 4-hour, and hourly timeframes show that the DINO/USD pair has formed a bearish pennant pattern, which suggests further downside in the price of DINO.
The 50-period moving average on the hourly chart is acting as strong resistance for DINO and will continue to weigh on DINO’s recovery. Meanwhile, the Average Directional Movement Index (ADX) is currently at 16.99, which suggests that the bears are trying to break out of the current trading range.
Most of the technical indicators are bearish, with the Relative Strength Index residing in negative territory. The immediate support for DINO is placed at $0.05982, and the resistance lies around $0.07203, with an upward break of this level likely to propel DINO token prices further up.
Speculation has been increasing over a potential connection between the Dinoshi token and Elon Musk after his Dino420 tweet. While there is no concrete evidence connecting the two, WhaleChart’s market expert has been closely monitoring Dinoshi’s token and its potential connection to Musk.