Dogecoin’s (DOGE), price is slipping back to the red zone according to market observers. The meme coin will register new lows weekly, monthly, and yearly if no support comes quickly.
DOGE currently trades at $0.0653. That’s a drop of 4.5% over the past seven days according to data from Coingecko.
Tesla CEO Elon Musk has always been an avid Dogecoin supporter. Because of his fame on international markets, Elon Musk has had a significant influence over the DOGE price and popularity.
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Where’s The Musk Tweet When Dogecoin Needed It?
DOGE continues to take a lot of beatings in the bear market. Perhaps Musk will tweet to give DOGE some extra energy?
Coingecko charts indicate that DOGE fell 0.6 percent during the first hour, and 3.0 per cent over the 24-hours.
Since the Dubai Economic Forum, where the billionaire talked about Twitter and steered clear of any topic about cryptocurrency, DOGE hasn’t received any social media “promotion,” especially from its superfan, Musk.
As of Sunday’s quick overview, DOGE price looks bearish as analysts noted some weakness to retrace further; a consolidation has developed below $0.68.
Source: TradingView.com| Source: TradingView.com
The DOGE/USD currency pair seems primed to see further declines, and will likely continue on its downward trajectory towards even greater loss next week. The $0.61 mark is likely to be the first target. This was a support and resistance level that has served as an indicator in the past.
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Dogecoin Lethargic Feeling the Pinch
In the past 24 hours, the broader cryptocurrency market has traded with moderate bullish momentum. Bitcoin lost 0.35 percent, the most among major cryptocurrencies, while Ethereum shed 2.16 percent. Other leading cryptocurrency have closely followed.
The DOGE price has been rebuffing the $0.065 support area over the last three days. This indicates that buyers have taken precautions to protect this zone. The price would rise if buyers were able to recover the meme currency from this support.
Last May, as Dogecoin’s price neared an all-time high of $0.72, the cryptocurrency’s loyal fan base believed that Musk’s upcoming appearance on “Saturday Night Live” that month would send the value of the parody coin “over the moon.”
The price of the cryptocurrency plummeted in value to Earth over the next year. Musk is still completely silent on cryptocurrency issues as of this writing.
Featured Image from The Tech Outlook chart by TradingView.com