Dogecoin’s current price is $0.1572 lower than the six-month peak of $0.1572, which gives investors an opportunity to capitalize on a massive discount in accumulation.
- Dogecoin went down by 11% following news of Twitter’s plans to halt crypto integration projects
- DOGE rebounded over the past 24hrs, increasing by nearly 7%
- As a key point to a price increase, $0.136 is the critical level for this asset
Based on tracking CoingeckoThe crypto-themed dog is currently trading at $0.1304 after it rose 6.7% in the past 24 hours.
Even though its weekly gain stands at 55.2%, the gains are still up by 119.8% in the past week and 102% for the last month.
Dogecoin remained the number 8 cryptocurrency despite a slight price dropThWith its overall value of $17.83 million, it is the largest cryptocurrency in terms of market capitalization.
Whether it can keep that sweet spot or not, it’s anyone’s guess as of this time as DOGE keeps moving back and forth with its price trajectory. At the moment, charts show a decline of 15%.
Dogecoin Price Analysis
Daily price chat for DOGE is an indication of a lot higher price rejectionZones close to $0.15 mark. This was because the altcoin’s bullish movement ran out of steam, making it lose 11% of its value over the last three days.
Dogecoin could suffer a severe selling pressure, which could result in a further 12% decline to the $0.11 area.
While the Relative strength index (RSI) for the asset has settled in the overbought zone, overall sentiment is pointing to a bullish move as the price stands at 72.4%.
Analyses of DOGE indicators show that a success surpassing the $0.136 area will negate the previous thesis of a possible decline, and instead will allow the asset reach $0.152.
Important to remember that the latest rally in crypto was triggered by several events, including improving market conditions as well as the recent Purchase Twitter of self-proclaimed “Dogefather” Elon Musk.
It may be that Twitter is not DOGE-Friendly.
Musk’s $44 billion purchase of social media platform Twitter, Dogecoin was created. surged mightilyIts cost increased by about 130%.
This proved that the vocal DOGE supporter still remains one of the biggest factors that could affect the asset’s price trajectory.
According to analysts, the increase in demand for this token was due to the Twitter acquisition. This is because of the renewed hopes that it could be accepted as a payment method for services.
According to reports, the new social media company, which is under new management has reportedly decided to stop all efforts to integrate crypto.
DOGE plunged by 11% over 24 hours as DOGE learned that Elon Musk was still in control of the company’s affairs, and Twitter is also. It cannot be considered as a friendEvery day.
Whales are not being affected, even though more than $18 million worth Dogecoin went from wallet to wallet during that time.
The total DOGE market capital is $16.9B on the weekly chart. Featured image by Laptop Mag. Chart: TradingView.com| Featured image from Laptop Mag, Chart: TradingView.com Disclaimer: This analysis is the author's own understanding of crypto markets and shouldn't be taken as investment advice.