Market observers are seeing Dogecoin (DOGE) worth retreating again into the purple territory, anticipating the meme coin to register new lows on a weekly, month-to-month and even yearly foundation if some help doesn’t come rapidly to carry the sluggish coin.
As of this writing, DOGE is buying and selling at $0.0653, down 4.5% within the final seven days, information from Coingecko present, Sunday.
Tesla CEO Elon Musk has at all times been an avid Dogecoin supporter. His fame and standing on the worldwide markets have enabled him to considerably affect the worth and attraction of DOGE.
Suggested Reading | Cardano (ADA) Looks To Recover After Sliding To $0.43 – Pressure’s On For The Bulls
Where’s The Musk Tweet When Dogecoin Needed It?
As DOGE takes a heavy beating within the ongoing bear market, it’s only pure to suppose that, maybe, one other tweet from Musk may present some enhance of vitality to the torpid coin?
Based on Coingecko charts, DOGE is down 0.6 p.c within the one-hour timeframe, and three.0 p.c within the final 24-hours.
Since the Dubai Economic Forum, the place the billionaire talked about Twitter and steered away from any subject about cryptocurrency, DOGE hasn’t obtained any social media “promotion,” particularly from its superfan, Musk.
As of Sunday’s fast overview, DOGE worth appears bearish as analysts famous some weak spot to retrace additional; a consolidation has developed under $0.68.
DOGE complete market cap at $8.69 billion on the weekend chart | Source: TradingView.com
Consequently, the DOGE/USD pair seems primed for extra declines and to proceed its path towards much more loss subsequent week. The doubtless preliminary goal is the $0.61 mark, which emerged as a transparent help and resistance degree prior to now.
Suggested Reading | Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets
Lethargic Dogecoin Feeling The Pinch
In the previous 24 hours, the broader cryptocurrency market has traded with reasonable bullish momentum. Bitcoin misplaced 0.35 p.c, probably the most amongst main cryptocurrencies, whereas Ethereum shed 2.16 p.c. The remaining main cryptocurrencies have adopted intently behind.
In the previous three days, the DOGE worth has rejected the $0.065 help zone, indicating that patrons are defending this area. If the meme coin recovered from this help, patrons would deliver the worth again to the extent of twin resistance.
Last May, as Dogecoin’s worth neared an all-time excessive of $0.72, the cryptocurrency’s loyal fan base believed that Musk’s upcoming look on “Saturday Night Live” that month would ship the worth of the parody coin “over the moon.”
In the next yr, its worth has plummeted again to Earth. As of the time of writing, Musk has remained completely mute relating to cryptocurrencies.
Featured picture from The Tech Outlook, chart from TradingView.com