Highlights of the storyDogecoin prices are facing a critical decline as its CEO, ElonMusk, has abandoned the DOGE based Twitter logoPrices are currently moving towards lower support levels and are believed to continue to favor bears for a longer period of time in the futureAlthough the cryptocurrency market continues to stagnate, the price of dogcoin has experienced a significant drop of nearly 8%. The price has dropped from a mid-term high of around $0
Highlights of the story
- Dogecoin prices are facing a critical decline as its CEO, ElonMusk, has abandoned the DOGE based Twitter logo
- Prices are currently moving towards lower support levels and are believed to continue to favor bears for a longer period of time in the future
Although the cryptocurrency market continues to stagnate, the price of dogcoin has experienced a significant drop of nearly 8%. The price has dropped from a mid-term high of around $0.09 and is currently trading at around $0.084. The reason behind the huge decline is the same as the reason why prices rose so high a few days ago.
Tesla, which publicly promotes Dog Coin, and Twitter CEO Elon Musk recently changed the Twitter logo from Blue Bird to DOGE. This has sparked many speculations and interpretations, driving prices up by over 20%. However, due to bearish positions limiting prices to $0.092, the rise did not break through the high of $0.1.
In the recent update, the logo has been removed and the original logo has been restored. This has caused great fear among market participants, as they begin to liquidate, causing significant selling pressure. The downward trend may soon further lower prices to their initial levels.
The price of DOGE remained silent along the lower trend line until the logo was replaced and the price quickly rose to the resistance level above. However, the prices that had already begun to consolidate significantly decreased with the restoration of the original logo.
At present, prices are testing one of the temporary supports for the short-term 50 day moving average level and may not be tightly held.
RSI is moving towards oversold levels, and the rebound strength calculated by ADX is also plummeting. This may push prices lower to reach a support level, which is located near the lower trend line of an upward wedge shape.
Therefore, bearish cartels may not ignore the price of Dog Coin, and investors need to thoroughly pay attention to short-term fluctuations mainly influenced by external factors.
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