DOGE has been in a sideways consolidation state since mid August, trading within a narrow range of $0.068 and $0
DOGE has been in a sideways consolidation state since mid August, trading within a narrow range of $0.068 and $0.053. The characteristic of this consolidation period is that the daily chart is decorated with short candlesticks, which visually proves that both buyers and sellers lack enthusiasm.
This is a strange stage in the DOGE world, where prices seem to be waiting for an opportunity, waiting for a catalyst to break free from this stagnant state. However, recent market fluctuations have cast a shadow over this calm, pushing DOGE close to basic support levels, which may indicate that bullish sentiment is about to recover.
The price analysis of dog coins indicates a sideways trend
Recent price analysis suggests that the sideways trend of DOGE may continue, with the token hovering around the support level of $0.055 within the downward trend line. This level overlaps with the long-term support trend line, forming an important accumulation area.
According to CoinGecko's data, although the price of DOGE is currently around $0.059099, it has fallen by 2.6% in the past 24 hours and 4.9% in the past 7 days.
If the resistance trend line maintains its influence, DOGE holders may expect a 7% decline, which may lead to retesting the one-year support trend line located near the $0.055 area.
Influential figures argue about the intrinsic value of cryptocurrency
Meanwhile, on social media platform X, two influential figures shared their views on a controversial topic, sparking a heated debate. The statement by the US Securities and Exchange Commission (SEC) regarding the Coinbase case sparked this discussion, stating that "cryptocurrencies have no inherent or inherent value
This statement was not ignored by Billy Marcus, the co founder of Dogcoin, who made sharp criticism, emphasizing the taxes he paid for cryptocurrency income.
Elon Musk, the CEO of Tesla and SpaceX, is known for his influential stance on cryptocurrencies and has also joined the dialogue to support Marcus' views. Musk challenged regulatory authorities by asking counterquestions: "If you have to pay taxes, then it's true, but otherwise it's not true
The exchange among DOGE supporters highlights the ongoing debate surrounding the intrinsic value of cryptocurrencies and the increasing involvement of regulatory agencies.
Due to the constantly changing state of the cryptocurrency market, the views of influential figures such as Marcus and Musk continue to shape discourse and influence market sentiment.
It remains to be seen how these debates will affect the broader cryptocurrency landscape and whether DOE will emerge from the integration phase in the near future.
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