August 9, 2022

Market observers are seeing Dogecoin (DOGE) worth retreating again into the crimson territory, anticipating the meme coin to register new lows on a weekly, month-to-month and even yearly foundation if some assist doesn’t come shortly 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 value and attraction of DOGE.

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The place’s The Musk Tweet When Dogecoin Wanted 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 mostly 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.

For the reason that Dubai Financial Discussion board, 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 to be like 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 | Supply: TradingView.com

Consequently, the DOGE/USD pair seems primed for extra declines and to proceed its path towards much more loss subsequent week. The seemingly preliminary goal is the $0.61 mark, which emerged as a transparent assist and resistance degree previously.

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Torpid Dogecoin Feeling The Pinch

Up to now 24 hours, the broader cryptocurrency market has traded with average 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 carefully behind.

Up to now three days, the DOGE worth has rejected the $0.065 assist zone, indicating that consumers are defending this area. If the meme coin recovered from this assist, consumers would convey the value again to the extent of twin resistance.

Final Could, 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 time Dwell” that month would ship the worth of the parody coin “over the moon.”

Within the subsequent 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