Here's Why Musk's Tweet Couldn't Move DOGE Prices - 27-5-22 - News

Edward Bail Edward Bail 13 November 2022 Follow
Here's Why Musk's Tweet Couldn't Move DOGE Prices - 27-5-22 - News

Briefly –

  • DOGE prices continue to form lower lows on the 4hr chart.
  • As Dogecoin nears the support floor at $0.073, enthusiasts can anticipate a decent rebound towards $0.087.
  • Nevertheless, breaching the barrier at $0.073 might translate to a 14% drop to $0.062.

Dogecoin price witnessed downside actions as Bitcoin triggered a crash on 26 May. Though the downward move serves as a lucrative accumulation opportunity, the meme coin could not recover alongside Bitcoin.

Nevertheless, the latest tween from Elon Musk denoted capital rotation from alts, including DOGE. Musk's Twitter posts mentioning Dogecoin often trigger uptrends in the meme coin. Nevertheless, the canine-themed cryptocurrency appears unaffected by the latest Musk mention.

This faded interest from market participants shows crypto investors speculating on somewhat steady digital tokens like BTC than highly volatile assets such as DOGE. Furthermore, altcoins have deteriorated more than the king crypto in the ongoing market crash.

Dogecoin Price Outlook

Dogecoin price undergoes a constricted consolidation that gradually favors sellers. The UST crisis had the original meme coin setting a swing low near $0.065 on 12 May. Though Dogecoin gained 44% to form a swing peak at $0.096 on 13 May, the alt has formed lower highs since.

26 May sessions saw Dogecoin's price losing 9.6% and attempted to erase the losses as BTC surged. Nevertheless, the altcoin ran out of steam as the bounce could not materialize. The buying momentum absence might indicate investors pulled money from risky alts.

The only destination for this cash is into somewhat steady assets such as ETH or BTC and stablecoins. For that reason, market players should be careful when handling alternative tokens. Dogecoin has the immediate support zone at $0.073, the level defending the alt from further downswings. A rebound from this barrier might push Dogecoin towards the upside hurdle at $0.087.

Meanwhile, Dogecoin breaching the support barrier at $0.073 would confirm sellers' dominance. That can see DOGE dropping to $0.062. Buyers can join at this level to trigger a comeback. Nevertheless, a 4hr candle closing under $0.062 will cancel DOGE's bullish thesis. That can drag Dogecoin to the support at $0.046.

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