Dogecoin (DOGE) Could Use Some Lift – An Elon Musk Tweet, Perhaps?
03 Juli 2022 - 04:47PM
NEWSBTC
Market observers are seeing Dogecoin (DOGE) price retreating back
into the red territory, expecting the meme coin to register new
lows on a weekly, monthly and even yearly basis if some support
does not come quickly to lift the sluggish coin. As of this
writing, DOGE is trading at $0.0653, down 4.5% in the last seven
days, data from Coingecko show, Sunday. Tesla CEO Elon Musk has
always been an avid Dogecoin supporter. His fame and standing
on the worldwide markets have enabled him to significantly
influence the price and appeal of DOGE. Suggested Reading | Cardano
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The Bulls Where’s The Musk Tweet When Dogecoin Needed It? As DOGE
takes a heavy beating in the ongoing bear market, it is only
natural to think that, perhaps, another tweet from Musk might
provide some boost of energy to the lethargic coin? Based on
Coingecko charts, DOGE is down 0.6 percent in the one-hour
timeframe, and 3.0 percent in the last 24-hours. Since the Dubai
Economic Forum, where the billionaire talked about Twitter and
steered clear of any topic about cryptocurrency, DOGE hasn’t
received any social media “promotion,” especially from its
superfan, Musk. As of Sunday’s quick overview, DOGE price looks
bearish as analysts noted some weakness to retrace further; a
consolidation has developed below $0.68. DOGE total market cap at
$8.69 billion on the weekend chart | Source: TradingView.com
Consequently, the DOGE/USD pair appears primed for more declines
and to continue its path toward even more loss next week. The
likely initial objective is the $0.61 mark, which emerged as a
clear support and resistance level in the past. Suggested Reading
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Markets Lethargic Dogecoin Feeling The Pinch In the past
24 hours, the broader cryptocurrency market has traded
with moderate bullish momentum. Bitcoin lost 0.35 percent, the
most among major cryptocurrencies, while Ethereum shed 2.16
percent. The remaining leading cryptocurrencies have followed
closely behind. In the past three days, the DOGE price has rejected
the $0.065 support zone, indicating that buyers are protecting this
region. If the meme coin recovered from this support, buyers would
bring the price back to the level of dual resistance. Last May, as
Dogecoin’s price neared an all-time high of $0.72, the
cryptocurrency’s loyal fan base believed that Musk’s upcoming
appearance on “Saturday Night Live” that month would send the value
of the parody coin “over the moon.” In the subsequent year, its
price has plummeted back to Earth. As of the time of writing, Musk
has remained absolutely mute regarding cryptocurrencies. Featured
image from The Tech Outlook, chart from TradingView.com
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