The current Dogecoin price chart is every DOGE advocate and investor’s nightmare. Something that Tesla boss Elon Musk couldn’t prevent. Even with his uber-shilling tweets.
Dogecoin: To The Moon Ground
The most dreaded day is here. A market-wide correction is significantly pulling down cryptocurrency prices. As a result, all coins are printing red candles with various degrees of loss, including the Shiba Inu-inspired Dogecoin.
Twitter-based cryptocurrency commentator Tyler Durden (handle inspired the famous Fight Club movie character) lost no time sharing his thoughts on DOGE’s latest drawdown. And how Elon Musk’s “tweet efforts” couldn’t do anything to save the catastrophe.
“$Doge Even Elon can’t save this with his tweets. He’s tried, and each time he just created another lower high. So 0.05 is programmed,” he tweeted Friday.
DOGE prices have dropped almost 15% in the last seven days and 8% in the previous hour itself. The way it looks now, the trend of losses is going to continue for a while. On the daily chart, Dogecoin is trading below both the crucial 20-day MA and 50-day MA lines.
The meme coin has dropped pretty close to the dynamic support near the $0.26 level (100-day MA). Further selling pressure could exacerbate losses, and DOGE could even retest the $0.144 support (marked by 200-day MA).
As mentioned above, the Dogecoin selloff is a part of the comprehensive cryptocurrency market correction. This is in conjunction with global stock, gold, and commodity markets that are taking a beating. All while the US Dollar keeps rising from strength to strength.
DXY Index Blasted Past The 200 MA, Source: DXY on TradingView.com
Commenting on the US Dollar spike, seasoned trader and analyst Jacob Canfield mentioned how this “usually leads to a sell-off in equities, gold, and commodities”, and how “#Bitcoin might suffer as well.”
Traders such as Sven Henrich already saw this coming for the greenback. The Federal Reserve’s key interest rate appreciation announcement this Wednesday confirmed the same.
Dogecoin and the whole crypto market’s bearishness is here to stay, as the US Dollar is currently roaring. The same scenario occurred in the mid of March last year. What followed next was the epic stock and crypto crash. Will it happen this time as well? Will Elon Musk tweet again to restore investor faith in DOGE? Let us know what you think in the comments below.
Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.
YEREVAN (CoinChapter.com) – Stablecoin issuance protocol Terra made headlines in the previous days after its governance token LUNA crashed...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.