The cryptocurrency market is currently withdrawing from the peaks reached last week. When Bitcoin drops to $ 37,000, no dogecoin has been saved and the coin is eliminating last week’s winnings. When Elon Musk no longer publishes dogecoin on Twitter, the buzz around the logo seems to go off, and so does its value.
Dogecoin is trading at $ 0.196 at the time of the 1.2% decline.
Dogecoin price analysis
The 24-hour trend in Dogecoin shows that the meme coin is heading for a strong bearish pace. Despite attempts to break $ 0.20, it has been abandoned on several occasions and is now trying to maintain a high above $ 0.195.
If it manages to exceed $ 0.199, the next strong resistance is $ 0.218. This can be achieved with small rising spikes during the day. However, Dogecoin may not be able to maintain this level for long, especially if the current lack of support in the wider market persists. The lower support for dogecoin is $ 0.17. When volatility drops below $ 0.17, an additional withdrawal may not be recorded, at least for the rest of the week.
If a strong upward momentum is created for dogecoin, we can see a rally exceeding $ 0.25, which could open the coin to new highs, especially if the hype surrounding DOGE emerges.
Dogecoin has no use cases due to its popularity. Recently, the German luxury clothing store Phillip Plein, announced that DOGE would be among the cryptocurrencies accepted by the trade. Such an introduction shows that dogecoin is still a favorite brand among many.
eToro in conjunction with the data collection site The Tie recently implemented research The effects of Elon Musk’s tweets on dogecoin and bitcoin. The study showed that Musk had an upward effect only on dogecoin, but not on bitcoin. The study compared the effect of Musk and MicroStrategy CEO Michael Saylor on bitcoin, where Saylor ranked high for influencing BTC bulls.
Where to buy DOGE
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