Fingers crossed as Dogecoin retreats to the 200-day MA

2022-12-21 23:32

DOGE has lost by double digits in the past week.

The cryptocurrency has been weighed by limited fundamentals around its use on Twitter.

DOGE faces further lows if it crashes below the 200-day MA.

Dogecoin (DOGE/USD) is again fighting off the onslaught of bears. With a weekly loss of 17%, the meme cryptocurrency is the biggest loser among its peers. Perhaps to underline DOGE’s status as a meme coin, the cryptocurrency has been labelled a “giant con” by CNBC’s Jim Cramer. It is easy to see why the decline has been immense for DOGE. Positive fundamentals have been hard to come by, and investors’ enthusiasm around DOGE’s use on Twitter has subsided.

DOGE fans could be a little disappointed as Elon Musk sends mixed signals around Twitter. The billionaire investor asked his followers if to step down as Twitter CEO. An overwhelming majority of 58% voted “Yes” supporting the proposal.

As you already know, DOGE has been earning support from Musk’s comments and views. His latest tweet does not augur well with DOGE since he relinquishes an important position in the social media giant. Will Musk be able to influence the use of DOGE in Twitter payment from a different role other than the CEO? That would be the question that DOGE fans would ponder. The negative sentiment around it could influence the price of Dogecoin. But investors will, at least, hope that DOGE does not crash below 200-day MA.

DOGE faces pressure as the selling continues below $0.09 support

DOGE/USD Chart by TradingView

Investors have been selling DOGE aggressively since tapping $0.11. That is indicated by the RSI reading shifting from above the midpoint to a near-oversold reading. 

From the daily chart outlook, the price has lost crucial support at $0.09, welcoming a bear market. DOGE has also crashed below the 50-day MA. The cryptocurrency now trades at the 200-day MA, an important level that could spell doom for bulls. 

Will DOGE trade lower or higher?

The next direction for DOGE price will depend on whether the 200-day MA will hold. If bulls resist bears, DOGE could roar back to $0.09. On the flip side, DOGE will head to $0.058 support.

Where to buy DOGE

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy DOGE with eToro today Disclaimer

The post Fingers crossed as Dogecoin retreats to the 200-day MA appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Dogecoin (DOGE) на Currencies.ru

$ 0.3851 (+0.24%)
Объем 24H $7.983b
Изменеия 24h: 3.29 %, 7d: -2.59 %
Cегодня L: $0.3729 - H: $0.3886
Капитализация $56.567b Rank 7
Цена в час новости $ 0.074334 (418.07%)

200-day doge twitter use fundamentals around faces

Источник: coinjournal.net

200-day doge → Результатов: 2


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Dogecoin (DOGE) price takes a bow as Shiba Inu Kabosu dies

Kabosu, the Shiba Inu behind Dogecoin (DOGE) has passed away at age 18. Dogecoin’s price fell over 5% to $0. 1535 following the news of Kabosu’s death. Kabosu’s legacy endures through Dogecoin’s charitable impact and community tributes.

Hurdles for Dogecoin to achieve $0.30, AI altcoin eyes leadership over Render

Let’s dive into the rollercoaster world of Dogecoin and a rising star in the blockchain universe, Borroe Finance. While Dogecoin flirts with the dream of hitting $0. 30, Borroe Finance is not just watching from the sidelines; it’s gearing up to take the lead in the AI altcoin space, challenging giants like Render.

Race to $1: can Dogecoin reach the magic mark before rival?

Dogecoin (DOGE) recently saw a 15. 15% rise, prompting promising price forecasts. Rebel Satoshi ($RECQ) remains some analysts’ top pick for the best coin to invest in. Some forecasts suggest the $RECQ token could be set to surge by 85%.