Dogecoin misses bullish target after Elon Musk snubs Twitter – what’s next for DOGE price?

Dogecoin (DOGE) has missed a long-awaited technical upside, falling nearly 10% in the past week amid an ongoing feud between Elon Musk and Twitter.

Musk hurts DOGE price

In summary: Musk, whose companies Tesla, SpaceX and Vegas Loop DOGE payments accept, had suggested introducing the same payment option on Twitter in April.

Bitcoin fakes a breakout as Dogecoin jumps on Elon Musk’s Twitter takeover news. https://t.co/dlMH5u5jaf

— TBEN (@TBEN) April 25, 2022

Nevertheless, the Musk-Twitter deal has turned sour after the billionaire tried to walk away from his $44 billion takeover bid. In response, the platform has sued Musk, claiming that his heart changed after suffering personal losses in the ongoing carnage in the global market.

Some Dogecoin traders had been eyeing Musk’s Twitter takeover to remain optimistic about DOGE/USD as the deal would boost adoption of the token among the platform’s 330 million monthly active users.

#dogecoin † The number of large transactions on the $DOGE network worth over $100,000 has just hit a four-month high with 2,400 transactions.

Such market behavior can act as a proxy for whale activity, suggesting how they position themselves for a major price move. pic.twitter.com/K49QfXFVYb

— Ali Martinez (@ali_charts) Apr 26, 2022

Dogecoin misses IH&S target

Dogecoin fell 19.5% after Musk called off the Twitter deal on July 8. By doing so, DOGE also invalidated the prevailing “inverse head and shoulder (IH&S)” pattern that could have pushed the price per token towards $0.112 as shown below.

Bias conflict ahead

Dogecoin is now holding a multi-month “mid-channel support” near $0.06, while remaining indecisive for now, as shown in the chart below.

DOGE’s price sees $0.09 as its next target as it rises resolutely from the mid-channel support. The upward target coincides with the declining trendline (distribution level) that has served as resistance since May 2021.

Related: DOGE Days of Summer: Shiba Inu Gains 40% on Dogecoin Two Months After Record Lows

Conversely, a break below the mid-channel support could target DOGE’s price test at $0.04, down 32% from its current price. This level coincides with another falling trendline (accumulation level) that has acted as a support for the price of Dogecoin since April 2021.

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