Fingers crossed as Dogecoin pulls back to the 200-day MA
DOGE has lost by double digits this past week.
The cryptocurrency has been weighed down by limited fundamentals surrounding its use on Twitter.
DOGE faces further lows as it crashes below the 200-day MA.
Dogecoin (DOGE/USD) fights bear onslaught again. With a weekly loss of 17%, the meme cryptocurrency is the biggest loser among its competitors. Perhaps to underscore DOGE’s status as a meme coin, the cryptocurrency has been labeled a “giant scammer” by TBEN’s Jim Cramer. It’s easy to see why the decline has been huge for DOGE. Positive fundamentals have been hard to come by and investor enthusiasm for using DOGE on Twitter has waned.
DOGE fans might be a little disappointed as Elon Musk is sending mixed signals around Twitter. The billionaire investor asked his followers if they wanted to step down as CEO of Twitter. An overwhelming majority of 58% voted “Yes” and supported the proposal.
As you already know, DOGE has received support from Musk’s comments and views. His latest tweet bodes ill for DOGE as he relinquishes a key position at the social media giant. Will Musk be able to influence the use of DOGE in Twitter payments from a role other than the CEO? That would be the question DOGE fans would ponder. The negative sentiment surrounding it could affect the price of Dogecoin. But investors will at least hope that DOGE doesn’t crash below the 200 day MA.
DOGE is under pressure as sales continue below $0.09 support
DOGE/USD chart by TradingView
Investors have been selling DOGE aggressively since they touched $0.11. This is indicated by the RSI value shifting from above the midpoint to a near-oversold value.
From the daily chart outlook, the price has lost crucial support at $0.09, welcoming a bear market. DOGE also crashed below the 50-day MA. The cryptocurrency is now trading at the 200-day MA, an important level that could spell doom for bulls.
Will DOGE trade lower or higher?
The next direction ahead DOG price depends if the 200 day MA is valid. If bulls resist bears, DOGE could roar back to $0.09. On the downside, DOGE moves towards $0.058 support.
Where to buy DOGE
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