Dogecoin is currently changing hands at a price that is significantly lower than its six-month high of $0.1572, providing an opportunity for investors to take advantage of a huge discount for accumulation.
Dogecoin went down by 11% following news of Twitter’s plans to halt crypto integration projects
DOGE managed to bounce back over the last 24 hours, going up by almost 7%
The asset is looking at $0.136 as crucial point for further price surge
According to tracking from Coingecko, the dog-themed crypto is trading at $0.1304 as it increased by 6.7% over the last 24 hours.
Although its week-to-date gain now only sits at 55.2%, it is still up by 119.8% for the past two weeks and by 102% over the last month.
Even with a slightly big price dump, Dogecoin managed to keep its place as the 8th largest cryptocurrency by market capitalization with its $17.83 billion overall valuation.
Whether it can keep that sweet spot or not, it’s anyone’s guess as of this time as DOGE keeps moving back and forth with its price trajectory. For now, the charts seem to point at a drop of 15% in the coming days.
Dogecoin Price Analysis
DOGE daily price chat is indicating a lot of higher price rejection zones close to the $0.15 marker. This was because the altcoin’s bullish movement ran out of steam, making it lose 11% of its value over the last three days.
Source: TradingView
The digital coin is trying its best to sustain the crucial Fibonacci retracement level of $0.12 and could be impacted severely by tremendous selling pressure that could cause another 12% drop for Dogecoin to test the $0.11 zone.
Meanwhile, the daily Relative Strength Index (RSI) of the asset settled at an overbought region but overall sentiment is pointing towards a bullish movement as the value stands at 72.4%.
Analysis of other DOGE indicators suggest a successful surpassing of the $0.136 region will invalidate the earlier thesis for a potential decline and will instead allow the asset to reach $0.152.
It is important to note that the recent rally of the crypto was inspired by a number of events such as improving market conditions and the recent Twitter purchase of self-proclaimed “Dogefather” Elon Musk.
Twitter May Not Be DOGE-Friendly After All
After Musk completed his $44 billion buyout of the social media platform, Dogecoin surged mightily, increasing its price by around 130%.
This proved that the vocal DOGE supporter still remains one of the biggest factors that could affect the asset’s price trajectory.
Analysts believed that demand for the token soared after the Twitter takeover as hopes for it being used as accepted currency for payment of services were revived.
It turns out, that idea may be out of the question right now, as there are circulating reports that the social media giant, now under new management, plans to cease all plans related to crypto integration.
Following this, DOGE declined by more than 11% in just a span of 24-hours as it learned that even with Elon Musk now calling the shots, Twitter cannot be considered as its friend all the time.
Still, whales seem to be not affected by the development as during the same timeframe, more than $18 million worth of Dogecoin moved from wallet to wallet.
DOGE total market cap at $16.9 billion on the weekly chart | Featured image from Laptop Mag, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.
