AltcoinsPrice Analysis

Elon Musk Tweet Is Out, Yet Dogecoin Price Is Lifeless! What’s Next?

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Highlights

    Dogecoin price after rejecting lower lows also failed to form higher highs or lows and yet trends below $0.2

    The current trend indicates a divergence from the bearish well but ranging above $0.2 levels is more crucial

It’s a trend that was set up since the Dogecoin price initiated with the rally in early 2021, that each time Elon Musk puts up a meme, DOGE price spikes with a huge margin. That’s the other part of the story that many lost during this so-called ‘manipulation’ by the ‘dogefather’. Yet amid the upcoming bull rally, the prices are expected to flip the bearish divergence. 

The asset had gained an extreme bullish momentum during the B-Word event, where Tesla CEO Elon Musk, was among the 4 panellists. After substantial growth, the price fell drastically as it hit above $0.215. After the dip, the price continued to consolidate above $0.18 but below $0.199. However, after a fresh mention from Elon Musk, yet no significant change is witnessed with the price.

Also Read: What If Bitcoin Price Hits $100K, How Altcoins Will Fly?

dogersi

As the chart display, a substantial change in the trend RSI is following since the mid-may crash. The RSI divergence showcases the traders when price action and the RSI both stop following the same momentum. Currently, RSI has stopped breaking down to lower lows during a downtrend.  And hence a flip from the bearish divergence could uplift the price to some extent. 

The immediate resistance levels for dogecoin price still lie around $0.24 and a successful breach could rally the price above $0.3. The most mandatory requirement currently is to hold the 50-day MA strongly preventing further plunge. And such positive strong rallies could result in DOGE price movement close to ATH around $0.7.

Also Read: Is Elon Musk’s Remark to #Hashledger Is Implying to #Hedera? Is This a Big Catalyst for HBAR Price?

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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