Dogecoin seems to be retracing to low levels since its lost its main advocate, Elon Musk. Recently dogecoin was among the best performing tokens, but it is now shedding some of those gains. The token has now retreated to red zones after significant losses.
In the past 24 hours, the value of dogecoin has dipped by 3.8%. At the time of writing, DOGE is trading at $0.25 on major exchanges.
DOGE Price Analysis
The price of dogecoin is still on a downward trend after breaking below $0.30. The instant change in trend shows that the token’s recent recovery was just a bounce that triggered sell-offs from investors.
Dogecoin is currently trading at a critical level. Retreating to below $0.20 will indicate that bears have resumed, which will negatively impact those holding the token.
The next resistance levels for the token are $0.30 and $0.35, and to break past these levels; DOGE needs support from the broader cryptocurrency market. However, the market’s current volatility does not form strong support for DOGE; hence investors need to be prepared for fluctuations.
DOGE holders are known for their support for the token. Hence dips may create new entry positions for those who expect a bull run to commence in the near term. Buying support will push for dogecoin’s prices.
Even with the crypto community support, dogecoin holders are still trying to gain back the support of Elon Musk. The Tesla CEO seems to have ditched the token for Shiba Inu and the newly launched Floki Inu. However, his support is needed now more than ever to help DOGE go back to its powerful position amongst altcoins.
Musk celebrated his 50th birthday this week, and DOGE supporters were all too eager to show support to the doge father. Reid Williamson launched a DOGE token into space as a tribute to the SpaceX CEO. Musk had initially announced plans to launch a dogecoin-funded project in 2022 for SpaceX. However, Musk is yet to respond to the video.
Where to Buy Dogecoin
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