Dogecoin Sheds Over 10%; Biggest Loser In Top 10 Crypto Roster Today
13 Abril 2023 - 12:30PM
NEWSBTC
Dogecoin (DOGE) proved to be the biggest loser today among the top
10 digital coins, leaving investors disappointed. Despite the
Elon Musk effect that boosted the coin’s value earlier this month,
Dogecoin has now taken a nosedive, erasing all gains and raising
questions about its long-term viability in the ever-changing world
of crypto. As investors brace themselves for the next twist
in this rollercoaster ride, one thing is certain: Dogecoin’s
journey is far from over. Related Reading: Solana Sparkles With
Highest 24-Hour Gain Among Top 10 Cryptos Dogecoin Price Declines
2.7% Amid Crypto Market Correction Coingecko price shows Dogecoin
dropping 2.7% to $0.084207, following a general correction in the
cryptocurrency market. This decrease in price occurred just before
the release of the US Consumer Price Index data for March, which
indicated a reduction in inflation to its lowest level in two
years. Dogecoin’s recent price decline also coincided with Elon
Musk’s decision to remove the token’s official mascot from its home
button on Twitter and replace it with the original blue bird logo.
This alteration followed the previous surge in DOGE’s price by 30%
to $0.104 on April 3, as rumors circulated that Musk was planning
to integrate Dogecoin payments into Twitter. However, instead of
adopting the Dogecoin logo on Twitter, the website removed it from
its home button around April 7. Consequently, DOGE’s price has
dropped by 10.2%. $DOGE: High time frames this is an area of huge
volume, probably a fine area to accumulate a spot position. But it
could take a looong time to play out as it normally does, so
opportunity cost of that $ could be pricey. 1D: all EMAs flipped
bullish, still looking ok. pic.twitter.com/76AM4JxsHm — Altcoin
Sherpa (@AltcoinSherpa) April 11, 2023 DOGE/USD: Support Confluence
And Potential Upside DOGE could still see a rebound in the near
term as it approaches a significant support confluence and could
attract buyers near $0.080, where its long-standing ascending
trendline and 50-day exponential moving average (50-day EMA)
intersect. This support level has proven to be strong in the past,
limiting the downside in December 2022. Altcoin Sherpa, an
independent market analyst, on Twitter, said that this support zone
is an area of significant volume and could be an excellent
opportunity for traders to accumulate a spot position. A bounce
from this support confluence could push DOGE/USD towards $0.10 in
April or early May, representing a potential upside of around 15%
from current price levels. Crypto total market still a little over
the $1 trillion level on the daily chart at TradingView.com Related
Reading: Radix Bullish Pattern Boosts XRD Price With 52% Rally If
DOGE were to break below the aforementioned support confluence, it
would indicate a decisive bearish move and could lead to a
potential downtrend toward the $0.069 level. This price level
coincides with DOGE’s multi-month ascending trendline support,
which adds to its importance as a potential price floor for the
cryptocurrency. DOGE’s price action will depend heavily on
how it reacts to the support confluence. Traders and investors
should keep an eye on this level to determine the potential
direction of DOGE’s trend in the coming weeks. -Featured image from
Getty/Thinkstock
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