Dogecoin (DOGE) Could Use Some Lift – An Elon Musk Tweet, Perhaps?
Market observers are seeing Dogecoin (DOGE) price retreating back into the red territory, expecting the meme coin to register new lows on a weekly, monthly and even yearly basis if some support does not come quickly to lift the sluggish coin.
As of this writing, DOGE is trading at $0.0653, down 4.5% in the last seven days, data from Coingecko show, Sunday.
Tesla CEO Elon Musk has always been an avid Dogecoin supporter. His fame and standing on the worldwide markets have enabled him to significantly influence the price and appeal of DOGE.
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Where’s The Musk Tweet When Dogecoin Needed It?
As DOGE takes a heavy beating in the ongoing bear market, it is only natural to think that, perhaps, another tweet from Musk might provide some boost of energy to the lethargic coin?
Based on Coingecko charts, DOGE is down 0.6 percent in the one-hour timeframe, and 3.0 percent in the last 24-hours.
Since the Dubai Economic Forum, where the billionaire talked about Twitter and steered clear of any topic about cryptocurrency, DOGE hasn’t received any social media “promotion,” especially from its superfan, Musk.
As of Sunday’s quick overview, DOGE price looks bearish as analysts noted some weakness to retrace further; a consolidation has developed below $0.68.
DOGE total market cap at $8.69 billion on the weekend chart | Source: TradingView.com
Consequently, the DOGE/USD pair appears primed for more declines and to continue its path toward even more loss next week. The likely initial objective is the $0.61 mark, which emerged as a clear support and resistance level in the past.
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Lethargic Dogecoin Feeling The Pinch
In the past 24 hours, the broader cryptocurrency market has traded with moderate bullish momentum. Bitcoin lost 0.35 percent, the most among major cryptocurrencies, while Ethereum shed 2.16 percent. The remaining leading cryptocurrencies have followed closely behind.
In the past three days, the DOGE price has rejected the $0.065 support zone, indicating that buyers are protecting this region. If the meme coin recovered from this support, buyers would bring the price back to the level of dual resistance.
Last May, as Dogecoin’s price neared an all-time high of $0.72, the cryptocurrency’s loyal fan base believed that Musk’s upcoming appearance on “Saturday Night Live” that month would send the value of the parody coin “over the moon.”
In the subsequent year, its price has plummeted back to Earth. As of the time of writing, Musk has remained absolutely mute regarding cryptocurrencies.
Featured image from The Tech Outlook, chart from TradingView.com