- Dogecoin token seems to enjoy maintaining support inside the range of $0.20-$0.21
- The press time price of DOGE/USDT is $0.21 established on the back of a 0.19% increase in the past 24 hours
- Failure to breach the $0.21 resistance can lead to significant losses in the upcoming sessions
Elon Musk’s favorite cryptocurrency is presently fluctuating inside the tight range of $0.20-$0.21 as a consequence of sluggish momentum. The swing high of July 26th enabled the taken to escape the clutches of the 20 and the 200 EMA. Despite the efforts of the bulls that have contributed to sustaining the crypto asset above critical EMAs, price action is in favor of a minor retracement.
Dogecoin token has laid the groundwork for a minimum 7% decline
As mentioned above, DOGE Crypto is hovering above the support cushions of the critical EMAs, thus exhibiting neutral bias. Considering the fact that the current price trend of the crypto asset is sealed inside the accumulation pit, the make or break factor is coming into play. Nonetheless, the odds of retracement are very much alive owing to the flattening of the Stochastic RSI. Keeping in mind the %K line and the %D line have flattened out since the rejection of $0.23, the price is more likely to explore re-inspect the support cushion of $0.19 before heading towards another rally.
A rejection from the overhead of $0.21 will come at the cost of a 7% decline. On the contrary, the success of the Dogecoin bulls to breach that particular level will open the roadmap towards $0.22. For the bullish thesis to hold accountability, the current price demands a boost from the volume.
The meme asset that was once responsible for volume shooting through the roof is currently going through the slump. As evidenced by the diminishing bars under average pressure, the daily volume is on a losing steak since July 23rd. Dogefather’s silence has impacted the buying pressure, leading to the failure of the asset to cling to its bullish bias.
Dogecoin is once again in the spotlight as multiple influencers start to ridicule it
Dogecoin which had once established the ground as a meme token has stunned everyone with its significant growth. The participation of Elon Musk is leading the hype train has made room for several influencers questioning its authenticity.
What seemed to resemble a bubble to most in the early stages of the bull run, is gradually gaining mainstream adoption. While Dogefather’s proposal to make this asset a viable payment of currency is still up and running, a couple of media personalities have strongly expressed their concerns.
Kevin O’ Leary, a Canadian Businessman, best known for his role as a judge on Shark Tank, has explicitly stated that investing in Dogecoin is no different than blowing off your money in gambling. He then proceeded to strengthen his argument by adding that the asset has no inherent value other than the people behind it speculating.
In the same week, another similar statement was issued by none other than Chairman of Ripple, Chris Larsen. His argument was solely based on labeling Dogefather’s participation inside the crypto-verse as weak. Interestingly, both these personalities have had similar approaches when it came to ridiculing the meme asset.
Needless to say, the Dogecoin price remains undefeated and immune to such statements. The crypto asset still ranks at 7th place on the Coinmarketcap website, while establishing a market dominance of 1.66%.
SUPPORT : $0.19
RESISTANCE : $0.214, $0.22