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dogecoin (DOGE/USD) is trading at $0.085. Just a week ago, the cryptocurrency tapped the $0.15 level. The loss underlines the meme tag associated with Dogecoin. Cryptocurrencies will be at the mercy of the bears if prices fail to overcome critical levels.
Dogecoin’s recent recovery relies heavily on Elon Musk’s acquisition of Twitter. DOGE COMPLETES ACQUISITION If he had purchased DOGE before October 27, the amount he invested would have tripled. That is if you let go of your position on August 31st. Now, days after closing the deal, the excitement may have subsided and DOGE may need a new price catalyst.
Musk is tight-lipped on whether DOGE will be accepted as payment for the social media giant. The billionaire has in the past endorsed DOGE and hinted at its use in Twitter payments. So while it remains a possibility, the lack of an open announcement has slowed down DOGE. As a result, Token has lost the mojo it started late last month. As a result, prices could remain subdued for longer if no positive developments are seen.
Source TradingView
Turning to the technical side, Dogecoin has found little bullish footing since falling to $0.07. The level is just below the 78.6% Fibonacci retracement zone. However, the recovery has been capped by a key resistance at $0.09 and DOGE has fallen further.
Dogecoin is a very amazing cryptocurrency. Even the tiniest piece of news can drive buyers crazy. By taking advantage of such moves, you can generate huge profits regardless of what the technical indicators say.
That said, the current sentiment is not only DOGE, CryptocurrencyDOGE has also been plagued by a lack of positive mentions, such as its speculative use of Twitter payments. With this in mind, a bear market may be inevitable.
The technical outlook indicates that $0.09 is a key zone for DOGE to break through to move up. For experts, cryptocurrency memes are not a glamorous purchase.
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