The meme king, Dogecoin was created as a joke based on Doge theme comparing the speculative movement of cryptocurrencies. In early 2021 was the time when the infamous Dogecoin got its recognition as it entered the top 10 cryptocurrency. At one time the currency’s market cap was positioned for more than $88 billion.
At the time of reporting, Dogecoin has dropped by 0.72% in the last 24hrs and is trading at $0.059. The immediate resistance lies at $0.065 and the support is positioned at $0.55. Since Dogecoin is trading between $0.058 and $0.060 the volatility isn’t that high.
The meme currency has experienced a week long decline pointing for a strong support near $0.055, hence indicating another plunge in the days to come.
While Dogecoin trades below a major resistance of $0.085 it is a key level to watch for now. Right now bears have stood strong against pushing the DOGE above $0.08.
Currently the Relative Strength Indicator (RSI) is reading at 45 indicating that the market is neutral. The MACD (Moving Average) is at strong sell indicating a bearish zone.
Dogecoin To Enter Twitter With Elon Musk’s Acquisition ?
On a positive note, Dogecoin’s global hash rate has hit a seven-month high which is around 815 TeraHashes per second (TH/s), claims Coinwarz, a hashrate mining calculator.
This indicates there is a surge in interest rate among traders and it is mainly due to Elon Musk’s move to buy social media giant, Twitter. After the Elon Musk – Twitter deal is closed, it is expected that Tesla CEO will make a move to implement DOGE on Twitter
As per the reports, Twitter has locked its employee stock accounts which indicates that the deal might be closed soon.
Overall there are two important events that are expected to impact Dogecoin price majorly. One is the Twitter Elon Musk Deal that is approaching for a closure and the next is Dogecoin whale turning long-term holders suggesting that traders still believe in DOGE.