This morning, Lookonchain (@lookonchain), a blockchain tracking firm, shared a tweet regarding Dogecoin (DOGE). The tweet stated that on Tuesday, Elon Musk replaced Twitter’s Bluebird logo with DOGE’s icon, resulting in a significant 30% surge in the value of the meme coin.
Today, Musk made a noteworthy move by reverting Twitter’s logo to the Bluebird, resulting in a 6% decrease in DOGE’s value. Additionally, it was reported that two of the top five DOGE holders, known as “whales,” have reduced their holdings by approximately 1.4 billion DOGE, equivalent to $121 million. These developments have caused a stir in the market and are being closely monitored by investors.
According to CoinMarketCap, DOGE’s value has experienced a further decline in the past 24 hours. The altcoin’s price has plummeted by 7.36%, bringing it down to $0.0853. However, despite this recent dip, DOGE’s weekly price performance remains positive, with a growth of +13.97%.
The current market capitalization of the meme coin stands at an impressive $11,840,039,394, securing its position as the 8th largest project in the market. In comparison, Cardano (ADA) holds the 7th spot with a market cap of $13,295,857,440, while Polygon (MATIC) follows closely behind at number 9 with an estimated market cap of $10,113,474,048. These figures highlight the strong performance of these projects in the current market landscape.
The price of DOGE experienced a setback in yesterday’s trading session as it closed below the crucial support level of $0.08940, which has now turned into a resistance level. Currently, DOGE is hovering around the next support level of $0.08414. Based on technical indicators, DOGE’s price may continue to decline over the next 24 hours, as the daily RSI line is poised to cross below the daily RSI SMA line.
Furthermore, the 9-day EMA line has withdrawn its backing for DOGE’s price. It is anticipated that the value of this meme-inspired cryptocurrency will plummet to approximately $0.08117 within the next 24-48 hours until the bulls intervene to maintain DOGE’s trading price within the ascending price channel.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
