Dogecoin (DOGE), the meme crypto, had become an internet favorite thanks to support from celebrity figures like Elon Musk. At the time of writing, DOGE Coin stands at a price level of $0.27. DOGE crypto established its twenty-four-hour low at $0.21 while the high was at $0.68 – showing increased volatility. The price of the cryptocurrency has fallen by 14% since yesterday while the daily trading volume has increased by 120%. Dogecoin is ranked sixth with a market capitalization of $45 billion.
Dogecoin (DOGE) Technical Analysis
The market sentiment for DOGE coin is bearish; however, the technical indicators are giving out a neutral signal. Out of the total twenty-six technical indicators eight are standing at a neutral position while both buy and sell indications are at nine each. The oscillators and moving averages are also neutral with the moving averages leaning more towards bearish with a heavy sell side.
Amidst the strong pullbacks, DOGE coin is testing various support levels. The price level of $0.38 failed to hold as support and is now acting as strong resistance. The next strong support can be found at the price level of $0.24. A trader is expecting Dogecoin crypto to have sideways movements in the channel formed by a strong resistance and support level. The trader is expecting the bulls to dominate and possibly lead the cryptocurrency upwards. However, given the strong bearish sentiment there is a good chance that Dogecoin crypto will test the support level at $0.24 and the support level may fail. In that scenario, the price level of $0.15 will act as the next support level.
Musk to get serious about Dogecoin?
The founder of Cardano, Charles Hoskinson, has created a video titled “How to fix Dogecoin (For Elon Musk)”. The creator talks about steps that the Tesla CEO can take to rebuild the cryptocurrency. Hoskinson suggested that Musk look into research papers for the cryptocurrency which will help people understand Dogecoin as well as provide avenues for improvements in the coin. The Cardano creator also suggested adding smart contracts functionality to Dogecoin.
If Elon Musk is to act on the suggestions of Charles Hoskinson, then Dogecoin may truly become a force to be reckoned with.