DOGE, which entered a serious downward trend after the peak of $ 0.74 in May, did not seriously stress its investors.
In particular, cryptocurrencies such as SHIB, which was issued as a competitor to DOGE, have greatly reduced the popularity of DOGE, and Elon Musk has recently been cut off from support.
Elon Musk, who even wrote Dogecoin CEO once on his Twitter profile, is undoubtedly the most important name behind the rise of DOGE. With the support received from here, DOGE won the acceptance of the masses, not only himself, but also all “dog-themed” coins.
DOGE, which is priced 71 percent lower than the peak level as of the moment, gained momentum again with the news today.
The claim that “Tesla will sell products with Dogecoin”, which has been rumored for a while, finally became official with the announcement of Elon Musk.
When we look at the 4-hour chart, we see that DOGE pinned the $0.2145 level, which is an important resistance during the day, but could not pass. At this stage, if the support level is held at $0.189, it is estimated that the $0.214 resistance can be tested again.
If this resistance is broken, DOGE’s next most important resistance is seen at $0.234.
DOGE’s rise may continue, especially considering that there will be more Elon Musk tweets that directly affect the price in the upcoming period. However, Bitcoin’s price movements will be quite important at this stage.
In the bearish scenario to be experienced in the market, $0.161 levels stand out as an important support for DOGE. Especially in the breakdowns that will be below this level, those who have goods can choose to stop and apply a partial buying strategy up to the level of 0.14 dollars.
*Not investment advice.