Although the crypto money market has lost 1.2% in the last 24 hours, the market has given signs of recovery in the previous days and of BTC It is known to be on the rise by protecting the $44,000 support. Bitcoin price is pushing $48,000 and Ethereum is also trying to reach the $3,600 level along with it. On the days when BTC and ETH are moving, the silence of a leading altcoin draws attention.
Elon Musk’s favorite cryptocurrency dogecoin, it continues to fall continuously and regressed to 9th place. Although DOGE has a unit price of $ 0.24 and is still in the top 10, it actually performs poorly compared to other altcoins.
What Are the Reasons for the Drop in DOGE Price?
It is known that $0.32 is the main resistance for DOGE price, but it is the competing projects that are pushing DOGE. The replica project, named Shiba Inu, was recently listed on the Coinbase cryptocurrency exchange and has gained over 25%. This causes the same investor mass to turn to SHIB, not DOGE. Of course, the fact that Elon Musk is no longer tweeting much about DOGE creates a difficult situation for investors. DOGE, which once rose to the 4th largest cryptocurrency ranking, is now on the decline due to the recession in the market, rival projects and the lack of tweets by Elon Musk.
Looking at the chart, it is seen that the price is forming between $0.234 and $0.26. Investors, in particular, can buy in pieces, provided that they buy more from the low price of $ 0.234. However, a stop below this level seems logical as a drop below $0.234 could trigger serious declines.
Again, the key resistance levels for DOGE are $0.248 and beyond that at $0.26. It is beneficial for investors who buy at lower levels to gradually sell their goods at these levels.
Because it seems possible that DOGE, which lost its former popularity, will rise again seriously, with Elon Musk or other celebrities being interested in DOGE again.
