coincodex.com
Key highlights:
- Dogecoin suffered a steep 20% price fall today as the cryptocurrency drops as low as $0.164
- The cryptocurrency is now down by a steep 71% since Elon Musk appeared on SNL
- Against Bitcoin, DOGE fell beneath 600 SAT today but found support at 560 SAT
| Dogecoin price | $0.17 |
|---|---|
| Key DOGE resistance levels | $0.2, $0.25, $0.277, $0.3, $0.325 |
| Key DOGE support levels | $0.164, $0.15, $0.12, $0.1, $0.097 |
*Price at the time of publication
Dogecoin is down by a steep 20% today as the cryptocurrency fell beneath the 200-day MA at $0.20 to reach as low as $0.164, where it found support at a .786 Fib Retracement level. Dogecoin had failed to break resistance around $0.45 at the start of June and has been in a constant downtrend ever since.
Over the weekend, DOGE fell beneath the 100-day MA at around $0.277 and continued beneath the 200-day MA to reach the aforementioned support.
Although all cryptocurrencies felt the pain today, DOGE suffered tremendously and is the worst-performing asset in the top-10 ranked projects.
Dogecoin is actually down by a staggering 71% since Elon Musk, self-proclaimed Dogefather, made his appearance on the SNL show in which he called Dogecoin a “hustle”:
Dogecoin correction update: -71% since the Musk SNL peak.$DOGE pic.twitter.com/P5CaFNYHWy
— Charlie Bilello (@charliebilello) June 21, 2021
It seems that traders across the board are starting to realize that Elon Musk’s tweets are having less effect on the price action. The DOGE price surge to the may highs was primarily driven by Musk’s Tweets, in which he praised DOGE and continued to state that he was taking it to the moon.
Since the peak, Musk’s Tweets have had little impact on the overall bearish direction DOGE has trended toward:
$Doge
— Tyler (@TylerDurden) June 18, 2021
Even Elon can't save this with his tweets. He's tried and each time he just created another lower high.
0.05 is programmed. pic.twitter.com/fSsrNvWkGS
Musk had proposed a fundamental infrastructure change for Doge earlier in May in which he stated that he was working with the Doge devs to improve transaction efficiency:
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Most recently, Musk co-signed a Tweet in which one of the DOGE developers stated that he was running a Dogecoin testnet this week to show the fee reduction code they are implementing.
Dogecoin is now ranked in the 6th position as it currently holds a whopping $23.6 billion market cap.
Dogecoin price analysis
What has been going on?
Taking a look at the daily chart above, we can clearly see the downtrend that DOGE has witnessed over the past few weeks. It managed to find support at $0.3 during the May market-wide capitulation and went on to rebound at the start of June.
However, DOGE was unable to penetrate resistance at $0.45 and ended up dropping back into the $0.3 support. Last week, DOGE broke beneath $0.3 and continued lower to find additional support at $0.277, provided by the 100-day MA and a .618 Fib Retracement level.
Unfortunately, the capitulation over the past 24 hours saw DOGE penetrating beneath this support as it continued to break support at the 200-day MA around $0.2 to fall into lower support at $0.165, provided by a .786 Fib Retracement level.
It has since bounced slightly from that support, but the bearish momentum is still likely to drag it further in the coming days.
Dogecoin price short-term prediction: Bearish
The break beneath the 200-day MA has turned DOGE bearish in the short term. It would have to break back above $0.2 to turn neutral again and would need to continue further above the June peaks at $0.45 to turn bullish in the short term.
IF the sellers do push lower, the first level of support lies at $0.165 (.786 Fib Retracement). This is followed by $0.15, $0.12 (downside 1.414 Fib Extension), and $).1.
Additional support lies at $).097 (.886 Fib Retracement), $0.0683 (downside 1.272 Fib Extension), and $0.05.
Where is the resistance toward the upside?
On the other side, the first resistance lies at $0.2 (200-day MA). This is followed by $0.25, $0.277 (100-day MA), and $0.3 (20-day MA).
Additional resistance lies at $0.325, $0.35, and $0.4.
DOGE/BTC price analysis
What has been going on?
Doge is also struggling against BTC as it hits lows not seen since the start of May. The cryptocurrency had dropped from 1100 SAT at the start of June, and it continued to slide until support was found around 800 SAT last week.
Unfortunately, the market capitulation over the past 24 hours caused DOGE to break beneath 700 SAT, and it continued lower until support was met at 560 SAT (.886 Fib Retracement).
Dogecoin price short-term prediction: Neutral
DOGE is still neutral right now. The coin would need to fall beneath the 200-day MA at around 450 SAT to turn bearish. It would need to break back above the June resistance at around 1100 SAT now to turn bullish in the short term.
If the sellers push lower, the first support lies at 560 SAT (.886 Fib Retracement). This is followed by support at 500 SAT (downside 1.618 Fib extension), 450 SAT (200-day MA), and 400 SAT.
Additional support then is lcoated at 345 SAT (.786 Fib Retracement), 300 SAT, 225 SAT (.886 Fib Retracement), and 200 SAT.
Where is the resistance toward the upside?
On the other side, the first resistance lies around 650 SAT (100-day MA0). This is followed by resistance at 705 SAT (bearish .236 Fib Retracement), 816 SAT (bearish .382 Fib Retracement & 50-day MA), 905 SAT (bearish .5 Fib Retracement), and 995 SAT (bearish .618 Fib Retracement).