Crypto NewsAnalysisAction Reversed in Dogecoin (DOGE): How Long Will the Downfall Continue?

Action Reversed in Dogecoin (DOGE): How Long Will the Downfall Continue?

After the last move of Twitter, the declines in DOGE deepened.

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At the beginning of the week, after Twitter CEO Elon Musk made the Dogecoin dog the logo photo of the Twitter site, the joke-themed cryptocurrency DOGE showed a sharp upward movement.

Elon's logo change on Monday evening and the humorous Dogecoin-themed content he shared afterwards caused the price to rise by 36% to reach the level of $0.105.

DOGE surpassed Polygon, Solana and Lido to become the eighth largest cryptocurrency by market capitalization, following the moves of the famous billionaire.

Some investors, who were hopeful that the price found support at the old resistance level after the rise, expected Dogecoin to continue on its way, surpassing $0.105. However, a few hours ago, Twitter's reinstatement of its logo accelerated the decline in DOGE.

DOGE has experienced an 8 percent decrease in the last 24 hours with the latest developments.

DOGE Analysis

Dogecoin, Elon Musk's favorite meme token, continued its downward movement after losing the $0.094 resistance yesterday evening.

The most important support point for DOGE, which regressed to $0.08440 with Twitter's last negative move, is 0.08440 and 0.083 dollars. If the market shows a bad trend, DOGE's declines could continue to $0.0785.

Since the last rise in DOGE was with Elon Musk's move, support and resistance points may not be considered too important at the moment. It is possible to see volatile movements in DOGE if Musk, who did not make a statement on Twitter's restoration of its logo, makes different statements on the subject in the coming days.

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