Dogecoin in consolidation around 0.35000
Tesla CEO Elon Musk tweeted to his Twitter followers that he has no formal authority over the project despite recent interest in Dogecoin.
Musk responded to a comment from an account on the subject of Doge, who believes that he started managing Dogecoin as one of his companies and that he will, in fact, become the executive director of the project. Dogecoin is a meme in the form of a cryptocurrency that was created for purely humorous reasons. After being launched in 2013 as a joke, it eventually faded, and the coin disappeared in some corners until Musk ran into it in 2020. Musk’s new tweets are credited with pumping up DOGE value for most of 2021. A large number of Twitter users, as well as cryptocurrency owners and traders, have blamed Musk for what happened to the recent major fluctuations in the cryptocurrency market. A petition on Change.org was launched amid a market downturn in mid-May demanding that Musk sell off his assets in Bitcoin and withdraw from the realm of cryptocurrencies before his tweets spark an even more unwanted commotion.
The price of dogecoin is currently trading at $ 0.34500 after several failed attempts to climb to higher levels. Despite the recent decline, Dogecoin shows no signs of buying interest, at least not like most other altcoins. Therefore, a smaller withdrawal that interests investors aside could provide them with a good place to buy. Maybe Musk will help with his tweet too.
Looking at the chart on the four-hour time frame, we see that Dogecoin has been consolidating in the 0.32500-0.35000 zone over the last drop of the day. In the buyer’s skin, we are now waiting for the price to rise above the moving averages of MA20, EMA20, and MA50, in order to get out of this consolidation. By setting the Fibonacci level, we sit at 23.6% Fibonacci level 0.33500, and as a bullish target, we look at 38.2% at 0.41000. For the bearish scenario, we expect a rejection of the MA50 and re-testing the zone around 0.25000. The MACD indicator is in the bullish signal, but the indicator range is very narrow, and there can easily be some strong, unpredictable movement.
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