Dogecoin slides to 0.30000

Can we view this drop in the price of Dogecoin as the revenge of the crypto market Elon Musk for what he did with his tweet destroying the price of Bitcoin by rejecting it as a means of payment for his Tesla cars? This is probably a big mistake even by such a wealthy billionaire and visionary as Elon Musk. The comments came at odds with Musk’s support for Dogecoin. Veteran investor Paul Santos wrote in his work Seeking Alpha that Tesla’s CEO might want to make money from nothing by exploiting the so-called euphoria of cryptocurrencies. The globalization of the global cryptocurrency market lost over $ 350 billion overnight, while Bitcoin (BTC), Ether (ETH), and most altcoin markets lost between 15% and 30%.
The fall on Tuesday night leaves the global market capitalization of more than 750 billion dollars in a worse position than it was this time last week. That figure is 30% of the $ 2.5 trillion peaks reached by the combined market capitalization a week ago, on May 12th. It also marked one of the fastest and deepest top-down movements in recent cryptocurrency history, with indicators on the chain showing that its impact on market bias was as bad as that caused by the fall of Black Thursday in March 2020 following the coronavirus pandemic.

The technical analysis for Dogecoin is that there is a high probability that we will see a further continuation of the bearish trend. The price fell below all moving averages with shorter retention at 61.8% Fibonacci level at 0.38000. The break below pulls us down towards the 0.35000 previous low, and then we can easily drop to 0.30000 if Dogecoin continues to weaken. We have a rejection of 61.8% Fibonacci level for a shorter bullish trend, with the aim of climbing first to the upper resistance line of the with coincides with 50.0% Fibonacci level at 0.45000. The macd indicator gives us a clean bearish signal for now.