- Dogecoin is yet to revive from its latest downturns.
- An experienced trader stated that the meme coin is at a stage where losses always follow price upticks.
- DOGE trades near $0.0748 today, following a 3.83% decline.
The world’s original meme coin, Dogecoin, suffered a 2-digit fall during the weekend. The slump emerged following Elon Musk’s Twitter Poll, which showed individuals want the Tesla CEO to quit his role as Twitter head.
The alternative token lost more than 10% to hover at $0.07 on Monday after the Poll closed, with most votes favoring Musk’s step down. Meanwhile, the cryptocurrency market has seen lengthened winter and bearish markets following FTX’s fall and bankruptcy filings by other related businesses.
Nonetheless, DOGE showed resilience amidst the deteriorated calls with meager price upticks very often. DOGE’s price surges received support from Musk’s Twitter acquisition and rumors of the new Twitter Chief incorporating cryptocurrency transactions in the social media site using DOGE.
However, the billionaire paused the plan after buying Twitter, stating that the platform required multiple fixes. Of over 17 million reactions to the Twitter poll, 57.5%, or 10,063,874.825, stated that the CEO should leave his position as Twitter head, whereas 42.5%, or 7,438,516,175, wanted him in the role.
Factor LLC CEO and experienced commodity trader Peter Brandt explained the frequent dip and uptick in Dogecoin’s price. Brandt believes DOGEUSD is printing the ‘going round the Mulberry Bush’ chart setup.
That means the canine-themed token is in a state where price upticks always see losses. A Twitter user @harbingtom supported Brandt’s observations, assessing chart formations and forecasting crypto price movements.
He stated that Dogecoin turned around after encountering its resistance, adding that the meme token remained within the same consolidation territory. The alt tends to propel up from the mid-consolidation range. Let’s wait to see whether the asset bottomed this time.
Indeed, Dogecoin is yet to recover from its latest fall. It lost around 3.83% within the past day to $0.0748, with its daily volume at $656,532,469 (Coinmarketcap data).
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