Dogecoin Price Analysis: DOGE Crypto exposed to a bearish trend despite Dogefather’s keen interest in making Dogecoin more scalable than both Bitcoin and Ethereum

• DOGE Crypto on the weekly chart has overturned the support of the 20 EMA, making it all the more vulnerable to the wrath of bears 

• The current price of DOGE Crypto is $0.21 established on the back of a 3.93% decline in the past 24 hours

• Dogefather, Elon Musk has explicitly expressed his views against Bitcoin and Ethereum and how the latest Dogecoin update will outstrip them 

Doge Crypto falls prey to a bearish trend owing to a rejection from the resistance of $0.23

DOGE Crypto’s price has been vulnerable to a  bearish trend ever since Dogefather’s appearance on SNL on May 8th. The bullish reversal that awakened the month of June turned out to be just another Dead Cat Bounce which bought the bearish H&S pattern into play. Since then, each and every reversal has contributed to the price action getting restricted inside a massive descending triangle over the daily time frame. 

The daily technical chart of Doge crypto highlights the fact that the price trend of this meme asset is being tormented by the 20 EMA. The 20 EMA seems to have established the ground as a critical resistance barrier since the fatal drop. That being said, the critical EMA has gotten substantially closer to the present trend of DOGE, 

thus providing the bulls one last opportunity to pull their game up. A decisive close above the resistance of $0.23 on the weekly chart is the only source of recovery that could be embraced by Doge Bulls. 

Take-off from the support cushion of the 200 EMA requires a spike in buying pressure. Yesterday’s volume of (2.29 B) was considerably lower than the 20 period Moving Average which is presently hovering in the range of (2.65 B). The lack of customer-driven energy towards this asset is a consequence of multiple factors like its spinoff Baby Doge, the notion of higher lows, and Bitcoin’s bearish bias. The future price moments of the 5th largest crypto asset seem uncertain as the price action has approached the challenging descending trend line. 

DOGE/USD on TradingView

Was Elon Musk’s decision to take a ‘U’ turn from accepting Bitcoin as payment a ploy?

Elon Musk, the CEO of Tesla and also the Dogefather had explicitly expressed his concerns regarding cryptocurrencies being a threat to the environment due to their rapidly increasing use of fossil fuels. Back in May, this ‘U’ turn effect had negatively impacted the market where the CEO also added that he would certainly accept other cryptocurrencies based on the condition that they are less energy-intensive. 

In our Dogecoin analysis of June 24th, we wrote about the Dogefather intending to come up with a fee reduction proposal. While he is still in the running to come up with a proposal to cut Doge transaction fees from 1 DOGE to 0.1 DOGE, the man is now criticizing Bitcoin and Ethereum’s scalability.

This tweet was a response to Matt Wallace tweeting that the new Dogecoin update will position the crypto asset to become one of the most used currencies in the world. 

Just days after Elon Musk’s turnaround from accepting Bitcoin as payment for Tesla, he started promoting a new upgrade for Dogecoin with the intention of making it a mainstream cryptocurrency. The decision to make Dogecoin a viable asset had been going around since 2019, which answers the question of Elon Musk pulling off the entire switch from Bitcoin. 

With that being said, many crypto enthusiasts from all around the globe have already suspected this sudden turnaround in events being all part of the Multi-Billionaire’s plan to make Dogecoin a mainstream currency. Who knows, someday we will be able to buy something as ordinary as coffee via DOGE. From a technical perspective, Dogecoin is still in jeopardy. Whereas, fundamentally speaking, Dogecoin hodlers don’t have to worry about a thing especially since the Dogefather is so committed to improving its scalability. 

SUPPORT : $0.20
RESISTANCE : $0.23