• Dogecoin price hits a bearish cap hard and falls.
  • DOGE price is set to tank further and break below last week's low.
  • Expect a further decline if Elon Musk does not come to the rescue.

Dogecoin (DOGE) price action is set to drop and make new lows on a weekly, monthly and yearly basis if some support does not come quickly from its backer Elon Musk. Since the Dubai Economic Forum, where Musk talked about Twitter and remained silent on any cryptocurrency topic, it has been very quiet around the person. Dogecoin price looks set to collapse further on the back of that as big names in crypto are turning their back on Dogecoin.

DOGE price is facing another 40% correction

Dogecoin price has long been one of the favorite cryptocurrencies from Elon Musk, next to Bitcoin. Remembering the special SaturdayNight Live episode starring the billionaire tilted Dogecoin to staggering heights. But the last few weeks, Musk has been utterly silent on anything that has to do with cryptocurrencies. 

DOGE price thus lacks the stardust that Musk usually provided and could be at risk of a further collapse as long as he remains silent. Expect a break below last week's low, around $0.0588. From there, the price could quickly repel to $0.050, which coincides with the new monthly S1 support pivot and is just 1 cent of the $0.0409 historic pivotal level.

DOGE/USD weekly chart

DOGE/USD weekly chart

As bulls have already launched an attempt to break the 55-day SMA price cap, the next attempt could be the right one to break the backbone of the downtrend. To do so, bulls will need to prevent price action break below the low of last week. By that, momentum can be kept, and bulls can build further on that trend to execute a bullish breakout towards $0.010.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Cardano price could trap impatient investors before triggering an explosive move to $0.505

Cardano price could trap impatient investors before triggering an explosive move to $0.505

Cardano price shows a consolidation below a stable support level and has yet to reveal a directional bias. The ongoing range tightening will likely resolve as the US markets head to a fresh start this week.

More Cardano news

LUNA Classic price hints at a 25% crash as Do Kwon under Red Notice from Interpol

LUNA Classic price hints at a 25% crash as Do Kwon under Red Notice from Interpol

LUNA Classic price reveals a bearish outlook that could unfold over the course of this week. A minor run-up seems plausible, but it is just a move to squeeze the bulls. Therefore, market participants should be ready for a quick reversal. 

More Luna Classic news

Ethereum Price Prediction: Assessing the possibility of a post-Merge rally

Ethereum Price Prediction: Assessing the possibility of a post-Merge rally

Ethereum price trades at $1,323 on Sunday, several days after sliding to $1,200. It was a surprise that the largest smart contracts token would give up most of its gains during and after the much-publicized Merge. On-chain data shows a significant reduction in the Ethereum Supply.

More Ethereum news

Why Chainlink price could lose momentum at $8.00

Why Chainlink price could lose momentum at $8.00

Chainlink price is among the few crypto assets in the green on Sunday. The smart contacts’ price feed oracle token defied the bear market this week to post 23.7% gains. As discussed earlier in the week, the V-shaped pattern matured at LINK brushed shoulders with $8.00.

More ChainLink news

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.

Read full analysis

BTC

ETH

XRP