Dogecoin price fails to rally as Elon Musk shifts allegiances to ‘Baby Doge Coin’


Share:
  • Dogecoin price is consolidating in a tight range, extending from $0.23 to $0.27.
  • A decisive close above the resistance barrier at $0.285 will kick-start an uptrend, but a flip of the lower boundary at $0.23 might extend the pullback to $0.215 or $0.209.
  • Elon Musk shouts out Baby Doge Coin, leaving behind Dogecoin.

Dogecoin price is consolidating in a narrow range as investors move to newer meme coins. This range-bound move for DOGE is similar to what other similar cryptocurrencies are experiencing as the hype around them withers away

Elon Musk leaves Dogecoin behind

The history between Musk and Dogecoin runs deep. From naming himself the ‘Dogefather,’ talking about it on the SNL, to ‘sending’ Dogecoin to the moon, the fans have loved Elon Musk for his endorsements. 

However, the recent turn of events might have left these supporters dumbfounded as the CEO’s allegiance shifted to a newer and younger version of Dogecoin known as ‘Baby Doge Coin.’

This move by the Dogefather made matters worse for DOGE, as he tweeted

Baby Doge Coin is a younger version of Dogecoin that is not affiliated with the original meme coin. The price of Baby Doge Coin has rallied 4,376% over the past 26 days and has a current market capitalization of $324 million.

This is not the first time Musk has jumped from one meme coin to another. On June 25, Musk mentioned 'Shiba Inu' another Dogecoin spinoff.

For cryptocurrencies like Dogecoin, Shiba Inu or Baby Doge Coin, the social media hype drives its prices. With the general cryptocurrency market in a slump, meme coins' market value is finding it hard to stay above crucial support floors.

Dogecoin price faces decisive moment

Dogecoin price is currently trading between two crucial levels, $0.27 and $0.23. A breakdown of the support barrier at $0.23 will extend the current pullback and might even trigger a downtrend. However, a decisive 4-hour candlestick close above $0.27 and $0.285 could kick-start an uptrend.

Assuming the Dogecoin price bounces off the demand level at $0.23, investors can expect a 10% upswing to the $0.253 swing high set up on July 4. If the buying pressure continues to pour in, DOGE might tag $0.27.

If the bulls slice through $0.27, the logical target would be $0.285, but any move beyond this area is unlikely. Therefore, investors can expect the consolidation phase to extend over the upcoming week.

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

Market participants need to steer clear of Dogecoin price due to its consolidation phase. A decisive close above $0.285 or below $0.23 will reveal the direction the meme coin wants to proceed.

In case the support barrier at $0.23 breaks down, DOGE will head to $0.216. If the bearish momentum increases, the demand levels at $0.209 and $0.194 will be tagged.


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Three altcoins that have kickstarted Q4 rally: LINK, RDNT, FLOKI

Three altcoins that have kickstarted Q4 rally: LINK, RDNT, FLOKI

Chainlink price has been on a tear for the last two weeks and has the potential for more upside. Radiant Capital price has breached a falling wedge and shows promise of further ascent. 

More Cryptocurrencies News

Week ahead: Fed speech and NFP likely to dictate crypto market moves this week

Week ahead: Fed speech and NFP likely to dictate crypto market moves this week

With the start of 2023’s fourth quarter, things are finally getting interesting in crypto. While the next 12 weeks are extremely important, let’s start by focusing on what to expect this week.

More Cryptocurrencies News

DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle

DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle

Polkadot price trades inside a tight range above a critical support level of $3.98. The daily RSI produced a higher high, signaling a surge in bullish momentum and a potential breakout scenario. 

More Polkadot News

FLOKI sets stage for 30% rally

FLOKI sets stage for 30% rally

Floki Inu (FLOKI) price has triggered a quick but explosive uptrend in the last 24 hours. The uptrend has pushed the meme coin above a key hurdle and could assist FLOKI bulls in reversing the downtrend. 

More Floki Inu News

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.

Read full analysis

BTC

ETH

XRP