Over the last 24 hours, Dogecoin (DOGE), the dog-themed cryptocurrency, experienced a slight decline of 0.67%, bringing its current trading value to $0.08. Both the daily and weekly charts show a consistent decrease in price, attributed to profit-taking activities.
This dip follows a remarkable surge that saw Dogecoin reach a peak of $0.10 on December 11, coinciding with its 10th anniversary. The current drop has caused Dogecoin to fall below the MA 50 at $0.088 on its daily charts, potentially marking its third consecutive day of losses if the trend continues.
Dogecoin’s Moon Landing Event Spurs Excitement and Caution
Dogecoin (DOGE) has encountered four consecutive weeks of losses since early December, but anticipation is building as the cryptocurrency approaches a significant event. On January 8, a physical Dogecoin is set to land on the moon, carried by Astrobotic’s Peregrine Lunar Lander, housed within DHL MoonBox.
The connection between Dogecoin and lunar-related activities is not new, with Tesla CEO Elon Musk previously discussing a Doge-1 spacecraft funded entirely by Dogecoin in 2021.
While optimism grows ahead of Dogecoin’s lunar landing, a prominent Dogecoin community member, Mishaboar, advises caution and urges against unrealistic expectations. In a post, Mishaboar reminds Dogecoin and crypto newcomers not to view special events or dates as opportunities for speculative gains. Emphasizing the need to approach such occasions with a level-headed perspective, Mishaboar notes that special dates in the crypto space often become stages for pump-and-dump events.
Dogecoin Faces Resistance Despite Recovery
Dogecoin (DOGE) experienced a dip to $0.076 on January 23 but swiftly rebounded above $0.08 in the subsequent days. Despite efforts by the bulls to maintain the price around $0.08, a substantial relief rally remains elusive.
In the event of ongoing declines, Dogecoin might revisit the prior support level at $0.076. If breached, bears could drive Dogecoin down to the daily Moving Average (MA) 200 at $0.072.
A notable show of strength would involve a breakthrough and sustained closure above the daily MA 50 at $0.088, potentially opening the path for a rally towards $0.10. However, the $0.10 to $0.11 range is anticipated to pose a significant challenge for bulls if a recovery materializes.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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