Market watchers are seeing Dogecoin (DOGE) worth dip again into the crimson and count on the meme coin to make new lows on a weekly, month-to-month and even yearly foundation until assist comes shortly to raise the sluggish coin.

As of this writing, DOGE is trading at $0.0653, down 4.5% over the previous seven days, information from Coingecko confirmed on Sunday.

Tesla CEO Elon Musk has all the time been an avid Dogecoin supporter. His fame and status within the worldwide markets have enabled him to considerably affect the worth and enchantment of DOGE.

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The place’s the Musk tweet when Dogecoin wanted it?

With DOGE taking a beating within the ongoing bear market, is it solely pure to suppose that maybe one other tweet from Musk might inject some vitality into the torpid coin?

Primarily based on Coingecko charts, DOGE is down 0.6 p.c within the one-hour interval and three.0 p.c previously 24 hours.

For the reason that Dubai Financial Discussion board, the place the billionaire spoke by way of Twitter and stayed away from any matter associated to cryptocurrency, DOGE has not acquired any “promotion” on social media, notably from his superfan Musk.

In Sunday’s fast overview, DOGE worth is trying bearish as analysts famous some weak point for additional retracement; Consolidation has developed under $0.68.

DOGE Whole Market Cap at $8.69 Billion on Weekend Chart | Supply: TradingView.com

Consequently, the DOGE/USD pair appears poised for extra declines and proceed its path to much more losses subsequent week. The possible preliminary goal is the $0.61 level, which has traditionally proved to be clear assist and resistance ranges.

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Torpid Dogecoin feeling the pinch

Over the previous 24 hours, the broader cryptocurrency market has traded with average bullish momentum. Bitcoin misplaced 0.35 p.c, probably the most amongst main cryptocurrencies, whereas Ethereum misplaced 2.16 p.c. The remaining main cryptocurrencies have adopted carefully.

For the previous three days, DOGE worth has rejected the $0.065 assist zone, suggesting consumers are defending this area. If the meme coin would get better from this assist, the consumers would take the worth again to the double resistance ranges.

Final Could, as Dogecoin’s worth neared an all-time high of $0.72, the cryptocurrency’s loyal fanbase believed that Musk’s upcoming look on Saturday Evening Dwell this month would ship the parody coin’s value “over the moon.” .

The next 12 months, its worth fell again to earth. On the time of writing, Musk has been completely silent on cryptocurrencies.

Featured picture from The Tech Outlook chart from TradingView.com