{"id":433066,"date":"2022-04-17T17:44:39","date_gmt":"2022-04-17T14:44:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/doge-price-analysis-hints-at-30-drop-despite-elon-musks-twitter-bid\/"},"modified":"2022-04-17T17:44:39","modified_gmt":"2022-04-17T14:44:39","slug":"doge-price-analysis-hints-at-30-drop-despite-elon-musks-twitter-bid","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/doge-price-analysis-hints-at-30-drop-despite-elon-musks-twitter-bid\/","title":{"rendered":"# DOGE price analysis hints at 30% drop despite Elon Musk&#8217;s Twitter bid"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3d825f0639a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3d825f0639a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/doge-price-analysis-hints-at-30-drop-despite-elon-musks-twitter-bid\/#%E2%80%9D_DOGE_price_analysis_hints_at_30_drop_despite_Elon_Musks_Twitter_bid_%E2%80%9C\" >&#8221; DOGE price analysis hints at 30% drop despite Elon Musk&#8217;s Twitter bid &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/doge-price-analysis-hints-at-30-drop-despite-elon-musks-twitter-bid\/#DOGE_price_eyes_drop_under_010\" >DOGE price eyes drop under $0.10<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/doge-price-analysis-hints-at-30-drop-despite-elon-musks-twitter-bid\/#The_%E2%80%9CMusk_effect%E2%80%9D\" >The &#8220;Musk effect&#8221;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_DOGE_price_analysis_hints_at_30_drop_despite_Elon_Musks_Twitter_bid_%E2%80%9C\"><\/span>&#8221; DOGE price analysis hints at 30% drop despite Elon Musk&#8217;s Twitter bid &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The brief Dogecoin (DOGE) price rally last week following Tesla CEO Elon Musk&#8217;s bid to buy <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be fizzling out as DOGE closes the week over 8%.\u00a0<\/p>\n<p>DOGE&#8217;s price dropped to $0.142 on April 17, three days after peaking out locally at $0.149. The Dogecoin correction, albeit modest, raised its potential to trigger a classic bearish reversal pattern with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/samuraitradingacademy.com\/7-best-price-action-patterns\/#:~:text=The%20head%20and%20shoulders%20patterns,(the%20head)%20between%20them.\">an 85% success rate<\/a>\u00a0of reaching its downside target.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"DOGE_price_eyes_drop_under_010\"><\/span>DOGE price eyes drop under $0.10<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Dubbed head and shoulders (H&amp;S), the pattern appears when the price forms three peaks in a row, with the middle one, called the &#8220;head,&#8221; in between the other two, which are of almost equal height, and are thus called the left and right &#8220;shoulders.&#8221;<\/p>\n<p>These three peaks hold above a common support level called the &#8220;neckline.&#8221; As the theory goes, the price typically breaks below the neckline after forming the third peak, or the right shoulder, and falls by as much as the H&amp;S&#8217;s maximum height, i.e., the distance between the head&#8217;s top and neckline.<\/p>\n<p>It appears DOGE has been forming a similar structure at least since March 24. The cryptocurrency now eyes a drop to the neckline after forming its right shoulder, followed by a full-fledged bearish breakout, as shown in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/3726df16-ef46-4fec-b16e-82e26116a18b.png\"><figcaption style=\"text-align: center;\"><em>DOGE\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>As a result, Dogecoin&#8217;s probability of correcting toward its H&amp;S neckline near $0.132 appears higher, down about 7.5% below today&#8217;s price. The level coincides with DOGE&#8217;s 50-day simple moving average (50-day SMA; the blue wave), thus providing additional support.<\/p>\n<p>A decisive breakout move below the support confluence could risk triggering the H&amp;S setup, with the downside target sitting below $1, down almost 30% below today&#8217;s price. <\/p>\n<p>Interestingly, the target appears close to the lower trendline of the descending channel pattern that has enveloped Dogecoin&#8217;s price moves since December 2021.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_%E2%80%9CMusk_effect%E2%80%9D\"><\/span>The &#8220;Musk effect&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Musk continues to be an influential catalyst behind Dogecoin&#8217;s interim price trends. <\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> of him buying a 9.2% stake in Twitter on April 4 helped boost DOGE&#8217;s price\u00a0by more than 20% to $0.174 a day after, its best level in almost three months. <\/p>\n<p>A correction followed as traders locked interim profits, only for DOGE price to rebound again after Musk showed intentions to acquire Twitter in its entirety for $43 billion.<\/p>\n<p><strong><em>Related: AMC Theaters mobile app accepts Dogecoin, Shiba Inu and more<\/em><\/strong><\/p>\n<p>Enthusiasts believe that the &#8220;Musk effect&#8221; and his growing influence on Twitter could boost Dogecoin adoption and price, their sentiment furthered by Robinhood CEO Vladimir Tenev, who earlier this week said DOGE could become the &#8220;currency of the internet.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/dogecoin?src=hash&amp;ref_src=twsrc%5Etfw\">#dogecoin<\/a> + Elon Musk + Twitter + Popularity = $10 future value let\u2019s go <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$Doge<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/DogecoinToTheMoon?src=hash&amp;ref_src=twsrc%5Etfw\">#DogecoinToTheMoon<\/a><\/p>\n<p>\u2014 Dogecoin and Bitcoin HODL (@HodlDogecoin) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/HodlDogecoin\/status\/1515105390924546054?ref_src=twsrc%5Etfw\">April 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Musk has supported the idea so far, suggesting the Twitter board introduce a DOGE payment option for the social media&#8217;s Twitter Blue monthly subscription service.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/doge-price-analysis-hints-at-30-drop-despite-elon-musk-s-twitter-bid\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; DOGE price analysis hints at 30% drop despite Elon Musk&#8217;s Twitter bid &#8220; The brief Dogecoin (DOGE) price rally last week following Tesla CEO Elon Musk&#8217;s bid to buy Twitter appears to be fizzling out as DOGE closes the week over 8%.\u00a0 DOGE&#8217;s price dropped to $0.142 on April 17, three days after peaking&#8230;<\/p>\n","protected":false},"author":1,"featured_media":433067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvMDdmNGI1ZTctNDdjZS00NTg2LWFiYzUtYTBhOTYwOWZlMWRmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74863,86883,74939,78261,39394,73785,71407,10401],"class_list":["post-433066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-cryptocurrencies","tag-dogecoin","tag-market-analysis","tag-tech-analysis","tag-elon-musk","tag-markets","tag-trading","tag-twitter"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/433066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=433066"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/433066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/433067"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=433066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=433066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=433066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}