{"id":437574,"date":"2022-04-26T12:05:00","date_gmt":"2022-04-26T09:05:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dogecoin-price-risks-40-correction-despite-elon-musk-twitter-euphoria\/"},"modified":"2022-04-26T12:05:00","modified_gmt":"2022-04-26T09:05:00","slug":"dogecoin-price-risks-40-correction-despite-elon-musk-twitter-euphoria","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dogecoin-price-risks-40-correction-despite-elon-musk-twitter-euphoria\/","title":{"rendered":"# Dogecoin price risks 40% correction despite Elon Musk-Twitter euphoria"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a22fa80b58ef\" 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-6a22fa80b58ef\" 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\/dogecoin-price-risks-40-correction-despite-elon-musk-twitter-euphoria\/#%E2%80%9D_Dogecoin_price_risks_40_correction_despite_Elon_Musk-Twitter_euphoria_%E2%80%9C\" >&#8221; Dogecoin price risks 40% correction despite Elon Musk-Twitter euphoria &#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\/dogecoin-price-risks-40-correction-despite-elon-musk-twitter-euphoria\/#Twitters_native_currency_Dogecoin\" >Twitter&#8217;s native currency: Dogecoin?<\/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\/dogecoin-price-risks-40-correction-despite-elon-musk-twitter-euphoria\/#DOGE_price_correction_risks\" >DOGE price correction risks<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Dogecoin_price_risks_40_correction_despite_Elon_Musk-Twitter_euphoria_%E2%80%9C\"><\/span>&#8221; Dogecoin price risks 40% correction despite Elon Musk-Twitter euphoria &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Dogecoin (DOGE) prices flipped higher in the last 24 hours after its most celebrated backer Elon Musk purchased <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> for $44 billion.\u00a0At its best, Dogecoin had climbed to $0.17 on April 25, albeit still down 77% from its record high in May 2021.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Twitters_native_currency_Dogecoin\"><\/span>Twitter&#8217;s native currency: Dogecoin?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>DOGE&#8217;s price rose by nearly 25% to $0.15 on a 24-hour adjusted timeframe, confirming that traders considered Musk&#8217;s acquisition of Twitter\u00a0a bullish event for Dogecoin. <\/p>\n<p>The reason: Musk&#8217;s long-time support for DOGE, including his recent advice to the Twitter board that they start accepting the meme-crypto for Twitter Blue, their first-ever sub<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\">script<\/a>ion service.<\/p>\n<p>The comments appeared a year after Twitter revealed that it plans to double its revenues to $7.5 billion by the end of 2023, raising hopes Musk&#8217;s 100% ownership of the company would have it facilitate its future sales through an additional DOGE payment option.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Elon acquires Twitter \u2014&gt; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$DOGE<\/a> becomes the currency of Twitter \u2014&gt; $1 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$DOGE<\/a> no longer a meme! <\/p>\n<p>How does that sound ?<\/p>\n<p>\u2014 Limbo (@CryptoLimbo_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoLimbo_\/status\/1518669053887361024?ref_src=twsrc%5Etfw\">April 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In January, Musk&#8217;s flagship company Tesla Motors started accepting Dogecoin, and only DOGE, for some of its merchandise.<\/p>\n<p><strong><em>Related:\u00a0What Elon Musk\u2019s investment could mean for Twitter\u2019s crypto plans<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"DOGE_price_correction_risks\"><\/span>DOGE price correction risks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Nevertheless, Dogecoin faces interim selloff risks following its impressive gains in the past 24 hours.<\/p>\n<p>DOGE&#8217;s price started correcting lower after re-testing a multi-month downward sloping trendline as resistance. <\/p>\n<p>Interestingly, the line constitutes a descending channel pattern, which raised the possibility of DOGE extending its pullback move by another 35%-40% by the end of Q2, as illustrated in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/f9a38756-da8e-4c54-9751-9c9c7945d145.png\"><figcaption style=\"text-align: center;\"><em>DOGE\/USD daily price chart featuring &#8216;descending channel&#8217; setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The selloff risks toward the channel&#8217;s lower trendline also remain elevated due to the 200-day exponential moving average (200-day EMA) wave near $0.16, which has been capping Dogecoin&#8217;s upside attempts since November 2021.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/8be5d108-cbdf-4f00-a169-03ed0611872f.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>DOGE\/USD daily price chart featuring Fib S\/R levels. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Conversely, a strong upside continuation above the channel&#8217;s upper trendline and the 200-day EMA would position DOGE&#8217;s price for test of $0.20 in Q2. This key level also coincides with the 0.382 Fib line of the Fibonacci retracement graph, drawn from the $0.35-swing high to the $0.10-swing low.<\/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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> 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\/dogecoin-price-risks-40-correction-despite-elon-musk-twitter-euphoria\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Dogecoin price risks 40% correction despite Elon Musk-Twitter euphoria &#8220; Dogecoin (DOGE) prices flipped higher in the last 24 hours after its most celebrated backer Elon Musk purchased Twitter for $44 billion.\u00a0At its best, Dogecoin had climbed to $0.17 on April 25, albeit still down 77% from its record high in May 2021. 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