{"id":445928,"date":"2022-05-12T18:45:27","date_gmt":"2022-05-12T15:45:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dogecoin-eyes-oversold-bounce-as-doge-price-gives-up-90-of-yearly-gains\/"},"modified":"2022-05-12T18:45:27","modified_gmt":"2022-05-12T15:45:27","slug":"dogecoin-eyes-oversold-bounce-as-doge-price-gives-up-90-of-yearly-gains","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dogecoin-eyes-oversold-bounce-as-doge-price-gives-up-90-of-yearly-gains\/","title":{"rendered":"# Dogecoin eyes &#8216;oversold&#8217; bounce as DOGE price gives up 90% of yearly gains"},"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-6a2d695b80c4e\" 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-6a2d695b80c4e\" 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-eyes-oversold-bounce-as-doge-price-gives-up-90-of-yearly-gains\/#%E2%80%9D_Dogecoin_eyes_%E2%80%98oversold_bounce_as_DOGE_price_gives_up_90_of_yearly_gains_%E2%80%9C\" >&#8221; Dogecoin eyes &#8216;oversold&#8217; bounce as DOGE price gives up 90% of yearly gains &#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-eyes-oversold-bounce-as-doge-price-gives-up-90-of-yearly-gains\/#DOGE_price_25_bounce_incoming\" >DOGE price 25% bounce incoming?<\/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-eyes-oversold-bounce-as-doge-price-gives-up-90-of-yearly-gains\/#Elon_Musk_vs_Federal_Reserve\" >Elon Musk vs. Federal Reserve<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Dogecoin_eyes_%E2%80%98oversold_bounce_as_DOGE_price_gives_up_90_of_yearly_gains_%E2%80%9C\"><\/span>&#8221; Dogecoin eyes &#8216;oversold&#8217; bounce as DOGE price gives up 90% of yearly gains &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Dogecoin (DOGE) shows the prospect of undergoing a strong price rebound after reaching a technical support confluence on May 12.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"DOGE_price_25_bounce_incoming\"><\/span>DOGE price 25% bounce incoming?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>DOGE&#8217;s 45% price drop to $0.065 this week, or a 90% decline from its record high of $0.76 a year ago, was met with decent buying sentiment. As a result, the token underwent a modest price rebound on May 12, rising over 10% to $0.078.<\/p>\n<p>Interestingly, Dogecoin&#8217;s upside retracement move started near a confluence of two support levels: a multi-month downward sloping trendline and a horizontal line that preceded a 335% price rally in the week ending April 19 last year. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/8936cc23-ba51-47b3-920f-1d5f89fb4894.png\"><figcaption style=\"text-align: center;\"><em>DOGE\/USD weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Meanwhile, the falling trendline is part of a broader descending channel\u00a0pattern. Its multiple retests as support in the last 12 months propelled DOGE&#8217;s price toward the channel&#8217;s upper trendline. If the pattern repeats, Dogecoin&#8217;s rebound will stretch toward the upper trendline near $0.1, up almost 25% from May 12&#8217;s price.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/c852ed98-2822-4eb8-98f2-e6462f36e459.png\"><figcaption style=\"text-align: center;\"><em>DOGE\/USD weekly price chart featuring &#8216;descending channel&#8217; setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The upside setup also picks cues from Dogecoin&#8217;s daily relative strength index (RSI), now near its oversold threshold of 30 \u2014 a buy signal. <\/p>\n<p>Conversely, a decisive move below the confluence support risks sending DOGE to $0.04, which has served as a strong support level in the February\u2013April 2021 session. That would mean another 40% price decline before the next potential rebound.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Elon_Musk_vs_Federal_Reserve\"><\/span>Elon Musk vs. Federal Reserve<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest bout of selling in the Dogecoin market coincides with similar sentiment in the overall crypto and traditional markets, led by the Federal Reserve&#8217;s decision to tighten monetary policy aggressively to curb rising inflation.<\/p>\n<p>Dogecoin, much like its top-ranking rivals Bitcoin (BTC) and Ethereum (ETH), has also been hit by the panic around the de-pegging of two popular stablecoins: TerraUSD (UST) and Tether (USDT). <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/2&#8230; mainstream adoption of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/cryptos?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptos<\/a> not just to trade, but also to conduct everyday transactions for goods &amp; services. The upshot: keep a close eye on the biggest stablecoin, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&amp;ref_src=twsrc%5Etfw\">#Tether<\/a>. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDT<\/a> fell to $0.95 overnight &amp; is back to $0.99 now.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a><\/p>\n<p>\u2014 DataTrek Research (@DataTrekMB) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DataTrekMB\/status\/1524743007538405377?ref_src=twsrc%5Etfw\">May 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As DOGE holds above its technical support levels, its next potential bull case is none other than Tesla CEO Elon Musk. <\/p>\n<p>The billionaire investor, who has emerged as one of the most celebrated Dogecoin backers, recently bought <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> for $44 billion. Before the acquisition, he had suggested that the Twitter board start accepting DOGE as payments for 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 Twitter Blue.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/ElonMusk?src=hash&amp;ref_src=twsrc%5Etfw\">#ElonMusk<\/a> bought Twitter <\/p>\n<p>I think <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Dogecoin<\/a> will benefit from it<\/p>\n<p>\u2014 Yuriy_Bishko (@YuriyBishko) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/YuriyBishko\/status\/1519034350297395201?ref_src=twsrc%5Etfw\">April 26, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Twitter has not revealed any plans to use DOGE for payments. But the prospect of it happening could put a price floor below the token in the coming weeks.<\/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><\/p>\n<\/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-eyes-oversold-bounce-as-doge-price-gives-up-90-of-yearly-gains\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Dogecoin eyes &#8216;oversold&#8217; bounce as DOGE price gives up 90% of yearly gains &#8220; Dogecoin (DOGE) shows the prospect of undergoing a strong price rebound after reaching a technical support confluence on May 12. DOGE price 25% bounce incoming? DOGE&#8217;s 45% price drop to $0.065 this week, or a 90% decline from its record&#8230;<\/p>\n","protected":false},"author":1,"featured_media":445929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMzRlMzE1YTktYzNkYy00ZDgyLTlhODctM2JjMTkyYzVmMzBkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74982,74863,86883,76153,74939,75679,75493,78261,91457,39394,73785,36402,36041],"class_list":["post-445928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-btc-markets","tag-cryptocurrencies","tag-dogecoin","tag-dollar","tag-market-analysis","tag-market-capitalization","tag-stablecoin","tag-tech-analysis","tag-tesla-motors","tag-elon-musk","tag-markets","tag-tesla","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445928","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=445928"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445928\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/445929"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=445928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=445928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=445928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}