January 29, 2023

Dogecoin (DOGE): Bulls to Eye $0.0700 or Hit $0.0650 Amid PoS Talk

  • Shiba Inu and Dogecoin painted downsides yesterday.
  • Twitter silence and PoS (proof-of-stake) chatter left the themed asset within the red region.
  • DOGE is vulnerable to more slides as technical indicators flash bearish.

The renowned meme coin, Dogecoin, remained in the red early today. The alternative token has exhibited bearishness since Friday’s bearish session, with PoS chatter and an absence of Twitter updates pressuring investor sentiment.

Dogecoin dropped 3,94% yesterday to reverse Thursday’s +0.71% move. The canine-themed coin closed Friday at $0.0682. Meanwhile, DOGE finalized the day at the $0.700 value region for the initial time since 25 October.

Mixed early moves pushed the alt to $0.0715-morning highs. However, encountering the $0.0719 first robust obstacle triggered another fall for DOGE, dragging the token to the $0.0659 afternoon low. That saw Dogecoin losing the day’s colossal support zones before moving through the 3rd reliable footing at around $0.0660 to close the session near $0.0682.

Shina Inu, DOGE’s competitor, printed similar actions as the altcoin market succumbed to broad market bearishness. SHIB lost 1.83 yesterday, partially erasing Thursday’s 3.41% uptick to close Friday at $0.00000804. The altcoin revisited sub-$0.00000800 for the 3rd successive session.

SHIB tracked the overall market to climb to the $90.00000822 high. Meanwhile, the first robust resistance at $0.00000835 remained challenging to beat, and Shiba Inu plunged to $0.00000791-afternoon lows. Finally, it briefly dropped beneath the first massive support barrier of $0.00000796 before closing the session at $0.00000804.

Dogecoin and SHIB Differ on Network Chatter

Musk and Twitter’s silence meant another fall for DOGE, and the alt dipped to the $0.0700 vicinity for the 3rd consecutive session. Twitter added cryptocurrency charts. However, news of including Dogecoin and other cryptocurrencies for payments is yet to emerge.

Rumors of DOGE migrating to a PoS (proof-of-stake) model increased the bearish stance. Meanwhile, Michi Lumin of the Dogecoin Foundation tried to dismiss the rumors on Thursday. Nonetheless, market players have become worried about the proven correct rumor in 2022.

Fortunes seem different for Shiba Inu, with market players expecting the Shibarium update early in the coming year. Today, enthusiasts should keep following crypto news. Musk and Twitter commentary, plus the Shiba Inu platform update, would remain the primary factors of interest.

DOGE Price Action

DOGE swayed at $0.0681 during this writing, following a 0.15% decline. The alternative token rose to $0.0686 early highs before plummeting to the $0.0679 lows. Meanwhile, Dogecoin should overpower $0.0685 to eye the first robust hurdle at $0.0711.

That would clear the road to Friday’s $0.715 highs. A $0.0710 return would indicate bullishness. Nonetheless, DOGE-friendly updates from Twitter and the crypto market are vital to support upside moves. Continued bullish moves might take the alt to the 2nd robust resistance near $0.0741.

After that, Dogecoin buyers might expect another challenging boundary at $0.0797. However, failure to weaken the $0.0685 zone would welcome plummets, pushing the meme coin toward the initial $0.0656 reliable support floor.

Nonetheless, excluding another stretched downside, the token should dodge the $0.0650 mark and the 2nd robust support at $0.0629. DOGE’s 3rd massive support barrier stands at around $0.0573. Dogecoin remained pessimistic as it sat beneath the 50day Exponential Moving Average ($0.0730).

Meanwhile, the 50day dropped from the 200day Exponential Moving Average early today, confirming a downward bias for the canine-themed cryptocurrency.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post Bitcoin (BTC): A Breach of This Support Might Benefit Short Sellers
Next post Insider Insights: FTSE 100 Stocks to Watch as Directors Buy and Sell Heading into 2023