Dogecoin Price Faces Crucial Test: Will $0.055 Withstand The Pressure?
October 10 2023 - 9:00AM
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Dogecoin (DOGE) has been in a state of horizontal consolidation
since mid-August, as it trades within the narrow range of $0.068
and $0.053. This period of consolidation has been marked by daily
charts adorned with short-bodied candlesticks, a visual testament
to the lack of enthusiasm from both buyers and sellers. It’s
a curious phase in the world of DOGE, where the price appears to be
biding its time, awaiting a catalyst to break free from this
stasis. However, recent market fluctuations have cast a shadow over
this tranquility, pushing DOGE closer to a foundational support
level, possibly signaling an impending bullish resurgence. Related
Reading: What’s Behind XRP Price Retreat? Assessing Some
Eye-Opening Metrics Dogecoin Price Analysis Suggests Sideways
Movement Recent price analysis indicates that DOGE’s sideways trend
may continue, with the coin hovering near the $0.055 support level
within a downsloping trendline. This level, coinciding with a
long-standing support trendline, forms a significant accumulation
zone. While DOGE’s price currently stands at approximately
$0.059099 according to CoinGecko, it has experienced a 2.6% decline
over the past 24 hours and a 4.9% dip over the last seven days.
Should the resistance trendline maintain its influence, DOGE
holders may anticipate a potential 7% drop, which could lead to a
retest of the year-long support trendline located around the $0.055
region. DOGE market cap reaching the $8.3 billion level. Chart:
TradingView.com Influential Figures Debate Crypto’s Inherent Value
Meanwhile, on the social media platform X, a lively debate unfolded
as two influential figures shared their perspectives on a
contentious topic. The discussion was ignited by a statement from
the Securities and Exchange Commission (SEC) regarding the Coinbase
case, where they asserted that “crypto has ‘no innate or inherent
value.'” This assertion did not go unnoticed by Dogecoin’s
co-founder, Billy Markus, who responded with a pointed critique,
emphasizing the taxes he had paid on his cryptocurrency earnings.
then return all the taxes y’all made me pay for receiving it you
horrific evil hypocrites pic.twitter.com/rwisnADwLe — Shibetoshi
Nakamoto (@BillyM2k) October 9, 2023 Elon Musk, the CEO of Tesla
and SpaceX, renowned for his influential stance on
cryptocurrencies, also entered the conversation, offering support
to Markus’s perspective. Musk challenged the regulatory body by
posing a rhetorical question: “It’s real if you have to pay taxes,
but otherwise not real?” Related Reading: Shiba Inu Stagnation:
What’s Causing Meme Coin’s Recent Sluggishness? This exchange by
DOGE proponents highlights the ongoing debate surrounding the
intrinsic value of cryptocurrencies and the increasing involvement
of regulatory bodies. As the crypto market remains in a state
of flux, the perspectives of influential figures like Markus and
Musk continue to shape the discourse and influence market
sentiment. It remains to be seen how these debates will impact the
broader crypto landscape and whether DOGE will break free from its
consolidation phase in the near future. (This site’s content should
not be construed as investment advice. Investing involves risk.
When you invest, your capital is subject to risk). Featured image
from NDTV Food
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