Assessing Dogecoin's potential to rebound from its defending zone

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Dogecoin strived to breach its 50-day MA resistance, can it find renewed buying pressure?

Timeline of Dogecoin

The co-founder of Dogecoin (CRYPTO: DOGE), Billy Markus, has gone on Twitter to talk about cryptocurrency bots on the platform.  He tweeted, saying he sees fewer spambots than before and wondered if Twitter has done anything about the issue.

Dogecoin price analysis is bearish today, as we have seen a quick reaction to $0.063 resistance, from which DOGE quickly reversed later in the day. Likely, DOGE/USD will look to break the $0.06 support overnight and reach the $0.058 support next.

Dogecoin price analysis for September 27, 2022, shows the meme cryptocurrency following a negative movement for the last 48 hours. The price crashed from $0.0635 to $0.0601 on September 25, 2021.

Dogecoin and Shiba INU, two of the most well-known memecoins in the cryptocurrency market, are awaiting the bullish push necessary for the assets to exit the current consolidation. In contrast to the DOGE price, which is currently at about $0.062, the SHIB price is still below $0.000012.

Dogecoin (DOGE/USD), Shiba Inu (SHIB/USD), and Samoyedcoin (SAMO/USD) are some of the best meme-coins you can get before September ends. Dogecoin was created as a lighthearted alternative to other cryptocurrencies in 2013 and is considered one of the true first meme-coins.

Meme coins have increasingly become the investment choice for a lot of crypto investors over the last year. Their tendency to return large gains in a short period of time has been one of the major drivers behind their rapid adoption.

Dogecoin price analysis is bearish today as we have seen further retrace and a lack of reaction higher over the last 24 hours. Therefore, selling should soon continue, leading DOGE/USD past the $0.06 support.

According to LunarCrush's new report published on 24 September, Dogecoin has been showing extreme growth in its social media department. This new spike in social media growth could have been sparked by Ethereum founder Vitalik Buterin's comments that he made with regard to Proof of Work blockchains.

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Vitalik Buterin, the co-founder of Ethereum, has hinted at his desire to welcome Dogecoin to the PoS community. This divulgence comes as the asset assumes the second position of the largest PoW network following Ethereum's switch to PoS.