DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout

A bearish fallout from a yearly falling wedge pattern suggested the Dogecoin(DOGE) price witnessed a significant freefall. However, the lower price rejection at the retest phase puts a possibility on the cards and traps the aggressive sellers.

Timeline of Dogecoin

After a drop of nearly $500 billion in market cap, the cryptocurrency assets saw a recovery on Friday. However, Shiba Inu (SHIB) and Dogecoin (DOGE) lost momentum on Saturday along with other digital currencies.

Tesla and Spacex CEO Elon Musk says that dogecoin has potential as a currency. However, his Twitter buyout deal has been put on hold “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” Elon Musk Says Dogecoin Has Potential as a Currency Tesla CEO Elon Musk has made another

Dogecoin has still not fallen out of favor with investors despite losing more than 90% of its all-time high. The meme coin whose community continues to wax stronger is still one of the largest cryptocurrencies by market cap.

On Friday, Tesla CEO Elon Musk took to Twitter, telling Dogecoin co-founder Billy Markus that the project has potential as a currency. The post “Dogecoin Still Has Potential As Currency,” Says Elon Musk appeared first on BeInCrypto.

It's no longer news that Dogecoin is Elon Musk's favorite cryptocurrency. The meme cryptocurrency has since gained popularity and price pushes since the Tesla founder began endorsing it.

Dogecoin, the most popular meme cryptocurrency, has dropped 30% in the last 24 hours, but has already started to rebound. Someone moved around 250 million Dogecoins during this enormous price drop, with little more than half of that amount going to Robinhood.

Dogecoin price analysis confirms a bearish reading for today, continuing on a larger decline in the cryptocurrency market. Dogecoin shipped more than 5 percent over the last 24 hours, with price moving to a 13-month low of $0.70.

With each turn of the market, there are always cryptocurrencies that make it to the top as the most-liked coins among investors. This time around, a survey that was carried out between January 2021 and January 2022 has shown the favorite cryptocurrencies among investors.

Sentiment analysis run across a year's worth of tweets has found that Ethereum is Twitter's least favorite cryptocurrency of five studied, while Dogecoin received the most affection.

Most of the market is still recovering from the events of 9 May, which left the crypto space broken beyond belief. Marking the highest single-day losses for every cryptocurrency, the bears did not spare even the most popular/in-demand tokens, including the king of meme coins, Dogecoin.