Market observers are seeing Dogecoin (DOGE) price retreating back into the red territory, expecting the meme coin to register new lows on a weekly, monthly and even yearly basis if some support does not come quickly to lift the sluggish coin.<\/p>\n
As of this writing, DOGE is trading at $0.0653, down 4.5% in the last seven days, data from Coingecko show, Sunday.<\/p>\n
Tesla CEO Elon Musk has always been an avid\u00a0Dogecoin supporter. His fame and standing on the worldwide markets have enabled him to significantly influence the price and appeal of DOGE.<\/p>\n
Suggested Reading | Cardano (ADA) Looks To Recover After Sliding To $0.43 \u2013 Pressure\u2019s On For The Bulls<\/a><\/em><\/strong><\/p>\n As DOGE takes a heavy beating in the ongoing bear market, it is only natural to think that, perhaps, another tweet from Musk might provide some boost of energy to the lethargic coin?<\/p>\n Based on Coingecko charts, DOGE is down 0.6 percent in the one-hour timeframe, and 3.0 percent in the last 24-hours.<\/p>\n Since the Dubai Economic Forum, where the billionaire talked about Twitter and steered clear of any topic about cryptocurrency, DOGE hasn\u2019t received any social media \u201cpromotion,\u201d especially from its superfan, Musk.<\/p>\n As of Sunday\u2019s quick overview, DOGE price looks bearish as analysts noted some weakness to retrace further; a consolidation has developed below $0.68.<\/p>\n Consequently, the DOGE\/USD pair appears primed for more declines and to continue its path toward even more loss next week. The likely initial objective is the $0.61 mark, which emerged as a clear support and resistance level in the past.<\/p>\n Suggested Reading |\u00a0Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets<\/a><\/em><\/strong><\/p>\n In the past 24\u00a0hours, the broader\u00a0cryptocurrency market has traded with moderate bullish momentum. Bitcoin lost 0.35 percent,\u00a0the most among major cryptocurrencies, while Ethereum shed\u00a02.16 percent. The remaining leading cryptocurrencies have followed closely behind.<\/p>\n In the past three days, the DOGE price has rejected the $0.065 support zone, indicating that buyers are protecting this region. If the meme coin recovered from this support, buyers would bring the price back to the level of dual resistance.<\/p>\n Last May, as Dogecoin\u2019s price neared an all-time high of $0.72, the cryptocurrency\u2019s loyal fan base believed that Musk\u2019s upcoming appearance on \u201cSaturday Night Live\u201d that month would send the value of the parody coin \u201cover the moon.\u201d<\/p>\n In the subsequent year, its price has plummeted back to Earth. As of the time of writing, Musk has remained absolutely mute regarding cryptocurrencies.<\/p>\nWhere\u2019s The Musk Tweet When Dogecoin Needed It?<\/h2>\n
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DOGE total market cap at $8.69 billion on the weekend chart | Source: TradingView.com<\/a><\/pre>\n
Lethargic Dogecoin Feeling The Pinch<\/h2>\n
Featured image from The Tech Outlook, chart from TradingView.com<\/a><\/pre>\n<\/div>\n