Dogecoin

Elon Musk

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoins-price-fluctuations-post-musk-decline-and-technical-analysis/" data-wpel-link="internal">Dogecoin’s Price Fluctuations: Post-Musk Decline and Technical Analysis</a><br></p>
<p style="text-align: justify"><strong>Dogecoin (<a href="https://en.coin-turk.com/dogecoin-shows-potential-for-significant-price-increase-in-foreseeable-future/" data-wpel-link="internal">DOGE</a>)</strong> price significantly increased on January 20 but experienced a sharp decline the following day. According to experts, the popular meme token has been trading within the support area of a downward formation for about two months. Will it reverse the trend with a rise, or will losses in Dogecoin continue?</p> 
<h2 id="doge-s-decline-after-elon-musk-s-influence">DOGE’s Decline After Elon Musk’s Influence</h2> 
<p style="text-align: justify"><strong>In the meme token’s</strong> daily time frame technical analysis, the price has been trading in an ascending parallel channel since June 2023. In December, the price exited the channel, rising to $0.108. However, Dogecoin later fell, and a decline within the channel’s boundaries occurred on January 3, 2024.</p> 
<p style="text-align: justify">Since the mentioned period, there have been two unsuccessful attempts to rise. The second rejection in the <strong>cryptocurrency</strong> occurred shortly after Elon Musk introduced an “X Payments” account on his platform. The daily Relative Strength Index (RSI) is showing a downward trend. Readings above 50 and an upward trend indicate that bulls are still at an advantage, while readings below 50 suggest the opposite.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-307850 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/doge-2.webp" alt="" width="1807" height="809"></p> 
<h2 id="dogecoin-s-price-trend">Dogecoin’s Price Trend</h2> 
<p style="text-align: justify"><strong>In Dogecoin,</strong> the RSI is below 50 and falling, which could be a sign of a bearish trend in both cases. The six-hour time frame, like the daily time frame, is showing a downward trend. This is attributed to DOGE price movement and RSI readings. <strong>Dogecoin’s</strong> price movement has fallen below a descending resistance trend line since the mentioned peak in December 2023. More recently, the trend line caused a rejection on January 21, 2024.</p> 
<p style="text-align: justify">When the resistance trend line is combined with a horizontal area at $0.077, it forms a descending triangle, considered a bearish pattern. The six-hour <strong>RSI,</strong> being below 50 and falling, could support a price decline. A break covering the entire height of the formation could lead to a 27% drop in Dogecoin, potentially bringing the price to the nearest support at $0.058.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/dogecoins-price-fluctuations-post-musk-decline-and-technical-analysis/" data-wpel-link="internal">Dogecoin’s Price Fluctuations: Post-Musk Decline and Technical Analysis</a></h5>

Dogecoin’s Price Fluctuations: Post-Musk Decline and Technical Analysis

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