Dogecoin’s (DOGE) Support Trendline Breakdown Sparks Concern – What’s Next for DOGE Price?

Elon Musk’s upcoming biography, set to be released in September 2023, is anticipated to unveil a hidden revelation. The billionaire had clandestinely funded the renowned meme coin Dogecoin ($DOGE) development.

Per the Wall Street Journal’s (WSJ) report, this biography will also shed light on Musk’s intentions to introduce a blockchain-based social media platform featuring integrated payment functionality, leveraging Dogecoin ($DOGE).

For an extended period, numerous internet users had speculated extensively about Musk’s substantial involvement in the Dogecoin ($DOGE) project. His statements and tweets have exerted significant sway over the perception of Dogecoin ($DOGE), resulting in his moniker as the “Doge Father.”

After he acquired Twitter (now rebranded as X) in a $44 billion transaction in 2022, Musk ly replaced Twitter’s iconic 17-year-old “bird” logo with that of Dogecoin ($DOGE). Remarkably, within an hour, this alteration triggered a notable 16% surge in the price of Dogecoin ($DOGE). Nevertheless, several days later, the original Twitter logo was reinstated.

Additionally, speculations circulated about Musk actively pursuing the integration of Dogecoin ($DOGE) payments on Twitter. His close affiliation with Dogecoin ($DOGE) recently implicated him in a lawsuit connected to the dog-themed meme coin.

The forthcoming biography hints at further revelations about Musk and his relationship with Dogecoin ($DOGE) within the cryptocurrency eco. Analysts anticipate that Dogecoin ($DOGE) will continue to trade within the $0.06180 to $0.06450 range as they await the publication of this biography.

Price Analysis

Amid an increasingly uncertain cryptocurrency market, Dogecoin’s value has recently stabilized at approximately $0.062. The coin’s ability to draw support from an upward-trending support line contributes to this stability. DOGE investors have found solace in this trend, as it has generated occasional rebounds from this dynamic support line, offering limited respite when examining daily price charts

However, today’s alternative coin (altcoin) market performance was marked by a notable exodus of funds, resulting in a bearish breakdown below this crucial support level.

The recent scrutiny of Dogecoin’s price reveals a scenario where DOGE has remained ensconced within a tight trading band spanning from $0.0610 to $0.0640 for most of this week. This situation has witnessed a relentless tug-of-war between the bullish and bearish forces, resulting in a conspicuous absence of substantial upward or downward movements in the market

The bearish sentiment towards Dogecoin grew notably pronounced, breaching the psychologically significant threshold of $0.06500. Currently, DOGE stands at $0.06168, reflecting a 0.90% decline over the past 24 hours and a 7-day decrease of 2.49%.

Dogecoin Technical Analysis

According to data from technical indicators and moving averages, suggest a downward trend.

The Relative Strength Index (RSI) stands at 35.9, nearing the oversold region. Although this sometimes indicates a potential for a rebound, current market conditions may suggest otherwise.

The Moving Average Convergence Divergence (MACD) at -0.002 further reinforces the bearish momentum, implying a probable decline in Dogecoin’s price. The Average Directional Index (ADX) at 23.750 underscores a robust and firmly established selling trend.

The 50-day simple moving average registers at 0.069, which is lower than the 200-day moving average of 0.072714. This configuration, where short-term averages are below long-term averages, is a classic technical indicator of a bearish trend.