Dogecoin (DOGE) experienced a sharp decline in price on April 12, as the whole cryptocurrency market fell due to a decrease in inflation. This decline occurred after Elon Musk's Twitter account removed its official mascot - the Shiba Inu meme - from the home button, replacing it with the original bluebird logo. Prior to this drop in price, the value of DOGE had risen 30% to $0.104 on April 3, after speculations suggested that a Dogecoin payment option may be made available on Twitter.

Since the removal of the official mascot from the updates page, DOGE has decreased by 5.25%. Despite the decline, there are expectations for the Dogecoin to gain once more, with a potential price of $0.10 in the upcoming weeks. A key area of potential bounce is highlighted at $0.080, which is coincidentally the meeting point of an ascending trendline, as well as its 50-day exponential moving average (50-day EMA). If the predicted rise of 15% from the current levels is reached, it is possible that Dogecoin will set a new all-time high.

Alternatively, if the $0.069 support point is broken, the Dogecoin may fall below the multi-month ascending trendline support which was instrumental in stopping the drop in December 2022. It is therefore essential for investors to pay close attention to this support for DOGE price before making any investment decisions. Furthermore, investors should always consider risks before making any trading moves and conduct their own research before investing.



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