Dogecoin (DOGE), a cryptocurrency with a dog motif, is presently trading at $0.08 after slightly declining by 0.67% during the previous day. The dog-themed cryptocurrency’s daily and weekly charts show a consistent decline in price as profit-taking occurs.
Dogecoin’s decline follows a spectacular rise that saw it reach a high of $0.10 on December 11 to commemorate its tenth anniversary. On its daily charts, Dogecoin has dropped below the MA 50 at $0.088 as a result of the plunge; if it closes the day in the negative, this might be its third day of losses.
Although Dogecoin has lost four weeks in a row from the beginning of December, bulls may be getting ready to come back as the cryptocurrency’s big day gets closer.
A real Dogecoin will touch down on the moon on January 8 inside a DHL MoonBox, using Astrobotic’s Peregrine Lunar Lander.
Moon-related activities have become more prevalent with Dogecoin. Elon Musk, the CEO of Tesla, announced plans to launch a Doge-1 spaceship to the moon in 2021 using only Dogecoin funds.
As the big day for Dogecoin draws closer, anticipation is growing, but prominent community member Mishaboar warns against having too high of expectations.
“As always, newcomers to Dogecoin and cryptocurrency should not view any significant occasions or dates as chances for simple speculating. Play with puppy money, have fun, and maintain your composure like Fonzie. In an X post, Mishaboar stated, “Special dates in crypto are very often the theatre for pump-and-dump events.”
Dogecoin price action
On January 23, Dogecoin fell to a low of $0.076; however, in the days that followed, it swiftly rose to above $0.08. The bulls are managing to hold the price close to $0.08, but they are struggling to get a meaningful rescue rally underway.
Dogecoin may retest the prior support level at $0.076 if the current declines continue; if this level is crossed, bears may drive Dogecoin to the daily MA 200 at $0.072.
A break and close above the daily MA 50 at $0.088, which might open the door for a move up to $0.10, will be the first indication of strength. If the market bounces again, the region between $0.10 and $0.11 is anticipated to represent a barrier for bulls.
