The coin started as a meme back in the days and now it has created many multi-millionaires. Dogecoin, the internet sensation that probably has resulted in increased exposure of the crypto market, is now lagging behind. Where coins such as $sol and $luna have went on to create ALL Time High through a staggering performance, Elon’s favorite meme coin is lagging in the market.
At one point due to the internet of course “DogeFather” (commonly known as Elon Musk) was an avid follower and preacher of the so-called next-generation coin. During those times huge money got poured and the coin became one of the biggest cryptocurrencies in the market.
Of course, when the market officially starts a downtrend, it sweeps everything with it. So following the trend doge also went down. According to coinmarketcap the coin had established $0.739775 on 8th may, 2021 before falling to its demise. After the reversal on 21st July, the coin showed a sign of going up again. Currently, Dogecoin is being traded at a price of $0.30.
Dogecoin Foundation
No doubt Elon Musk holds a strong influence on Dogecoin. He in the past has said that he wants to bring changes to the cryptocurrency and would love to use it in the future. Recently the news has been released about the board members. It’s huge news that the founder of Ethereum has joined the board along with the founder of Dogecoin himself. Other notable people include Jared Birchall as the financial advisor (he also looks over Elon Musk’s family office).
DOGE Coin Technical Analysis
After the news about the new members were released, the price surged, but the pump couldn’t survive and soon got down since $Btc broke its support and started trading at less than $45k.
On a 4H TF, the market becomes quite visible. Pole and flag formation can be in the chart. Pole has formed and the flag is currently being formed. This shows that the price may drop to a certain level before its continuation. $0.286 and $0.277 are the intermediary zones where the price can bounce off, but reversal signs should be taken into consideration. If both of these fail to hold then we can expect a drop to around $0.26. A falling broadening wedge is also forming on the 4H time frame, a pattern with a higher probability of breaking to upside. In the bullish scenario, the nearest lower low is at around $0.33, breaking it would confirm the reversal sign IF the market doesn’t drop (if it drops then there would be a formation of a new LL and LH).
With such good news regarding the community, doge foundation is back again to bring new heights.
