The latest attempt by Elon Musk to use a meme to boost the price of Dogecoin appears to have failed miserably. Musk’s “Release the Doge” tweet did little to raise the price of Dogecoin, which remained near static at -0.08% for the day.
It is becoming more apparent that Musk is being remembered more for his Bitcoin volte-face than for his famous memes, which led to significant gains in the first four months of 2021.
The generally downbeat mood of the crypto market seems to have had more of an impact on the DOGE/USDT pair, which continues to find it hard to generate upside momentum. The pair looks set to end the week marginally lower, as it drifts towards the $0.21 price mark.
Price seems to have stalled midway between the 0.3014 resistance and the 0.2195 support. However, the 23 May low at 0.2437 appears to be a more immediate minor pivot holding up the price. If this level comes under more sustained bearish pressure, we could see a downside move that challenges 0.2195 very quickly. Below this level, 0.1634 is another support level of note, as it is the location of previous lows seen on 23 April and 23 June.
On the other hand, a resumption of price action to the upside challenges 0.3014. If this level is surmounted, 0.3495 becomes an additional barrier for bulls before the resistance zone between 0.3937 and 0.4347 comes into the picture.
