Dogecoin (DOGE) price continues to decline for the third day in a row. The memecoin was changing hands at $0.0628, 1.5% down at press time. The dog-themed coin is currently trading 4.9% below its weekly high of $0.06640.
Bitcoin is facing headwinds once again as the largest cryptocurrency slid 8% from its weekly high. As most altcoins follow the price action of Bitcoin., this bearish move in Bitcoin also triggered a sell-off in altcoins like Dogecoin.
On Monday, the owner of X, several reports claimed that X (formerly Twitter) obtained a Rhode Island Currency Transmission License. This license will allow X to use digital assets as a means of transactions. This raised speculations of a potential Dogecoin integration into Twitter for payments.
Speaking of the integration of cryptocurrencies, Arculus announced a partnership with BitPay to use popular cryptocurrencies as payment options. The digital security platform will offer an Arculus Card using Bitcoin, Ethereum, and other altcoins like Dogecoin and Shiba Inu. However, the Dogecoin price remained unfazed by the positive news.
The price chart for doge shows the price has been consolidating at the middle of the $0.05-$0.08 range for more than a year. The price is also attempting to break out from the trendline drawn. The price is currently trading 15% below the 200 MA, which is a bearish sign.
My dogecoin price prediction will turn bearish if the price breaks below the $0.0625 range mid. In this case, a 20% correction towards the $0.05 range low will be on the cards. For a bullish scenario, the price must reclaim the 200 MA soon. This will give the bulls enough momentum to target the range high around $0.08.
In the meantime, I’ll keep sharing updated DOGE coin analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.
This post was last modified on Sep 01, 2023, 22:06 BST 22:06