Although the cryptocurrency market has lost 1.2% in the last 24 hours, the market has shown signs of recovery in the previous days and of BTC It is known to be on the rise protecting the $ 44,000 support. Bitcoin price is pushing $ 48,000 and Ethereum is also trying to reach the $ 3,600 level along with it. In the days when BTC and ETH are on the move, the silence of a leading altcoin draws attention.
Elon Musk’s favorite cryptocurrency dogecoin it continues to fall continuously and regress to ninth place. Although DOGE has a unit price of $ 0.24 and is still in the top 10, it actually performs poorly compared to other altcoins.
What are the reasons for the DOGE price drop?
$ 0.32 is known to be the main resistance for DOGE price, but it is competing projects that are propelling DOGE. The replica project, called Shiba Inu, was recently listed on cryptocurrency exchange Coinbase and has gained more than 25%. This makes the same mass of investors turn to SHIB, not DOGE. Of course, the fact that Elon Musk no longer tweets much about DOGE creates a difficult situation for investors. DOGE, which once rose to the fourth largest cryptocurrency rankings, is now in decline due to the downturn in the market, rival projects, and a lack of tweets from Elon Musk.
Looking at the chart, it is seen that the price is forming between $ 0.234 and $ 0.26. Investors, in particular, can buy in pieces, as long as they buy more at the low price of $ 0.234. However, a stop below this level seems logical, as a drop below $ 0.234 could trigger serious declines.
Again, the key resistance levels for DOGE are $ 0.248 and $ 0.26 beyond. It is beneficial for investors who buy at lower levels to gradually sell their products at these levels.
Because it seems possible that DOGE, which lost its previous popularity, is going back up in earnest, with Elon Musk or other celebrities interested in DOGE again.