Dogecoin fell more than 12% in three days after twitter drops the Doge logo.
Dogecoin price prediction failed to carry on its Bull run which started on Monday after Twitter CEO Elon Musk changed the bird logo with a DOGE meme. Afterward, DOGE surged more than 30% in a single day. The meme currency fell more than 12% at the press time as Musk again put the Bird back on the logo.
Twitter users observed on Monday that the usual bluebird emblem had been changed by a cartoon image of Doge. Elon Musk did this as it's known to the world how much Musk is fond of the meme coin. Previously, many a time, Musk promoted Dogecoin. Reportedly, Musk was previously accused by many people to manipulate the crypto market. The 2021 crypto market boom is said to be hyped due to Musk's manipulation.
Let's see how this time the Market FUD impacted Dogecoin price prediction.
Dogecoin price prediction felt a jolt when Musk again changed the Twitter logo with Bird (Dropping the DOGE meme Logo).
Investors On Monday entered the market and squared off their profits at the EOD which created a red candle on Tuesday. Most of the time, it has been seen that as soon as news-related hype comes into the crypto market, especially Dogecoin suffers a Pum and Dump in its price.
As the FUD surrounds the market, DOGE investors flew away with most of the profits leaving behind red candles. Dogecoin's current price is $0.082736, with a 24-hour trading volume of $1,446,274,792. In the last 24 hours, Dogecoin has dropped 10.26%. DOGE is currently ranked #8 on CoinMarketCap, with a market cap of $11,486,755,395.
According to the Dogecoin price prediction daily chart,
Dogecoin has recently experienced a downward trend. Dogecoin's price behaviour is developing a sinking channel pattern, which is bolstering the present lousy market. Nonetheless, there are some signs that the market may turn positive shortly.
The 50-day moving average (MA) for Dogecoin is now $0.07, less than the current market price. This indicates that the market is bullish for the next 50 days. It is important to note, however, that the price action is still within the declining channel pattern, which may limit the positive potential.
The Dogecoin Relative Strength Index (RSI) is currently at 52 and is declining due to the selling pressure triggered by the Twitter logo change news. The RSI is a momentum indicator that evaluates price action strength. A score of more than 50 indicates bullish momentum, whereas a value of less than 50 indicates bearish momentum. The RSI of 52 suggests that the market still has some bullish momentum, but it is fading.
Moving Average Convergence Divergence (MACD) is entering another green cycle, indicating that bulls are attempting to push prices above the present level. The MACD is a momentum indicator that displays the relationship between two moving averages. The current green cycle suggests that the bulls are gaining momentum and may push the price above the current level.
Overall, Dogecoin price prediction failed to carry on its Bull run which started on Monday after Twitter CEO Elon Musk changed the bird logo with a DOGE meme. The meme currency fell more than 12% at the press time as Musk again put the Bird back on the logo. In the last 24 hours, Dogecoin has dropped 10.26%. The 50-day moving average (MA) for Dogecoin is now $0.07, less than the current market price.
Disclaimer: The above information is the sole opinion of the Author and shouldn't be taken as an investment idea. DYOR before investing in Digital assets.