Dogecoin (DOGE) Slumps Amid Bearish China News
- Dogecoin and Shiba Inu decoupled from Saturday’s market trend, with DOGE visiting $0.10 amid a breakout.
- Elon Musk triggered the Dogecoin breakout after hinting at DOGE payments for Twitter 2.0.
- Technical indicators remain mixed, with Dogecoin EMAs suggesting more price gains.
Dogecoin gained 10.67% on Sunday, reversing Saturday’s 0.34% decline. The meme coin closed the week 28.09% up at $0.0985. Moreover, it revisited the $0.10 mark for the initial time since 8 November. Shiba Inu followed with a similar move, gaining 5.58% over the week to $0.00000927.
Elon Musk triggered a Dogecoin breakout session. And that offered Shiba Inu highly essential price support. Meanwhile, the billionaire posted multiple slides of the latest Twitter company debate on Sunday. The 4th slide, titled Payments, had investors speculating about DOGE’s incorporation.
However, the slide didn’t reveal the payment option for Twitter2.0. The recent tweet came after news of Musk collaborating with Vitalik Buterin to upgrade Dogecoin. Nevertheless, protest news from China amid new COVID regulations weighed on risky assets.
DOGE Price Action
Dogecoin changed hands 5.08% down at $0.0935 during this writing. The alt’s optimism early on the week pushed DOGE to a $0.0996 high before plunging to the $0.0918 low. Meanwhile, a move above the pivot at $0.0984 would welcome the first crucial hurdle of $0.1080.
A $0.10 return would affirm bullishness during the afternoon session. However, friendly crypto news remains essential to support breakouts. Failure to overcome the $0.0984 pivot would see DOGE hitting the first crucial support at $0.0888.
Extended breakout during the afternoon session can see bulls propelling DOGE to $0.11 to clear the patch to the second massive hurdle at $0.1176. Dogecoin’s third crucial resistance mark stands at $0.1368.
Meanwhile, weakness at the $0.984 pivot would trigger declines to the initial reliable foothold at $0.0888. DOGE’s second resistance stands at $0.792. Unfavorable market conditions can see the original themed crypto plunging to $0.0600.
Nevertheless, the Exponential Moving Averages displayed a bullish sign, with Dogecoin wavering beyond the 50d Exponential Moving Average ($0.881). The 50d EMA crossed beyond the 100d EMA as the 100d EMA drifted from the 200d EMA, presenting bullish price signals.
Holding beyond $0.0888 and the 50d Exponential Moving Average ($0.0881) would support upsides to $0.1080. contrarily, a dip through $0.0888 and the Exponential Moving Averages would welcome sub-$0.800 & $0.0792.