Dogecoin sharply misses target after Elon Musk denounces Twitter – What's next for DOGE price?
Dogecoin (DOGE)
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Dogecoin sharply misses target after Elon Musk denounces Twitter – What's next for DOGE price?
Dogecoin (DOGE) has missed a much-anticipated technical upside target and is down nearly 10% over the past week amid the ongoing feud between Elon Musk and Twitter.
Musk hurts DOGE's price
In short, Musk, whose companies Tesla, SpaceX and Vegas Loop accept DOGE payments, suggested introducing the same checkout option on Twitter this April. Nonetheless, the Musk-Twitter deal turned sour when the billionaire attempted to walk away with his $44 billion takeover bid. In response, the platform has sued Musk, alleging that he had a change of heart after suffering personal losses in the ongoing global market carnage.
Some Dogecoin traders were eyeing Musk's Twitter acquisition to remain bullish on DOGE/USD, noting that the deal would boost adoption of the token among the platform's 330 million monthly active users. Dogecoin is down 19.5% after Musk closed the Twitter deal on July 8. In doing so, DOGE also invalidated its prevailing “inverse head and shoulders (IH&S)” pattern, which could push its price up to $0.112 per coin, as shown below.
Dogecoin is now trading above a multi-month “mid-channel support” near $0.06 while it is inconclusive for now, as shown in the chart below. Conversely, a break below the mid-channel support could result in a price test of $0.04 for DOGE, which is 32% lower than the July 13 price, as its downside target. This level coincides with another descending trend line (accumulation level) that has acted as support for Dogecoin price since April 2021.
Dogecoin (DOGE), Cryptocurrency, Dogecoin Price, USD, Elon Musk, Vegas Loop, Global Market