Dogecoin price is moving sideways in lackluster trading after Elon Musk failed to pique new investor interest in meme coin.
Dogecoin (DOGE) is unchanged at $ 0.1685 (+ 0.00%) early Monday, down about 25% from last week’s high and about the same distance from the early December low. Last Tuesday, the OG meme coin briefly popped up when Tesla Supremo Musk announced that the EV maker was considering enabling Dogecoin payments for goods. The 50% jump was quickly reversed, however, after analysts warned DOGE believers not to read too much into the statement. Since then, the Dogecoin price has wiped out most of the gains and is likely to drop even further.
DOGE price forecast
The daily chart shows Dogecoin is approaching the broad support channel between $ 0.1250 and $ 0.1600. My guess is that given the poor reaction to Musk’s testimony, DOGE will soon test the end of the line at $ 0.1250. Additionally, if the broader cryptocurrency market continues to decline, DOGE could go below $ 01,250.
Unfortunately, the table does not offer much optimism for DOGE owners. Despite trading coins at an 80% discount from May’s all-time high, volume data shows a lack of buying, underscoring investor apathy. On that basis, I’m bearish with a target price of $ 0.1250. However, a closing price above the 200-day moving average at $ 0.2428 invalidates the thesis.
Dogecoin Price Chart (Daily)
For more market insights, follow Elliott on Twitter.
