Dogecoin price plummeted by 1.56% on Tuesday despite losing 2.64% the day before.
DOGE Unpredictable Price Action
As of this writing, the DOGE price is $0.2018, having gained 2.85%. After starting the day on a mixed note, the DOGE price rallied to a daily peak of $0.2028 before a nosedive. Following a rejection at the crucial resistance point of $0.2114, the meme-themed coin plunged to a final session daily low at $0.1962. During the early morning session, DOGE didn’t test any of the support or resistance ranges.
DOGE 24-hour chart. Source: TradingView
While DOGE has surged past the $0.09186 level to initiate the first major resistance levels at the $0.20 range, it would require the broader market’s support to maintain this price range. If there is strong support, expect DOGE to extend this rally beyond the $0.2028 range. This range represents its next crucial resistance and coincides with Tuesday’s intra-day peak price.
If this strong support continues, DOGE might surpass its next crucial resistance of $0.2052 and even reach the $0.210 levels before any decline. However, if the market becomes unfavorable due to increased selling pressure, DOGE might decline towards the $0.1986 support with a further decline towards the first major support at $0.1943. If the selling pressure continues, the DOGE price may plummet further below the $0.19 range, with its next crucial support found at $0.1919.
DOGE Price Movement This Month
Since the middle of this month, DOGE price action indicated bearishness. Apart from the strong drop on September 7, DOGE bounced around the $0.24 and $0.26 price range for many days.
However, it plunged last Friday before consolidating over the $0.20 level since that time. Following the establishment of several lower highs, it has broken this $0.20 level to rally up.
A DOGE-Trading Hamster Catches The Attention Of Musk
A trading hamster known as Mr. Foxx has attracted the attention of electric car billionaire, Tesla and SpaceX founder, Mr. Elon Musk. Its most successful coin between July and this month is DOGE, making 47% profit in that time.
Musk tweeted that the hamster got mad skills. Launched four months ago with a name synonymous with a defunct exchange, the Rodent continues to make headlines with its trading heroics. The hamster’s trades are always shown in live twitch. It works from an office room (the Goxx box) and utilizes the intention wheel and decision tunnel to determine the trades to pick and whether it should be bullish or bearish about such trades.
Its performances so far have drawn comparisons with the performances of the top investors (such as Warren Buffet and Cathie Wood) and indexes around the world. The hamster came into the limelight about two weeks ago, making 43% gains from a stellar lumens (XLM) trade.
No one knows this hamster’s owner(s), but it is only a matter of time before their identities are revealed. Despite high praises from almost every trader and investor, one of Dogecoin’s founders (Billy Markus) has remarked the Rodent is just “lucky,” and its luck will soon run out.