3 Key Points
- Dogecoin’s value experiences a minor setback, dropping by 0.67% and trading at around $0.08.
- The meme-inspired crypto is gearing up for an anticipated event with Dogecoin-themed payload set to land on the lunar surface.
- Experts advise caution to those new to cryptocurrencies during Dogecoin-related events to prevent speculation and potential losses.
Current Market Position of Dogecoin
The crypto scene has witnessed Dogecoin (DOGEUSD) register a slight decline by 0.67% within the last 24 hours, stabilizing around the $0.08 mark. Analyzing the recent trends on both daily and weekly timeframes, the digital coin hints at a consecutive downtrend pressure mostly motivated by profit-taking activities within the market.
This recent downward trend comes off the back of Dogecoin’s significant 10th-anniversary rally where its price reached $0.10 on December 11. However, the subsequent pullback led to a price below the key Moving Average (MA) 50-day technical indicator, with a recorded value of $0.088, indicating potential extended losses for the coin.
The Upcoming Lunar Event for Dogecoin
Dogecoin enthusiasts have reasons to stay tuned as the community anticipates a symbolic milestone. Scheduled for January 8, a physical representation of Dogecoin is part of the payload aboard Astrobotic’s Peregrine Lunar Lander, nestled within DHL’s MoonBox. This event plays into the narrative of Dogecoin’s association with lunar themes, a storyline that gained momentum when Tesla’s CEO Elon Musk discussed launching the Doge-1 spacecraft funded by Dogecoin.
Despite the excitement, long-time Dogecoin community member Mishaboar advises caution, especially for those new to the crypto space. In a discussion, Mishaboar pointed out that such dates could potentially trigger speculative behavior, resulting in price volatility typical of pump-and-dump strategies.
Dogecoin’s Resistance and Support Levels
Tracking Dogecoin’s recent motion in the market, a dip to $0.076 was observed on January 23. However, the bulls retained their stance, elevating the value somewhat over the $0.08 threshold. Though Dogecoin’s current support holds, the market is witnessing challenges for a substantial comeback.
A continued decline might propel Dogecoin to test its previous support levels near $0.076 again, and if this floor gives way, the bears could drive the currency down towards the daily MA 200 at $0.072. Conversely, a sign of market recovery could be identified with a breakthrough above the daily MA 50 at $0.088. Should this recovery materialize, there’s potential for an upward trend aiming for $0.10, though resistance is expected shortly thereafter within the $0.10 to $0.11 zone.
