Dogecoin Price Analysis: DOGE Crypto Exposed To A Downtrend Despite Strong Interest From Dogefathers In Making Dogecoin More Scalable Than Bitcoin And Ethereum

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DOGE Crypto on the weekly chart has flipped 20 EMA support, making it all the more vulnerable to bear wrath. Musk has explicitly expressed his point of view against Bitcoin and Ethereum and how the latest Dogecoin update will overtake them Doge Crypto is in a downtrend due to a rejection of the $ 0.23 resistance

The price of DOGE Cryptos has been vulnerable to a downtrend since Dogefathers appeared on SNL on May 8. The bullish reversal that woke up June turned out to be just another Dead Cat Bounce that put the bearish H&S pattern into play. Since then, each reversal has helped to restrict the price action inside a massive descending triangle during the daily period.

Doge crypto’s daily technical chart highlights the fact that the price trend of this meme asset is tormented by the 20 EMA. The 20 EMA appears to have established the ground as a critical resistance barrier since the fatal fall. That being said, the critical EMA has come very close to the current trend of DOGE,

giving the bulls one last chance to be successful. A decisive close above the resistance of $ 0.23 on the weekly chart is the only source of recovery that could be adopted by Doge Bulls.

Taking off the support cushion of the EMA 200 requires a peak in buying pressure. Yesterday’s volume of (2.29 B) was significantly lower than the 20 period moving average which is currently hovering around (2.65 B). The client’s lack of energy towards this asset is a consequence of several factors such as its Baby Doge spin-off, the notion of higher lows and the bearish bias of Bitcoins. Future price moments for the 5th largest crypto asset appear uncertain as the price action has approached the difficult downtrend line.

DOGE / USD on TradingView

Was Elon Musks’ decision to turn around and accept Bitcoin as a payment method a ploy?

Elon Musk, the CEO of Tesla and also the Dogefather had explicitly expressed his concerns about cryptocurrencies being a threat to the environment due to their increasing use of fossil fuels. In May, this u-turn effect had a negative impact on the market where the CEO also added that he would certainly accept other cryptocurrencies as long as they were less energy intensive.

In our Dogecoin review on June 24, we wrote that the Dogefather intended to come up with a fee reduction proposal. While still in the running to come up with a proposal to reduce Doge transaction fees from 1 DOGE to 0.1 DOGE, the man is now critical of the scalability of Bitcoin and Ethereums.

This tweet was a response to Matt Wallace tweeting that the new Dogecoin update will position the crypto asset to become one of the most widely used currencies in the world.

Just days after Elon Musks returned to accepting Bitcoin as a payment method for Tesla, he began promoting a new upgrade for Dogecoin with the intention of making it a traditional cryptocurrency. The decision to make Dogecoin a viable asset has been circulating since 2019, which answers Elon Musk’s question about withdrawing Bitcoin completely.

That being said, many crypto enthusiasts around the world have already suspected this sudden turn of events all part of the multi-billionaire’s plan to make Dogecoin mainstream. Who knows, one day we may be able to buy something as ordinary as coffee through DOGE. From a technical point of view, Dogecoin is still in danger. While, basically, Dogecoin hodlers don’t have to worry about a thing, especially since the Dogefather is so committed to improving their scalability.

SUPPORT: $ 0.20 STRENGTH: $ 0.23

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