August 1, 2021

Elon Musk tweets ‘Baby Doge’ as Dogecoin goes into hibernation

Dogecoin price fails to rise as Elon Musk publishes allegiance to “Baby Doge Coin”

The price of Dogecoin is consolidating in a narrow range as investors turn to new meme coins. This DOGE cryptocurrency movement is similar to what other similar cryptocurrencies are experiencing as the hype surrounding them wears off.

  • The price of Dogecoin is consolidating in a narrow range, ranging from $ 0.23 USD to $ 0.27 USD.
  • A decisive close above the resistance barrier at $ 0.285 USD will initiate an uptrend, but a reversal of the lower limit to $ 0.23 USD could extend the pullback to $ 0.215 USD or $ 0.209 USD.
  • Elon Musk tweeted “Baby Doge Coin”, leaving Dogecoin behind.

Elon Musk leaves the Dogecoin behind

The story between Musk and Dogecoin runs deep. From calling himself “Dogefather,” to talking about the SNL emisson, to “sending” Dogecoin to the moon, fans have loved Elon Musk for his endorsements.

However, the recent turn of events may have left these supporters stunned as the CEO’s allegiance shifted to a newer and younger version of Dogecoin known as “Baby Doge Coin”.

This decision by the Dogefather made matters worse for DOGE, as he tweeted:

Baby Doge Coin is a younger version of Dogecoin which is not affiliated with the original meme coin. The price of Baby Doge Coin has risen 4376% in the past 26 days and has a current market cap of $ 324 million.

This isn’t the first time Musk has switched from one cryptocurrency to another. On June 25, Musk mentioned ‘Shiba Inu‘, another Dogecoin spin-off.

For cryptocurrencies like Dogecoin, Shiba Inu, or Baby Doge Coin, the social media hype determines its prices. With the general cryptocurrency market in crisis, even coin market values ​​are struggling to stay above crucial support lows.

Dogecoin price faces turning point

Dogecoin is currently trading between two crucial levels, $ 0.27 USD and $ 0.23 USD. Breaking the support barrier at $ 0.23 USD will prolong the current pullback and may even trigger a downtrend. However, a decisive 4 hour candlestick closing above $ 0.27 USD and $ 0.285 USD could trigger an uptrend.

Assuming the price of Dogecoin bounces off the demand level at $ 0.23 USD, investors can expect a 10% rise to the July 4th high of $ 0.253 USD. If buying pressure continues to flow, the price of DOGE cryptocurrency could reach $ 0.27 USD.

If the bulls break above $ 0.27 USD, the logical target would be $ 0.285 USD, but any movement beyond this zone is unlikely. Therefore, investors can expect the consolidation phase to extend over the coming week.

Dogecoin Chart (DOGE / USDT) 4 hours

dogecoin cryptomonnaie-doge-baby doge coin 05072021Market participants should avoid Dogecoin price due to its consolidation phase. A decisive close above $ 0.285 USD or below $ 0.23 USD will reveal the direction in which the coin wants to proceed.

In the event that the support barrier at $ 0.23 USD breaks down, the price of DOGE cryptocurrency will head towards $ 0.216 USD. If the bearish momentum increases, the demand levels at $ 0.209 USD and $ 0.194 USD will be marked.

Par Akash Girimath, FXStreet

Akash has been working in the crypto industry as a content writer, analyst for over two years. He is a mechanical engineer interested in emerging technologies and financial markets. Attracted by the chaos of trading, he invested in cryptocurrency and maintains a small crypto fund for his friends and family.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move comes with risk, you should do your own research when making a decision.

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