DOGE Bulls Prepare Show As Dogecoin Moon Landing Approaches

DOGE Bulls Prepare Show As Dogecoin Moon Landing Approaches

The dog-themed cryptocurrency Dogecoin (DOGE) has seen a marginal drop of 0.67% in the last 24 hours and is currently trading at $0.08. The daily and weekly charts of the dog-themed cryptocurrency show a steady drop in price as profit-taking occurs.

The dog-themed cryptocurrency Dogecoin (DOGE) has seen a marginal drop of 0.67% in the last 24 hours and is currently trading at $0.08. The daily and weekly charts of the dog-themed cryptocurrency show a steady drop in price as profit-taking occurs.

Dogecoin’s decline comes after a stellar rise that saw it celebrate its 10th anniversary with a high of $0.10 on December 11. The drop has caused Dogecoin to fall below the MA 50 at $0.088 on its daily charts, which could mark its third day of losses if it ends in the red.

Dogecoin has suffered four consecutive weeks of losses since early December, but bulls could be preparing for a comeback as Dogecoin’s big day approaches.

In January the 8tha physical Dogecoin will land on the moon via Astrobotic’s Peregrine lunar lander, inside DHL MoonBox.

Related
Dogecoin (DOGE) Might Be Waking Up Again, Here’s Why

Dogecoin has notably attracted moon-related activities. Tesla CEO Elon Musk talked about a Doge-1 spacecraft to the moon, funded entirely by Dogecoin, in 2021.

While expectations are rising as Dogecoin’s big day approaches, Mishaboar, a vocal member of the Dogecoin community, warns against unrealistic expectations.

“As usual, newbies to Dogecoin and cryptocurrencies do not consider any event or special date as an opportunity for easy speculation. Have fun, play with dog money, but stay calm, like Fonzie. Special dates in cryptocurrencies are usually the theater of pumping. dumping and unloading events”, Mishaboar he wrote in an X post.

Dogecoin price action

Dogecoin fell to a low of $0.076 on January 23, but quickly recovered to over $0.08 in the following days. The bulls are holding the price near $0.08 but are struggling to launch a significant relief rally.

TradingView
DOGE/USD daily chart, courtesy: TradingView

If the current declines continue, Dogecoin may retest the previous support at $0.076; If this is breached, the bears can push Dogecoin to the daily MA 200 at $0.072.

The first sign of strength will be a break and close above the daily MA 50 at $0.088, which could pave the way for a move to $0.10. The area between $0.10 and $0.11 is expected to be a hurdle for the bulls if the price returns.

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