Dogecoin Sheds Over 10%; Biggest Loser In Top 10 Crypto Roster Today

Christian Encila

Last Updated: April 13, 2023 3:30 pm

3 mins read

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Dogecoin (DOGE) proved to be the biggest loser today among the top 10 digital coins, leaving investors disappointed.

Despite the Elon Musk effect that boosted the coin’s value earlier this month, Dogecoin has now taken a nosedive, erasing all gains and raising questions about its long-term viability in the ever-changing world of crypto.

As investors brace themselves for the next twist in this rollercoaster ride, one thing is certain: Dogecoin’s journey is far from over.

Dogecoin Price Declines 2.7% Amid Crypto Market Correction

Coingecko price shows Dogecoin dropping 2.7% to $0.084207, following a general correction in the cryptocurrency market. This decrease in price occurred just before the release of the US Consumer Price Index data for March, which indicated a reduction in inflation to its lowest level in two years.

Dogecoin’s recent price decline also coincided with Elon Musk’s decision to remove the token’s official mascot from its home button on Twitter and replace it with the original blue bird logo. This alteration followed the previous surge in DOGE’s price by 30% to $0.104 on April 3, as rumors circulated that Musk was planning to integrate Dogecoin payments into Twitter.

However, instead of adopting the Dogecoin logo on Twitter, the website removed it from its home button around April 7. Consequently, DOGE’s price has dropped by 10.2%.

$DOGE: High time frames this is an area of huge volume, probably a fine area to accumulate a spot position. But it could take a looong time to play out as it normally does, so opportunity cost of that $ could be pricey.

1D: all EMAs flipped bullish, still looking ok. pic.twitter.com/76AM4JxsHm

— Altcoin Sherpa (@AltcoinSherpa) April 11, 2023

DOGE/USD: Support Confluence And Potential Upside

DOGE could still see a rebound in the near term as it approaches a significant support confluence and could attract buyers near $0.080, where its long-standing ascending trendline and 50-day exponential moving average (50-day EMA) intersect. This support level has proven to be strong in the past, limiting the downside in December 2022.

Altcoin Sherpa, an independent market analyst, on Twitter, said that this support zone is an area of significant volume and could be an excellent opportunity for traders to accumulate a spot position.

A bounce from this support confluence could push DOGE/USD towards $0.10 in April or early May, representing a potential upside of around 15% from current price levels.

Crypto total market still a little over the $1 trillion level on the daily chart at TradingView.com

If DOGE were to break below the aforementioned support confluence, it would indicate a decisive bearish move and could lead to a potential downtrend toward the $0.069 level. This price level coincides with DOGE’s multi-month ascending trendline support, which adds to its importance as a potential price floor for the cryptocurrency.

DOGE’s price action will depend heavily on how it reacts to the support confluence. Traders and investors should keep an eye on this level to determine the potential direction of DOGE’s trend in the coming weeks.

-Featured image from Getty/Thinkstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.