DOGE Price Analysis: DOGE fails to surge as Tesla boss changes loyalty to younger dog-themed coin

  • DOGE price analysis highlights Elon Musk’s change in loyalty to another meme-theme coin.
  • Tesla boss displays his affection for Baby DOGE Coin after abandoning Dogecoin.
  • Dogecoin is hovering within a tight range that ranges from $0.231 to $0.25.
  • Closing, the day above the $0.290 resistance level, would initiate a bull run while closing the day below the $0.231 lower level, leading to a price decline towards $0.215.

At present, Dogecoin’s price appears to be hovering within a tight range as traders rush to the newer dog-themed crypto asset, Baby Doge Coin. This tight-range price action for Dogecoin appears to be replicating what other altcoins are experiencing. This is a result of dwindling interest in such crypto assets.

DOGE Price Analysis: General price overview

Although Elon’s relationship with DOGE dates way back, it seems the billionaire has had a change of heart towards the crypto asset. Recently, Elon declared his admiration for his new darling, Baby Doge Coin. As if the news of his newfound love was not enough, Elon expressed his admiration for the new coin on Twitter, deflating all hopes for Dogecoin surging upwards.

Although it does not have any affiliation with the earlier dog-themed crypto coin, Baby Doge Coin is a younger and newer DOGE version. The market value of the new crypto asset has appreciated by over 4,300 percent in the past 20 days. At present, Baby Doge Coin is valued at around $325 million in terms of market capitalization. This is not the first time Elon has shifted from one dog-themed crypto asset to another. In late June, the Tesla boss mentioned SHIB, another dog-theme coin that rivals DOGE.

For crypto-assets such as Shiba Inu and Dogecoin, social media frenzy dictate its market value. With the general crypto market in a dip, dog-themed cryptos assets are finding it challenging to settle above critical support levels.

Dogecoin price movement in the past 24 hours

At present, Dogecoin exchanges hands at between 2 critical levels, $0.239 and $0.251. If the crypto coin rallies downwards past its $0.231 support level, it will signify the start of a significant down surge. However, if Dogecoin has a decisive close above the 4-hour candlestick at $0.270 and $0.285, the crypto coin could trigger a price rally.

Let us assume DOGE’s price breaks out past the $0.230 demand barrier; market participants should expect a 10 percent upsurge towards the $0.254 swing high registered earlier this month. If the buying spree persists, Dogecoin is likely to hit the $0.270 price region. If this happens, the next probable target would be the $0.29 price level. However, any price actions past this region would be doubtful. Therefore, market participants should anticipate the ongoing consolidation leg to last for a few days, if not weeks.

Dogecoin 4-hour chart

DOGE Price Analysis: DOGE fails to surge as Tesla boss changes loyalty to younger dog-themed coin 1
Source: TradingView

According to critical technical indicators on the 4-hour price chart, investors might want to keep away from DOGE due to its ongoing consolidation leg. At present, it is difficult to determine whether the crypto will surge upwards or downwards. Closing the day below $0.231 or above $0.29 will show us the general trend the dog-themed coin will take.

Conclusion

On the other hand, if the $0.231 support level is breached, Dogecoin’s price action could move towards the $0.219 region. If the bearish trend persists, Dogecoin’s $0.210 and $0.195 demand levels could be retested. At the time of writing, the crypto market appears to be in for a bearish leg as the number one crypto coin, Bitcoin, is currently in a bearish leg.

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