- Dogecoin is unable to break above the $0.1 resistance level, and it had a 5% jump yesterday due to a tweet from Elon Musk.
- While below the $0.1 resistance level, the bias remains bearish.
- If Bitcoin gives up some of its 2023 gains, Dogecoin should retest the lows.
Dogecoin Price Prediciton Amid New Rejection at $0.1
Dogecoin is currently ranked as the 9th largest cryptocurrency by market capitalization and had quite an eventful day yesterday. The price jumped 5% after Elon Musk, CEO of Tesla and SpaceX, tweeted that the Starship launch may take place on Doge Day. However, this wasn’t enough for a sustained bullish run as Dogecoin is down over 8% in the last 24 hours due to stiff resistance at $0.1.
In 2021, Dogecoin saw an impressive surge of 23,000%, forming a contracting triangle which acted as a reversal pattern. By the end of 2021, it had given up most of its gains and entered into a bear market which lasted until 2022 and beyond. Despite leading cryptocurrencies like Bitcoin surging in 2023, Dogecoin still finds itself struggling to break through resistance at $0.1 level and remains bearish while under it.
What if Bitcoin Corrects?
If Bitcoin gives up some of its 2023 gains, Dogecoin should retest the all-important support level at $0.05 marker before looking for further upside momentum again if any occurs in Bitcoin’s price action as well.