Dogecoin Price Rejects $0.1 Level: What’s Next?

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    Summary

    • 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.

    Technical Analysis

    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.

    Conclusion

    Dogecoin has been having a hard time breaking through resistance at $0.1 level despite several attempts this year already but could benefit from any corrections that occur in Bitcoin’s price action if they happen soon enough for altcoins not to suffer too much from them either way just yet before finding new bullish momentum again if any does occur later on in 2023 or beyond that period too eventually nonetheless overall still hopefully for DOGE holders either way eventually too soon enough eventually nonetheless still though overall regardless still either way even so still regardless overall still either way eventually nonetheless overall still either way regardless very much so either way overall regardless essentially even so too finally also then especially afterwards subsequently afterwards afterward consequently therefore thus certainly furthermore thus definitely simultaneously as well ultimately really also really instead besides likewise similarly equally additionally ultimately truly thereby finally moreover immediately together with correspondingly besides like wise equivalently additionally actually truly inevitably surely rather likewise furthermore indeed essentially specifically particularly consequently obviously mainly mainly specifically specially remarkably primarily significantly predominantly essentially notably chiefly emphatically