DOGE Price Drops After Elon Musk Withdraws Doge Twitter Logo

DOGE price fell 10% when Twitter CEO Elon Musk changed the site’s logo from the Doge face with the original bluebird.

Musk was accused of gaining support of the Doge community amidst the ongoing lawsuit filed by the Doge community. After Twitter logo was swapped with the Doge dog, many speculations poured in. Several watchers suspected of Musk trying to gain back the trust of the Doge community and dismiss the billion dollar lawsuit.

While several thought Musk was teasing the Doge community, while the twitter community speculated that the logo change was a hint that Twitter would soon incorporate payments services onto platform and would support Doge. Ironically, several emphasized Musk’s influence on the market, given the price swings recorded in Doge.

Doge Backs Off

Doge price fell after the community rejoiced at the twitter logo stunt. The trading volume shows enraged sell-offs and can create a stronger selling pressure. Falling DOGE price could look for support near $0.08085, and move sideways till the bulls come to rescue.

In the EMA ribbon, the 100- and 200-day EMAs coincide forming a bearish crossover. The OBV dropped sharply indicating a sudden flush of negative emotion among investors.

DOGE price faced rejection near the resistance $0.09270 and dropped drastically. The CMF shows a similar fall and finds a spot in the lower ranges of the negative zone to display the bearish trend. The MACD moves towards convergence and starts to record descending buyer bars. The RSI drops back from the overbought zone, close to 50-range to suggest declined buying. The indicators in the daily time frame suggest an ongoing transition from bullish to bearish to match the price action at press time.

In a Blink

In the smaller time frame, DOGE price is on a downward slope. The CMF fell to the negative zone and suggests a bearish trend. The MACD diverges in negative and records ascending buyer bars. The RSI fell straight to the 35-range, indicating a seller dominant market. Presently, the indicators in the smaller timeframe have turned bearish, but could grow stronger with time.

Conclusion

The Doge community reacts to the abrupt logo change (back to the blue birdie). DOGE price drops by more than 10% indicating the presence of a fairly reactive commuity. The falling price can find support near $0.08085.

Technical levels

Support levels: $0.08085 and $0.07375

Resistance levels: $0.09270 and $0.09615

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.