The price of Dogecoin started the monthly trading on a bullish note by gaining more than 50% of its value in a few days. Meanwhile, the subsequent bearish trend brought the price back to its original level. This may be because Elon Musk is traveling again but he hasn’t said anything about DOGE. Since then, the price of DOGE has struggled to resist bearish pressure and rise.
DOGE’s stock is falling sharply again, as the stock has fallen more than 12% in the past seven days. Things continue to run wild when the current head of Twitter, Elon Musk, announced that he is ready to step down as Twitter CEO and vote. Now, more than 57% of the 14 million votes are in favor of him losing as CEO, while voting can still continue for another 3 hours. Along with this, the bearish effect on the horizon may be the main reason for the price decline.
Dogecoin price has been trading below the 200-day MA since the beginning of the year. However, the increase in November caused the price to exceed these levels, indicating the beginning of a strong improvement. Now, the price of DOGE, despite the bearish trend, is trying to hold on to these levels and trigger a comeback. Meanwhile, trading volume fell sharply on the fear of breaking the 200-day MA level.
In this case, the price of DOGE should test the lower support zone between $0.05 and $0.056 and try a rebound. On the other hand, if the indicator triggers a retracement from the current level after a short consolidation, the popular item jumps to the intermediate stop at the 50-day MA level at $0.095 similar to the closer it is.
All in all, the price of Dogecoin appears to be very high and if Elon Musk steps down as CEO of Twitter, the token may be affected in a negative way. The November surge was triggered by speculation that Twitter was adding DOGE to their payment methods. Therefore, the next few days can be very important for the price of DOGE, because a lot of changes can be expected until the end of the year.