Dogecoin in Precarious Position as the $0.1 Handle Remains Elusive
DOGE/USD Analysis
Dogecoin doubled its value in October and went as high as 0.1594 at the beginning of November, catapulted by the acquisition of Twitter by Elon Musk. The CEO of Tesla Motors Inc is a known supporter of the meme coin and had even proposed its use as a form of payment for Twitter subscription [1], at the beginning of the acquisition saga.
The rally and the visit above $0.1 however were short-lived, as the FTX collapse rippled through the crypto world. DOGE/USD shed's around 35% during the current and is in a perilous state. There is high risk of fresh monthly lows (0.0697), although a strong catalyst will be likely needed for new 2022 lows (0.0490).
DOGE/USD however shows some resilience recently and has not lost the ability to push back towards 0.0100-39 and the 38.2% Fibonacci of its November high/low slump. Daily closes above this level will open the door to further advance, but this has a high degree of difficulty at this stage.
Nikos Tzabouras
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.
References
| Retrieved 31 May 2023 https://mobile.twitter.com/elonmusk/status/1512954808394731521 |
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