As a seasoned crypto investor with a decade-long journey in this wild and volatile market, I’ve learned to navigate through the hype, the dips, and the unexpected twists that come with investing in digital currencies. I’ve seen coins rise from nothing to billions, only to plummet back down again. Yet, there’s always a lesson to be learned.
Once popular among social media influencers and common investors, Dogecoin has struggled to maintain a substantial recovery, leading to a negative sentiment within the community. Figures like Elon Musk have occasionally supported Dogecoin, but unlike before, it hasn’t experienced the same level of growth as it previously did.
The community has become divided over this lack of momentum, and many have criticized the meme-based cryptocurrency’s recent price performance. Dogecoin has been steadily declining for a number of months, as can be seen from the chart. With the 200-day EMA serving as a major barrier, the price has found it difficult to break above important moving averages.
Elon Musk effect gone
It seems that the market doesn’t appear to be as influenced by popular figures promoting DOGE on social media anymore, as the price hasn’t risen, despite this happening in the past. Previously, the value of Dogecoin has gone up when it received support from well-known personalities such as Elon Musk.
In recent months, the community’s reliance on endorsements for price fluctuations has significantly increased. However, investors are now seeking more stable pricing based on solid fundamentals rather than fleeting tweets from celebrities. This shift in preference is one factor contributing to the decreased impact of Musk’s influence, which can be attributed to the overall condition of the cryptocurrency market.
What do traders really want?
Currently, crypto traders tend to focus more on the practical applications and real-world uses of cryptocurrencies rather than celebrity endorsements, since the market frenzy that characterized 2021 has largely settled down.
For Dogecoin to start climbing once more, it must surpass some substantial resistance points, notably its 200-day and 26-day moving averages. These thresholds have been major hurdles in recent times. To regain investor trust and maintain a steady price, it could be beneficial to place greater focus on Dogecoin’s utility or incorporate it into more practical applications.
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2024-09-13 16:35