Dogecoin Price Dips 4% As Elon Musk Teases Return of Tesla DOGE Payments, But Traders Pivot To This New ICO That Raised Over $11 Million
Release: 2024/09/02 17:49 Reading: 712
The Dogecoin price dropped 4% in the last 24 hours to trade at $0.095 as of 09:02 p.m. EST, on trading volume that skyrocketed 67% to $467 million.
This comes despite Elon Musk hinting at a potential return of Dogecoin (DOGE) as a payment option for Tesla merchandise.
This comes just days after the Tesla CEO and billionaire successfully dismissed a June 2022 lawsuit accusing them of defrauding investors through a Dogecoin pump-and-dump scheme.
Musk's hinting to bring back Dogecoin as a payment ignited speculation within the crypto community about the meme coin's potential return to Tesla's platform.
Can this help Dogecoin rebound?
Dogecoin Price Aims For A Bullish Reversal
The resistance around $0.114 allowed the bears to gain control of the Dogecoin price, dropping within a falling channel pattern, according to data from GeckoTerminal. Still, the price of DOGE has formed a formidable support around $0.097, which suggests that DOGE could still soar from here.
As the price drops, DOGE now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the bearish trend.
Moreover, the Relative Strength Index (RSI) trades downwards towards the 30-oversold level, currently at 32, suggesting that investors are actively selling the asset.
If the selling continues, the Dogecoin price could plunge further to the $0.0900 support zone, a solid cushion against downward pressure.
However, the RSI now shows that DOGE is highly undervalued, which may be a buying signal for the bulls. In such a scenario, the price of Dogecoin could soar above the immediate resistances at $0.10312 and $0.10614 to the $0.110 target.
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