#dogecoin investors were excited after the important steps Elon Musk has taken regarding the social media giant. But during the transformation of Twitter to X, Musk never mentioned Dogecoin. Moreover, he also said that the platform will never issue its own cryptocurrency. So what is the current outlook for the DOGE?

Does Dogecoin Increase?

The DOGE price has cleared an important long-term resistance area. However, he could not prove that the downward trend had clearly reversed. Weekly readings show that the DOGE price has fallen below a decreasing resistance line since May 2021, when it reached an all-time high of $0.739. This decrease had caused a bottom of 0.049 in June 2022.

After that, the Doge price started to recover and strengthened the horizontal support of $ 0.6. After several unsuccessful attempts over the course of six months, the DOGE's price finally surpassed the resistance on July 15, which had been standing in place for 805 days.

Breaks from long-term structures such as this usually indicate significant price increases and indicate the end of the previous trend. This particular break may have occurred due to Elon Musk's rebranding of Twitter (X).

DOGE Price Comment

Dogecoin's chart in the daily timeframe does not draw a clear direction due to the sudden changes experienced this year. On the bullish side, the DOGE price broke out of a descending resistance line on July 24. The line had been in place for 265 days before it broke. However, the price could not sustain the upward movement. Aksiye withdrew to the support area on August 4.

This break has continued within the rising channel since the lows of June. Such channels usually contain corrective movements, that is, an eventual break is the most likely future price scenario. If this happens, the meme coin will fall below the resistance line and make the previous break illegitimate. A 25 percent decline indicates a loss of support at $0.055.

However, if the channel resistance is exceeded, it is likely that the price will see an increase of about 100% to $ 0.15. As the process continues, we should not forget that BTC also shows extremely low volatility. Probably, the direction of Bitcoin in the coming days is also quite important for DOGE and others. #BTC #Binance