Dogecoin (DOGE) has missed a much-anticipated technical upside target and is down nearly 10% over the past week amid an ongoing spat between Elon Musk and Twitter.
To recap: Musk, whose companies Tesla, SpaceX, and Vegas Loop accept DOGE payments, had suggested introducing the same checkout option on Twitter this April.
Bitcoin spoofs a breakout while Dogecoin jumps on Elon Musk's Twitter takeover news. https://t.co/dlMH5u5jaf
— Cointelegraph (@Cointelegraph) April 25, 2022
Nonetheless, the Musk-Twitter deal has turned sour after the billionaire attempted to walk away from his $44 billion takeover bid. In response, the platform has sued Musk, alleging that his heart changed after suffering personal losses in the ongoing global market carnage.
Some Dogecoin traders had eyed Musk's Twitter takeover to stay bullish on DOGE/USD, considering the deal would boost the token's adoption across the platform's 330 million monthly active users.
#Dogecoin | The number of large transactions on the $DOGE network with a value greater than $100,000 just reached a four-month high at 2,400 transactions.
— Ali Martinez (@ali_charts) April 26, 2022
Such market behavior can act as a proxy for whales' activity, suggesting how they may be positioning for a big price move. pic.twitter.com/K49QfXFVYb
Dogecoin dropped by 19.5% after Musk called off the Twitter deal on July 8. In doing so, DOGE also invalidated its prevailing "inverse head and shoulders (IH&S)" pattern that could have pushed its price per token toward $0.112, as shown below.
Dogecoin now holds above a multi-month "mid-channel support" near $0.06 while remaining indecisive for now, as shown in the chart below.
DOGE's price eyes $0.09 as the next target if it rallies decisively from the mid-channel support. The upside target coincides with the descending trendline (distribution level) that has been serving as resistance since May 2021.
Related: DOGE days of summer: Shiba Inu gains 40% on Dogecoin two months after record lows
Conversely, a break below the mid-channel support could have DOGE's price test $0.04 as its downside target, down 32% from today's price. This level coincides with another descending trendline (accumulation level) that has acted as support for Dogecoin's pric since April 2021.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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