Dogecoin price plunges 7% after Elon Musk reacts to DOGE founder mocking bears

财经老六 · 2023-12-12T01:49:43.000Z

The price of Dogecoin was unable to escape Monday’s sell-off from Bitcoin whales, as the meme coin collapsed along with the rest of the cryptocurrency market. While the crash itself was not surprising, as the founder of the meme coin, the events that preceded the crash, to some degree, had already happened, the big red candlestick. Biaodong's bad joke Dogecoin founder Billy Markus, better known by his X, formerly Twitter alias Shibetoshi Nakamoto, could be seen mocking Dogecoin in the early hours of Monday morning. Marcus appealed to pessimists on Twitter,

The price of Dogecoin could not escape the effects of Bitcoin’s whale sell-off on Monday as the memecoin crashed along with the rest of the cryptocurrency market. While the crash itself was not surprising, the events leading up to the crash were somewhat predictable for the founder of the memecoin, with the large red candlestick.
Bad joke from BiaodongDogecoin founder Billy Markus, better known by his X, formerly Twitter alias Shibetoshi Nakamoto, could be seen mocking Dogecoin in the early hours of Monday morning. Markus called out pessimists on Twitter,
“Oh, no crypto is dead, everything is dead blah blah blah.
The joke received applause from the community and the owner of X and DOGE, Elon Musk, as the price of Dogecoin was at its yearly high at the time of the tweet, trading at $0.1020.
Unfortunately, the timing of the joke couldn’t have been worse, as like the rest of the cryptocurrency market, the memecoin crashed just a few hours later. According to FXStreet, the possible cause of the crash was that a Bitcoin whale sold $671 million worth of BTC, which had a ripple effect on the crypto market.
In a way, Marcus revealed the crash, which left DOGE vulnerable to an 11.5% crash.
Dogecoin price could fall furtherFollowing a 7.35% plunge on December 11, the price of Dogecoin fell below the $0.959 support line and is trading at $0.0944 at the time of writing. This level is crucial for DOGE because in the past, this line has served as resistance for the meme coin, which it failed to break above for nearly 11 months until last week.
The crash now makes it possible for Dogecoin price to fall further and the altcoin may also lose the $0.900 support. The next major support is $0.0840, a break below which will mark an 11.5% plunge for the cryptocurrency.
However, the relative strength index (RSI) and moving average convergence divergence (MACD) indicators still show continued bullish sentiment in the market. This could support a recovery that could help DOGE reclaim $0.0959 as support. This would allow the meme coin to revisit $0.1000 and spark further gains.