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The dog-themed cryptocurrency Dogecoin (DOGE) has seen a slight drop of 0.67% over the past 24 hours and is currently trading at $0.08. The daily and weekly charts of the dog-themed cryptocurrency show a steady price decline as profit-taking occurs.

Dogecoin is seeing a decline on its 10th anniversary after a massive surge to a high of $0.10 on December 11. The decline caused Dogecoin to fall below MA 50 to $0.088 on the daily chart, and if Dogecoin falls, it could be the third day of decline. It ends in the red.

 

Dogecoin has been falling for four consecutive weeks since the beginning of December, but bulls may be ready to make a comeback as Dogecoin’s big day approaches.

On January 8, physical Dogecoin will land on the moon aboard Astrobotic’s Peregrine lunar lander, inside a DHL MoonBox.

 

Dogecoin has attracted moon-related activity in particular. Tesla CEO Elon Musk has talked about a 2021 flight to the moon with the Doge-1 spacecraft, which will be fully funded by Dogecoin.

While expectations continue to rise as Dogecoin’s big day approaches, Dogecoin community member Misha Bol warns against having unrealistic expectations.

 

"As always, Dogecoin and crypto newbies, don’t view any special events or dates as opportunities for simple speculation. Have fun, play with dogecoin, but stay calm, like Fonzie. Special dates in crypto are often theater of pumps — and dumps," Mishaboar said.

Dogecoin fell to a low of $0.076 on January 23 but quickly recovered above $0.08 in the next few days. The bulls have kept the price around $0.08, but they are having a hard time initiating a significant rally.

DOGE/USD Daily Chart

If the current decline continues, Dogecoin might retest the previous support at $0.076; above this, the bears might push Dogecoin to the daily average of $200 to $0.072.

The first sign of strength will be a breakout of the $50 daily average and a close above $0.088, which could pave the way for a move to $0.10. If the price makes a comeback, the area between $0.10 and $0.11 is expected to act as a hurdle for the bulls.