The Chinese government’s continued crackdown on cryptocurrency mining has put pressure on most cryptocurrencies. According to reports, the crypto market’s trade volume dropped by more than 40% last month. In terms of short-term growth, meme currencies have beaten most other coins so far.
The dogecoin price has dropped about 73% from its all-time high of $0.745 and has now plunged below the range low of $0.195. It is exhibiting indications of recovery swiftly, implying that the buyers have stepped in to save the day. Although the progressive depreciation in the alt’s price warned at a larger drop on the way to the market.
The meme token needs to stay away from support levels below $0.18. DOGE price, however, plummeted back to sub-$0.19 levels and into the red after failing to break over the first significant resistance level at $0.2067.
Furthermore, if the buying pressure persists, a rally will most likely originate from the current level in the case of a breakout. The resistance to the advance higher will be found at $0.22, $0.25, and $0.27.
If the price falls below the pivot at $0.1965, the first significant support level at $0.1885 will be tested.
What’s with July 21st?
Elon Musk has agreed to appear at a Bitcoin event with Twitter CEO Jack Dorsey on July 21. Musk and Jack Dorsey, two of the most powerful online digital currency influencers, will speak about Bitcoin in front of an audience on July 21 at a conference.
Prices of Bitcoin and other cryptos could see even greater volatility depending on the scope of the conversation and the comments of either party.
All eyes are on Tesla CEO Elon Musk, a Dogecoin fanatic, as fans and supporters of the cryptocurrency are already fascinated by the event, expecting that Musk will extend his support for Doge to skyrocket.