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Dogecoin Price Down 8%, Will It Retest 2021 Lows?

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• Dogecoin is trading at $0.1 and is unable to break through resistance
• Elon Musk tweeted that the Starship launch may take place on Doge Day, causing a 5% jump in price
• If Bitcoin corrects from its 2023 highs, Dogecoin will likely retest the lows at $0.05

Dogecoin Price Prediction

Dogecoin (DOGE) is the 9th largest cryptocurrency by market capitalization and has been struggling to break above the key $0.1 resistance level. The recent tweet by Elon Musk caused a surge of 5%, but it was not enough for a sustained bullish run as DOGE remains down 8% in the last 24 hours.

Technical Analysis

In 2021, DOGE surged 23,000% before forming a contracting triangle that acted as a reversal pattern. Since then, it has given up most of its gains and is still facing stiff resistance at the $0.1 level. Therefore, while below this level, technical analysis suggests that DOGE will remain bearish moving forward.

Bitcoin Correction Could Lead To Retest Of Lows

If Bitcoin gives up some of its 2023 gains and corrects from these highs, then Dogecoin could retest its lows at $0.05 again. This would be a major setback for those who invested during last year’s bull-run but could present an opportunity for new investors who are willing to take on more risk with their investments in cryptocurrencies like DOGE.

SEC Crypto Regulation Rumors

The SEC has recently proposed new regulations for cryptocurrencies which have done little to dampen investor enthusiasm as Metacade raised $16 million before their April exchange launch and other cryptos like The Graph (GRT), BitTorrent (BTT), and Toncoin (TON) continue to perform well despite these regulatory challenges.

ETH On Exchanges At Five-Year Low

Meanwhile, Ethereum continues to experience capital flight away from exchanges as it records one of its lowest levels since 2016 with fewer than 10 million ETH tokens held on exchanges today compared to approximately 15 million tokens during February 2020 when ETH was trading near all-time highs of around $290 per token.

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