Dogecoin misses bullish target after Elon Musk snubs Twitter — what's next for DOGE price?
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
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. 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
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