Why is Dogecoin (DOGE) price down today?

The terms of Dogecoin (DOGE) dropped 4.6% to $0.0808 nether the power of a broader crypto marketplace correction connected April 12. This downside determination preceded the release of the U.S. user terms scale (CPI), which showed ostentation eased to its lowest level successful 2 years.

Dogecoin wipes retired Elon Musk-led gains

Dogecoin's latest terms driblet appeared besides aft Elon Musk-owned Twitter removed the token's authoritative mascot — the Shiba Inu meme — from its location fastener to reinstate its archetypal bluebird logo.

Previously, DOGE terms had surged by 30% to $0.104 connected April 3 as speculations emerged that Musk is working connected adding a Dogecoin payments connected Twitter.

DOGE/USD regular terms chart. Source: TradingView

Instead, the website removed the Dogecoin logo from its location fastener astir April 7. Since then, DOGE terms has mislaid 5.25% and has efficaciously wiped retired its Dogecoin-Twitter logo gains.

Related: Will Shiba Inu process Dogecoin’s terms rally?

DOGE terms eyes 15% rebound 

Nevertheless, DOGE should pull buyers adjacent $0.080, which coincides with a enactment confluence comprising its long-standing ascending trendline and its 50-day exponential moving mean (50-day EMA; the reddish wave), arsenic shown below.

A bounce aft oregon earlier investigating the enactment confluence could enactment DOGE/USD connected the roadworthy to $0.10 successful April oregon aboriginal May, up astir 15% from existent terms levels.

"High clip frames this is an country of immense volume, astir apt a good country to accumulate a spot position," noted autarkic marketplace expert Altcoin Sherpa, adding:

"But it could instrumentality a agelong clip to play retired arsenic it usually does, truthful the accidental outgo of that $ could beryllium pricey."

DOGE/USD regular terms chart. Source: TradingView

Conversely, a decisive interruption beneath the enactment confluence could summation DOGE's probability of falling toward $0.069. This level coincides with Dogecoin's multi-month ascending trendline support; it was besides instrumental successful limiting downside successful December 2022.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.