Dogecoin Market Outlook Amidst Altcoin Struggles

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Altcoins continue to face over 5% losses, with Bitcoin struggling to hold the $40,400 support level. The market’s concern is amplified by a bearish start to the week for spot Bitcoin ETFs. Investors are curious about Dogecoin’s current outlook and what lies ahead.

Speculation about Dogecoin’s integration with payment services X is resurfacing. However, the current regulatory environment and recent comments by Elon Musk, suggesting his disinterest in cryptocurrencies, are diminishing these prospects, which could explain the lack of sustained excitement in its price.

Dogecoin’s price continues to move within a correction formation, rejected by a resistance trend line. Weekly charts indicate that Dogecoin has been trading below a decreasing trend line since October 2022, which was recently breached after 400 days.

Although Dogecoin’s price rose to $0.107 after breaking resistance in November 2023, it has since returned to the trend line. The RSI is currently neutral, and a rise could support short-term performance, but Bitcoin’s persistence in breaking below $40,400 could adversely affect Dogecoin bulls.

Analysts like CryptoGodJohn and Birb Nest fuel rumors of payment services X integrating with Dogecoin. Despite Pepa’s claim that there’s no better time to buy Dogecoin, its price is currently down nearly 4%. The narrative of payment services X with Dogecoin might be losing its appeal. While the weekly chart suggests a potential rise, daily technical readings and the RSI indicate a deepening decline. There are two scenarios for Dogecoin’s price: a breakout from the channel could lead to a 40% increase to $0.118, while the opposite could see a drop to $0.06.

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