Dogecoin price continues its rapid fall, though not that steep in the past few days as investors continue to take profits from the token's recent gains.
But the most telling factor of the Dogecoin price drop, it seems, is that most of investors still don't take the meme coin that seriously despite the monstrous rise it achieved in 2021--jumping 1,900 percent in value year-on-year.
Blame that on the origins of the token, created by Billy Markus and Jackson Palmer in 2013 as a joke cryptocurrency and an apparent spoof to the crypto market's top token Bitcoin.
Markus expressed his frustrations about investors' perception about his phenomenal creation in a tweet on Tuesday. Markus, who goes by the name "Shibetoshi Nakamoto" on Twitter, said he doesn't understand that "people still have meltdowns" about Dogecoin's "origins as a joke."
He further stressed in his tweet that "something can be a joke" like Dogecoin and "still (be) useful."
Elon Musk Tweet Shows Continued Belief in Dogecoin
Replying to Markus, Tesla and SpaceX CEO Elon Musk agreed, further expressing his endearment towards Dogecoin and confidence that the token will breakout again soon: "The most entertaining outcome is the most likely."
The most entertaining outcome is the most likely
— Elon Musk (@elonmusk) January 17, 2022
Musk has been a longtime supporter of Dogecoin, further putting out all the stops to make the token skyrocket to the highest heavens. His tweet on Frida--an announcement of Tesla accepting Dogecoin as a payment option--led to a blistering rally that made Dogecoin price surge up to 15 percent.
But the days followed proved to be catastrophic, as investors resorted to profit taking after the Dogecoin surge, with the token plummeting 4.6 percent on Sunday.
On Tuesday, Dogecoin continued its scary drop of 2.67 percent, trading at $0.171980, based on real-time figures from CoinDesk.
Dogecoin Price Will Continue Drop in Coming Days, Say Experts
Experts see a further drop in the coming days, FX Street reported. Dogecoin price, they said, had many chances for a bull rally over the past months and with a waning trend for buying pressure, it is expected to make the token crash further.
Dogecoin price increased around 61 percent between January 10 and January 14, with a swing high, or the peak reached by the token's value before its decline, at $0.216. Since late November last year, DOGE retested this barrier thrice, allowing a triple top pattern, wherein the token created three peaks of the asset's price before it eventually crashed-a reversal pattern that led to a downtrend.
Dogecoin has since fallen 17 percent and is presently trading beneath the weekly resistance barrier at $0.194. Stronger selling pressure will bring Dogecoin price to a weekly support level at $0.163. At this level, the meme coin may set up base and seek an uptrend, but this is quite unlikely.
As such, investors can expect Dogecoin to revisit the $0.15 barrier, where the coin had been wandering throughout 2022. It may even further retest the $0.128 support floor, before an uptrend happens.
If Dogecoin overcomes the $0.194 hurdle, it will generate a higher high or a significant uptrend and create a bull run that should "likely" show that "most entertaining outcome"--as Musk had tweeted.
