Dogecoin (DOGE/USD) is currently trading at $0.085. Only a week ago, the cryptocurrency had reached the $0.15 mark. The losses highlight Dogecoin's meme-like status. If the cryptocurrency fails to break through a critical level, it will be at the mercy of bears.


The recent recovery of Dogecoin has been largely attributed to Elon Musk's acquisition of Twitter. You would have tripled your investment if you had purchased DOGE before October 27, when he completed the acquisition. That is, if you left your job on August 31. Now that the deal has been completed, the excitement has subsided, and DOGE may require a new price catalyst.

Musk has remained silent on whether DOGE would be accepted as payment for the social media behemoth. The billionaire has previously backed DOGE and hinted at its use in Twitter payments. So the likelihood remains, but the lack of open announcements has slowed DOGE. As a result, the token has lost the momentum it gained late last month. As a result, if positive developments do not materialise, the 

DOGE struggles to break through $0.09 after attempting to recover at 78.6% Fib.

On the technical front, Dogecoin has found little support since falling to $0.07. The level is just below the Fibonacci retracement zone of 78.6%. However, the recovery has been stifled by key resistance at $0.09, and DOGE is falling again.

Should you purchase DOGE?

Dogecoin is an intriguing cryptocurrency. The smallest piece of news can send buyers into a frenzy. Taking advantage of such moves can result in massive returns, regardless of what the technical indicators show.


Nonetheless, the current sentiment is negative for all cryptocurrencies, not just DOGE. DOGE is also hurt by a lack of positive mentions, such as the rumoured use in Twitter payment. Given this, a bear market may be unavoidable.


A technical analysis shows that $0.09 is a critical level for DOGE to break in order to move higher. The meme cryptocurrency does not appeal to a