The price trajectory of Dogecoin has been significantly influenced by Elon Musk\u2019s tweets about the meme coin in recent weeks and months. Notably, Dogecoin ascended past the $0.1589 mark in November 2022, following Musk\u2019s acquisition<\/a> of Twitter. Since then, however, DOGE has been on a pronounced downtrend.<\/p>\n The anticipation of Musk introducing Dogecoin as a payment method on Twitter remains palpable within the DOGE community. However, outside this sentiment is not shared, underscored by the stark decline in DOGE trading volume, suggesting a diminished presence of speculators and traders.<\/p>\n If Musk does integrate DOGE on Twitter, the price reaction is likely to be swift. But what is a good entry price?<\/p>\n While many older altcoins are plumbing new lows, Dogecoin exhibits a more resilient sideways accumulation pattern on its monthly chart. This chart reveals that the $0.0480 mark is pivotal for Dogecoin. Should DOGE maintain its stance above this price, it could present a viable opportunity for long-term spot investors.<\/p>\n This price level is especially interesting as it coincides with the 100-week EMA at $0.04886. However, it\u2019s imperative to acknowledge the inherent unpredictability associated with Dogecoin\u2019s long-term trajectory, given its meme coin status.<\/p>\n The 1-month chart delineates a clear downtrend. DOGE could fall towards the lower trendline at $0.0480 before another run towards the upper trendline at $0.075. Remarkably, the 30-month low of June 2022 is also located near the trend channel low at $0.0488.<\/p>\n If DOGE bounces up from here, the price would have to face the 61.8% Fibonacci retracement at $0.0909. A retest of the breakout from the downtrend could occur here. If the bulls succeed, the 50% Fibonacci retracement level at $0.1093 and the 38.2% Fibonacci retracement at $0.1169 could come into focus. The final target is the November 2022 high at $0.1589 where huge selling pressure is to be expected. At current price, DOGE would need to gain over 150% to reach this level.<\/p>\n The 1-day chart underscores the persistent downtrend Dogecoin has been grappling with since December of the preceding year. This downtrend, demarcated by a descending trend channel, remains unbroken. Late in July, DOGE recoiled from the upper boundary of this channel, only to descend once more.<\/p>\n Alarmingly, pivotal support levels, inclusive of the 200-day EMA, have been compromised, hinting at a potential bearish trajectory. Current chart configurations suggest that DOGE might revisit its annual nadir at $0.05593 shortly. In a more bearish projection, a decline to the lower confines of the descending channel, oscillating between $0.05 and $0.048, is plausible.<\/p>\nMonthly Chart DOGE\/USD<\/h2>\n
Weekly Chart Dogecoin<\/h2>\n
![\"Dogecoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/DOGEUSD_2023-09-08_12-14-47.png?resize=3628%2C1672\")
Daily Chart DOGE\/USD<\/h2>\n
![\"Dogecoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/DOGEUSD_2023-09-08_12-28-05.png?resize=3628%2C1672\")