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Dogecoin price fails to rally as Elon Musk shifts allegiances to ‘Baby Doge Coin’ – FXStreet

Akash Girimath Akash Girimath

Dogecoin price is consolidating in a narrow range as investors move to newer meme coins. This range-bound move for DOGE is similar to what other similar cryptocurrencies are experiencing as the hype around them withers away
The history between Musk and Dogecoin runs deep. From naming himself the ‘Dogefather,’ talking about it on the SNL, to ‘sending’ Dogecoin to the moon, the fans have loved Elon Musk for his endorsements. 
However, the recent turn of events might have left these supporters dumbfounded as the CEO’s allegiance shifted to a newer and younger version of Dogecoin known as ‘Baby Doge Coin.’
This move by the Dogefather made matters worse for DOGE, as he tweeted
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge
Baby Doge Coin is a younger version of Dogecoin that is not affiliated with the original meme coin. The price of Baby Doge Coin has rallied 4,376% over the past 26 days and has a current market capitalization of $324 million.
This is not the first time Musk has jumped from one meme coin to another. On June 25, Musk mentioned 'Shiba Inu' another Dogecoin spinoff.
For cryptocurrencies like Dogecoin, Shiba Inu or Baby Doge Coin, the social media hype drives its prices. With the general cryptocurrency market in a slump, meme coins' market value is finding it hard to stay above crucial support floors.
Dogecoin price is currently trading between two crucial levels, $0.27 and $0.23. A breakdown of the support barrier at $0.23 will extend the current pullback and might even trigger a downtrend. However, a decisive 4-hour candlestick close above $0.27 and $0.285 could kick-start an uptrend.
Assuming the Dogecoin price bounces off the demand level at $0.23, investors can expect a 10% upswing to the $0.253 swing high set up on July 4. If the buying pressure continues to pour in, DOGE might tag $0.27.
If the bulls slice through $0.27, the logical target would be $0.285, but any move beyond this area is unlikely. Therefore, investors can expect the consolidation phase to extend over the upcoming week.
DOGE/USDT 4-hour chart
DOGE/USDT 4-hour chart
Market participants need to steer clear of Dogecoin price due to its consolidation phase. A decisive close above $0.285 or below $0.23 will reveal the direction the meme coin wants to proceed.
In case the support barrier at $0.23 breaks down, DOGE will head to $0.216. If the bearish momentum increases, the demand levels at $0.209 and $0.194 will be tagged.

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Polygon (MATIC) price has been on a risky drop towards $1.00 over the weekend. Although it was expected that on Saturday, a turnaround would occur, traders instead saw a continuation of the dollar strength squeeze, and investors turning their backs on risk assets. 
Altcoins in the crypto ecosystem are being hit by a bloodbath amidst fears of Fed interest rate hikes. However, activity in NFTs has increased on blockchains like Ethereum and Solana. 
Dogecoin price showed massive promise last week after an impulsive uptrend. However, the subsequent selling pressure has caused DOGE to retrace lower, delaying its breakout and hence the rally.
Bitcoin price seems like it is stabilizing around a significant support level that has been battle-tested twice over the last three months. A resurgence of buying pressure is likely to propel BTC and all altcoins higher.
Bitcoin is likely to slide below $37,699 to collect liquidity before heading higher. BTC has prematurely triggered a minor run-up, leaving its downside objective unfulfilled. Investors can expect BTC to slide lower and collect liquidity below a significant level before triggering a full-blown impulse move.
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