Should DOGE owners rejoice about Musk’s Twitter offer being back on the table

ambcrypto.com:

A wise man once said – “With enough money on the table, every man will rethink his position.”

According to reports, Twitter Inc. has commenced discussions with Elon Musk to reconsider the billionaire’s $43 billion bid. Now, while that development will have many implications for social media, what about crypto? Specifically, what about Dogecoin? Especially since Dogecoin (DOGE) is notoriously sensitive to the billionaire’s actions.

With the takeover discussion underway, how has the meme-coin fared since the news broke and what should be expected in the coming weeks?

When news about Elon Musk’s bid was first reported, the memecoin’s price rallied on an uptrend. However, no significant impact was seen when the latest reports broke.

At the time of writing, DOGE was trading at $0.128, even after recording a high of $0.1325 several minutes after the news broke. In fact, the aforementioned price level represented a steep decline of 82% from its ATH of $0.7376 on 8 May 2021.

Similarly, DOGE registered a 3.88% decline in market capitalization over 24 hours. Remarkably, however, it also saw an 86% uptick in its trading volume over the same period.

On the 4-hour chart, the 50 EMA showed the trendline sitting comfortably above the price, suggestive of a bearish run. This was confirmed by the RSI which maintained the 23.81-level almost deep inside the oversold region. The Money Flow Index (MFI) toed a similar direction – A sign of massive ongoing distribution.

Furthermore, a falling wedge indicative of a bullish overture could be seen. This wedge, similar to the one seen by the memecoin in February and March, might be followed by a rally.

Source: TradingView

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