Dogecoin is beginning to shake, price slides over 5% lower during Monday's 24-hour trading session

Originally Musk's takeover of Twitter boosted Dogecoin by a whopping 150%. This was primarily due to Musk's previous endorsements of Dogecoin. Moreover, the rumor that he would install DOGE as a payment method on Twitter also perpetuated the market increase. However, now that more details have been revealed about Musk's plans for Twitter, Dogecoin is beginning to shake. From the 29th of October 2022, DOGE began to fall little by little to a loss of over 15%. Dogecoin price slides over 5% lower during Monday's 24-hour trading session, desperately trying to hold above the 200-day simple moving average (SMA) on the daily chart.

If Dogecoin falls under the 200-day SMA, the stock will also print a bearish Marubozu candlestick, which could indicate lower prices are on the horizon. If that happens, the 200-day SMA is likely to act as heavy resistance on the next bounce. As Dogecoin fights to float this Bellwether Indicator, what can investors expect?

Dogecoin fights to float

Dogecoin (DOGE) transactions are faster and cheaper than Bitcoin transactions. Dogecoin (DOGE)'s transaction costs and processing times are inferior to several other prominent cryptocurrencies. Since Dogecoin (DOGE) lacks any real-world utility, its value is based almost entirely on how widely it is accepted. While that method may provide enticing short-term advantages, it is not sustainable over the long run. It's possible that Dogecoin (DOGE)'s hype has come and gone and that the next "it" cryptocurrency is just around the corner.

What Happened to Twitter After Elon Musk Took Over?

While the crypto market turned green amid the news Elon Musk was completing his takeover of Twitter, the same could not be said of Twitter employees.

Following the takeover, Musk initiated a huge wave of layoffs, cutting several departments, which amounted to almost half of the entire company. Departments that have been shut down include human rights, accessibility, machine learning ethics, transparency and accountability, and communications. This has made many questions how Twitter will continue to function without these critical roles.

Additionally, Musk introduced a controversial $7.99 per month blue verification check mark  subscription. This would replace the previous verification system, which would only check mark those who Twitter had specifically been in contact with.

In conclusion, if Dogecoin falls under the 200-day SMA, a death cross is likely to eventually form, which could indicate a bear cycle is in play.