Dogecoin is known for the positive influence that news concerning billionaire and businessman Elon Musk has on its price action.
Following reports that Musk planned to buy Twitter and possibly finalize the deal at the end of the week, the memecoin soared through the week and even hit a new monthly high of around $0.08555, according to data from Tradingview.
Dogecoin enthusiasts, investors and traders expected massive bullish gains as the deal finally closed.
However, quite the opposite happened. Dogecoin has instead reversed in price and is now down almost 6% over the last day, according to data from CoinMarketCap.
Musk's $44 billion deal to take over Twitter closed on Thursday night, and Twitter now has a new owner.
Following the now-debunked reports that Musk planned to fire 75% of the company's workforce, Twitter's new CEO has sent a few people packing after all.
As one of his first moves as CEO of Twitter, Musk has reportedly fired a few top officials, including Chief Financial Officer (CFO) Ned Segal, Chief Executive Officer (CEO) Parag Agrawal, and Vijaya Gadde, the head of legal policy, trust and safety.
According to reports, the company's general counsel, Sean Edgett, was also given the boot by what appears to be Musk, firmly grabbing hold of Twitter's inner workings.
In the past, Musk has repeatedly criticized the company for its censorship, content moderation, and product decisions, even mentioning that he planned to restore the banned former American president, Donald Trump's account.
The announcement for "NFT Tweet Tiles", a new Twitter feature, hit the news via a tweet from the company's official dev account.
According to the tweet, major NFT marketplaces and platforms, including Magic Eden, Jump.trade, Rarible, and Dapper Labs can display large pictures of NFTs alongside links to them and several other details like their creators and titles.
Overall, the new product feature appears aesthetically pleasing to the Twitter interface, especially for users interested in art and NFTs.
However, it was noted by many Twitter users that despite this announcement being good for the NFT space, the largest NFT marketplace, OpenSea was not included in the list.
Similar to what happened with Ethereum before and after the merge, when the cryptocurrency dipped below $1,300 after the bullish streak that took its price as high as $1,700, Dogecoin appears to be showing some serious correlation.
After breaking the $0.075 resistance to the upside yesterday, Dogecoin moved in for a retest and even appeared to have successfully bounced off the support level.
However, DOGE reversed in its trajectory, has fallen below the support, and now appears to be retesting it for another attempt at a breakthrough to the upside.
As illustrated above, the $0.075 resistance has been valid since June and is one of the most important points Dogecoin has to break before a significant move to the upside.
Dogecoin appears to have formed an ascending triangle and may consolidate between $0.075 and $0.06 for the next few weeks before any kind of breakout to the upside or downside. Depending on what the bulls can pull off against the bears.
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