Why is Dogecoin price down today?

Source: CoinglassDOGE rate outlook in JulyFrom a technical standpoint, DOGEs correction began after checking a resistance confluence comprising of its 200-day exponential moving average (200-day EMA; the blue wave in the chart below) and a multi-month descending trendline (black). As of July 18, DOGE price appears to be in the patterns breakout phase, as detailed below.DOGE/ USD daily rate chart. Source: TradingViewIf the pattern is confirmed by more gains, DOGE rate can grow by as much as the BARR Bottom patterns optimum height.

The rate of Dogecoin (DOGE) is down today, matching the trend somewhere else in the cryptocurrency market.Elon Musk triggers DOGE profit-takingOn July 18, DOGE cost fell 1.75% to $0.068, a little underperforming the rest of the crypto market that dropped 1% in the exact same period.DOGE/ USD everyday cost chart. Source: TradingViewDogecoins price decrease came as a part of a broader correction from its regional high of $0.075, developed after Ripples partial win over the U.S. Securities and Exchange Commission (SEC) 3 days ago.The day before, DOGE saw a modest, albeit short-term gains due to Elon Musk.