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The value of dogecoin has increased by more than 90% in the past month. Because of these gains, DOGE has managed to go beyond expectations, and it is now headed towards making new highs. However, unlike various altcoins making new all-time highs, dogecoin still has to make an over 50% to reach the high of $0.73 achieved in May.
DOGE is trading at $0.335 at the time of writing after a 12.3% gain in 24 hours.
Dogecoin Price Analysis
Dogecoin is a leading gainer in the past 24 hours. Its market cap lies beyond $40 billion, and it is now inching closer to reclaiming its all-time highs.
If there is another doge bull run, we could see the coin headed towards breaking past the two-month high of $0.45. Market support looks favourable towards doge; hence if buyers continue purchasing, we could see the coin reclaim these levels. The next resistance levels lie at $0.36 and $0.38, after which we could see the coin go higher.
If doge retreats at this point, we could see it headed towards the lower support of $0.28. DOGE consolidated at this level last week, but if it goes back to trading here while market support is still strong, we could see it gear up for a bull rally.
DOGE recently partnered with Watford FC, a Premier League soccer club, for this season. The dogecoin logo will feature on the jerseys of the team. This will put dogecoin in the spotlight on a global scale, which will positively affect value and popularity. Dogecoin will join the growing number of crypto projects sponsoring sports.
The current doge uptrend is also attributed to Elon Musk and billionaire investor Mark Cuban. In a CNBC interview, Cuban stated that dogecoin was the best digital asset to be used as a means of payment. Musk supported Cuban’s statement in a tweet, where he stated that doge payments was what he had always advocated for.
Where to Buy DOGE
If you want to purchase DOGE in the current bull rally, you can do so on eToro. eToro is a social copy trading platform, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions. It also supports a wide range of cryptocurrencies and trading pairs.
Looking to buy or trade Dogecoin (DOGE) now? Invest at eToro!
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