Dogecoin is a popular meme coin that fast rose to fame following increased hype and support for the coin. Despite this growing support for the coin, DOGE has been a victim of market crashes, leading to a steep correction. However, the recent rebound has aided Dogecoin’s prices, and the revival of the Dogecoin Foundation has also rejuvenated investor confidence in the coin.
DOGE is trading at $0.281 at the time of writing after a 0.4% dip in 24 hours.
Dogecoin Price Analysis
This month, Dogecoin’s volatility has been high, and unlike some altcoins, DOGE has failed to reclaim its all-time high. The market support is weakening, which could be attributed to the pullback in Dogecoin’s price action.
If the dip continues, we could see DOGE go lower to retest the support of $0.25. The coin recently tested this support, but market support chipped in to prevent a further slump. However, market support is weakening, and if $0.25 is retested again, DOGE could be headed towards an even steeper slump in prices.
On the other hand, we could see DOGE make a price recovery if the broader crypto market recovers. In this case, we could see the coin retest the upper resistance of $0.28. DOGE has been rejected at this level severally, but if it manages to break through, we could see prices push forward to $0.30 and above.
Elon Musk has shed more light on the upgrade expected to arrive in the DOGE network. The dogecoin upgrade is expected to reduce dogecoin fees, and major DOGE supporters have embraced the upgrade. Elon Musk has also urged more developers to take advantage of the upgrade because of its wide array of benefits.
Dallas Mavericks, the sporting team owned by billionaire investor Mark Cuban, has increased its support for dogecoin. The team will be giving away a $25 gift card to fans who buy merchandise using dogecoin.
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