Dogecoin made an incredible gain during the first five months of 2021, because of the major support it received from Elon Musk. It was from this support that dogecoin became the popular cryptocurrency that it is today. The recent crypto market rebound has played a great role in enabling DOGE to reclaim higher levels.
DOGE is trading at $0.29 at the time of writing after a 1.1% gain in 24 hours.
Dogecoin Price Analysis
DOGE has not made any significant gains during the past week, but the current pullback has enabled the coin to move to the green zone. Cryptocurrencies have been on a major uptrend in the past 24 hours. With BTC trading at $50K, DOGE has mimicked this trend, and it is moving to higher levels.
Dogecoin is currently testing the higher resistance of $0.30. Market support has enabled the coin to move to these levels in the past weeks, and we could see such a trend resuming if market support continues to kick in. strong market bulls will push DOGE towards the next resistance levels of $0.34. This was a level that DOGE managed to break out of during the strong bulls in August.
If a dogecoin uptrend fails, we could see a dip in prices where prices will test the lower support of $0.0.28. This support level was tested over the past days, but DOGE showed great resilience. However, the current uptrend as more signs of holding, given that DOGE follows BTC’s price action, and the latter is on an uptrend.
Vitalik Buterin, who is now part of the Dogecoin Foundation, has stated that he would like to see Dogecoin switch to a proof-of-stake mechanism. The Ethereum founder gave these remarks on a Twitter Q&A session.
Naomi Osaka, a renowned tennis player, has revealed that she will venture into cryptocurrencies. What was interesting about Osaka’s announcement is stating that her interest in the field was fuelled by growing discussions on her Twitter feed revolving around dogecoin.
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