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Dogecoin has been making significant gains in the past few days because of the support garnered from bitcoin and the broader market. Over the past month, dogecoin’s upswing has not been as high as some altcoins, but the coin has shown great resilience in avoiding further dips.
DOGE is trading at $0.311 at the time of writing after a 4% gain in 24 hours.
Dogecoin Price Analysis
Dogecoin’s upswing over the past month has been mainly attributed to support provided by the broader crypto market. Bitcoin has been making major upswings, and since DOGE mainly follows BTC’s trend, the meme coin has also registered some gains.
If the bullish market continues, dogecoin could break past the immediate resistance of $0.32. Currently, most of the gains are due to market support; hence if we see buyers rallying up support for the coin, DOGE could head towards the next major resistance at $0.35. A DOGE rally towards $0.40 will place the meme coin closer to breaking past the $0.45 June highs created when the market was bullish.
On the other hand, we could also see DOGE heading towards the lower support levels of $0.29. DOGE has been fighting to push past this resistance level, and the 24-hour bullish sentiment has enabled the coin to make new highs. However, if the market slumps again, DOGE could return to these levels and even retest $0.28.
Dogecoin has slumped in the crypto market listing after its market cap was surpassed by the rapidly growing token, Solana. Currently, the coin ranks eighty in market cap listings. However, if it continues to make more gains, dogecoin could reclaim its position, and its market cap could grow to even higher levels.
The dogecoin token continues to reap big from non-fungible tokens. The infamous NFT that contained the original doge meme image sold in June for $4 million will be fractionalized soon. The NFT will be broken down to ERC-20 tokens and enable DOGE supporters to have a collectable piece.
Where to Buy DOGE
If you want to buy DOGE during the recent market bulls, you can open a cryptocurrency exchange account on eToro. eToro is a leading crypto exchange platform that supports a variety of cryptocurrencies and trading pairs. Through copy trading, new traders on eToro have better chances of making profits, as it allows them to copy the strategies used by experts.
Looking to buy or trade Dogecoin (DOGE) now? Invest at eToro!
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