Dogecoin’s performance this year has been nothing short of phenomenal. The currency has enjoyed massive gains this year and a 12000% increase led to this token reaching an all-time high of $0.73 in April. However, the coin retreated together with other tokens in May. At the time of writing, DOGE was trading at $0.32.
Dogecoin Price Analysis
Dogecoin’s positive influence has always been caused by Elon Musk, the billionaire Tesla CEO who has even labelled himself the ‘Doge father’. With his tweets, Musk has been able to control the price of the digital asset, which has led to the crypto community labelling him as a market manipulator.
Dogecoin is still at a lower level than its resistance price of $0.35. The closest lower support level for the token currently stands at $0.30 and several times this week, the coin has retested that support. However, it manages to go beyond $0.35, the bulls may pick up and the coin may break a $0.35 momentum.
Once DOGE breaks past the $0.35 resistance level, crypto traders will start looking for a new entry-level, which will consecutively push for demand and increase prices. From $0.35, the next stop for DOGE will be at $0.44, which will create a massive bullish gain for the coin and a strong rally will lead to the coin reaching $0.75.
However, the coin may soon retreat to below $0.30, and this may lead to a decline below the support level of $0.28. If DOGE retreats to this lower level, the coin may be poised for an even greater fall in more bearish momentum.
Currently, DOGE holders remain jittery about what will happen after their advocate, Elon Musk, stated that he would start accepting bitcoin again after miners use 50% of renewable energy. This may be bad news for DOGE, given that the CEO had given holders hope that he was parting ways with bitcoin and was moving on to his next lower, DOGE.
Over the weekend, Thailand stopped crypto exchanges from accepting meme coins, fan-based tokens and NFTs. According to the Thailand SEC, these tokens lacked a clear objective and their prices could easily be manipulated. This is not good news for dogecoin and other coins such as Shiba Inu.
The banning of NFTs in Thailand may also affect doge at a time when the coin is venturing into the market to derive value from the booming sector. Recently, the first image of the doge meme token sold as an NFT on Ethereum for $4 million.
Where to buy DOGE
With DOGE dipping, it presents a perfect buying opportunity for traders who want to purchase the token when the prices are at a low price. To purchase the meme coin, one needs to create an account on an exchange such as eToro.
Opening an account on eToro is easy and fast. Once you have created and verified the account, you can create an order, hold the tokens and sell. eToro has a friendly user support system because it will allow a new trader to follow what expert traders are doing. This feature is known as copy trading.
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