Dogecoin is currently ranking seventh in the crypto chart because of the size of its market capitalization. DOGE had an uptrend on July 9 after Elon Musk tweeted about the coin stating that its upgrade would merit it to rank above bitcoin and ethereum. However, the uptrend was short-lived, and dogecoin’s bears have resumed.
Dogecoin is trading at $0.217 at the time of writing after a 1.6% dip in 24 hours.
Dogecoin Price Analysis
Dogecoin almost clinched $0.25 yesterday after Elon Musk stated that the future upgrade would make it superior to bitcoin and ethereum. However, the effect from this tweet was short-lived because the coin lost some of those gains.
Dogecoin is currently trading slightly above the $0.20 mark. The coin has managed to sustain this level because of regular market support, protecting the token from massive falls. Consolidating at these levels has also ensured that investors are protected from significant losses.
If dogecoin gains an upswing at this point, the nearest resistance is at $0.23, and if it manages to break through, a rally towards $0.25 and beyond might be witnessed. Achieving this rally will depend on whether DOGE has market support.
In contrast, dogecoin might experience sharp bears that will propel the token below $0.20 levels, hence creating an exit position for short-term traders who want to protect themselves from market drips. In case of a slump in prices, dogecoin’s lower support sits at $0.20.
Interestingly, dogecoin has come into the limelight as one of the cryptocurrencies used by Hamas, a militant group from Pakistan. Dogecoin was among the $7.7 million worth of cryptocurrencies seized by Israeli authorities.
As much as the popularity of dogecoin has increased massively in recent days, the upcoming upgrade is starting to spark debate in the crypto community in Twitter, with many believing that once that upgrade goes through, it will be a turning point for dogecoin in achieving higher levels.
Where to buy DOGE
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