As one of the most popular meme coins, dogecoin has garnered overwhelming support from the broader crypto community in recent weeks. With this growth, the token has managed to gain resilience in the market, even though Elon Musk seems to have lost his influence on the crypto market.
Dogecoin is trading at $0.215 at the time of writing after a 3% gain in 24 hours.
Dogecoin Price Analysis
DOGE has been trading at constant levels in the past weeks. The coin has been trading between $0.21 and $0.25; hence, the volatility from trading DOGE is currently low. The token managed to gain at a new lower high of $0.23 over the weekend, but this level was rejected, and the coin retreated to lower grounds.
If there is a chance of the token moving upwards, the next resistance level for the token will be $0.25. The token needs support from the broader cryptocurrency market to reach this resistance level. Market support at this level might also make dogecoin retest the $0.23 high achieved during the weekend.
On the other hand, DOGE might finally get below the $0.21 level that it has maintained for several weeks. If a slip happens, dogecoin holders need to be prepared for a bearish rally that could make dogecoin retest the $0.16 levels. In case of a bearish trend, DOGE holders might jump in to add to their investment during the dip.
Dogecoin seems to have garnered overwhelming market support from young Britons. A recent survey conducted on UK residents aged between 18 and 29 showed that this age group preferred bitcoin and dogecoin as their most popular investments.
Elon Musk seems to have lost the hold he held over the crypto market. Even after making several tweets last week about the cryptocurrency, DOGE does not seem to be recovering from the bullish rally. The token gained slightly, but the Musk effect could not hold the high value for too long.
Where to Buy DOGE
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