Bitcoin is heading the crypto charts, given that it is almost touching $50K. However, this uptrend has not prevented altcoins from stagnation or dips. Dogecoin has failed to create any new highs in the past day, and instead, it has dipped to significantly low levels. Despite these dips, the bullish sentiment is still at play.
Dogecoin is trading at $0.317 at the time of writing after a 2.3% dip in 24 hours.
Dogecoin Price Analysis
Dogecoin has lost buyer support in the past 24 hours, hence the slight dip in prices. Meanwhile, market support from the broader market is still strong, given that bitcoin has managed to climb to around $49K, which is a new monthly high for the primary cryptocurrency.
The recent dip in dogecoin could progress, in which case dogecoin will enter lower support levels of $0.29. Further dips at this level could also happen if dogecoin fails to register any buyer support or if traders decide to sell off and avoid further dips. If dogecoin goes below $0.28, buyers could rush in to sell, which could erase some of the gains made in the past month.
On the other hand, the current dip could be strengthening the dogecoin bulls. If there is a trend reversal, dogecoin will retest the upper resistance of $0.32. If this bullish sentiment is strong enough, we could see dogecoin go beyond $0.34, given that the meme coin had retested these levels in the past week.
While the gains made by dogecoin during the past month may not be the best in the market, the meme coin ranked as the most traded in Robinhood. The Q2 financial results for the crypto exchange show that dogecoin revenues accounted for 62% of the total crypto revenues for the exchange.
The news of Vitalik Buterin joining the board for the Dogecoin Foundation have also been embraced by the crypto community. The father of the Ethereum founder, Dmitry Buterin, tweeted that Buterin joining the dogecoin team will make the meme coin a better cryptocurrency.
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