Dogecoin is currently a top meme coin after making massive gains this year. Despite some of these gains being stripped away during the May market crash, dogecoin’s value is still over 6800% higher on a yearly scale. The token has also not been immune to the frequent volatility in the broader market in recent weeks.
Dogecoin is trading at $0.243 at the time of writing after an 8.3% decline in 24 hours.
Dogecoin Price Analysis
On Sunday night, the broader market suffered a 4.25% loss, with the total market cap dropping to $1.75 trillion. Before this dip, dogecoin had successfully tested the $0.28 resistance level, which made Glauber Contessoto, a major doge support, regain his dogecoin millionaire status briefly. At the time, the doge supporter tweeted that his doge holdings had increased to $1,001,862.
However, the current bearish sentiment has robbed holders of some returns, as dogecoin has slumped to $0.24. If this decline persists, we could see doge drop even further to retest lower support at $0.21. This support is critical for dogecoin because going below $0.20 could open up the coin for an even steeper downtrend.
On a positive note, we could also see a bullish trend in dogecoin’s prices. If this happens, dogecoin could once again retest $0.28. If it manages to break past this level, the coin will go towards $0.30. However, new monthly highs will form after doge reaches the $0.45 level established in June.
The dog token is still sparking interest in and out of the crypto space. Recently, Oscar Mayers launched an auction on eBay where he was selling dogecoin-themed hot dogs. After the auction closed, Mayers announced that the hot dogs had sold for $15,000. Proceeds from the funds will be used to fund the #FeedingAmerica initiative.
The auction showed that the dogecoin frenzy was still strong, given that its buzz on Twitter had died down after Tesla’s CEO Elon Musk stopped making frequent tweets about the meme coin.
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