Dogecoin is currently on a steady rise, influenced by the market support garnered from the broader cryptocurrency market. Whilst dogecoin is still trading in the green zone, it has failed to make double-digit gains and create new highs, as other altcoins have done. Nevertheless, it is still ranking among the top ten cryptocurrencies.
Dogecoin is trading at $0.212 at the time of writing after a 5.8% gain in 24 hours.
DOGE Price Analysis
Dogecoin’s volatility has been relatively low, and unlike other altcoins, it has not managed to register a strong uptrend. Since the beginning of August, its levels have been almost constant, and it has failed to create new monthly highs.
DOGE has retested the $0.21 resistance zone, and despite retreating from this level previously, it could hold if there is buying support. Market support is currently strong, and DOGE traders could use this to rally strong bulls. The next resistance for the coin lies at $0.25, creating a new monthly high for dogecoin.
If DOGE fails to hold the current levels, it could retreat to support at $0.195. If the current market support fails, DOGE could reenter a strong bearish zone, where it will retest lower levels of $0.16.
While the rest of the market is gaining, dogecoin’s price stagnation could be attributed to the lack of Elon Musk’s support. The SpaceX CEO removed doge eyes from his Twitter profile and replaced them with a space rocket. Besides, the CEO has also failed to mention dogecoin as frequently as he did a few months back.
However, the dogecoin community remains strong in promoting and influencing the coin’s prices. The DOGE community is gearing up to plan the dogepalooza event scheduled to happen in October. Despite the event being two months away, it has created a buzz in the dogecoin community.
The crypto community has come together to oppose the controversial US tax law. The law aims to raise $28 billion from cryptocurrency taxations, and many crypto supporters have argued that it will suppress the growth of this innovative sector. The implementation of the law will also have a blow to crypto prices, including dogecoin.
Where to Buy DOGE
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