Dogecoin (DOGE) is one of the altcoins still trading in the green zone after a week of volatility. After bitcoin failed to hold $35K and retreated to $33K, many altcoins mimicked the trend and went into a dip. However, some tokens have stood their ground and resisted following the trend.
Dogecoin is one of the gainers of the past 24 hours after a 1.2% upswing. At the time of writing, DOGE is trading at $0.243 on major exchanges.
Dogecoin Price Analysis
Dogecoin is trading near the critical lower support of $0.20. After failing to hold $0.25, the token seems to be trying to recover that level, but that would need community and market support. The major resistance is at $0.30, which DOGE could achieve if there were an upswing in the market.
Current low levels of dogecoin are fuelling investors who want to buy in the dip. With DOGE being one of the best performing altcoins and one of the most hyped on Twitter and Telegram crypto communities, we might witness a demand at this level, which may help DOGE maintain a level above $0.25.
Lack of support may create market bears that will push DOGE to below $0.20, and if this happens, we might witness selloffs from holders. On the other hand, bulls will be created if DOGE pushes past $0.40. If market volatility slows down, we might witness such an uptrend in dogecoin prices.
Robinhood, one of the largest crypto exchanges, is filing for an Initial Public Offering.
https://twitter.com/Bloqport/status/1410670099204395016
In its announcement, Robinhood noted that the demand for dogecoin was at its peak, given that out of the total crypto trading revenues, dogecoin-based revenues accounted for as high as 34%. Such demand might not stop anytime soon because dogecoin’s fan base is growing rapidly.
However, dogecoin seems to be losing Elon Musk’s love. Musk’s attention is not just on dogecoin and Shiba Inu, but he has now shifted focus to baby doge. Shortly after tweeting about dogecoin yesterday, Musk tweeted about baby doge, saying, “Baby Doge, doo, doo, doo, doo, doo,” mimicking a popular children’s song.
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge— Elon Musk (@elonmusk) July 1, 2021
While losing Musk’s support may be bad for dogecoin, it might help the token in the long term because it may protect its prices from manipulation.
Where to Buy DOGE
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