Amid a broader market rally, the price of Dogecoin (DOGE) surged, propelled by a favorable outcome in Grayscale asset manager's legal battle with the US Securities and Exchange Commission. Additionally, optimism among DOGE holders was potentially kindled by reports of social media platform X incorporating cryptocurrency payments, a move attributed to Elon Musk's leadership.
Dogecoin is exhibiting promising indicators, maintaining levels above $0.0650 against the US Dollar. Its potential for further ascent remains intact as long as it remains above the crucial $0.0600 support mark. Following a notable decline, the price of Dogecoin found a foothold around the $0.055 region. It reached a low point of $0.0556 before embarking on a fresh upward trajectory.
Subsequently, the price successfully surpassed the $0.0600 threshold and settled above $0.0606. Mirroring the performance of Bitcoin and Ethereum, Dogecoin experienced a substantial surge. This surge facilitated the clearing of the $0.0620 resistance point. Moreover, the price surged past the 50% Fibonacci retracement level.
On the Upside, the price is meeting resistance near $0.0670. Overcoming the initial hurdle at $0.0690 could lead to a push towards $0.0725. Further gains might target $0.0780 and even $0.080.
If DOGE is unable to establish upward momentum beyond $0.0690, a potential downward correction might ensue. Initial support is anticipated around the $0.0640 mark, followed by a more significant support near $0.0606. A breach beneath the $0.0606 support could lead to further decline, possibly pushing the price down towards $0.055.
Based on Coingabbar Price Analysis, DOGE market capitalization is expected to be $9,209,889,923. The coin's 24-hour trading volume is around $580,673,984.
KEY LEVELS :
RESISTANCE LEVEL : $0.06700-$0.06900
SUPPORT LEVEL : $0.06200-$0.06000
Is today's DOGE pump attributed to increasing adoption, indicating bullish momentum or FOMO? Could DOGECOIN's value really skyrocket? Is it plausible for DOGE to reach $1 prior to 2023? Please provide your perspectives in the comment box.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
