Dogecoin has been having a rough month, as it is the only cryptocurrency in the top 10 ranking that failed to make any notable highs during the recent bull market. However, it now seems like the meme coin could be headed towards major gains if it maintains the performance it has exhibited during the past 24 hours.
DOGE is currently trading at $0.269 at the time of writing after a 7.9% gain in 24 hours.
Dogecoin Price Analysis
DOGE has shown increased volatility over the past 24 hours, enabling the meme coin to make a notable price gain. During this bullish rally, the meme coin reached a high of $0.279, but it has since shed some of those gains.
The recent gains by DOGE have been attributed to buyer support. If this support holds, the meme coin could push to the next resistance level of $0.28. The current levels by dogecoin have pushed the altcoin to new monthly highs, and if it keeps up with this price action, the next target could be $0.30.
As aforementioned, DOGE has shed some of the gains made during the past 24 hours. If it continues dipping, it could push to the lower support of $0.26 and $0.25. The coin has been maintaining these resistance levels for a while now; hence it could consolidate here if it continues shedding the gains of the past 24 hours.
The recent DOGE rally has been attributed to a recent show of support by Elon Musk. The Tesla CEO recently noted that he does not hold any Shiba Inu but that his crypto holdings are only bitcoin, ethereum and DOGE.
The billionaire further replied to a tweet stating that he would become the first dogecoin Trillionaire. In addition, he noted that dogecoin was the “people’s crypto” and that a large portion of SpaceX employees hold dogecoin. These mentions by Musk have been behind the 24-hour DOGE rally.
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