Dogecoin is the most popular meme coin. However, it has not been a leading gainer in the recent crypto market rebound. Whilst some altcoins have made new all-time highs, dogecoin has failed to do this, and instead, it is trading at a level that is almost a consolidation. The current DOGE dip is attributed to weakening market support, as bitcoin has dropped to $46K.
DOGE is trading at $0.276 at the time of writing after a 5.3% decline in 24 hours.
Dogecoin Price Analysis
DOGE is trading in the red zone for the past 24 hours like most of the broader market. The coin has retreated and has fallen short of support at $0.28. If the dip continues, doge will go further below $0.26.
Looking at dogecoin’s chart this week, the coin has been on a steady downtrend, which occurred even before the slump in BTC’s prices. This could be attributed to selling pressure from traders who wanted to dispose of it before further dips were reported. If the selling pressure continues to kick in, we could see DOGE headed towards $0.20. It could even retest the July lows of $0.18 if market bulls fail to kick in.
On the other hand, we could also DOGE headed towards higher levels if the broader market recovers. In this case, the upper resistance for DOGE will be at $0.28. This could also be achieved if buyers step up and give the coin the support needed.
Dogecoin recently gained endorsement from an animal shelter. The coin will now be accepted by the PAWS Chicago shelter, an initiative that aims to reduce the number of homeless dogs killed. Dogecoin will be accepted as a donation by those who want to support the shelter.
Dogecoin supporters have also suffered from a major loss where a scammer has made away with 350 million dogecoin with a valuation of around $119.14 million. The organization created a “dogecoin mining” initiative but disappeared with the money belonging to around 1500 people.
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