Dogecoin is one of the cryptocurrencies that have been losing this week. The value of DOGE is dropping, and even though the losses are not massive, it is still affecting investors. With Elon Musk moving on to other dog coins, DOGE is now leaning on market support to go to higher ground.
At the time of writing, dogecoin is trading at $0.235 on major exchanges after a 0.7% drop.
DOGE Price Analysis
Dogecoin has maintained its value at the current levels, signaling that volatility is relatively low for the token. In this week, DOGE has been juggling between the $0.23 and $0.24 values, showing that the coin does not have support to reach the $0.25 resistance level.
If volatility intensifies, DOGE might retreat from this consolidation level and move to lows below $0.20. Here, DOGE will be in a full bearish mode, and if there is no market support, it will open up investors to huge losses.
On the upside, if dogecoin recovers from the current levels and pushes past $0.25, it might create another buying rally that might propel it towards $0.30 and beyond. More traders may be waiting for such a signal to jump in and garner buying support for the coin.
The adoption of dogecoin seems to be growing daily, and even the most unusual investors are now buying the token. One of these is Barry Moore, a Freshman US Congressman who bought $5000 worth of cryptocurrencies between May and June. In his disclosure, Moore stated that his portfolio included ETH, ADA and DOGE.
Glauber Contessoto, the dogecoin investor who became famous for holding dogecoin despite making $167,000 in losses, is making headlines again. Contessoto is still buying DOGE despite the decline. In a tweet, the investor revealed that he would be buying an additional $25,000 worth of DOGE.
— SlumDOGE Millionaire (@ProTheDoge) July 6, 2021
Contessoto also had an interview with CNBC, in which he revealed that he signed a contract to be paid in dogecoin. Contessoto is currently working with a blockchain firm, Acria Network, in his YouTube Channel, where he will be paid in dogecoin.
Contessoto is a DOGE millionaire who helped bring the token into the limelight for its overwhelming community support. This support has given dogecoin an edge over other assets in the market.
Where to Buy DOGE
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