Dogecoin has outdone itself this week by becoming the best performing altcoin. The token has managed to create a sombre bull mood despite the ongoing bearish momentum of the market. Nevertheless, the meme coin still has a lot to do before recovering its mid-May prices.
Dogecoin’s price has increased by 16.6% in the past 24 hours, and it is trading at $0.271 on major exchanges.
DOGE Price Analysis
Dogecoin recently rallied past the $0.16 mark and managed to regain momentum above the $0.20 levels. Strong bullish momentum has pushed the meme coin beyond $0.25, and the next stop for the token is at the $0.30 resistance level.
In the past 24 hours, DOGE has recorded significant gains, pushing the token to one of its best levels this week. However, a retreat to lower levels remains a possibility, given that bitcoin needs to hold its current levels over the weekend and give support to altcoins. If bitcoin retreats again, we might see another DOGE retreat.
Given the current hype surrounding dogecoin, the new high levels may create an entry position for new traders. An ideal entry will be established when the token manages to break past $0.30 and eventually reach $0.40 for bulls to regain momentum fully.
Dogecoin’s recent gains may be attributed to news that Elon Musk is working with developers to reduce transaction fees on the platform. Musk, a major DOGE enthusiast, is part of the development team that wants to create a proof of concept framework that will reduce the transaction fee from 1 DOGE to 0.1 DOGE.
Dogecoin is one of the most popular and rapidly growing altcoins, which will make a great option for holders of bitcoin who want to jump ship and avoid further losses. According to a CryptoWhale tweet, bitcoin holders would soon look into altcoins. Dogecoin will become the next stop for these holders because of its growing community support and popularity.
There’s a high possibility we see a major bounce in alt coins after Bitcoin is done shitting itself. #AltSeason2021
Bitcoin is one of the worst performing cryptos of 2021, and many of its holders are in pain holding it. My guess is they will dump it, and jump into alts soon.
— Mr. Whale (@CryptoWhale) June 21, 2021
Where to Buy Dogecoin
If you want to buy dogecoin, you can do so by creating an account on a crypto exchange. one of the highly recommended exchanges that support dogecoin trading is eToro.
eToro exchange is licensed in many countries and offers a wide selection of the most popular altcoins. eToro also offers some of the lowest trading fees in the market. If you have never traded crypto before, you can create a demo account on eToro that you can train with. It also allows inexperienced traders to copy trader from experts.
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