Dogecoin is one of the altcoins that is highly popular among millennial traders. The altcoin rose to fame this year, a trend that picked the interest of Tesla’s CEO, Elon Musk. However, dogecoin’s fame has not made it immune from market volatility, and in the past months, the coin has been through ups and downs.
Dogecoin is trading at $0.266 at the time of writing after a 2.7% gain in 24 hours.
DOGE Price Analysis
Dogecoin’s performance in the past 24 hours has been positive. The coin shows high chances of maintaining a bullish uptrend and reach new highs in the short term. Since July 20, dogecoin has gained by more than 70% and has traded between $0.159 and $0.284.
The broader cryptocurrency market is trading in the green zone, which is a positive sign for dogecoin, as the coin mainly follows BTC’s trend. If the upswing continues, dogecoin could break past $0.28 and $0.31. If dogecoin bulls reach this level, we could see buyers give the coin support, triggering a rally towards $0.35.
On the other hand, DOGE could retreat if market support fails again, in which case it could move to retest the $0.22 levels. This could gear up the coin for another massive rally. However, if stronger market bears kick in, we could see DOGE heading towards the next lower support of $0.19.
The highly anticipated DOGE upgrade aimed at lowering transaction fees on the network will take longer than expected. According to a tweet by Billy Markus, dogecoin’s founder, the upgrade will come later, but it will be implemented before Robinhood wallets. The dogecoin upgrade has been highly anticipated by the crypto community, given that Musk had earlier stated he was part of the team leading the development.
The US Senate has passed the highly controversial US Infrastructure Bill. The bill will require crypto brokers to perform KYC compliance on all their users. It will also impose taxes on traders. However, the crypto community remains hopeful that the bill will be rejected once the House of Representatives votes.
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