Dogecoin is one of the most successful stocks in 2021, and despite a 12,000 percent increase since the beginning of the year, investors are still hopeful of more profits. The price of DOGE was on a steady hike before progress stopped in May market collapse. The collapse of Bitcoin has also caused dogecoin price fluctuations.
Dogecoin has grown 10.1% in the last 24 hours and is trading at $ 0.240 on the major stock exchanges at the time of writing.
Dogecoin price analysis
Most altcoins have mimicked the performance of bitcoin, and dogecoin has been one of those coins. Among the top ten cryptocurrencies, DOGE’s peak this week has been the most significant. Dogecoin is back and investors hope it may soon rise again to $ 0.73.
Dogecoin had high hopes early in the month after Coinbase’s listing, but the impact of the listing didn’t last long. After a month of turmoil, the coin shows that it can break hard support and resistance levels.
DOGE’s resistance is now $ 0.30, and this can be achieved if they have strong buying support from those hoping for a rise. In addition, trading volumes have been high over the past 24 hours, meaning the uptrend is strong. If it manages to reach and exceed $ 0.30 this week, DOGE holders could meet to increase their holdings.
On the other hand, if DOGE withdraws again, the coin may not reach a higher level and may result in a selling price for holders who do not wish to collect more losses. Withdrawal is likely to occur if there is weak support from the wider cryptocurrency market.
However, sales of DOGE diehard fans are unlikely. One of the strengths of dogecoin is a strong community of supporters. Unlike other cryptographic holders who tread when prices are low, DOGE holders have shown that there is more to it than just selling for a profit. Recently a dog holder refused to sell even after suffering $ 167,000 in losses.
Elon Musk’s support for dogecoin seems to be dying, given that during the recent turmoil he has not come to show support for his favorite crypt currency. However, dog coin holders may receive another major supporter. Charles Hoskinson, founder of Ethereum. He has become the latest supporter of DOGE since he announced the logo has potential for use in the real world.
These Support News show that dogecoin is a worthwhile investment in both the short and long term.
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