Dogecoin started a rally today which saw it go up by 6% just 24 hours later, reaching $0.127 at its peak.
DOGE began to lose momentum over the course of hours and is trading now at $0.122, according to tracking by Coingecko.
Here’s a quick look at the meme coin’s performance:
- Dogecoin has risen by over 100% in the past two weeks
- DOGE could reach $0.17 if the company breaks through $0.14
- Altcoin may also reconsider its support zone at $0.111
While it has enjoyed gains in the last few days, the stock currently enjoys a 105.8% price increase over the previous two weeks. As it continues to enjoy a remarkable month, its price rise is at 93.7%.
Dogecoin appears to be still enjoying high levels of interest engendered by the Purchase of Twitter completedElon Musk
Its community, however, may soon have plenty of reasons to be angry to the “Dogefather” and his social media platform as there are speculative reports circulating about plans for Twitter to halt crypto wallet and integration related projects.
Nevertheless, the altcoin rally is not being slowed by any unconfirmed developments. In fact, technical indicators point towards another upswing trend for the “top dog” of the crypto field.
Dogecoin Next Target: The Elusive $0.17 Mark
DOGE experienced a rally from October 25 through November 1 that resulted in a 140% return on investment for its holders.
Moreover, the surge allowed the altcoin make the $0.111 resistance area into the immediate support zone. This meant that prior to the upswing Dogecoin wasn’t supposed to trade at values higher than $0.111.
The Inward Movement, however, was halted at $0.14 – a territory that is now crucial for the dog-themed crypto if it hopes to set its feet on the elusive $0.17 marker.
Put simply, if in the coming days DOGE manages to reach $0.14 and somehow manages to sustain and surpass that, the digital asset’s most likely next stop is $0.17.
This can only occur if Dogecoin’s volume trends also increase. In the event that it doesn’t, the crypto will be forced to test its newly established support region. However, experts believe the cryptocurrency will bounce back almost instantly if it does.
Dogecoin is receiving increasing interest
A clear indicator that cryptocurrency is in good shape right now is the undisputed spike of interest from crypto market participants.
The data that shows Open Interest in the asset across the various exchanges over the past 24 hours is a clear example of this.
Dogecoin saw an 8.5% rise in this department within a very short time span, which indicates that the 2013 meme token is gaining popularity.
Again, this could be attributed to the idea that the “Dogefather” Elon Musk now owns Twitter. The billionaire and entrepreneur floated the idea not long ago. Idee of DOGE as payment for some of the social media platform’s services.
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