Dogecoin usually follows the price of bitcoin, and the recent price action that pushed bitcoin to $54K has had a positive effect on dogecoin. Over the past week, dogecoin has gained by around 21%, but volatility has caused slight dips in the past 24 hours. Dogecoin’s market cap sits at $32 billion, making it the 10th largest cryptocurrency by this metric.
Dogecoin is trading at $0.242 at the time of writing after a 5.7% dip in 24 hours.
Dogecoin Price Analysis
DOGE is currently reacting to volatility across the market. Following this week’s massive rally in bitcoin and most of the top 50 cryptocurrencies, slight corrections have happened, which could be leading to dogecoin’s current dips.
If these dips continue, we could see DOGE testing the lower support of $0.22. Last week, dogecoin had consolidated at these levels before the bullish sentiment in the market contributed to the current price gains. If there is selling pressure, these dips could continue, in which case we could see further dips towards $0.20. Dogecoin has managed to stay above this level over the past two months, hence further dips below this level could not happen.
On the other hand, support from Bitcoin is still high, as the primary cryptocurrency is still making an upward price movement. DOGE could mimic this uptrend, and a trend reversal could push this meme coin towards the next resistance at $0.25. A strong bullish sentiment could also push dogecoin towards the level of $0.28.
Dogecoin’s use case as a means of payment continues to increase. In late September, the CEO of AMC Entertainment, Adam Aron, had posted a survey on Twitter, asking his followers if the meme coin should be added to the platform for online movie tickers and theatre concessions. The majority of the poll supported this move.
Yesterday, the CEO announced that DOGE will now be used to purchase gift cards of up to $200 daily. The BitPay wallet will enable this move. DOGE finding its way into this leading movie chain shows that it still has a large global presence.
Where to Buy DOGE
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