Dogecoin’s popularity in the cryptocurrency market only seems to be growing by the day. It is among the few tokens to register massive gains this year. While significant losses were reported in May, DOGE still holds a position among the top ten cryptocurrencies.
At the time of writing, DOGE is trading at $0.250 on major exchanges after a 0.4% dip in 24 hours.
DOGE Price Analysis
Dogecoin seems to be consolidating at its current levels. After a consistent uptrend at the beginning of last month, the coin faced rejection at $0.29, causing a retreat to lower levels. Going past $0.30 would be great for DOGE, but this would mean support from bitcoin and the entire market. With bitcoin’s recent retreat to $33K, causing an $80 billion loss, a short-term uptrend for DOGE may be difficult to achieve.
A downswing on dogecoin’s prices might happen soon if the current price reduction persists. A retreat for DOGE will lower the coin’s value to around $0.20, which might create an entry position for new traders or cause selloffs from dogecoin supporters.
For DOGE, the buy dip trend is an imminent occurrence if prices drop to lower levels, given that the token receives much hype from the online crypto community. If more buyers join the DOGE wagon, we might see a trend reversal in the coin’s price fluctuations.
Elon Musk seems to have resumed his advocacy of dogecoin. After tweeting about Shiba Inu, the crypto community was sceptical of whether Musk was ditching dogecoin for the ‘DOGE killer. However, today Musk showed that he was still a supporter of DOGE after tweeting ‘Release the Doge.’ This will cause an uptrend for dogecoin soon.
Release the Doge! pic.twitter.com/9bXCWQLIhu
— Elon Musk (@elonmusk) July 1, 2021
DOGE is also finding overwhelming support from young investors, one of the largest groups supporting cryptocurrencies. A dogecoin millionaire, Gary Lachance, popularly known for hosting the Decentralized Dance Party (DDP), is giving away free dogecoin as a reward to players who participate in a blockchain-based game he is launching.
DOGE is not going away any time soon because of its increasing adoption among young investors and the crypto community, making it an ideal investment.
Where to Buy Dogecoin
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