Due to Elon Musk’s acquisition of Twitter, the price of Dogecoin increased by 126% in a single week. On social media, the “Dogefather,” as he refers to himself, has regularly shown his support for Dogecoin. When the CEO of Tesla completed the acquisition of Twitter last week, he added yet another titan to his collection and for the acquisition, he forked over $44 billion.
Analysts predict that Dogecoin will continue to grow after finding firm support between the $0.0772 and $0.0792 levels, indicating that a trend reversal is on the horizon. Support between the $0.0772 and $0.0792 levels is defending Dogecoin’s recent bullish trend reversal. This is the price at which roughly 27,000 addresses purchased 5.89 billion DOGE tokens, according to statistics from IntoTheBlock.
Increased whale profit-taking may put selling pressure on the price of Dogecoin. Holders would strive to protect their profits and aid DOGE’s ascent between $0.0772 and $0.0792. It remains to be seen if holders can keep Dogecoin over the $0.0792 mark.
Right back to the range lows?
Altcoin Sherpa, a cryptocurrency trader, recently stated that it would not be wise to buy DOGE at current speculative price as it is close to its range of lows.
“Right back near the range lows, don’t know if this 1 pumps until it gets close to the end of a mini cycle (usually the case). Not a fan of currently buying this thing, I think it just chops for a while.”
Dogecoin’s rise to prominence as the tenth-largest cryptocurrency by market capitalization was fueled by Dogechain, a layer-2 scaling solution for Dogecoin, which recently unveiled its future roadmap. As soon as Dogechain began the voting process for its currency burn, DOGE holders began to feel positive.
The post appeared first on Coinpedia
