Dogecoin Price Witnesses Bullish Momentum; Enticing Investors
Summary: Dogecoin has experienced a 16% growth in the last week. The crypto market is facing pressure from sellers, with 51.42 billion DOGE bought by 452,000 wallets. DOGE is currently facing resistance between $0.083 and $0.088, making it an attractive investment.
Dogecoin has made a surprising 16% growth over the last week, while the crypto market as a whole has been under pressure from sellers. Dogecoin’s (DOGE) price is up 2% at $0.07888 with a market valuation of $11.07 billion at the time of writing.
Strong Resistance Levels
Ali Martinez, a crypto expert, used statistics from IntoTheBlock to show that 51.42 billion $DOGE were bought by 452,000 wallets. However, DOGE is seeing strong resistance between $0.083 and $0.088. Therefore, traders who want to get in on the current Dogecoin wave should keep an eye on these levels.
Santiment data shows that in the previous two weeks, the price of Dogecoin has increased by over 25%, making it an attractive investment for many people. According to the data aggregation platform, recent DOGE traders have had an ROI of above 2.4%.
Massive Rally Anticipated
It went on to opine that when DOGE reaches the dangerous FOMO zone (which it has not yet reached), these investors might possibly experience even larger profits. The rise in Dogecoin pricing has been bolstered by a number of on-chain indicators. If the DOGE price continues to rise over its current price of $0.08, it might trigger a 20,000% price increase.
Dogecoin trade volume has increased steadily since April 2023, and the number of reported Dogecoin whale sightings has reached a 16-week high. Last Sunday, Elon Musk renamed the Twitter social networking platform X and hinted at potential integration with Dogecoin.
This has been a key factor in the recent increase in the price of DOGE. While Elon Musk was busy rebranding Twitter as “X,” he also updated his profile to read “X Ð,” where “Ð” is the Dogecoin symbol.
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