Dogecoin made incredible gains in the past weeks, but it now seems like some of those gains will be erased if the current downtrend holds. Dogecoin is among the popular meme coins whose most influential supporters are Elon Musk and Mark Cuban. However, this endorsement has not protected the coin from market volatility.
Dogecoin is trading at $0.30 at the time of writing after a 7.3% dip in 24 hours.
Dogecoin Price Analysis
DOGE has retreated from last week’s highs after a sharp retreat in the past 24 hours. Dogecoin has dipped by around 7%, and it is now retesting support at $0.38. Bears could be strong at this point, given that market support is not very strong. Losing this support could be bad for doge because the coin will retreat and retest last week’s lows of $0.28.
On the other hand, buyers could step in now and buy doge, hoping that the uptrend will continue. On the account that this happens, doge will go to the next resistance of $0.32 and reclaim the $0.34 highs made this week.
The recent doge dip comes at a critical time for the doge ecosystem, given that the Dogecoin Foundation has been re-established. Among the board advisors on this foundation is Ethereum’s co-founder Vitalik Buterin and SpaceX CEO Elon Musk.
The main objective of this foundation is to equip DOGE developers with the finances and support needed to improve the blockchain. With Buterin and Musk taking the lead, we expect to see significant improvements on the DOGE blockchain.
Mark Cuban, who has joined Musk in being a major DOGE advocate, has faced heavy criticism online after revealing that he holds less than $500 worth of DOGE. On Twitter, the billionaire investor stated that his doge holdings are worth $494, which led to his followers accusing him of pumping prices.
Nevertheless, Cuban stated that the NBA team he sponsors sold dogecoin merchandise, showing he still advocates for the meme coin.
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