Dogecoin has been one of the exemplary altcoins this year. From just a joke, the token rose to rank among the coveted top ten cryptocurrencies. Dogecoin’s gains are mainly attributed to Musk, who helped create a strong community for the token.
At the time of writing, dogecoin is trading at around $0.252 after a 4.1% spike in the past 24 hours.
Dogecoin Price Analysis
The past week was favourable for DOGE after the token ranked as the best performing altcoin. However, it reached Friday with a drop in value, which disrupted the tremendous gains made in the past week. However, the coin has started the week by recovering some of the weekend losses, and in the past 24 hours, it has increased by 4.1% in value.
Dogecoin’s higher resistance stands at $0.30 and $0.40. The token may reach $0.30 this week if there is general support from the market. Such values may also be created by increasing demand for the token.
Dogecoin’s lower resistance stands at $0.20, and to reach such support levels would be bad for the coin, as it may mount selling pressure, pushing the token’s value even lower. However, on the upside, such levels may trigger a buying level for new users who want to tap into the growing potential of the meme coin.
On the flipside, dogecoin seems to have lost support from its main advocate, Elon Musk. While many DOGE holders waited for Musk to save the token from a downward spiral, the Tesla boss instead promoted Shiba Inu, the main rival for DOGE, labelled the ‘dogecoin killer.’ Musk tweeted that he would be naming his Shiba Inu dog ‘Floki’ propelling SHIB to a 25% rally. However, it is not clear if Musk is still for dogecoin or not.
Dogecoin is also making its way into the Indian market, where it is gaining dominance. A recent report showed that crypto investments in India grew to $40 billion in the past year, and a huge chunk of these was related to dogecoin. This demonstrates dogecoin’s adoption by the people because of the potential the token has seen.
However, dogecoin needs to overcome its limitation of slow adoption and easily find its way into the financial market. This is inevitable, given the token’s growing popularity.
Where to Buy DOGE
If you want to buy dogecoin, you need to research the best exchanges supporting the token. One of these exchanges is eToro. eToro comes with many features that a user can explore to enable them to become better traders. If you do not have any trading experience, eToro will give you a demo account that you can use to train. Besides, the exchange offers competitive trading fees.
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