Dogecoin (DOGE), in light of the current meme coin craze, has become a major topic of conversation and speculation in the financial circles. Over the past weeks, Dogecoin has tallied decent gains in value, and getting the nod of investors and enthusiasts alike.
Dogecoin has witnessed a considerable rise, driven by factors such as celebrity endorsements, social media frenzy, and the growing acceptance of cryptocurrencies in mainstream culture.
Now, as the month of May approaches its fourth week, many are eagerly anticipating whether the meme coin will reach the highly anticipated milestone of $0.10 per coin.
Dogecoin Price Rollercoaster Ride
In April of this year, Dogecoin reached a new high after Tesla and former Twitter CEO Elon Musk, who is one of the most vocal supporters of DOGE, changed the social media platform’s logo to a Shiba Inu dog, which has become synonymous with the cryptocurrency.
The move was seen as a significant endorsement of Dogecoin, and its value surged by more than 25% in a matter of hours.
However, the excitement was short-lived as the price of Dogecoin soon corrected, leading to concerns that the cryptocurrency was simply a speculative bubble waiting to burst. But the DOGE faithful remained steadfast, and as the weeks went by, the cryptocurrency began to regain its momentum.
There It Goes Again
Yesterday, the price of the meme coin went up as the billionaire responded to a tweet: “Such Doge, much hair!” with a laughing emoticon.
— Endrina Pavlić (@EPavlic) May 16, 2023
In recent days, Dogecoin has once again moved up the ranks, thanks in part to the appointment of Twitter’s new CEO, Linda Yaccarino, who is rumored to be a fan of cryptocurrencies.
DOGE: Stuck In Sideways Trading
Dogecoin, the cryptocurrency that started as a joke, has been trading sideways for most of the year, hovering between the range of $0.070-$0.10. Despite several attempts to break through the crucial $0.10 threshold, Dogecoin has been unsuccessful in doing so.
The meme coin’s peak value was $0.097 in February and $0.096 in April, both of which failed to breach the technical resistance level.
DOGE market cap currently at $10.3 billion. Chart: TradingView.com
As of now, Dogecoin’s current support level is at $0.073, and with only $215 million in trading volume, it is unlikely to experience significant movement in either direction. This suggests that the cryptocurrency will likely maintain its sideways pricing pattern for the foreseeable future.
It seems unlikely that Dogecoin will reach the coveted $0.10 mark in May unless a major catalyst occurs.
Dogecoin, currently priced at $0.0741 according to CoinGecko, has experienced a modest 0.7% rally in the past 24 hours, indicating a slight upward momentum in its value.
Over the course of the past week, DOGE has seen a 3.0% increase, further contributing to its overall positive performance in recent days.
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-Featured image from Dick’s Sporting Goods