Dogecoin launched a rally earlier today, allowing it to rise by 6% in under 24 hours, peaking at £0.11. However, as the hours passed, DOGE lost some of its traction, and it is presently trading at £0.11, according to Coingecko.
It is currently riding high from its recent gains, with a 105.8% price increase in the last two weeks. Its month-to-date performance has been outstanding, with a 93.7% price pump. It appears that Dogecoin is still profiting from the huge interest generated by Elon Musk’s completed Twitter purchase.
On the other hand, its community may soon have plenty of reasons to be angry at the “Dogefather” and his social media platform, as rumors circulate regarding Twitter’s plans to discontinue crypto wallet and integration-related projects.
Still, as of now, such unconfirmed development cannot dampen the altcoin’s surge. Indeed, technical indicators indicate another rising trend for the crypto field’s “top dog.” DOGE experienced a robust surge from October 25 to November 1, resulting in a 140% ROI for holders.
That surge allowed the altcoin to break over the £0.098 resistance zone and into its immediate support area. This means that before the upsurge, Dogecoin was not expected to trade for more than £0.098.
However, the upward trend was halted at £0.12, a level critical for the dog-themed cryptocurrency to reach the elusive £0.15 mark. If DOGE manages to hit £0.12 in the next days and then sustains and exceeds that level, the digital asset’s most likely next stop is £0.15.
However, this is only possible if the volume trend for Dogecoin also increases. The cryptocurrency will be forced to test its newly constructed support area if it does not. However, analysts believe the digital coin would almost immediately rebound if this occurs.
The evident surge in interest in crypto among crypto market players is one factor boosting it. This is obvious from statistics on Open Interest for the asset recorded across all exchange platforms over the last 24 hours.
According to the most recent findings, Dogecoin quickly gained 8.5% in that category, demonstrating growing interest in the 2013 meme token. Again, this could be linked to the fact that Elon Musk, the “Dogefather,” now controls Twitter. The billionaire recently proposed utilizing DOGE to pay for some social media platform services.