Dogecoin Price Craves Bullish Breakout To $0.1
Dogecoin price appears to be the underdog of the top ten cryptos, with a rally seemingly brewing despite the mundane trading environment. Even with Bitcoin price lifting to $30,000 earlier this week, the anticipation of the US CPI data has seen it wobble below $29,000.
Main Breakdowns:
- Dogecoin is trading at $0.07534 with $406 million in volume and $10.65 billion in market capitalization.
- It holds marginally above the 200-day EMA support at $0.07512.
- Possibility of X (formerly Twitter) adopting DOGE for payments.
- Influencers like @CryptoKaleo expressing interest in receiving earnings in Dogecoin.
- Uptick in Dogecoin’s social volume suggests potential recovery to $0.1.
Will Dogecoin Recover With the Buzz?
Dogecoin’s social dominance has recently started to recover with attributes to the growing buzz around the adoption on X. On-chain data on Santiment based on the social volume metric reveals points to the growth in the number of mentions on social channels.
Main Breakdowns:
- Immediate support at $0.07512 reinforced by the 200-day EMA.
- Potential sell signal from the MACD indicator.
- Key chart events to watch for a significant uptrend.
- Resistance turned support at $0.08.
- Possible rally to $0.15 if X adopts DOGE for payments.
Hot Take
Despite facing declines, Dogecoin has the potential for a bullish breakout to $0.1 and even further if X adopts it for payments. The growing buzz and social volume surrounding Dogecoin indicate a potential recovery. Investors should closely monitor key chart events and the support levels to make informed decisions. If the hype around Dogecoin continues to build, it could trigger a rally to $0.15.
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