Highly popular meme-based Dogecoin (DOGE) has been experiencing notable price action recently. At the of writing, DOGE is trading at around $0.0790, marking an increase of 0.27% and 11.88% in the past 24-hour and seven-day periods, respectively. This performance has positioned Dogecoin — which is currently the 8th most valuable cryptocurrency with a market cap of $10.94 billion — as the best performer among the top 40 cryptocurrencies over the past week.
Earlier today, crypto analyst Michaël van de Poppe weighed in on Dogecoin’s price action. When DOGE/USDT was trading at around the 0.07958 level on Binance, van de Poppe suggested on Twitter that DOGE might continue its expansion towards $0.10. His comment, “Still buy the dip areas,” indicates a bullish outlook on DOGE, suggesting that he believes the cryptocurrency is headed toward the $0.10 mark.
In the world of trading, support levels are price levels at which a lot of buyers tend to enter the asset, causing the price to stop falling and start rising. On the other hand, resistance levels are price levels at which a lot of sellers start selling the asset, causing the price to stop rising and start falling. These levels are crucial for traders to understand when to potentially buy or sell.
On this front, yesterday, crypto analyst Ali Martinez provided some insights. According to Martinez, the 0.070 – 0.076 level on the DOGE/USDT chart is a critical support zone for Dogecoin. Conversely, the bears seem to be firmly entrenched at the 0.083 and 0.088 price levels, ready to sell DOGE. These specific levels are more apparent on the lower timeframe charts.
So, what’s driving Dogecoin’s current performance relative to other altcoins? Most industry pundits attribute DOGE’s recent price surge to speculation around Dogecoin’s potential future use in Elon Musk’s X platform, formerly known as Twitter.
The tech billionaire’s interest in Dogecoin has been well-documented, and any potential integration with his platform could significantly impact the cryptocurrency’s value.