Dogecoin price stayed on the uptrend on Tuesday, gaining 16.3 percent at the time of writing to trade at $0.410. The meme coin king briefly touched the $0.439 mark, the highest price since May 2021. Dogecoin has been on a scintillating run in the last week, with its gains at 154 percent during that period. With that, it has upstaged previous meme coin best favourites like PEPE, DogWifHat, FLOKI and BONK.
With most of the limelight on the meme coin OG, the Dogecoin all-time high price of $0.473 is likely to be broken in the coming days. The upbeat view of Dogecoin price upside is supported by the sentiment surrounding Elon Musk’s central role in Donald Trump’s election win last week.
Musk had been calling for the establishment of a Department of Government Efficiency (DOGE) during the campaign period, and the Dogecoin community are hopeful that Trump’s win could establish something of a similar fashion. However, Musk has avoided tweeting on crypto-related topics since the election win, and that has, in a way, generated optimism that any pronouncement could add fresh impetus to Dogecoin price.
According to IntoTheBlock, Dogecoin has attracted significant whale investments in the last week. The number of DOGE transactions exceeding $100k has risen to 3,230 in the last seven days, hitting $16.2 billion. Meanwhile, CoinMarketCap data shows that Dogecoin’s traded volume in the previous 24 hours to this writing was up by 83, signaling a likely continuation of the upside action.
Dogecoin price momentum favours the upside if the price action stays above the 0.387 pivot. With that, the crypto could move on to encounter the first resistance at 0.408. If the buyers extend their control, it could enable a move above that barrier and test 0.427.
On the other hand, a move below 0.387 will signal control by the sellers. That could put the first support at 0.364, but a stronger downward momentum could break below that level and test 0.338. Meanwhile, that will also invalidate the upside narrative.
This post was last modified on %s = human-readable time difference 12:04