- Summary:
- Dogecoin price has struggled to stay above $0.130 since late July, but a crypto market rally and support from its most famous fan could do the trick.
Dogecoin price declined in early trading on Thursday as traders waited for more cues from market leader, Bitcoin. DOGEUSD traded at $0.122 at the time of writing, having declined by 2.8 percent. That follows an uptick on Wednesday when it rose by 7 percent, its largest single-day gain in three weeks.
DOGE has largely underperformed other meme coins in the second half of the year, but it recently built up a strong upward momentum that has seen it gain 22 percent in the last month. In addition, it has gained 13 percent in the last week. That has pushed it above the Volume Weighted Moving Average (VWMA) on the daily chart, affirming the bullish control.
However, DOGE has struggled to break above $0.130 since late July, and not even Wednesday’s massive rally could sustain a stay that barrier. Nonetheless, Dogecoin has something special up its sleeves this time around. The token has an upbeat crypto market sentiment whose waves could provide propulsion to break down the barrier.
In addition, DOGE’s most famous supporter, Elon Musk, has recently pumped in new fuel to token’s price, with his “Department of Government Efficiency ” (DOGE) posts on X, which have been interpreted among the DOGE community as show of support for the meme coin. A blend of a bullish market-wide sentiment and Musk’s endorsements could ultimately help Dogecoin price find its mojo.
Dogecoin price prediction
Dogecoin price pivots at 0.123, and the sellers will prevail if resistance persists at that level. The bearish momentum will likely find initial support at 0.121, but a stronger downward momentum could breach that level to take DOGE price to the second support at 0.118.
Alternatively, the buyers will take control with a move above 0.123. In that case, initial resistance could come at 0.127. However, an extended control by the bulls could enable a break above that barrier, thereby invalidating the downside narrative. Meanwhile, gains could pile up to take DOGEUSD to test 0.130.
