The Dogecoin price is higher by 10.5% to $0.0335 in Asian trade as the hugely popular internet meme cryptocurrency sets up for a fresh attack on all-time highs.
DOGE, which originally started as a joke between developer friends, has been far from a joke for investors. The Dogecoin price has registered spectacular gains in 2021.
Fuelled by celebrity endorsements, the Dogecoin price traded as high as $0.4498 on the 16th of April, a whopping +6,100% gain over 10 weeks.
After peaking in April, the Dogecoin price suffered heavy losses, as did many of its peers. The price traded as low as $0.168, 63% off its peak.
Elon Musk has been a vocal champion for the token, often tweeting his support.
News that the self-proclaimed ‘DOGE Father’ is to co-host Saturday Night Live on May the 8th has triggered a fresh buying frenzy.
Buyers hope that Musk will use this prime-time slot as a platform to promote the cryptocurrency further. Any mention would likely cause the Dogecoin price to spike higher.
The Dogecoin price currently tests the $0.340 resistance of a downward sloping trend line from April highs. This price aligns with the upper end of an ascending channel from the month’s low.
A break of this trend line would set the coin on a course to the all-time high at $0.4498.
A close below $0.318 would negate the bullish outlook and likely see the Dogecoin price retreat to the safety of the 50-Day and 100-Day Moving averages, circa $0.28
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