Dogecoin once again started a rally earlier today, increasing it by 6% in just 24 hours, peaking at $0.127.
But as the hours went by, DOGE lost some of its momentum as it is now trading at $0.122 as per tracking koingeco,
Here’s a quick look at the meme coin’s performance:
- Dogecoin is still up over 100% in the last two weeks
- If DOGE breaks the $0.14 barrier, it can reach $0.17
- The altcoin may also move to its newly established support area of $0.111
It is still enjoying its gains over the past few days and has gained 105.8% in its price during the past two weeks. Its month-to-date performance remains impressive as it’s taking care of 93.7% of the price pump.
It appears that Dogecoin is still benefiting from the high level of interest brought by Twitter purchase completed of Elon Musk.
However, its community may soon have many reasons to be angry with the “dogfather” and his social media platform as speculative reports abound about Twitter’s plans to halt projects related to cryptocurrency wallets and integrations.
Yet, at this point in time, such unconfirmed developments may not dampen the altcoin’s rally. In fact, technical indicators point to another upward move for the “top dog” of the crypto sector.
Next Target for Dogecoin: Elusive $0.17 Mark
From 25 October to 1 November, DOGE was on a strong rally which translated to a 140% ROI for the holders.
More importantly, that particular surge enabled the altcoin to make the $0.111 resistance area into its immediate support range. This meant that Dogecoin should not have traded above $0.111 before rising.
upward movementHowever, the halt was held at $0.14 – an area that is now crucial for the dog-themed crypto if it hopes to gain a foothold at the elusive $0.17 marker.
Simply put, if DOGE manages to reach $0.14 in the coming days and somehow manages to maintain and surpass it, the next stop for the digital asset is $0.17.
However, this can only happen if the volume trend for Dogecoin also increases. If it doesn’t, crypto will be forced to test its newly established support zone. But if it does, analysts believe the digital coin will eventually return almost immediately.
Growing Interest for Dogecoin
One sure thing that is helping cryptocurrency right now is the undeniable spike in interest that is now among crypto market participants.
This is evident from the data relating to Open Interest for the asset viewed across all exchange platforms during the last 24 hours.
According to the latest results, Dogecoin is up 8.5% in that department in a short period of time, indicating that interest for the 2013 mem token is on the rise.
Again, this can be attributed to the idea that “dogfather” Elon Musk is now the owner of Twitter. Not that long ago, the billionaire swam The idea of using DOGE As a payment for certain services of social media platforms.
DOGEUSD trading at $0.12382000 on the weekly chart | Featured image from Crypto News, Chart: TradingView.com