The crypto market has made some significant gains this week because of the uptrend created by bitcoin, where the coin has managed to make slight recoveries and moved past $46K. Dogecoin has benefited from this upswing and has traded in the green zone during the past 24 hours.
Dogecoin is trading at $0.241 at the time of writing after a 1.9% gain in 24 hours.
Dogecoin Price Analysis
Looking at dogecoin’s price action this week, volatility has reduced, and the coin is showing signs of consolidation. The recent support from the broader market has enabled the coin to make some slight gains.
If support from the broader market continues to increase, we could see DOGE making an even steeper uptrend, where it could move to the next resistance level of $0.26. Buyers also need to rally support for the coin for such highs to be created. If support is not strong enough, DOGE will continue consolidating at $0.24 before a bull rally or bearish trend happens.
In case of a dip, we could see the coin testing the lower support level of $0.23. During the past 24 hours, this level has been tested severally, but support has enabled the coin to make yet another uptrend. Dipping towards $0.22 could also happen if the broader market dips.
The New York Attorney General has won a case against Coinseed, a cryptocurrency exchange platform. The decision by the court states that the exchange will be closed after it illegally converting investor funds into dogecoin without consulting with the investors. Following those fraudulent dealings related to DOGE, the exchange will now halt operations and pay fines.
The Musk effect on dogecoin has fizzled down. The Tesla CEO recently posted a photo of a Shiba Inu dog that he bought. However, the price of dogecoin was unaffected by the tweet. Instead, dogecoin’s copycat coins spiked. The lack of dogecoin’s response to Musk’s tweets is contrary to the occurrences in May when the billionaire took the coin to new highs of $0.75.
Where to Buy DOGE
If you want to buy DOGE during the current upswing, you can create a cryptocurrency exchange account on eToro. eToro is a reputable platform that supports copy trading, which allows a new trader to copy the expert strategies used by seasoned traders. eToro comes with user-friendly features such as low trading fees, making it convenient for traders to use the platform.
Looking to buy or trade Dogecoin (DOGE) now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider.