While the broader cryptocurrency market has been facing selling pressure, Dogecoin has registered a contrarian move gaining 16%over the last week. As of press time, the Dogecoin (DOGE) price is up by 5% trading at $0.08061 with a market cap of $11.32 billion.
Currently, the DOGE price is trading well above its support zone between $0.070 and $0.076. citing data from IntoTheBlock, crypto analyst Ali Martinez explained that 452,000 wallets acquired 51.4 billion $DOGE in this support zone. However, DOGE is facing stiff resistance at $0.083 and $0.088.
Thus, investors looking to capitalize on the current Dogecoin momentum should watch these levels before making any fresh entry.
Recent data from Santiment revealed that Dogecoin’s price has surged by more than 25% in the last two weeks, resulting in significant profits for many average Dogecoin investors. The analysis platform also indicated that DOGE traders who have been active in the past year have achieved an ROI of over 2.4%. It further speculated that these investors could potentially see even higher gains when DOGE enters a risky FOMO zone, which it has not reached yet.
Other on-chain metrics have also been supporting the Dogecoin price rally. The DOGE price has given a strong technical breakout above $0.08 and if it sustains above these levels, it could lead to a 20,000% of price rally.
Also, the Dogecoin whale activity has been on the rise along with the trading activity hitting a 16-week high since April 2023.
Last Sunday, Elon Musk rebranded the Twitter social media platform to X while also teasing the possibility of Dogecoin integration in the future. This has been one of the major catalysts to the current DOGE price rally.
While changing the Twitter logo to “X”, Elon Musk also changed his Twitter location to “X Ð,” where “Д is the symbol for Dogecoin.
The reason behind Musk updating his Twitter location to include the Dogecoin symbol remains unknown. However, it’s plausible that he did it to show his support for cryptocurrencies.
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