The huge sell-off and Crypto crisis washed out the outperforming gains of the first quarter, wiping off 40 to 50 percent of the gains of all the digital assets in the spotlight. The meme token Dogecoin was not immune to this massive drop, but amazingly, it looked to survive while holding losses within a safe margin and is already on its path to recovery.
Dogecoin Price Analysis
If Bitcoin Is On The Cusp Of A Potential Death Cross, then Dogecoin too is, that is going to end in two days or so and we will see where it heads. The altcoin is about to hit a long-term support line, if it breaks that, we could enter a pretty bad situation.
Dogecoin needs to move above the $0.43 level to enter the bullish territory. If we move down, we could expect to see $0.19, or even $0.18. Anyways, Right now we are at a stage where there is a potential for a reversal.
Dogecoin seems to be quickly moving towards the bearish zone. Despite this, the DOGE price is poised for a surge past the $0.45 immediate resistance barrier to surge towards the $0.6 mark. However, if bulls fail to maintain the support the meme token settles above the $0.37 support level, the crypto coin could either register sideways price actions or produce negative price trends. This could see the crypto lose 8 percent of its growth to settle around the $0.37 price region.
What Can Ignite the DOGE Price Rally?
The Elon Musk Factor once again !
Dogecoin seems to be back in the news due to the SpaceX CEO Elon Musk who seems to have some unfinished business with the cryptocurrency. On Wednesday, Dogecoin jumped over 20%, and on Thursday, it was up over 15%. The price of Doge has risen as a result of the US billionaire’s tweet on the cryptocurrency on Tuesday.
It’s worth noting that Musk tweeted about Dogecoin for the second time in three days, causing the digital currency’s price to skyrocket.
Coinbase to the Rescue!
After the massive April 20 Doge day failure and Elon Musk’s SNL performance dashed Doge fans aspirations, there was still more harm to come. The May 19 crash also wiped out some significant gains made by Doge along the road. However, Coinbase’s announcement on June 2 that the exchange had listed Dogecoin and that trading would begin on Thursday was a lifesaver. Despite the fact that CEO Brian Armstrong referenced Dogecoin’s listing during an earnings call last month, the price impact was still visible at press time.
A bullish pennant is depicted by Dogecoin. Any big breakout from the current level, which is a strong hint of a likely rise, should allow Dogecoin to rise all the way up to $0.55. Fans of the cryptocurrency have been hoping for a run to $1 in value in recent months. It remains to be seen if it can reclaim this glory after a major value drop in recent years.