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Dogecoin Price Shoots up 16%! Is DOGE Price Back on Track to Hit $1 in 2021?

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The crypto market has finally caught up a bullish momentum after a bumpy month and many fakeouts. Following the suit of the flagship crypto, many altcoins have started to bounce back. One of the fast pacers in this run is the OG meme crypto Doge. Steering clear of the support levels DOGE Price is soaring currently. 

Dogecoin Price: Will DOGE Price Surge Back above $0.3?

DOGE was struggling to stay above the 20 and 200 EMA in order to steer clear of a death cross. The $0.20 crucial level was in play over the weekend. Elon Musk posted a meme regarding DOGE as money gave the token a nudge as it went up by 20 cents.

However, the effect dint lasts long as a retracement followed. After fluctuating in the $0.1971-$0.20 at the time of early morning opening, DOGE has validated a bullish trend by breaching the key resistance at $0.213. At the time of writing, it is trading at $0.226 up by 13.5% in the last 24 hours. 

Dogecoin Price

After cementing the $0.213 level, the bulls have a chance to take DOGE a leg up and surge towards $0.293. However, this will be validated only if the token closes the day above $0.213, any retracement lower will pull the rally back. 

In the event of a decline, The meme coin can find support at the swing high of $0.192, which is nearly a 10% drop from the present price.

Elon Musk, the Dogefather, has affirmed Doge on numerous occasions, including the change of his Twitter profile photo, his reveal at the ‘B-word event, and the most recent meme. The altcoin, on the other hand, did not make a meteoric rise in response to any of these. All it managed to do was make a modest price bump out of it. This indicates that the musk effect is diminishing.

Dogecoin Price : Should you wait for a Moonshot from here?

Now that the Dogecoin price is soaring high, hodlers would obviously be wondering when’s the best time to take an exit. Sharing the best MO to follow in this scenario is the Doge Co-creator himself, Billy Marcus. 

In a Tweet, Marcus says, Dogecoin investors should take enough profits to avoid going nuts if the cryptocurrency’s price falls, but also have enough money to buy Dogecoin on a “moonshot” footing rises.

Many Dogecoin hodlers on the crypto Twitter agreed to Marcus’s view too.

Now that Bitcoin is out of the woods, thanks to Amazon’s support towards crypto payments. From the looks of it, the crypto market is in for a great ride. However, how long this ride persists is to be watched out now.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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