Category: Crypto News, News

Why Is Dogecoin Price Falling Behind Meme Coins In Recovery After Crash

The meme coin exhibited a strong remarkable recovery following the crash in cryptocurrency prices earlier this week. However, DOGE, the leading asset in the sector appears to be dragging its recovery, up only 2% in 24 hours. Should bulls wish to sustain the uptrend, they must focus on pushing Dogecoin price

above the $0.15 resistance. This move will unanimously unite traders for an extended recovery to the short-term target of $0.2.

Dogecoin Price Aims Eyes 79% Breakout

DOGE price has been in a giant descending triangle for the past 4 months. Descending triangles are generally not bullish but have a 34% probability of breaking to the upside. Dogecoin price action is trending below the 50-day but above the 200-day simple moving averages (SMA). This indicates a tussle between the bears and the bulls. The Relative Strength Index (RSI) is currently at 46, acting as support.

The price of the dog-themed meme coin is approaching the end of the descending triangle and soon it may be decision time. There is strong support around the $0.12–$0.13 area that may hold up the price. This support level has been tested three times in the last four months, making it robust. 

A breakout to the upside may result in a 79% surge in price that pushes DOGE to $0.27. This will be the highest price DOGE has hit in three years. Conversely, if DOGE breaks out to the downside, key support levels exist around $0.12, $0.09, and $0.07.

Dogecoin Price Future Outlook

The king of meme coins sits at a $20 billion market cap, with trading volume up 7% in the last 24 hours. This signals increasing interest among investors. A month ago, Elon Musk added DOGE as one of the payment methods for Tesla, causing its price to surge.

The price of DOGE has also been influenced by a recent rumor that Musk plans to integrate the meme coin into the X platform. Musk posted an animation from DogeDesigner showing a merge between his former payments platform X and the X social media app.

Musk received a money-transmitting license in January and also plans to introduce the digital payment platform later this year. These events may directly, or indirectly heavily impact the price of DOGE.

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Bottom Line

DOGE is the king of meme coins, and as this market matures, the crypto asset may lead the niche in rallying. Positive market and economic news, such as reducing interest rates and inflation, may play a big role in boosting Dogecoin price and the entire crypto market toward new highs.

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