Dogecoin (DOGE) recaptures the $0.31 level and is poised for further gains
Dogecoin (Symbolbild)Dogecoin (Symbolbild)

The eighth largest cryptocurrency by capitalization Dogecoin (DOGE) has joined the rest of the crypto market in a fresh rally. This renewed momentum saw the coin break through the $0.31 level yesterday and trade as high as $0.315 before closing the day at $0.3145. Today, the coin continued its uptrend and reached a high of $0.3198 before experiencing a slight downward correction.

At the time of writing, DOGE costs $0.3075. According to CoinMarketCap data, the price has increased by 1.35% in 24 hours. The current level of the coin also represents an increase of 11.31% in the last seven days. It’s worth noting that the coin’s performance is not being fueled by Elon Musk. The latter’s tweets boosted DOGE in the past, propelling the cryptocurrency to its all-time high on May 8.

And although Dogecoin is currently 58.32% below its peak of $0.7376, the community has persevered.

Well-known crypto influencer David Gokhshtein was happy to see the community’s support for Dogecoin, tweeting:

It’s funny – when $DOGE goes up a cent, the community just explodes with joy. That’s really cool to see.

Gokhshtein praised DOGE for its strong community and said that it is a role model, “DOGE is doing what a cryptocurrency should do.

DOGE will trend towards $0.35

Although DOGE has corrected downward from its daily high, the coin is poised to rise further. According to Trading View data, the 1-day chart of DOGE shows that the coin will continue to rise, with the moving averages indicating strong buying power. In the 1-week chart, the oscillators are neutral, and the moving averages indicate strong buying power.

According to Scott Melker, who goes by the pseudonym The Wolf of All Streets on Twitter, DOGE could soon reclaim the $0.35 level. The renowned analyst shared a chart on Twitter that shows Dogecoin forming a falling wedge pattern, which in most cases is a reversal. This is also a sign that an asset is preparing for a breakout into an uptrend.

Although Musk is not behind DOGE’s recovery, he is actively involved in promoting the ecosystem. For example, he is working with DOGE developers to increase transaction efficiency. He also pointed out the importance of the 1.14.4 update, which allows for a fee reduction.

In an earlier tweet, the Tesla CEO said that DOGE can become the leading cryptocurrency if it speeds up block times by a factor of 10, increases block size tenfold, and reduces transaction fees by 100 times.