The broader crypto market looks bullish today with BTC at $48,400 level and Ethereum back above $3,500. Following the trend are the famous memecoins Dogecoin and Shiba Inu which has surged by 2.1% and 2.5% respectively.
Steering clear of the support at $0.230, Dogecoin started an ascent towards next levels. It is now trading at a 24 hr high of $0.246 up by 2.2% in the last 24 hours according to Coingecko.
However, it is now expected for Doge to correct before starts another leg up. A plunge to $0.213 support level is being predicted. Although, following the decline, the token would be fueled for a skyrocket.
DOGE is expected to rise to $0.308 regardless of where it bounces off. This ascent, however, is not without difficulties.
If the Dogecoin price starts its fresh leg-up from $0.230, it will run against resistance at $0.256 and $0.268. If these ceilings are turned into platforms, a retest of $0.308 will be possible.
Further, Increased buying pressure could boost the meme-themed cryptocurrency to $0.308, or a 30% increase.
However, If DOGE fails to recover off the $0.230 support level, the price might possibly retest the $0.213 demand floor in a negative scenario. However, a break below $0.193 will result in a lower bottom, invalidating the bullish premise.
No more Musk effect for Doge!
On dogecoin, the Musk effect has faded. Tesla CEO Elon Musk recently shared a photo of a Shiba Inu dog he recently purchased. The price of dogecoin, on the other hand, was unaffected by the tweet. Instead, the value of dogecoin’s clones increased.
The absence of a response from dogecoin to Musk’s comments contrasts with what happened in May, when the billionaire drove the coin to new highs of $0.75.