The probability of a layman knowing Dogecoin is higher than that of him knowing Ethereum, BSC, or Cardano, Such is the mass popularity of Dogecoin. The hype gets rekindled every now and then thanks to its highly influential fan.
This popularity has translated well for the price action too. Doge is on #7 rank by market capitalization and is up by 34.7% in the last 14 days. What’s the next price level for Doge, is it a leg up or a leg down is now being discussed.
480% uptrend in Trading volume
According to BlockArabia.com, the meme crypto is the sixth most traded cryptocurrency, with a monthly trading volume of approximately $253 billion.
During February and March, Dogecoin’s daily trading volume fluctuated between $1 million and $3 million, before reaching an all-time high of $69.4 million on April 14. It decreased to roughly $1.3 million on July 2, still a whopping 480 percent gain over January’s data of just $229,000.
Doge’s Massive YTD growth
Dogecoin started the year with $0.009 and kept going north thanks to Elon Musk’s memes.
It reached an all-time high of $0.7 in May. Despite the fact that this amount fell to $0.24 last week, it still marks a staggering 2400 percent rise since the start of the year.
DOGE to surge 58% if critical resistance is breached
Scott Melker, a crypto analyst and trader, has shared his Dogecoin (DOGE) analysis, hinting at the prospect of a large DOGE breakout.
Melker in a Tweet said, DOGE might climb 58 % to $0.38 if it can break through its immediate resistance at $0.26. The trader, however, believes that if bulls want to make a move, they must do so quickly.
However, the immediate resistance is at $0.2432, Support from the broader market would be needed for Dogecoin to break back through this level.
If there isn’t a long-term crypto rally, the resistance level of $0.2466 will likely limit any further gains. Although, if a breakout happens Dogecoin could test resistance at $0.26 levels and surge higher as suggested by the analyst.
If the price fails to break through the pivot at $0.2345, the first significant support level at $0.2225 will be tested. The second major support level is at $0.2138.
At the time of writing, DOGE is trading at $0.237 down by 2.2% in the last 24 hours.