Dogecoin (DOGE) Finally, Dogecoin has recovered from the psychological $0.1 mark, providing a bullish outlook for the leading meme coin. Dogecoin’s price recovery is due to several factors, including the recent rebound from the leading cryptocurrency, Bitcoin (BTC).
Dogecoin Returns to the Forefront After Bitcoin’s Rise
Dogecoin has recovered above $0.1 after Bitcoin surged to $58,000 this week. The meme coin is known to have a significant impact on the market. Strong positive price correlation With the leading cryptocurrency. As such, Bitcoin rose from below $54,000 over the weekend to $58,000 on September 9 Ultimately, it paved the way for DOGE to recover above this crucial support level.
While it remains to be seen whether Bitcoin’s recent price surge is a comfortable recovery or a bullish reversal, a further move higher for the leading cryptocurrency will undoubtedly lead to sustainable upward trend For Dogecoin.
Meanwhile, another reason behind the DOGE price recovery is the renewed support from the world’s richest people, Elon Muskwho is known to be a meme coin enthusiast. Musk newly He posted on X’s website that referred to DOGE with the title “Ministry of Government Efficiency.” The post also contained an image highlighting the abbreviation “DOGE.”
In another post on X, Musk announced that Doge would be the official mascot for the Ministry of Government Efficiency, further highlighting the world’s richest man’s support for DOGE. Musk’s cryptic posts about Dogecoin have always influenced the price of the meme coin, and this time was no different as DOGE enjoyed significant gains following Musk’s posts.
Musk’s renewed public support for Dogecoin comes on the heels of Court ruling He was not liable in a class action lawsuit accusing him of manipulating the price of DOGE. The judge declared that the allegations against Musk were baseless and that his comments about Dogecoin were merely “aspirational boasts” and could not be considered by anyone as factual statements.
DOGE has $0.15 in sight
the next Dogecoin With a recovery above $0.10, the leading meme coin could reach $0.15 if it maintains this bullish momentum. As crypto analyst Ali Martinez highlights a falling wedge on DOGE’s daily chart, mentioned A sustained close above $0.10 could spark a rally to this price level for DOGE.
Data from IntoTheBlock Market Intelligence Platform It shows a rise in large transactions, indicating that Dogecoin whales They have started piling up the meme coin again. This is important because this buying pressure could push Dogecoin to $0.15. Given its correlation to Bitcoin, Dogecoin could reach this price level if the leading cryptocurrency’s price rises. Crossed the $60,000 barrier.
At the time of writing, Dogecoin is trading at around $0.10, down over 2% in the last 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
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