Dogecoin, earlier today, once again initiated a rally that enabled it to go up by 6% in just 24 hours, peaking at $0.127.
But as hours went by, DOGE lost some of its momentum as it is now trading at $0.122 according to tracking from Coingecko.
Here’s a quick look at the meme coin’s performance:
Dogecoin is still up by more than 100% over the last two weeks
DOGE could hit $0.17 if it manages to break the $0.14 barrier
The altcoin could also revisit its newly established support zone of $0.111
It is still enjoying its gains over the last few days at it is sitting on a 105.8% price surge during the last two weeks. Its month-to-date performance remains impressive as it is nursing a 93.7% price pump.
It would seem that Dogecoin is still benefiting from high levels of interest brought about by the completed Twitter purchase of Elon Musk.
Its community, however, may soon have plenty of reasons to be angry to the “Dogefather” and his social media platform as there are speculative reports circulating about plans for Twitter to halt crypto wallet and integration related projects.
Still, as of this time, such unconfirmed development cannot dampen the rally the altcoin is having. In fact, technical indicators point towards another upswing trend for the “top dog” of the crypto field.
Next Target For Dogecoin: The Elusive $0.17 Mark
From October 25 to November 1, DOGE was on a strong rally that translated to a 140% ROI for holders.
More importantly, that particular surge enabled the altcoin to make the $0.111 resistance zone into its immediate support range. This meant that prior to the upswing Dogecoin wasn’t supposed to trade at values higher than $0.111.
The upward movement, however, was halted at $0.14 – a territory that is now crucial for the dog-themed crypto if it hopes to set its feet on the elusive $0.17 marker.
Put simply, if in the coming days DOGE manages to reach $0.14 and somehow manages to sustain and surpass that, the digital asset’s most likely next stop is $0.17.
However, this can only happen if volume trend for Dogecoin also increased. In the event that it doesn’t, the crypto will be forced to test its newly established support region. But if that happens, analysts believe the digital coin will eventually bounce back up almost right away.
Growing Interest For Dogecoin
One sure thing that is helping the cryptocurrency right now is the undeniable spike in interest it now commands among crypto market participants.
This is evident with the data related to Open Interest for the asset that was observed across all exchange platforms for the last 24 hours.
According to the latest results, Dogecoin tallied a n 8.5% increase in that department in just a short span of time, indicating that there is increasing interest for the 2013 meme token.
Again, this could be attributed to the idea that the “Dogefather” Elon Musk now owns Twitter. Not that long ago, the billionaire floated the idea of using DOGE as payment for some of the social media platform’s services.
DOGEUSD trading at $0.12382000 on the weekly chart | Featured image from Crypto News, Chart: TradingView.com