Dogecoin has been making a steady uptrend over the past week because of the massive gains across the entire crypto market. The token performance this year has been phenomenal, and despite losing massively in May, the coin has been fighting to maintain prices above $0.20.
DOGE is trading at $0.206 at the time of writing after a 2.8% gain.
DOGE Price Analysis
The price of DOGE has maintained a steady level in the past few days, but there is still uncertainty over the coin’s price trend in the coming weeks. The coin has been defending its price above $0.20, which shows that buyers are not selling off, hoping that prices will rise. The volatility has also been mild; hence we might not see massive gains or losses.
If DOGE manages an uptrend, we could see the token gaining to reach above $0.25. However, this will only happen if traders remain optimistic and accumulate their holdings. Such gains will also be heavily dependent upon the support garnered from the broader cryptocurrency market.
On the other hand, DOGE could also slump, given that it is fighting hard to maintain above $0.20. We will see DOGE moving to retest the $0.18 levels reached a few weeks back when a dip happens. If the decline continues and DOGE retreats to below $0.16, traders will start gearing up for selloffs, which could trigger sharp bears.
Kevin O’Leary, a prominent Canadian businessman, recently attacked dogecoin. According to O’Leary, investing in the meme coin was almost similar to gambling because of the inherent risks investors were exposed to. He went further to compare dogecoin and other blockchain projects like Solana and Ethereum, which, unlike dogecoin, carry great value.
However, the DOGE community has allegedly been working on improving its network to give the token more real use cases and put the meme coin on the map. Elon Musk announced that he was working with these dogecoin developers; hence, we could see dogecoin pushing to higher levels when the project is improved.
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