Dogecoin On The Cusp of a Breakout, DOGE Price May Hit $0.1 By End Of August!

By Elena R 17 August 2022 | 11:43 am

Dogecoin On The Cusp of a Breakout, DOGE Price May Hit $0.1 By End Of August!

The post Dogecoin On The Cusp of a Breakout, DOGE Price May Hit $0.1 By End Of August! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The competition between dogecoin information dogecoin Cryptocurrencies Followers : 0 View profile and shibatoken shibatoken Coin / Token Followers : 0 View profile is getting hotter as a new meme coin season appears to be in its early days. According to market cap, the two biggest dog coins are now ranked 10th and 12th, respectively. Dogecoin was recently surpassed by Shiba Inu in terms of Twitter followers.

Last week, there was a sharp increase in bullish momentum for Dogecoin pricing, which caused an immediate boom. This action forced DOGE to retest a significant barrier, but it was unable to go over it, and despite two efforts, the resistance level is still in place.

Will DOGE Price Experience a Breakout?

According to an analytical analysis published by cutting-edge trading platform Bitpanda Pro, the Dogecoin cryptocurrency may be about to make a breakout. A break above the declining trendline would show that interest in the doge meme coin is rising.

Dogecoin is the best-performing cryptocurrency in the top 100 during the past 24 hours, surging by as much as 14.24%. On the Binance market, the cryptocurrency climbed to an intraday high of $0.089, the highest level since early June.

$DOGE is trading just under the long-term descending resistance trendline at €0.08. The bulls are trying to flip resistance into support. A break above the descending trendline indicates that buyer demand has increased and a change in trend could be imminent. pic.twitter.com/cA8SAuYouE
— Bitpanda Pro (@BitpandaPro) August 16, 2022

Even if interest in meme cryptocurrencies is still much below its high in 2021, Dogecoin’s recent rise suggests a comeback. DOGE has increased by 36% in the past two weeks. It is yet unclear whether this is only a passing fad or the beginning of a new trend that might lead to another retail-driven dog coin frenzy.

When compared to other altcoins, Dogecoin’s collapse was severe. Dogecoin was introduced in 2013 as a satirical imitation of bitcoin org information bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile . Investors who purchased the meme coin during the height of the craze in May are still down about 88%. At the time of writing, Doge was trading at .$0.084 and was up by a staggering 9 percent.