Dogecoin

The anticipation toward Bitcoin’s bull run continues to dominate the market sentiment. Concurrently, the eighth-largest cryptocurrency Dogecoin (DOGE) staged a notable price rally in the last week after its extended bearish period.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1ff9389052c44b4aa202745fc4294985.png" />Dogecoin Price Chart (Source: <a href="https://in.tradingview.com/symbols/DOGEUSDT/?exchange&#61;BINANCE" rel="noopener noreferrer nofollow">TradingView</a>)As per the above daily time frame chart, DOGE’s 9-day exponential moving average (9-EMA) is found over the 20-day EMA to confirm its bullish state. Supporting this, the Relative Strength Index (RSI) of the memecoin was 53.15, which denoted its neutral state – neither overbought nor oversold.According to TheNewsCrypto’s <a href="https://www.tradingview.com/x/fnclpJaY/" rel="noopener noreferrer nofollow">analysis</a>, Dogecoin laid an ascending triangle price pattern. Notably, the Dogecoin price was enclosed by a bullish edge – the resistance of $0.079 – and a bearish edge – the support of $0.071. The current price of Dogecoin was $0.078. A potential breakout at the resistance level would confirm the upside rally. But if the opposite occurs, then DOGE will revert to its downtrend.<h3 id="dogecoin-and-its-recent-updates">Dogecoin and its Recent Updates</h3>Yet again, Elon Musk’s action influenced DOGE to rally in price and trend. The Tesla and Twitter CEO got linked to a popular lawsuit – the $258B Dogecoin pyramid scheme. In response to this, Musk’s lawyers filed a motion <a href="https://thenewscrypto.com/elon-musk-files-motion-in-court-to-dismiss-258b-dogecoin-lawsuit/" rel="noopener noreferrer nofollow">to dismiss the lawsuit</a>. Consequently, the memecoin’s price surged to reach its 30-day-high of $0.085.Also, the Elon Musk-Dogecoin affinity led DOGE to capture high social volume. As per the crypto intelligence firm LunarCrush, Dogecoin <a href="https://twitter.com/LunarCrush/status/1642588710549209089" rel="noopener noreferrer nofollow">entered</a> the top 3 cryptocurrencies by social mentions. To highlight, the food giant Burger King’s Doge-linked <a href="https://mobile.twitter.com/BurgerKingUK/status/1640714073309614082" rel="noopener noreferrer nofollow">tweet</a> amplified the hype.On the other hand, the ecosystem also witnessed the release of a new Dogecoin scaling protocol “<a href="https://thenewscrypto.com/dogecoin-devs-release-libdogecoin-version-0-1-2-with-new-features/" rel="noopener noreferrer nofollow">Libdogecoin</a>.” Chiefly, the DOGE dev community aimed to simplify the adoption of Dogecoin even for users with zero knowledge of blockchain development.The market anticipates a price breakout and an eventual validation of a bullish run to $0.01. Conversely, at press time, DOGE displayed a 7% drop in the last 24h.Recommended For You<ul><li><a href="https://thenewscrypto.com/dogecoin-doge-price-prediction/" rel="noopener noreferrer nofollow">Dogecoin Price Prediction</a></li></ul>

Will Dogecoin Uphold a Bullish Rally to $0.1?

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