Dogecoin Price Analysis: DOGE Recaptures $0.35 Amid Ballooning Social Media Hype
- Dogecoin soared to $0.35 as chatter around it hit new levels during the weekend session.
- Billionaire Mark Cuban believes Dogecoin to be the strongest cryptocurrency for payments, stronger than Bitcoin.
- Technically, a reversal to $0.3 is probable as DOGE bulls look toward $0.4.
The popular Dogecoin is back at the helm of social media discussions, following an impressive weekend session. A confirmed breakout above $0.3 saw DOGE extended the bullish leg by 17% to trade at $0.35. Despite the chatter around Dogecoin rising significantly across social platforms like Twitter, Reddit, and Telegram, its up leg took a breather at $0.35.
DOGE is trading at $0.33 at the time of writing. A correction seems to be gaining traction according to some selected short-term technical indexes. Meanwhile, support is expected at $0.3, as we will see later, and perhaps will bolster the northbound token to $0.4.
Dogecoin Revives Social Media Chatter
The rally Dogecoin enjoyed in the last few days has been attributed to billionaire Mark Cuban, who referred to the meme-based token as the "strongest" cryptocurrency for payments. Elon Musk, the self-proclaimed "Dogefather," concurred with Cuban's opinion.
While talking to CNBC, Cuban said, "[DOGE is] a medium that can be used for the acquisition of goods and services," adding that "The community for doge is the strongest when it comes to using it as a medium of exchange."
Musk later replied on Twitter, "I've been saying this for a while."
The two billionaires have been expressing undeniable support for Dogecoin for a while, Musk pushing for an upgrade to make Dogecoin scalable and the most used cryptocurrency globally. In March this year, Cuban's Mavericks accepted Dogecoin as a form of payment for its merchandise. Intriguingly, Musk's space exploration company SpaceX is getting ready for a "DOGE-1 Mission to the Moon" early next year.
Dogecoin Price Falters But Eye Fixated On $0.4
DOGE's uptrend seems to have taken a hiatus at $0.35, culminating in a correction to $0.33. A break above the immediate resistance is required to clear the path to $0.4. Nonetheless, overbought conditions as reinforced by the Relative Strength Index (RSI) show that a correction is plausible.
On the downside, support is anticipated at $0.3, allowing bulls to regain control and push for another leg up toward $0.4.
DOGE/USD 12-Hour Chart
The Moving Average Convergence Divergence (MACD) indicator has a bullish outlook at the moment. Therefore, the correction to $0.3 may be averted entirely, with Dogecoin bulls surmounting the overhead pressure, favoring the coveted run-up to $0.4.