Dogecoin (DOGE) continues to leverage its robust social media presence to claw its way back up to its previous highs. The current DOGE trend/comments on social platforms like Twitter and TikTok have reached significant levels, with the #DogeCointo1Dollar topping trend charts.
Social media has been an instrumental factor for the cryptocurrency since the start of the bull season, which has brought in many investors. Over the months, many social media influencers sank their life savings into Dogecoin based on the craze around it and Elon Musk’s tweets about it. That said, many of these influencers have realized huge dividends from their investments, following a surge to a new ATH in May.
Prominent personalities like Elon Musk and Mark Cuban have acted as key promoters of DOGE. While Musk’s support for the seventh-largest cryptocurrency is not new, Mark Cuban is relatively new to the party and has asserted that it is the “strongest” cryptocurrency for payments.
The billionaire entrepreneur asserted that his comments are not just to hype the crypto-asset but based on proof. He noted that 95% of crypto sales of his merchandise store came in DOGE. Meanwhile, Cuban-owned Maverick’s merchandise stores currently accept Bitcoin and DOGE.
The meme coin now aims at reclaiming the critical $0.50 on-chain resistance before retesting its previous ATH of $0.7390.
Key Dogecoin Levels to Watch — August 16
Dogecoin continues to post decent gains as bulls remain unrelenting in their market campaign. After an 18% jump yesterday, DOGE peaked at the $0.3500 resistance before correcting mildly to the $0.3325 area today.
That said, the cryptocurrency now shows overbought indications on our 4-hour MACD technical tool, suggesting that a sharp correction could be lurking around. Any price correction from the current price should get repelled by the $0.3000 psychological support to a higher level.
Nonetheless, many analysts believe that the current market conditions are not ripe for a correction yet. The coming hours will shed more light on the price dynamics of DOGE.
Meanwhile, our resistance levels are $0.3500, $0.3750, and $0.4000, and our support levels are $0.3250, $0.3000, and $0.2750.
Total Market Capitalization: $2.04 trillion
Dogecoin Market Capitalization: $44.8 billion
Dogecoin Dominance: 2.2%
Market Rank: #7
You can purchase crypto coins here: Buy Tokens
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
