Dogecoin Rallies As It Continues to Dominate Social Media Trend Charts

Azeez Mustapha
16 August 2021 | Updated: 16 August 2021

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.

DOGEUSD – 4-Hour Chart

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

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.