Dogecoin (DOGE) Shows Resilience Amidst Bullish Sentiment
Dogecoin (DOGE) has shown remarkable resilience in recent weeks, rebounding strongly after a dip in early July. While the meme coin experienced a notable downturn, falling to around $0.092 earlier this month, it has since reclaimed breakout levels established during its rally earlier this year.
DOGE’s Bullish Surge
Over the past week, DOGE has been on an upward trajectory, surpassing the historically significant resistance level of $0.10. This resurgence has sparked optimism among investors and market analysts alike.
Analyst “Trader Tarigrade” on X (formerly Twitter) highlighted this renewed bullish sentiment, suggesting that DOGE is following familiar chart patterns seen before major rallies in 2017 and 2021. Notably, the analyst emphasized the formation of a 17-month consolidation phase, similar to previous bullish cycles that preceded major upward movements.
BigMike, another analyst, shared a bullish outlook on DOGE’s immediate future, drawing from the Elliott wave theory to predict a surge to approximately $0.62 in the short term. BigMike suggests that DOGE may have already established its bottom following the recent rebound, indicating potential for swift price appreciation.
Elon Musk’s Influence
Speculation regarding Elon Musk’s influence through X continues to fuel optimism among DOGE enthusiasts. On July 12, Dogedesigner, a prominent figure in the Dogecoin community and close associate of Musk, highlighted X’s recent acquisition of a Money Transmitter License in California, alongside existing licenses in 33 other states. This development has sparked anticipation that DOGE could experience heightened adoption and utility should Musk push for its integration within X’s platform.
Key Price Level to Watch
At press time, DOGE was trading at $0.1193, reflecting a 4.56% increase over the past 24 hours. Analyst “DaanCrypto” emphasized that for sustained upward momentum, the price must reclaim and maintain above the $0.12 threshold.
**Note:** This information is for educational purposes only and does not constitute financial advice. Always conduct thorough research and consult with a qualified financial advisor before making any investment decisions.
