With DOGE back above important price level, will Dogecoin hit $10 billion in market cap again?
After more than half a month since DOGE dropped in early June, the father of all memecoins has returned to $0.07 per coin level. The comeback was triumphant, thanks to Elon Musk and his The Boring Company, plus some other DOGE adoption news. And, of course, the overall positive sentiment in the market played its part.
The level of $0.07 per DOGE is truly a historic mark. From here Dogecoin soared 540% upwards in April 2021, as if on one of the SpaceX rockets designed by its godfather. Which is funny because Elon Musk has stepped up his DOGE campaign again just in the last two days.
Thus, we first learned that the transport network Loop in Las Vegas, developed by Musk’s The Boring Company will accept payments in Dogecoin, where a trip will cost $1.5, and daily passes will cost $2.5, which is equivalent to 21.5 DOGE and 35.7 DOGE respectively. Then the entrepreneur himself, commenting on the news, declared his support for the memecoin as much as possible.
On top of that, over the past week Doge Army, the coin’s fan community, could read news of DOGE either being accepted as payment for products from WeCook, a Canadian food tech startup, or getting listed on Japan’s major crypto exchange, FTX Japan.
Dogecoin (DOGE) Chart Analysis
All of this positive news also overlapped perfectly with the Dogecoin chart, which, in the best traditions of technical analysis, was actively signaling a possible breakout of an important price level. Looking only at the June 29 timeframe, observant investors would have noticed that after a false breakout of the $0.07 level, DOGE did not return to the bottom of the channel, where it was last month.
On the contrary, DOGE again started to accumulate under the important level and one week later broke through it again. To complete the picture, it remains to hold the $0.07 price mark, but the general disturbing atmosphere prevailing on the crypto market is fostering many doubts about further growth.
