DOGE is 185% higher than levels it had been trading at throughout the summer
According to IntoTheBlock Data, more than 350,000 addresses had previously purchased approximately 64 billion DOGE at an average price of $0.092.
The largest dog-themed cryptocurrency, Dogecoin, wowed the crypto market with its impressive rally at the close of Oct. On Nov. 2, after hitting a high of $0.158, the price of DOGE found itself 185% higher than the levels it had been trading at throughout the summer.
The significant increase was attributed to Elon Musk’s enthusiasm about the acquisition on Twitter. Musk has been a supporter of Dogecoin for a long time.
Much was the excitement as a dormant address containing 2,374,814 DOGE valued at $338,611 came back to life after over eight years.
At the time of writing, Dogecoin was trading slightly higher at $0.133. Investors took profits after the price hit a high of $0.1589, leading to a drop of $0.122 on November 2. Investors bought bullish downside with the current recovery high from $0.1370 high at press time. A break above the $0.1589 resistance could start the next leg of the uptrend. On the other hand, a break below the current levels may provide support in the $0.11 to $0.12 range.
Below that, the next formidable support remains $0.092, where nearly 64 billion Dogecoins were bought.
What do social indicators indicate
According to the on-chain analytics firm sentimentHowever, social indicators may suggest that there is room for further growth for Dogecoin. It notes that the current search trend level is nothing compared to the May 2021 top.
Also, a classic picture of a big social volume spike marking a potential top, plus sentiment going higher, might imply that traders are positive in their DOGE-related statements.
