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Bitcoin‘s (BTC) price, which reached $30,000 earlier this week, fell below $30,000 again before the announcement of the US July CPI data. Dogecoin (DOGE) seems to have a strong presence among the top ten cryptocurrencies with a rally despite the ordinary trading environment in the crypto market.
Dogecoin Price Seeks $0.1 Increase
Following a pullback to the combined support level created by the 50-day Exponential Moving Average (EMA) (red) and the 100-day EMA (blue) at $0.072 after last week, Dogecoin’s price continues its upward outlook and trades at $0.07512 above the 200-day EMA (purple).
Bulls are expected to further embrace DOGE, especially to strengthen the payment infrastructure on X (formerly Twitter) microblog platform. The speculation that DOGE could be chosen to meet the expected payment infrastructure need was fueled by the announcement of famous billionaire Elon Musk, the owner of social media giant X, that no token will ever be issued for X. The possibility of integrating the memecoin DOGE, which Musk clearly loves, into X indicates a significant increase in the mainstream adoption of altcoins.
Furthermore, Dogecoin’s social dominance has recently begun to recover with speculation about its integration into X. On-chain data based on the social volume metric of the on-chain data platform Santiment shows a significant growth in the number of mentions of DOGE on social networks. The growth in Dogecoin’s social volume, which started at the beginning of the week as seen from the graph below, indicates that the altcoin’s price increase lags behind other major altcoins. If this trend continues, it will not be surprising for Dogecoin’s price to reach $0.1.
Dogecoin Price Analysis
Dogecoin is trading above the support level powered by the 200-day EMA at $0.07512. However, the sales signal from the Moving Average Convergence Divergence (MACD) indicator, indicating a downward trend, raises concerns. The fact that the blue MACD line does not cross above the red signal line and the momentum indicator falls below the average line (0.00) suggest that DOGE’s price may drop to $0.62. The first strong obstacle in front of this decline will be the $0.07 level. If DOGE breaks and holds above the downtrend resistance line with dotted points, it will receive an important confirmation for a rise to $0.1.
The rise that started with the return of the daily timeframe Relative Strength Index (RSI) from above the 80 overbought zone to the midline indicates the beginning of an important trend. Furthermore, the integration of DOGE into X as a payment infrastructure will be a tremendously significant trigger for a major rally, and in such an environment, a rally of up to $0.15 can be expected for the altcoin.
