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With a market value of $16 billion, Dogecoin is the largest meme token in the cryptocurrency sector. One of the biggest contributors to the token’s recognition and significant price increase is Elon Musk, who managed to draw attention to Dogecoin with a recent tweet. While things seem to be going well for Dogecoin, there is concern about an unbreakable resistance level.
Tesla’s Preference for Dogecoin Excites Investors
According to leading cryptocurrency journalist Colin Wu, Tesla has removed Bitcoin from its payment page source code but continues to hold Dogecoin. The possibility of Tesla accepting payments with Dogecoin again in the future has piqued the interest of many investors. Following this news, Dogecoin experienced a significant but short-lived increase on July 21st, and the effect of the news quickly faded.
Dogecoin Fails to Break the Downtrend on the Daily Chart
Despite promising developments, when we look at the daily chart of the DOGE/USDT pair, we see that the 0.075 cent resistance level, which was surpassed with a 10% increase on July 21st, could not be sustained above this level at the daily close. Therefore, the possibility of a price drop becomes more apparent, with the first support level at 0.066 cents and the second support level at 0.059 cents. If there is a move in the opposite direction, the first resistance level that needs to be surpassed for Dogecoin is the 0.077 cent level, which was not broken on July 21st. This resistance is followed by 0.081 cents and 0.094 cents.
Another notable detail on the daily chart is the role played by the EMA 21 (Exponential Moving Average) as a support today. The EMA 21 level, which holds importance in technical analysis, indicates a potential price increase if the daily close is observed around these levels.
Rising Number of Active Users and New Wallets
According to data from blockchain analysis company IntoTheBlock, there is an increase in both the number of new addresses and active addresses in the Dogecoin community. Particularly after the decision in the SEC and Ripple case, there has been a significant increase in active users, contributing to the price rise driven by news.
