- Summary:
- Dogecoin price had a hot streak last week, gaining more than 140 percent. What are the chances of hitting records this week?
Dogecoin price remained on an uptrend on Tuesday, gaining 16.3% at the time of writing to trade at $0.410. The king of meme coins briefly touched the $0.439 mark, the highest price since May 2021. Dogecoin had a scintillating run last week, with gains of 154% during this period. With this, it has eclipsed top favorites from previous meme coins like PEPE, DogWifHat, FLOKI and BONK.
With most of the attention on the OG meme coin, Dogecoin’s all-time high price of $0.473 is likely to be broken in the coming days. The optimistic vision of Dogecoin Price The rise is supported by sentiment surrounding Elon Musk’s central role in Donald Trump’s election victory last week.
Musk had called for the creation of a Department of Government Efficiency (DOGE) during the campaign period, and the Dogecoin community is hoping that Trump’s victory could establish something similar. However, Musk has avoided tweeting about crypto-related topics since the election victory, which has, in some ways, generated optimism that any statement could provide further momentum to the price of Dogecoin.
According to IntoTheBlock, Dogecoin attracted significant investments from whales last week. The number of DOGE transactions exceeding $100,000 increased to 3,230 over the past seven days, reaching $16.2 billion. Meanwhile, data from CoinMarketCap shows that Dogecoin’s trading volume in the 24 hours before this article was written was up 83, signaling a likely continuation of the upward action.
Dogecoin Price Prediction
Dogecoin price momentum favors upside if price action remains above the 0.387 pivot. With this, the crypto might encounter the first resistance at 0.408. If buyers extend their control, it could break this barrier and test 0.427.
On the other hand, a move below 0.387 will signal sellers’ control. This could place the first support at 0.364, but stronger downside momentum could break below this level and test 0.338. Meanwhile, this would also invalidate the positive narrative.
