finbold.com
In the world of cryptocurrencies, Dogecoin (DOGE) has undoubtedly taken center stage as one of the top performers on the weekly chart. With a surge of interest sparked by the hype surrounding Twitter’s rebrand and Elon Musk adding DOGE’s symbol to his bio, the meme-inspired coin has garnered the attention of investors.
In fact, DOGE is the third best-performing crypto over the past 7 days, only behind XDC Network (XDC) and Maker (MKR), according to the latest data retrieved on July 26. The meme coin soared almost 17% during that period, adding more than $1.6 billion in market cap.
DOGE price analysis
At press time, Dogecoin was changing hands at $0.08045, up around 5% over the past 24 hours. On a weekly basis, Elon Musk’s favorite cryptocurrency surged 16.84%, while its monthly gains stand at nearly 22%.
Since the beginning of the year, DOGE’s price is up slightly below 15%.
Weighing on its recent performance, crypto expert Ali Martinez said the most important support zone for Dogecoin lies between $0.070 and $0.076, where 452,000 traders bought 51.4 billion DOGE coins.
Failing to remain above this zone could prompt a noteworthy decline in DOGE towards the next support point at around $0.068.
On the flip side, the crypto asset now faces “stiff resistance at $0.083 and $0.088,” indicating an area where selling pressure may intensify. If DOGE manages to clear this barrier, the next important resistance point stands at around $0.09, the price level not reached since April.
#Dogecoin | The most important support zone is between $0.070 and $0.076, where 452,000 wallets acquired 51.4 billion $DOGE.
— Ali (@ali_charts) July 26, 2023
Conversely, #DOGE faces stiff resistance at $0.083 and $0.088. pic.twitter.com/rzPNJEtvuR
What’s fueling DOGE’s rally?
Dogecoin’s latest upswing can be attributed to a mix of factors, though all of them are connected to Elon Musk and Twitter, which now rebranded to X.com.
Notably, the rekindled interest in DOGE emerged after Elon Musk said Twitter is planning to get rid of the legendary blue bird logo. In turn, the billionaire then changed his profile picture to X, renamed the Twitter website, and finally, added a Dogecoin symbol in his bio.
In addition, Musk recently said X.com could add payments “down the road,” prompting speculations that the social media platform could soon begin accepting DOGE tokens, considering the entrepreneur’s long-standing love relationship with the cryptocurrency.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.