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Dogecoin Bounces From Support Levels In Weak Bullish Signal

DOGE price experienced noticeable dip on September 10th, breaking through a pivotal support trendline. Historically, this ascending trendline supported the coin’s recovery phase, making its breach a significant signal of a potential continued decline. However, recent buying pressures in the broader market seem to have derailed this trajectory, as DOGE turned sideways, nullifying its earlier breakdown. Can this trigger a fresh rally? Dogecoin tuesday ytd Looking only at the podium, it is already possible to say that Dogecoin, the favorite crypto of billionaire Elon Musk, also ranks first as the world’s most popular  memecoin of 2023. 

Dogecoin high

You can spend your Dogecoin with any merchant that chooses to accept it. Many different types of businesses accept DOGE including Elon Musk's SpaceX and the Dallas Mavericks. Many Dogecoin holders use their DOGE to tip content creators on Reddit and other social media platforms. DogeCoin (DOGE) Analysis In recent months, Dogecoin has been trading in the 5- to 14-cent range. But historically, Dogecoin has seen some extreme price surges. A few weeks after Dogecoin went live in 2013, its price jumped over 300% from an 18th of a penny to a sixth of a penny. In May 2021, Dogecoin hit an all-time high of 74 cents.

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Dogecoin officially went live in December 2013, and became an instant hit with the community. After two weeks, the r/Dogecoin Reddit channel had over 19,000 users and the price of DOGE, the ticker symbol for the project’s official token, skyrocketed 300%, even though at the time China announced a ban on payment companies from dealing with bitcoin. Dogecoin News On the other hand, Musk’s support for Dogecoin has been well-documented, and now, with the introduction of his new trading app, speculation is growing about the potential impact on the meme coin’s price.

Dogecoin volume chart

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Transparent trading terms Traders may buy the Dogecoin token – DOGE – when the MACD crosses above its signal line (orange line) and sell, or short, the DOGE token when the MACD (blue line) crosses below the signal line.