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Dogecoin Sizzles Once Again, DOGE Price Now Trading at Historic 69 Cents!

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Dogecoin Massive Rally

On Tuesday, the cryptocurrency DOGE Price reached a new all-time high of $0.60, bringing the Dogecoin market cap above $70 billion and making it the fourth-most valuable coin. It is hard to believe at this point that at one point Dogecoin was worth $2 billion.

In just a few weeks, the cryptocurrency’s value has increased by more than 600%, and it has increased by more than 11,000% since the beginning of the year.

Dogecoin investors have been on their toes for the last few days. The cryptocurrency had stuck around the 40-cent mark, which has been a source of frustration for investors. It peaked at 43 cents in mid-April and has been stumbling in the weeks since. DOGE is now up by  52% in the last 24 hours, trading at over 60 cents and soaring past the resistance levels successfully.

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Reason Behind DOGE Price Surge

Over the weekend, the price of Dogecoin began to rise. Elon Musk, the CEO of Tesla, is Doge’s most well-known supporter, and his tweets about cryptocurrency usually result in a price increase. Last week, Musk sent out a tweet about The Dogefather and his upcoming Saturday Night Live hosting gig on May 8.

The memecoin was also listed on the trading platforms eToro and Gemini, significantly extending its scope. eToro alone has 20 million users, all of whom can now purchase DogeCoin on the website. Customers on eToro can buy the cryptocurrency token directly or trade derivatives based on the Dogecoin underlying cryptocurrency price.

With a blog post and numerous tweets, the company revealed the inclusion of Dogecoin. A meme that said “Much Wow” and a post that said “Much good guy!” were among the tweets. What a joy! “Extremely valuable.”

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The increased demand for DogeCoin seems to have created problems for the Robinhood investment app, which said it was having issues with cryptocurrency trading due to the increased demand.

At the time of writing, Dogecoin was trading at around $0.66 a coin which is a record high.

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Dogecoin bears leave the scene as DOGE rises towards $0.24

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  • Dogecoin price stabilizes near its final support structure.
  • Selling pressure abates as hints of strong buying activate.
  • Explosive bullish entry present on the Point and Figure chart.

Dogecoin price holds steady near the $0.18 value area, halting any further downside movement. Buyers appear to be showing up and preparing Dogecoin for a big launch higher.

Dogecoin price action perfectly positioned for a move to $0.24

Dogecoin price action has been a cause of concern for many bulls and long-term hodlers after the Saturday flash-crash. Fears of continued pressure south and a possible move below $0.10 appear to be fading. Sellers are unable or unwilling to push Dogecoin below Dogecoin’s final support zone.

The overall structure of Dogecoin price is a bearish continuation setup – a bearish pennant. At its present position, Dogecoin price is at the apex of deciding whether a bear or bull market will begin for Dogecoin.

 A massively bullish entry signal is now present on the $0.002/3-box Reversal Point and Figure chart. The theoretical long trade is a buy stop at $0.186, a stop loss at $0.176, and a profit target at $0.240.

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DOGE/USDT $0.002/3-box Reversal Point and Figure chart

The entry is based on a breakout from a quadruple-top bull flag formed immediately after Dogecoin converted into a bull market on the Point and Figure chart. The entry and follow-up buying is essential to deny bears any further control of Dogecoin price direction.

However, a continuation move lower is not entirely out of the cards. If Dogecoin drops to $0.172, that would cause a break of a triple-bottom and return Dogecoin to a bear market on this Point and Figure chart. It would invalidate the long entry and any near-term bullish momentum.

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Google Trends Data: ‘Dogecoin’ and ‘Ethereum Price‘ Amongst Top 10 Most Searched News

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As the crypto market began to pick up its bullish pace again, despite the most unexpected crash last weekend, it has become evident that virtual currencies are here to stay. However, surprisingly, in a recently published list by Google trends, it was determined that Ethereum and Dogecoin were more news worthy than the OG Bitcoin. According to Google Trends list of the most searched news across the world, ‘Dogecoin’ and ‘Ethereum Price’ secured its place amongst the top ten.

Dogecoin & Ethereum Price in Top 10 News
Image Source: Google Trends

Last weekend, in the most unanticipated crypto market crash, the decentralized industry was hit with its highest liquidation recorded in past 15months, with more than $2.5 billion worth of leveraged positions getting liquidated in merely 24-hours. Furthermore, the market cap dropped by nearly 20% with the loss of over $500 billion. However, the crypto sphere is back on track after its flash sale. While eminent players like El Salvador, bought more of Bitcoin, Ethereum Price conveniently exceeded its $4k mark, while Bitcoin continues to struggle in breaking the $50k bracket.

Ethereum L2 Scaling Solutions

With Ethereum’s upcoming L2 scene heating up, the ultimate alt-coin is gaining more traction with each passing day. According to the Ethereum founder, Vitalik Buterin, the Layer 2 scaling solutions on the Ethereum network will revolutionise the crypto sphere by facilitating the safest and most sustainable way to scale Ethereum while preserving decentralization.

Earlier this October, Buterin spoke at the 2021 Shanghai International Blockchain Week, claiming that Ether’s L2 will resolve the issues of scalability. He noted that in lieu of the ongoing non-fungible tokens (NFTs) frenzy, together with the fierce growth of decentralized finance (Defi) on the Ethereum network, the mainstream blockchain has become overcrowded, causing problems like high transaction fees. However, he suggested blockchains and NFTs to transfer to L2 to counter scalability and high gas fees issues.

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Both, Dogecoin and AMC Stock in Top 10

While Ethereum may be the ultimate alt-coin, Dogecoin is the original meme token. Apart from being Tesla CEO, Elon Musk’s favourite, DOGE has established itself in the decentralised industry and found a spot above several Alt-coins will complex technology.

Along with “Ethereum Price” and “Dogecoin”, “AMC Stock” has also reserved its place in the top 10 most searched news list. AMC, being the largest movie theatre chain in the United States, does not shy away from incorporating meme tokens to its business. Recently, AMC announced to accept payments in both, Dogecoin and Shiba Inu, making history for commercial giants in crypto.

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Dogecoin Forecast December 8, 2021

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DOGE/USD quotes are traded at the level of 0.1795 and continue to move as part of the correction and the downward channel. Moving averages indicate a short-term bearish trend for Dogecoin. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the support level near the 0.1975 area. Where can we expect a rebound down again and the continuation of the fall in the Dogecoin rate with a potential target below the level of 0.1425.

Dogecoin Forecast December 8, 2021

A strong signal in favor of reducing the DOGE/USD quotes will be a rebound from the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the coin falling option will be a strong growth in the value of the asset and a breakdown of the 0.2265 area. This will indicate a breakdown of the resistance area and continued growth in the cryptocurrency rate with a potential target above the level of 0.2985. With the breakdown of the support area and closing of quotations below the level of 0.1545, we should expect confirmation of the development of a bearish trend for Dogecoin.

Dogecoin Forecast December 8, 2021

Dogecoin Forecast December 8, 2021 imply an attempt to correct and test the resistance area near the 0.1975 level. Where can we expect a rebound and the continuation of the fall in DOGE/USD to the area below the level of 0.1425. An additional signal in favor of a decline in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.2265 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.2985.

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