Since Sunday, the Dogecoin price has been stuck in a narrow range. Bulls in Dogecoin have put on a show and tested the $0.30 resistance level, indicating that DOGE is on its way to much higher highs. It was trading in a narrow range of $0.25 to $0.28, and it had sustained strong support above the $0.25 support level.
Dogecoin Social Volume has steadied after a period of high social engagement over the last six months. On a massive 18.9 million posts, the total 6-month social volume is up 194.8 percent.
A probable bearish impulse could provide enough impetus for the price to quickly rebound towards $0.32. Following that, the Bulls will face resistance at the $0.33 price level, which will be followed by a retest of $0.367.
However, this could imply that DOGE’s price is about to plummet. The bullish position will be broken if the $0.240 support level is breached, triggering a slide to $0.230.
Naomi Osaka steps in!
Naomi Osaka is likely to be one of the first tennis players to embrace cryptocurrency. Osaka’s interest in crypto, particularly Dogecoin, was revealed in an interview with Bloomberg. “I do know that all the components are getting larger on the internet,” she continues. “I recall doing some research on Dogecoin.”
What is Dogecoin 2.0?
The Dogecoin Foundation has issued a statement separating itself from a new memecoin known as Dogecoin 2.0 (DOGE2), threatening legal action until the new memecoin changes its name. On the Binance Smart Chain Network, Dogecoin 2.0 was released at the beginning of May.
Overall, Dogecoin is expected to re-ignite its bullish trend after forming a bull pennant that might push its price above $0.30. The value of a digital coin will rise due to high demand from buyers.