Dogecoin Jumps 11% Despite Challenge by Double Top Formation

Dogecoin is gearing up for the third attempt to sail through the selling pressure at $0.09.

Doge on the clouds with his doge coin.
Created by Kornelija Poderskytė from DailyCoin
  • DOGE picks up on BTC’s $42,000 rally with double-digit gains.
  • Crypto analysts spot a bearish figure on DOGE’s daily charts.
  • Dogecoin-funded DOGE-1 X-Band is likely to launch this month.

The top dog coin, Dogecoin (DOGE), faces a hurdle on the way to the moon. The critical resistance barrier at nine cents has put DOGE among the lighter gainers of the ongoing crypto rally, infused by the expectations of a Bitcoin ETF arrival in the next few days. 

While the largest digital asset, Bitcoin, claimed a new yearly high at $42,155.50 on Monday afternoon, DOGE faced a rapid market correction upon scoring 11% gains to be rejected at $0.09 fundamental resistance.

At press time, DOGE is changing hands at $0.087, according to CoinGecko. With a 26.2% increase in the last 30 days, DOGE comfortably reclaimed the $12 billion market cap threshold and 

Dogecoin’s Prospects on the Eve of 10th Anniversary

Initially released as a Bitcoin fork on December 6, 2013, by coding virtuosos Billy Markus and Jackson Palmer, DOGE gained traction only several years later when tech mogul Elon Musk introduced himself as The Dogefather, explaining the benefits of the cryptocurrency to the Saturday Night Live audience.

The May 8, 2021, episode coincided with the day that Dogecoin reached its all-time high of $0.73. Three years later, DOGE is assisted by Musk’s SpaceX to reach the moon with a real rocket in the DOGE-1 X-Band as soon as this month. 

Already approved by the National Telecommunications and Information Administration and the Department of Commerce, the rocket launched symbolizes a breakthrough in mainstream reach for both the canine coin and the light-hearted community, popularly known as the DOGE Army. 

While it’s hard to determine how the space mission will resemble DOGE’s price charts, crypto traders spot a continuing high correlation with BTC. According to the DOGE Coach, Dogecoin can lift off to the $0.10 price range, given that Bitcoin continues the bullish outbreak. In contrast, BTC’s price consolidation would bring DOGE back below the sensitive $0.09 resistance barricade for the third time in a week.

On the Flipside

  • Social media traction is a historical catalyst for Dogecoin’s largest bull runs.
  • DOGE receives far fewer mentions, as celebrities previously endorsed it.
  • Famed IBM engineer Billy Markus claims to be no longer on the crypto project.

Why This Matters

Despite its memecurrency status, Dogecoin has been a long-term member of the TOP 10 cryptos by global market capitalization. Dogecoin is the second largest Proof of Work (PoW) blockchain besides Bitcoin, performing with historically strong price correlation.

Read DailyCoin’s top crypto news:
Solana Founder Denounces ‘ETH Killer’ Label, Sees Coexistence
Brazilian Bank Itau Unibanco Launches Crypto Trading Services

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.