DOGE price dips 4% to trade near $0.34, likely providing an opportunity for investors looking to make a fresh bet.
DOGE has failed to clear above $0.35 after what looked like a sure rebound dimmed amid increased selling during early trading in Europe.
Dogecoin price has been fluctuating around $0.328 and $0.347 since a downturn from an intraday high of $0.358. The meme coin is trading 4.5% down on the day, with volume also slipping as bulls fail to contain the bears. If prices dip below $0.34, the next major support level could be at $0.32 and $0.30, with sellers likely to target the supply zone between $0.280 and $0.225.
A Dogecoin enthusiast has summed up DOGE’s future potential by pointing to recent developments surrounding the coin. In essence, it’s about Tesla CEO Elon Musk’s conviction and suggestion that he’s ready to help develop the Dogecoin ecosystem.
— Elon Musk (@elonmusk) May 24, 2021
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Why buy Dogecoin?
Dogecoin’s popularity and recent price explosion have seen it added to several major trading and exchange platforms. Investors can buy DOGE today more easily than it was before its parabolic rally.