Dogecoin (DOGE) has successfully climbed above the significant threshold of $0.1, signaling a positive outlook for the leading meme coin. This recovery in Dogecoin’s price can be attributed to various factors, including a recent rebound in the major cryptocurrency, Bitcoin (BTC).
Dogecoin Bounces Back After Bitcoin’s Surge
Dogecoin’s price rose above $0.1 in the wake of Bitcoin hitting a peak of $58,000 this week. The meme coin has a strong positive correlation with the leading cryptocurrency, and Bitcoin’s increase from below $54,000 over the weekend to $58,000 on September 9 enabled DOGE to surpass this vital support level.
It’s uncertain whether Bitcoin’s latest price surge is merely a temporary rebound or a genuine bullish reversal; however, any further upward movement for the leading crypto is likely to trigger a sustained upward trend for Dogecoin.
Additionally, Dogecoin’s price revival has gained traction from renewed endorsements by the world’s richest person, Elon Musk, who has a known affinity for the meme coin. Musk recently made an X post that seemed to reference DOGE with his caption about the “Department of Government Efficiency.” This post included an image showcasing the acronym ‘D.O.G.E.’
In another X post, Musk announced that Doge would serve as the official mascot for the Department of Government Efficiency, emphasizing his support for DOGE. Musk’s enigmatic tweets about Dogecoin have always influenced the meme coin’s price, and this occasion was no exception, as DOGE saw considerable gains after his posts.
Musk’s renewed public endorsement of Dogecoin comes on the heels of a court ruling stating he was not liable in a class-action lawsuit that accused him of manipulating DOGE’s price. The judge concluded that the allegations against Musk lacked merit and that his remarks regarding Dogecoin were merely “aspirational puffery” not intended to be taken as definitive information.
DOGE Aiming for $0.15
With Dogecoin’s recovery above $0.10, the prominent meme coin may reach $0.15 if it can maintain this bullish momentum. Crypto analyst Ali Martinez noted that a consistent close above $0.10 could ignite a bullish surge towards this price point for DOGE, as indicated by a falling wedge pattern on DOGE’s daily chart.
Data from the market analytics platform IntoTheBlock shows a notable increase in large transactions, indicating that Dogecoin whales are once again accumulating the meme coin. This trend is significant as the buying pressure could push DOGE to $0.15, particularly if Bitcoin rallies and exceeds $60,000.
As of now, Dogecoin is trading around $0.10, having declined over 2% in the past 24 hours, according to data from CoinMarketCap.
Featured image generated with Dall.E, chart from Tradingview.com
