The market’s recent instability has heightened the importance of forecasting Dogecoin’s price. DOGE, a cryptocurrency based on a popular internet meme, has gained widespread attention thanks to billionaire entrepreneur Elon Musk’s vocal support of the asset.
As a result of Musk’s advocacy, the value of DOGE has been subject to significant fluctuations. This includes a notable increase following the Tesla CEO’s every tweet about the meme coin.
Also read: Dogecoin: Can DOGE Reach $100 in 10 years?
The recent market volatility has caused the price of DOGE to drop by 14% over the last seven days. Dogecoin is trading at $0.07852, according to CoinMarketCap data. With the meme coin plunging below the local support of $0.084-0.0793, let us find out whether DOGE will rise or drop in value.
Dogecoin- Will it Rise From the Key Support Level?
A closer look at the DOGE chart reveals that DOGE has obtained strong support at the $0.084 level as it breached the horizontal level. However, the direction in which the Dogecoin price will head is uncertain.
If the whole market proves to be bullish moving ahead, Dogecoin could likely close above the $0.084 support level. This could likely push the price of DOGE higher by 24%, according to CoinGape. However, if the meme coin fails to gain momentum, it could probably cause the price to plummet. Perhaps all this prediction could also drastically change with one tweet from Musk.
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