{"id":5672,"date":"2024-09-11T18:30:04","date_gmt":"2024-09-11T18:30:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5672"},"modified":"2024-09-11T18:30:04","modified_gmt":"2024-09-11T18:30:04","slug":"heres-why-the-dogecoin-price-recovered-above-0-1","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5672","title":{"rendered":"Here\u2019s Why The Dogecoin Price Recovered Above $0.1"},"content":{"rendered":"

Dogecoin (DOGE)<\/a> finally recovered above the psychological price of $0.1, providing a bullish outlook for the foremost meme coin. Dogecoin\u2019s price recovery is thanks to several factors, including the recent bounce from the flagship crypto, Bitcoin (BTC)<\/a>.<\/p>\n

Dogecoin Reovers Following Bitcoin\u2019s Rise<\/h2>\n

Dogecoin recovered above $0.1 following Bitcoin\u2019s rise to as high as $58,000 this week. The meme coin\u2019s price is known to have a strong positive price correlation<\/a> with the leading crypto. As such, Bitcoin\u2019s rise from below $54,000 over the weekend to $58,000 on September 9<\/a> ultimately paved the way for DOGE to recover above this crucial support level.\u00a0<\/p>\n

While it remains to be seen whether Bitcoin\u2019s recent price rally is a relief bounce or a bullish reversal, a further move to the upside for the leading crypto will undoubtedly lead to a sustained upward trend<\/a> for Dogecoin.\u00a0<\/p>\n

Meanwhile, another reason DOGE\u2019s price has rebounded is the renewed support from the world\u2019s richest, Elon Musk<\/a>, known to be fond of the meme coin. Musk recently<\/a> put out an X post in which he alluded to DOGE with his \u201cDepartment of Government Efficiency\u201d caption. The post also contained an image that highlighted the acronym \u2018D.O.G.E.\u2019<\/p>\n

In another X post, Musk declared that Doge would be the official mascot for the Department of Government Efficiency, further highlighting the world\u2019s richest man\u2019s support for DOGE. Musk\u2019s cryptic posts about Dogecoin have always impacted the meme coin\u2019s price, and this time was no different as DOGE enjoyed notable rallies following Musk\u2019s posts.\u00a0<\/p>\n

Musk\u2019s renewed public support for Dogecoin follows the court\u2019s ruling<\/a> that he wasn\u2019t liable in a class action suit that accused him of manipulating DOGE\u2019s price. The judge declared that the allegations against Musk were unfounded and that his comments about Dogecoin were simply \u201caspirational puffery\u201d and could not have been taken as actual hard data by anyone.\u00a0<\/p>\n

DOGE Has $0.15 In Sight<\/h2>\n

Following Dogecoin\u2019s<\/a> recovery above $0.10, the foremost meme coin could reach $0.15 if it sustains this bullish momentum. While highlighting a falling wedge on DOGE\u2019s daily chart, crypto analyst Ali Martinez mentioned<\/a> that a sustained close above $0.10 could spark a bullish run to this price level for DOGE.\u00a0<\/p>\n

Data<\/a> from the market intelligence platform IntoTheBlock<\/a> shows a surge in large transactions, suggesting Dogecoin whales<\/a> are again accumulating the meme coin. This is significant as this buying pressure could propel DOGE to $0.15. Given its correlation with Bitcoin, Dogecoin could reach this price level if the flagship crypto\u2019s price rallies and breaks above $60,000<\/a>.\u00a0<\/p>\n

At the time of writing, Dogecoin is trading at around $0.10, down over 2% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

Dogecoin (DOGE) finally recovered above the psychological price of $0.1, providing a bullish outlook for the foremost meme coin. Dogecoin\u2019s price recovery is thanks to several factors, including the recent bounce from the flagship crypto, Bitcoin (BTC). Dogecoin Reovers Following Bitcoin\u2019s Rise Dogecoin recovered above $0.1 following Bitcoin\u2019s rise to as high as $58,000 this […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5672","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5672"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5672"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5672\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}