Not Just Memes: Why Dogecoin’s Popularity and $DOGE Price Still Have Room to Grow

Crypto analyst Ali Martinez keeps getting it right with Dogecoin this year. When the DOGE price shot up from $0.15 to $0.42 this month, it proved his positive outlook wasn’t just wishful thinking.

Cryptocurrency prices are notoriously volatile, and Dogecoin (DOGE) is no exception. After a wild ride in 2021, fueled by social media buzz and Elon Musk's tweets, DOGE soared to new heights, reaching astronomical levels that left many wondering what was next for the beloved meme coin.

As 2021 progressed, DOGE faced a downturn, and by early 2022, the price had dropped significantly. Throughout 2022 and 2023, DOGE remained in a holding pattern, with minimal price movement and dwindling social media attention. This冷却-off period is not uncommon after periods of intense speculation in the crypto market.

Now, in 2024, DOGE is making a comeback, but this time, the price rise is unfolding differently compared to 2021. Despite the price showing solid increases, it's interesting to note that social media is not abuzz with hype like it was during the previous rally.

If we take a closer look at the price chart, we can see that DOGE is encountering old resistance points from early 2022. During that time, there was a period of price appreciation followed by a consolidation phase. Notably, DOGE found support at around $0.10-$0.15, and the price remained within this range for an extended period.

Later on, as the price moved up, we can see how each level of resistance became a new level of support. For instance, the $0.30 mark, which once acted as resistance, might now be serving as a floor.

If we zoom out to the weekly time frame, we can see the highs and lows of DOGE over a longer period. Early 2021 saw a surge in popularity, with social media largely focused on DOGE, and Elon Musk's tweets played a significant role in driving the price up.

This wasn't just another crypto rally; it was the moment Dogecoin became a household name. But as they say, what goes up must come down. After hitting those highs in May 2021, DOGE settled into a quieter phase through 2022 and 2023.

It's interesting to see how DOGE is moving up again in 2024, and this time it feels different. Social media isn't as wild about it as it was in 2021, even though the price has made some solid moves. The market seems to be testing old resistance points from early 2022.

Throughout the quiet period, DOGE found reliable support between $0.10 and $0.15. The $0.30 mark used to be a ceiling, but now it might be more like a floor. Getting past $0.50 would be a big deal – that's been a tough number to crack since the 2021 bull market.

What makes this run interesting is how the price is moving up without all the intense hype we saw before. This might actually be healthier for DOGE in the long run, though as with anything in crypto, things can change fast and previous patterns don't tell us what will happen next.

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