Dogecoin Rising on “Doge Day”: Can Buyers Take Price to $0.69?

Even as most of the crypto market trades bearish, with the most popular digital currencies leading losses, Dogecoin defies the downtrend and continues its bullish moves into Tuesday. In early trading, DOGE/USD is trading at a little above $0.40.

This memecoin has strengthened by as much as 500% over the past week alone and gained around 4000% of its value over the past few months. It has been in headlines lately and is being called the “peoples’ crypto” ever since Elon Musk’s attention drove interest in it, propelling its price from under a penny to current highs above the $0.40 level on what is known as “Doge day”.

Today is a good day to trade Dogecoin as the community drives increased interest in the digital token to mark ‘420’. What started as somewhat of an ironic movement has already captured the attention of thousands of crypto investors and spurred numerous memes, online posts, and more in terms of activity. There is considerable pressure among traders to test a new ATH of $0.69 today, so expect considerable buying activity through the next few hours, especially in the US session.

Key levels to watch

Technical analysis of DOGE’s price chart indicates a strong possibility of a sustained rise in price towards the peak of the wedge forming in the 4-hour chart. However, in case the uptrend has to continue and send the value towards a new ATH, Dogecoin (DOGE) has to hold above the $0.40 level.

A failure to do this can send its price all the way down to support at at $0.31 level. If this support level also breaks down, selling pressure can increase further and drive it all the way down towards $0.26 and possibly even $0.22.