Dogecoin (DOGE) Dogecoin price has finally broken above the psychological price of $0.1, providing a bullish outlook for the leading meme coin. The recovery in Dogecoin price is due to several factors, including the recent rally in the flagship cryptocurrency, Bitcoin (BTC).
Dogecoin Recovers After Bitcoin Surge
Dogecoin has recovered above $0.1 after Bitcoin surged to $58,000 this week. The meme coin’s price is known to have a strong positive price correlation with the leading cryptocurrency. Thus, Bitcoin’s rise from less than $54,000 over the weekend to $58,000 on September 9 finally paved the way for DOGE to recover above this crucial support level.
While it remains to be seen whether Bitcoin’s recent price rally is a relief bounce or a bullish reversal, further upward movement for the leading cryptocurrency will undoubtedly lead to a sustained upward trend for Dogecoin.
Meanwhile, another reason why DOGE price has rebounded is the renewed support of the world’s richest, Elon Muskknown to be fond of meme coins. Musk recently posted an X-rated post in which he alluded to DOGE with his caption “Department of Government Efficiency.” The post also contained an image highlighting the acronym “DOGE.”
In another post by X, Musk stated that Doge would be the official mascot of the Department of Government Efficiency, further emphasizing the world’s richest man’s support for DOGE. Musk’s cryptic posts about Dogecoin have always had an impact on the meme coin’s price, and this time was no different, as DOGE saw notable spikes following Musk’s posts.
Musk’s renewed public support for Dogecoin follows court decision The judge said the allegations against Musk were unfounded and that his comments about Dogecoin were nothing more than “aspirational bluster” and could not be considered hard data by anyone.
DOGE has $0.15 in sight
Following Dogecoin After recovering above $0.10, the leading meme coin could reach $0.15 if it maintains this bullish momentum. While pointing out a falling wedge on DOGE’s daily chart, crypto analyst Ali Martinez mentioned that a sustained close above $0.10 could trigger a bull run towards that price level for DOGE.
Data of the IntoTheBlock Market Intelligence Platform shows an increase in large transactions, suggesting Dogecoin Whales are accumulating the meme coin again. This is significant because this buying pressure could propel DOGE to $0.15. Given its correlation with Bitcoin, Dogecoin could reach this price level if the flagship cryptocurrency’s price recovers and exceeds $60,000.
At the time of writing, Dogecoin is trading at around $0.10, down more than 2% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart by Tradingview.com
