• Dogecoin price is abnormally strong this week with investors pushing aggressively for gains above $0.1.
• A solid support appears to have come to life at $0.08, implying the path with the least resistance is to the upside, at least for now.
• Investors have recently paid homage to Solana-based BONK Inu (BONK) which gave life to Solana price when it needed it the most.
The past week has seen some remarkable bullish momentum in the cryptocurrency space, with Dogecoin (DOGE) being one of the biggest beneficiaries. After trading at a low of $0.0732 on January 13th, the meme coin has seen its price rise to a high of $0.0854 at the time of writing.
The recent surge in price has been largely attributed to Elon Musk’s tweet back in December of 2020 which read, „Dogecoin might be my fav cryptocurrency. It’s pretty cool.“ As a result of this tweet, Dogecoin has become one of the most popular tokens in the crypto space and has been able to maintain its upward trend despite the bearish market conditions experienced in the crypto-verse in 2021.
The surge in Dogecoin’s price has further been supported by a solid support level that has formed at $0.08. This level provides investors with the assurance that the path with the least resistance is to the upside. As such, many investors are looking at the $0.10 mark as the next possible target for Dogecoin.
At the same time, investors have been paying homage to Solana-based BONK Inu (BONK), another meme coin which has seen an impressive surge in its price. BONK was launched in late December and its price has risen from under $10.00 to highs of $24.00. Analysts have predicted that this token could see its price reach $40.00 in the near future.
All these developments have led to increased bullish sentiment in the crypto-verse, and the meme coins have been some of the biggest beneficiaries. With Dogecoin currently trading at just a few cents away from the all-time high of $0.10, it is highly likely that the token could soon reach this mark and potentially set a new milestone.