Dogecoin (DOGE) has finally regained its psychological price above $0.1, providing a bullish outlook for the leading meme coin. The recovery in Dogecoin’s price is due to several factors, including the recent rebound in the flagship cryptocurrency, Bitcoins (BTC).
Dogecoin Recovers from Bitcoin’s Rise
Dogecoin has recovered over $0.1 after Bitcoin surged to $58,000 this week. The meme coin is known to have a price sturdy positive price correlation with the leading cryptocurrency. As such, Bitcoin’s rise from below $54,000 over the weekend to $58,000 September 9 ultimately paved the way for DOGE to rebound above this key support level.
While it is still unclear whether the recent rally in Bitcoin’s price is a rebound or a bullish reversal, further upward movement in the leading cryptocurrency will undoubtedly lead to continuing upward trend for Dogecoin.
Meanwhile, another reason for DOGE’s price recovery is the renewed support from the richest people in the world, Elon Muskknown for his love of meme coin. Musk Lately X posted a post that referenced DOGE, signing it “Department of Government Efficiency.” The post also included an image that highlighted the acronym “DOGE”
In another post, X Musk stated that Doge would be the official mascot of the Department of Government Efficiency, further underlining the world’s richest man’s support for DOGE. Musk’s cryptic posts about Dogecoin have always had an impact on the price of the meme coin, and this time was no different, as DOGE enjoyed significant gains following Musk’s posts.
Musk’s renewed public support for Dogecoin comes after court ruling that he was not liable in a class action lawsuit accusing him of manipulating the price of DOGE. The judge said the allegations against Musk were baseless and that his comments about Dogecoin were simply “ambitious bragging” and no one could rely on them as actual, demanding data.
DOGE has $0.15 in its sights
Next Dogecoins reclaiming above $0.10, the leading meme coin could reach $0.15 if it maintains this bullish momentum. Highlighting the falling wedge on DOGE’s daily chart, crypto analyst Ali Martinez mentioned that a sustained close above $0.10 could initiate an uptrend in DOGE price towards this level.
Data With IntoTheBlock Market Intelligence Platform shows an raise in huge transactions, which suggests Dogecoin Whales are accumulating the meme coin again. This is significant because this buying pressure could push DOGE to $0.15. Given its correlation with Bitcoin, Dogecoin could reach this price level if the flagship cryptocurrency’s price rises and breaks above $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 data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
