Dogecoin Rebounds as Investors Anticipate Positive News from Canada
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Dogecoin (DOGE), along with most of the cryptocurrency market, has recorded a decent rebound following the debilitating crash recorded over the past few days. At press time, DOGE trades at the $0.2130 level and is up by about 14%.
This rebound comes after dropping by over 40% over the past 48hours, recording a two-month low at $0.1632 yesterday.
One of Dogecoin’s most prominent promoters, Elon Musk, took to Twitter yesterday to try and cushion the fall in his beloved meme coin with some tweets. Musk responded to a tweet concurring that the testnet of the fee reduction code would mark a significant upgrade in the blockchain network.
However, Musk’s tweet came under immediate fire from members of the DOGE community, who criticized the billionaire for igniting the rot the market is in now. They blamed his tweet announcing the decision of Tesla to stop accepting Bitcoin as payment, citing environmental challenges as its reason.
Moving on, Dogecoin is likely to receive a boost from news emanating from Canada later today. Canada’s sole-regulated crypto firm Wealthsimple Digital Assets Inc. announced that it received a green light from the Ontario Securities Commission (OSC) to include DOGE on its offer listing.
This development could drive significant demand for DOGE by investors and traders alike. Nonetheless, the prevailing bearish market sentiment could frustrate the goodish bounce.
Key Dogecoin Levels to Watch — June 23
Since it recorded its all-time high of $0.7390 on May 8, Dogecoin has traded in a downwards trend highlighted by the channel on our 4-hour chart. The recent market crash appears to align with this bias.
The recent bear run bottomed at the $0.1632 low yesterday and is in the middle of a rebound higher. We expect to see more corrections over the coming hours as the seventh-largest cryptocurrency climbs out of oversold conditions.
That said, a sustained break above the $0.2500 level could negate the prevailing channel and help DOGE climb to $0.3500 and higher. Nonetheless, DOGE’s price action over the coming hours should determine its near-term bias.
Meanwhile, our resistance levels are $0.2500, $0.3000, and $0.3500, and our support levels are $0.2000, $0.1650, and $0.1400.
Total Market Capitalization: $1.36 trillion
Dogecoin Market Capitalization: $28.1 billion
Dogecoin Dominance: 2.07%
Market Rank: #7
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