Dogecoin has once again rebounded at support around $0.31 in the past 24 hours. This rebound comes after a 10-day decline that saw it erase most of its gains in the first half of the month. However, the bulls have been able to defend the $0.31 support level once again to prevent further price declines. 

With the successful rebound now looking like it is done, the next question is whether it can sustain this positive momentum and break above the $0.4 mark, leaving the $0.3 range behind for good. According to an analyst on the TradingView platform, the combination of Elon Musk’s influence, technical indicators, and trends in the broader crypto ecosystem means Dogecoin will shoot above this level soon. 

Dogecoin Price Pump Above $0.4 Is Imminent

Dogecoin is yet to sustain a strong decisive move above $0.4 this market cycle and has spent the most time ranging between $0.3 and $0.4. According to insights by crypto analyst MadWhale, this could change soon with recent market dynamics surrounding Dogecoin’s role in the crypto industry. 

Number one, Dogecoin has gained significant prominence alongside billionaire Elon Musk. Musk’s vocal support has increased Dogecoin’s position from just the most prominent meme coin among thousands, making it a staple in his business ventures. His upcoming blockchain-powered payment platform, XMoney, is set to integrate the meme c

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Author: Scott Matherson

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