At the beginning of 2022, the price of Dogecoin gained momentum, and the recent bullish run caught the attention of investors. The constant rises in DOGE reflect the market’s willingness to acquire holdings, although that does not imply more buying than selling.
The price of memecoin Dogecoin (DOGE) has increased by 12% in the last seven days. In a matter of days, a positive movement put it into a bullish performance that mirrored the latest impulses it had in December.
That recent movement in the value of DOGE appears more firmly and seeks to break through the support at USD 0.19. The memecoin is currently trading at around USD 0.16927, and its market capitalization is about USD 22.36, according to CoinGecko.
The Price of Dogecoin Has a Hasty Recovery
In early 2022, the price of Dogecoin increased at a rate different from the performance of previous months. The original memecoin gained momentum in a few days, which suggested a possible recovery.
The irregular situation occurs as investors look for clues as to which outstanding holdings they should buy. In that sense, the recent bullish run of Dogecoin seeking to break through supports continuously drew attention.
Market confidence seems to be leaning towards an environment forecast a few days ago, considering constant fluctuations. In that way, this would already be the third attempt of the price to resume the upward trend.
The momentum DOGE has gathered reflected capital inflows at appropriate times, in addition to the inclusion of the memecoin in some projects. For example, the electric car company of Elon Musk recently announced that it would accept it as payment for its accessories.
When Elon Musk touched upon the subject, user reactions led to a hasty price recovery. As usual, the comments of the millionaire businessman exert a strong influence on the cryptocurrency market.
What the Movements of the DOGE Price Reveal
The constant rises in the price of DOGE show that the market is willing to buy holdings. However, that does not imply that there are more purchases than sales, considering the failure in each attempt.
The value of Dogecoin reached a high of USD 0.197 in the last week, according to CoinGecko. It left the support at USD 0.15 behind, breaking the resistance at USD 0.175 in late December.
The most recent impulse considerably outperforms the last two ones, putting Dogecoin on a more stable and ongoing bullish run. However, there is still a strong resistance at USD 0.1915, the next target for investors.
Tesla Accepts Dogecoin as Payment for Its Accessories
Electric car company Tesla has started offering products in Dogecoin, the original meme cryptocurrency. That is the only digital asset they can receive and detect, according to the official statement on their website. Furthermore, they urge their customers to make sure that they only pay with DOGE.
When the community read the news, the price of the DOGE token went up to the moon. The same thing happened when Elon Musk announced in 2021 the possibility that his company would accept the memecoin as a payment method.
By Alexander Salazar
