Dogecoin is one of the cryptocurrencies that has lost value this week. DOGE’s value is declining and the losses, although not huge, are affecting investors. With Elon Musk crossing over to the other cryptocurrency with the dog mascot, DOGE is now counting on market support to push it higher.
Dogecoin traded at $0.235 on major exchanges after a 0.7% drop.
Dogecoin maintained its value at current levels, indicating that volatility for the token is relatively low. This week, DOGE is hovering between $0.23 and $0.24 and we see that the coin does not have support reaching the $0.25 resistance level.
If volatility intensifies, DOGE could withdraw from this consolidation level and slide below $0.20. Here, DOGE can go into full bearish mode and if there is no market support, investors can suffer huge losses.
If Dogecoin rebounds from current levels and crosses $0.25, it could create another buying rally that could take it to $0.30 and beyond. More traders might be waiting for such a signal to come in and gather buy support for the coin.
Dogecoin adoption seems to be increasing day by day, and even the most unusual investors are now buying the token. One of them is world-class U.S. Congressman Barry Moore, who bought $5,000 worth of cryptocurrencies between May and June. Moore said in a statement that his portfolio includes ETH, ADA, and DOGE.
Dogecoin investor Glauber Contessoto, who is famous for holding Dogecoin despite losing $167,000, is making headlines again. Contessoto still buys DOGE despite the decline. In a tweet, the investor announced that it will purchase an additional $25,000 worth of DOGE.
Contessoto also did an interview with CNBC and revealed that he signed a contract payable in Dogecoin. Contessoto is currently working with a blockchain firm Acria Network on his YouTube Channel where he will be paid in Dogecoin.
Contessoto is a DOGE millionaire who helped bring the token into the limelight for overwhelming community support. This support gave Dogecoin an edge over other assets in the market.