Dogecoin (DOGE), the cryptocurrency that powers the Shiba Inu meme-inspired layer-1 Dogecoin blockchain, was last trading higher by about 1.5% this Tuesday just to the north of the $0.09 level. Dogecoin has now rallied just shy of 3% from Monday’s lows just under $0.09, with buyers seemingly having come in to support the token as it retested its 21 and 100-Day Moving Averages. Near-term price predictions thus remain modestly upbeat.
The 21DMA has consistently provided good support in recent weeks, while Dogecoin also appears to have derived support from an upwards trend channel that has been supporting the price action going all the way back to late December 2022. The bounce on Tuesday comes despite a long-dormant Dogecoin wallet address containing 2,043,137 DOGE being activated for the first time in 9.1 years.
