Dogecoin price analysis: DOGE price soars in latest uptrend following $0.049 drop

Dogecoin price analysis shows price on the up once again after touching the lowest point in a year at $0.049. DOGE price has been struggling to consolidate meaningful momentum since the start of June 2022, with price initially stuck horizontally around the $0.081 mark, before declining down to the current resistance at $0.063.

Timeline of Dogecoin

Tesla boss and billionaire Elon Musk has taken to social media to reiterate his support for meme coin, Dogecoin. In his latest post, the SpaceX CEO noted objectively that he would keep giving the token his much-needed support anytime.

Dogecoin (DOGE) exchange rate fell further to the low of $0.05 on June 13. Bears broke below the previous low of $0.06 while bulls bought the dips. After the recent drop on June 13, the bulls stopped the further decline. Last week, the altcoin fluctuated between $0.050 and $0.063.

Elon Musk's support for DOGE is only getting stronger after receiving a $258 billion class-action lawsuit, as he remains unshaken by the allegations that he took part in a crypto pyramid scheme involving Dogecoin so let's read more today in our latest DOGE news. Elon Musk's support for DOGE grows bigger and even tweeted that

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk has again shown his support for Dogecoin (CRYPTO: DOGE). On Sunday, he went on Twitter to endorse Dogecoin, following the meme coin's price plunge in the last few days.

The lawsuit alleges that Musk's consistent messaging that he was a fan of the cryptocurrency led directly to its price spike, and when market conditions changed, investors lost out. The post Musk tweets that he will keep supporting Dogecoin, in spite of lawsuit appeared first on The Block.

On Sunday (June 19), Tesla and Space X CEO Elon Musk voiced his support for popular meme-based cryptocurrency Dogecoin, helping to become the top percentage gainer amongst the top 10 cryptoassets in the past 24 hours. Dogecoin was initially released on 6 December 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and

Dogecoin (CRYPTO: DOGE) was plunging 11% lower during Saturday's 24-hour trading session, which Benzinga called out as the most likely scenario on Friday due to a bearish lean on the crypto's inside bar pattern. The Shiba Inu-themed crypto fell below the important psychological support level at 5 cents on Saturday, and future price action could become even more grim.

Shares of several popular altcoins, including Dogecoin (CRYPTO: DOGE), are trading lower again Saturday afternoon in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and second-largest market cap crypto Ethereum (CRYPTO: ETH).  Crypto has traded lower this week in tandem with major U.S. indices, which are also experiencing marked weakness after.

Cryptocurrency markets across the globe have crashed to a new low as of 18 June 2022. The market capitalization of global crypto fell below the $1 trillion mark to rest at $844.17 billion, at press time.

The Dogecoin (CRYPTO: DOGE) was created in 2013 by Jackson Palmer and Billy Markus as a joke based on a popular meme portraying a Shiba Inu.  The crypto coin has garnered much popularity following Tesla Inc (NASDAQ: TSLA) CEO Elon Musk's endorsement of the meme coin as his favorite cryptocurrency.