Dogecoin has increased by 6% in the last 24 hours. Can DOGE keep its all-green aura?

The Elusive Next Dogecoin Target $0.17 Mark

DOGE experienced a strong rally from October 25 to November 1, resulting in a 140% ROI for holders.

More crucially, that rise allowed the altcoin to break over the $0.111 resistance zone and into its immediate support area. This means that previous to the upsurge, Dogecoin was not expected to trade for more than $0.111.

However, the upward trend was halted at $0.14, a level that is now critical for the dog-themed cryptocurrency if it is to reach the elusive $0.17 mark.

Simply put, if DOGE manages to hit $0.14 in the next days and then sustains and exceeds that level, the digital asset’s most likely next stop is $0.17.

However, this is only possible if the volume trend for Dogecoin increases as well. If it does not, the cryptocurrency will be forced to test its newly established support region. However, if this occurs, analysts believe the digital coin will almost immediately rebound.

Dogecoin is gaining popularity.

The undeniable surge in interest in cryptocurrency among crypto market participants is one sure thing that is helping it right now.

This is evident from data on Open Interest for the asset observed across all exchange platforms over the last 24 hours.

According to the most recent findings, Dogecoin gained 8.5% in that category in a short period of time, demonstrating that there is growing interest in the 2013 meme token.

Again, this could be linked to the fact that Elon Musk, the “Dogefather,” now controls Twitter. Not long ago, the billionaire proposed utilizing DOGE to pay for some of the social media platform’s services.