Dogecoin (DOGE) Rally Strengthens as Other Cryptos Recover - Forex News by FX Leaders
Dogecoin (DOGE) Rally Strengthens as Other Cryptos Recover

Dogecoin (DOGE) Rally Strengthens as Other Cryptos Recover

Posted Friday, June 25, 2021 by
Aiswarya Gopan • 1 min read

It’s an extremely bullish start to the day for Dogecoin (DOGE), which continues to climb higher after strengthening by around 16% over the past 24 hours. However, the leading coin is still down by more than 10% over the past week.

At the time of writing, DOGE/USD is trading around $0.27, making stronger gains on the back of an improving market sentiment as crypto leaders Bitcoin and Ethereum stage recoveries and head towards key levels at $35,000 and $2,000 respectively.

The one thing that works in Doge’s favor, unlike several other cryptocurrencies, is the strong support it enjoys from its online community of fans. In one recent instance, LA-based Glauber Contessoto held on to his Dogecoin investment even as the latest crash wiped off over $167,000 from his portfolio, driving greater confidence in the memecoin among other investors and supporting the prices even as other cryptos were continuing to exhibit weakness.

Even though it started as a joke, the cryptocurrency has not only seen higher interest among investors but is also gaining traction among merchants who are willing to accept payment in it. As on date, there are more than 1,300 merchants worldwide accepting DOGE as a valid payment method, ranging from shops, marketplaces, online gaming and gambling, web development services and more.

Key Levels to Watch

On the 4-hour chart of DOGE/USD, the larger moving averages as well as leading technical indicators momentum and Stochastics RSI are suggesting a bearish bias. On the other hand, the smaller timeframe MAs in addition to the MACD indicator are pointing to buying interest building up.

A confirmation of the bullish momentum can occur once the Dogecoin price crosses the pivot point which sits at $0.29. Once this happens, buyers will have to overcome resistance at $0.32 and then at $0.37 before DOGE can go above the key $0.40 level.

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