It’s Hard Not to Take Dogecoin (DOGE) Seriously Anymore, Rally Continues
Aiswarya Gopan • 2 min read
Dogecoin (DOGE) is exhibiting signs of mixed trading early on Tuesday, trying to come back higher after falling close to the key $0.25 mark, but continues to enjoy the support of the positive mood in the crypto market and several promising fundamentals. At the time of writing, DOGE/USD is trading at around $0.254.
During the previous session, the leading memecoin notched up as much as 6.75% gains, recouping almost all the losses suffered in volatile trading on Sunday. However, the upward momentum could hold in the near term as investors cheer the obstacles holding back progress in the Senate Infrastructure Bill, driving Bitcoin and other cryptocurrencies to extend their recent rally.
Serious players and experts are coming around to shedding their inhibitions and apprehensions towards the cryptocurrency that originally started as a joke. Its high engagement and acceptance within the community has convinced leading blockchain data platform Chainalysis to start covering the popular memecoin in their reports. According to the firm, the high trading volumes and levels of interest in the coin, as well as the frequent requests from their customers have been the main drivers behind this decision.
DOGE is likely to enjoy further support from the announcement of a new game which will hit Android and iOS devices soon, ‘Dogemon Go’. The game offers incentives in Dogecoin to users who catch virtual characters known as ‘Dogemons’, and in case it sees high traction among gamers and the crypto’s community, it could lead to an increase in adoption and use of DOGE.
Recent on-chain analysis by IntoTheBlock indicates that more than 66% of investors holding DOGE have registered profits. Over the past week, Dogecoin has gained more than 25% in value, giving back high profits to its investors and driving up higher interest in the coin.
Key Levels to Watch
On the H4 price chart of DOGE/USD, moving averages and the momentum indicator are suggesting a strong bullish bias among investors. Although, the MACD indicator points to some interest among sellers as well.
Dogecoin’s price is has crossed the pivot point at $0.238 and continued buying pressure can see traders encounter resistance at $0.284. A break past this point can take DOGE above the key $0.30 mark in the near-term.