Dogecoin (DOGE) continues to rise steadily in early trading on Tuesday, recovering from the slight dip towards the $0.30 level a few hours ago and looks all set to continue higher on strong fundamentals. At the time of writing, DOGE/USD is trading at around $0.32.

The rally in the leading memecoin picked up pace last week on the back of supporting statements from billionaire investor Mark Cuban who termed Dogecoin as the strongest cryptocurrency. His comments were seconded by one of the biggest promoters of the memecoin, Tesla CEO Elon Musk, giving its community more reasons to cheer and driving more investors to buy into the hype.

With prices continuing to increase, its highly engaged community has been successful in making it a trending topic on social media, especially on Twitter where enthusiasts are actively tweeting about #DogeCoinTo1Dollar. The rally has also driven its community to share several memes, riding the craze and further hiking interest in the cryptocurrency. The strong social sentiment is likely to keep DOGE price supported in the near term as it tries to climb higher.

Meanwhile, the game that lets users earn in DOGE, Dogemon Go, went live on Apple’s App Store last week and has already received a rating of more than four stars by users. According to the app’s official Twitter handle, there are over 40,000 ‘trainers’ playing the game and trying their hand at earning rewards in Dogecoin.

Dogecoin is also expected to continue its upward climb buoyed by news reports about global technology company Bots Inc planning to allow customers to purchase pre-owned Tesla electric vehicles using DOGE as a valid payment method. The company which was one of the first publicly traded companies to start accepting the memecoin as a legitimate payment method has partnered with local car dealerships to offer this option.

Key Levels to Watch

Technical analysis of the 4-hour price chart of DOGE/USD reveals a bullish bias among most of the moving averages. However, technical indicators MACD and momentum are suggesting the presence of sellers at the moment as well.

Dogecoin’s price is holding above the pivot point at $0.30 and increased buying can take it higher until the first resistance level at $0.38. A break past this mark opens the door to the $0.40 level where a little above, at $0.42, buyers can run into some more resistance.