Investors More Interested in Dogecoin (DOGE): Here’s the Proof
Dogecoin (DOGE) is edging upwards and it looks like buyers are getting ready to test the key $0.30 mark once again days after it slid under
Early on Thursday, Dogecoin (DOGE) is edging upwards and it looks like buyers are getting ready to test the key $0.30 mark once again days after it slid under the level amid profit-taking across the crypto market. At the time of writing, DOGE/USD is trading around $0.298.
The stellar rise of the memecoin cannot be ignored anymore, especially after leading fintech app Robinhood revealed that it accounted for over 60% of its crypto revenues during Q2 2021. Overall revenues from cryptocurrency transactions on its platform surged from $5 million in Q2 2021 to $233 million in the previous quarter, accounting for 52% of all transaction-driven revenues earned.
Dogecoin is also likely to enjoy some support in the near-term from the announcement of “The Doge Conference”, an event being organized by influencers within its community. The event, scheduled to take place in March 2022, will bring together the ‘Doge Army’ or fans of the joke cryptocurrency and drive up its acceptance among the crypto and mainstream markets.
The rising interest in Dogecoin has been further established by a recent report from Chainalysis which notes, “DOGE is currently being adopted by new investors at a level not seen since the late-2017 bull market. New investors acquired even more from January 2021, as Elon Musk and Reddit raised the profile and the price of DOGE. Investors acquiring DOGE in the last six months now hold 25% of the supply, while investors who have held for more than two years decreased their share of supply from 30% in July 2020 to 20% today.”
According to a top crypto trader and influencer ‘Pentoshi’, Dogecoin appears to be gearing up for a leg higher, with bullish momentum building up to take it towards the $0.45 mark. He observes, “Looks ready for continuation and an impulsive move up. So far so good. Next leg coming in my opinion.”
Key Levels to Watch
Technical analysis of the 4-hour price chart of DOGE/USD indicates a bearish bias among smaller moving averages and the MACD. Although, the momentum indicator and larger timeframe MAs are still flashing buy signals.
Dogecoin’s price is sitting right under the pivot point at $0.306, which it can cross soon if buying pressure continues to build up. A break above this can see traders test resistance at $0.385 although an increase in selling pressure can send DOGE tumbling towards the immediate support at $0.264.
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