On Wednesday, the most popular memecoin, Dogecoin (DOGE) is on quite the rally, registering double-digit gains thanks to Dogefather Elon Musk who confirmed that his company Tesla could start accepting payments in DOGE for some merchandise. At the time of writing, DOGE/USD is trading around $0.179.

Dogecoin started making cautious gains even before this announcement, after Musk was confirmed as TIME Magazine’s Person of the Year for 2021. The Doge Army was optimistic that this development could support buying interest in the memecoin as Musk is one of the biggest celebrity promoters of the coin.

Tesla Will Let Customers Use DOGE For Buying Merch

DOGE holders were in for a treat during the previous session when the Tesla CEO announced via Twitter that his company will soon allow users to buy some of its merchandise using Dogecoin and observe how this move pans out. The news helped the leading meme token to reclaim its spot among the top 10 cryptos by market cap, briefly overtaking Polkadot before sliding lower as some investors indulged in profit taking.

Musk’s confirmation of accepting DOGE doesn’t come as a surprise to many as he has previously praised the coin for its energy efficient processes, unlike market leader Bitcoin. The entrepreneur has also been at the forefront of recommending ways to further upgrade its infrastructure to lower transaction processing fees.

Unocoin Lists Dogecoin (DOGE)

In addition to Musk’s recent announcement, Dogecoin could also find enjoy higher levels of buying interest after being listed on one of the leading crypto exchanges in India, Unocoin, earlier this week. Known as India’s Coinbase equivalent, Unocoin will allow Indian crypto traders to trade the DOGE/INR pair, making the memecoin available for purchase using the INR. Memecoins like Dogecoin are highly preferred by retail crypto traders in India, and the listing of DOGE on Unocoin can drive up further interest in trading the coin.

DOGE/USD Technical Analysis

Taking a look at the 4-hour chart of DOGE/USD, we find a bullish bias among smaller moving averages as well as leading technical indicators MACD and momentum. However, the 100 EMA and 200 EMA reveal some selling interest too.

Dogecoin’s price is holding just above the pivot point at $0.171 and under the immediate resistance at $0.182. We need to keep a close eye on the pivot point as further profit taking could see this level being tested soon.