Dogecoin (DOGE) Soaring – Can it Really Head to $1 as Fans Want?
Dogecoin (DOGE) is exhibiting signs of mixed trading to start with on Monday, but there are several reasons to be bullish about the most
Dogecoin (DOGE) is exhibiting signs of mixed trading to start with on Monday, but there are several reasons to be bullish about the most popular memecoin in the near-term. At the time of writing, DOGE/USD is trading around $0.336.
Last week, we saw billionaire and crypto investor Mark Cuban praise Dogecoin, calling it the strongest cryptocurrency for conducting digital transactions. Self styled Dogefather and the memecoin’s biggest celebrity promoter, Elon Musk, soon jumped into the discussion, showing his support for and agreeing with Cuban’s statement via a tweet over the weekend. The positive comments from influencers have supported DOGE’s recent rally.
The seventh largest crypto by market cap has registered gains of more than 10% over the past 24 hours and is up by almost 40% over the past week. In addition to positive statements, the upbeat mood in the wider crypto sector have also driven more investors towards the market, resulting in a buying spree which have helped DOGE climb higher.
DOGE’s prices received an additional boost over news that Premier League’s Watford DC will sport jerseys featuring Dogecoin’s logo on their sleeves during the 2021/22 season. The development comes after the world’s richest soccer league struck a sponsorship deal valued at almost $1 million with gambling website Stake.com.
In more news about increasing adoption, Canadian jewelry exchange SafeGold has confirmed that it will allow customers to purchase precious metals gold, silver and palladium with cryptocurrencies. The company will accept payments in Bitcoin, Ethereum as well as Dogecoin.
Key Levels to Watch
On the 4-hour chart of DOGE/USD, most of the moving averages and the MACD are suggesting a strong bullish bias among investors. However, other leading technical indicators momentum and Stochastics RSI are exhibiting an interest in selling as well.
The price of Dogecoin has crossed past the pivot point at $0.306 but needs a stronger buying interest to cross the first resistance at $0.383. A break past this level can take DOGE beyond the $0.40 mark where buyers can encounter resistance again at $0.26 before breaking past $0.50.
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