Dogecoin (DOGE) is starting Monday on a bullish note after having reclaimed the key $0.30 level and making its way higher as buyers make the most of the optimistic mood in the crypto market at the moment. At the time of writing, DOGE/USD is trading around $0.31.

The most popular memecoin has failed to generate much interest even amid the current strong bullish mood among investors towards cryptocurrencies as it lacks interesting use cases in the DeFi and NFT sectors. Unlike most of the altcoins that have been rallying higher lately amid rising interest in adoption of their technology for use cases beyond digital transfer of payments, DOGE is losing out after having started originally as a joke cryptocurrency.

In a recent AMA session over Twitter, Ethereum’s co-founder Vitalik Buterin hoped that Dogecoin’s network would transition from a PoW consensus mechanism to a PoS one, which would make it far more efficient and attract more users towards its blockchain. Buterin, who also serves on the Dogecoin Foundation, would like the blockchain to use its $5 billion PoW issuance to fund a DAO for social causes in keeping with the cryptocurrency’s original ethos.

Despite its weak moves lately, its community continues to believe in its potential and analysts have also not entirely given up hope on Dogecoin just yet. President at The Mercator – a market research firm, Gianni Di Poce forecasts an uptrend which can take DOGE to newer ATHs and possibly even towards capturing the elusive $1 mark. A similar forecast has also been shared by another leading crypto analyst and trader, Scott Melker, who expects the memecoin to take back the $0.35 level against USDT soon.

On the fundamentals front, Dogecoin could enjoy some support from a leading US-based online retailer Shop.com’s decision to start accepting payments in cryptocurrencies. The e-commerce platform has announced a partnership with BitPay to allow users to pay for their purchases via leading digital currencies, including DOGE, which could further drive up interest among investors to use the memecoin.

Key Levels to Watch

On the H4 price chart of DOGE/USD, all of the moving averages in addition to the leading technical indicators MACD and momentum are exhibiting a strong bullish bias among investors at the moment. Although, the Stochastic is suggesting some selling interest as well.

Dogecoin is trading just above the pivot point at $0.30 and needs a stronger build-up in buying interest towards testing the first resistance at $0.33. Once this level is broken, another resistance at $0.34 stands between buyers and the key $0.35 mark.