Time to turn bullish on Dogecoin (DOGE)?


The leading memecoin Dogecoin continued its downtrend on Wednesday after losing more than 13% of its value in the last week alone, feeling the brunt of the bearish mood in the broader cryptocurrency sector. At the time of writing, DOGE / USD is trading at around $ 0.209.

Even as pessimistic investor sentiment towards riskier instruments continues to keep cryptocurrency trading under pressure, there are some interesting fundamental developments that may offer support for DOGE in the near term. If the sentiment reverses, these factors could even help the memecoin climb higher and reverse its recent losses.

Adoption of DOGE as payment option increases

In the previous session, America’s largest theater chain AMC saw its CEO, Adam Aron, post a poll on Twitter to gauge the online community’s interest in whether the company should start accepting payments online. Dogecoin. He confirmed that the company plans to introduce crypto payments by the end of this year, but wanted to know if users would be interested in doing transactions on DOGE as well, sparking great interest among the memecoin online community, Doge Army.

Meanwhile, RedSwan CRE, one of the leading US-based Commercial Real Estate Tokenization (CRE) platforms, announced that it will start accepting payments in DOGE for the purchase of real estate in every two years. of his projects. A move like this boosts adoption of Dogecoin among users, giving them more use cases to transact with the cryptocurrency that initially started out as a joke.

A leading webcam website, BongaCams, also recently announced the adoption of DOGE as a payment option for its users wishing to make purchases on the website. The company said it added DOGE as a payment option due to its growing popularity over the year in addition to its benefits allowing users to make fast and anonymous transactions.

Since the start of this week, there has been a slow rise in trading volume on Dogecoin – a key metric that indicates a potential interest in the use of the part. A continued increase in volume may support the price of Dogecoin over the coming sessions and aligns with recent news regarding higher levels of adoption of crypto as a payment option among companies.

Key levels to watch

Technical analysis of the DOGE / USD H4 price chart reveals a bearish bias among most moving averages. However, MACD leading technical indicators and momentum are also showing a bullish bias.

DOGE / USD

The price of Dogecoin is currently at the crucial support level at $ 0.209. Additional purchase interest will be required to overcome this level. However, confirmation of an uptrend will force DOGE to break above the next support at $ 0.221 and then the pivot point at $ 0.24 as well.


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