Dogecoin (DOGE) will be trading largely stable until Tuesday and will be supported by interesting developments from India – a key market that is bringing in several private investors in the most popular Memecoin. At the time of writing, DOGE / USD trading at around $ 0.17.
Since the self-proclaimed “Dogefather” and Tesla CEO Elon Musk announced that his company would accept payments in DOGE for goods, the meme token has seen something of a resurgence, and more buyers are returning to the game. However, the general bearish sentiment in the crypto market continues to weigh on sentiment, keeping investors cautious and the profits of the Cryptocurrency limited.
Good news from India can also support the leading memecoin, which is one of the most heavily traded cryptos in this market. According to Google Trends, buying Dogecoin in India was among the top 10 most searched phrases in India, ranking sixth overall and first in crypto-related searches, ahead of “In Bitcoin invest”. Latest news reports suggest that the Government of India may postpone the presentation and discussion of the proposed Cryptocurrency Bill at the winter session in Parliament to provide some relief to crypto traders and investors in the country.
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Whale activities in DOGE Rises
Despite the sluggish mood, whales or wholesalers remain optimistic about the prospects for the coin and also the overall market, which is using the ongoing decline to stock up on Dogecoin. Since Musk’s announcement last week, whale or large keeper activity in DOGE has increased steadily, according to data from IntoTheBlock. Last week, a whale got over $ 926 million worth of Dogecoin from a single one Wallet-Address transferred to different addresses. Most interestingly, transferring such a large sum resulted in the user paying a transaction fee of only $ 0.7328 – 4.49 DOGE, which illustrates Musk’s stance on the Memecoin as an excellent option for making digital transactions.
In addition to the increased whale activity, DOGE could find support through the launch of NFT Dogehub – a Dogecoin marketplace for NFTs and Metaverse products. The platform created by AppSwarm offers Dogecoin holders an NFT marketplace to purchase NFTs and other Metaverse products, including virtual worlds, collectibles, game products, digital art, virtual real estate, and music.
The platform offers DOGE owners access to the Metaverse and thus gives them a glimpse into the purchases in Memecoin. The NFTs and other digital collectibles purchased on NFT Dogehub can also be traded or resold on other secondary marketplaces.
DOGE / USD technical analysis
On the DOGE / USD H4 chart we find a bullish tendency in the smallest moving averages as well as in the leading technical indicators MACD and Momentum. However, the 50 EMA, 100 EMA and 200 EMA indicate some downward pressure that is also weighing on DOGE.
DOGE / USD
The price of Dogecoin holds below the pivot point at $ 0.18 but is well above the immediate support at $ 0.14. We need to see a little more buying pressure build up to test the pivot point, so let’s keep an eye on price moves around this level for now.
Source: Crypto News Deutsch