Dogecoin (DOGE) remains stable: bearish market offsets support from fundamentals

Dogecoin (DOGE) traded choppy early Friday and remains among the leading coins amid bearish sentiment, Bitcoin and., under pressure Ethereumthat has been keeping buyers away from the entire crypto market lately. At the time of writing, DOGE / USD trading at around $ 0.175.

Towards the end of 2021, the year of the DOGE, there is some good news that could potentially offer some support to the leading Memecoin in the near future. According to Reddit’s annual review, were Cryptocurrencies the most watched topic on its platform and Dogecoin took the lead as the most popular subreddit within the crypto category.

Dogecoin not only overtook the market leader Bitcoin subreddit in terms of number of views, it also ranked above another popular subreddit for investors r / superstonk – one of the leading subreddits for discussing trading ideas in the stock and crypto markets. This latest data from Reddit shows how popular the cryptocurrency, originally launched as a joke, became in 2021, has been taken more seriously by investors and has become one of the top 15 cryptocurrencies Market capitalization would.

Musk’s influence on Dogecoin

Earlier this week, DOGE received more praise from its most popular and prominent promoter, “Dogefather” Elon Musk. In a podcast with Lex Fridman, the Tesla CEO spoke again about how it has a far higher transaction volume than Bitcoin, although it traces its origin back to a joke.

Musk had a significant impact on DOGE’s year-round support, though it also rocketed the overall market. Earlier this year, digital currencies experienced a flash crash when Tesla stopped accepting payments in Bitcoin, citing environmental concerns since Bitcoin mining is a very energy-intensive process that runs counter to the brand’s commitment to a greener earth.

On the flip side, he recently gave Dogecoin a neat boost when he announced that Tesla is coming soon DOGE would accept as a payment method for some goods. Musk was also at the forefront of pushing the development team behind the popular Memecoin to make changes to its ecosystem that would make it more efficient to use for digital transactions.

DOGE / USD technical analysis

On the DOGE / USD 4-hour chart, most of the moving averages are pointing to a bearish bias. However, the smaller time frame MAs – 10 EMA and 20 EMA – as well as the popular MACD and Momentum technical indicators also indicate the presence of buyers in the market.

DOGE / USD

Dogecoin price holds below the pivot point at $ 0.182 but is above the immediate resistance at $ 0.169. We need to see if this support can survive as a surge in salespeople can see DOGE testing this key level.