By early Friday, it looks like the cops will be back in Dogecoin (DOGE) return, and we have to go after the dogefather, Elon Musk, again for the surge in buying promotions on the most popular and largest Memecoin Market capitalization to thank. At the time of writing, DOGE / USD trades at $ 0.185.
The meme token has been trading in a row for several sessions recently amid bearish sentiment in the broader crypto sector that is keeping buyers away from the market. However, it looks like the buying frenzy may begin soon after the leading cryptoBitcoin has managed to break the key USD 50,000 mark after trading below it for many days.
This is what awaits you in this article
Musk is Pro Doge, sends Dogecoin higher
Meanwhile, Dogecoin’s leading celebrity promoter and Tesla CEO Elon Musk has interest in the Cryptocurrency awakened after entering the ongoing social media debate about the Web 3.0 hype between him and Twitter co-founder Jack Dorsey. While Musk is not yet convinced of the potential of Web 3.0, he talked about campaigning for DOGE because he believed that Bitcoin only enables new rich people to gain more power in the market.
In a tweet shared on Thursday, Dogecoin co-founder Billy Markus noted, “My goal is to build things, make money, and have fun. I’m used to the corporate establishment and don’t see any real break with it – Bitcoin only gives power to new rich people. ”Musk then responded to this tweet by stating that he was“ Pro Doge ”, waking up dormant shoppers and passing them on to the meme token send.
Other developments supporting the rise of Dogecoin
Markus also recently discussed the differences between Dogecoin and its main rival, the Shiba Inu coin. He found that DOGE had a significant advantage over the second most popular memecoin, as it enabled transactions at extremely low costs, as opposed to SHIB, an ERC-20 token, where gas fees fluctuate based on Ethereum network congestion and demand. Unlike Shiba Inu, Dogecoin was built from the ground up with its own Blockchain-Infrastructure built instead of the Ethereum Network that faced significant anti-aircraft guns because of its rising gas charges.
DOGE could also see an increasing interest in buying in the short term, as long as the mood in the crypto market continues to improve after the publication of a “trail map” by the Dogecoin Foundation. The document outlines future plans for the cryptocurrency and insists that they put utility above technical brilliance, suggesting a strong focus on expanding its adoption as a payment method.
DOGE / USD technical analysis
The technical analysis of the H4 price chart of DOGE / USD shows a bullish picture under almost all moving averages as well as the leading technical indicators MACD and momentum. However, the 200 EMA suggests that some selling interest is emerging in the market.
DOGE / USD
Dogecoin price is just above the pivot point at $ 0.18 and needs more buying momentum to build up to get it up. If this happens, we could see that DOGE buyers are immediate resistance Take a chance at $ 0.20 and break that psychological level.
Source: Crypto News Deutsch