Dogecoin (DOGE) bulls seem to be waiting for the next line of action as the price remains in a range. Currently, Dogecoin is trading at $0.06, marginally up in the last 24 hours and a further 0.71% down over the previous seven days, with a market capitalization of $7.97 billion. Self-custody wallet, Mydoge wallet, is about to launch a dogecoin “shop and earn” promotion at major retailers. Here, users would be able to buy exclusive items with Dogecoin and earn free Doge by shopping at major retailers. At Messari Mainnet 2022, Ethereum co-founder Vitalik Buterin states that he hopes that popular meme coin Dogecoin and privacy token Zcash will move their networks to the Proof-of-Stake (PoS) consensus mechanism. Buterin expressed this view when asked by Ryan Selkis whether all networks should move to PoS. Currently, Dogecoin is the second largest Proof of Work following Bitcoin, after Ethereum migrated to proof of stake on September 15.
Key Levels
Resistance Levels: $0.0916, $0.0750, $0.0683
Support Levels: $0.0599, $0.0500, $0.0300
DOGE/USD Daily Chart
DOGE is poised for further northward movement because the relative strength index (RSI) is keeping midline conditions at bay. A reversal may occur if $0.0750 is not reached within the next few days. Support is expected at levels of $0.0570, $0.500, and $0.0300 in extension.
The trend is currently in favor of the bulls, with the MA 50 narrowing the range to as close to the MA 200 as possible. It’s unclear whether the anticipated launch of the Dogecoin ‘’shop and earn” promotion might boost Dogecoin’s price, and how far the rally may extend. Whatever the case, the rebound is a welcome sight, especially after two days’ drop to $0.0588.
DOGE/USD 4-Hour ChartAs DOGE continues to rise above the $0.0559 mark, the short-term outlook for the leading crypto is looking more and more bullish. Once DOGE/USD bulls can keep prices above the short-term support level of $0.0559, they may be able to break through the $0.0700 resistance level. DOGE/USD bulls may attempt to break above the resistance level of $0.0700.
Only when the DOGE/USD pair moves above $0.0650 is it considered to be bullish; the main resistance is found at levels between $0.0700 and $0.0750. Sellers may test the $0.057 and $0.0500 support levels if the DOGE/USD pair trades below the $0.0600 level.
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