Dogecoin (DOGE) briefly rose as much as 5% in the early part of Thursday before a slight retreat. At the time of publication, Dogecoin was changing hands at $0.068, up 1.02% in the last 24 hours. The Dogecoin-Ethereum bridge is anticipated to launch in 2022, according to Blue Pepper, the firm behind its development. The cross-chain bridge will permit users to move Dogecoin to the Ethereum blockchain (and vice versa). Dogecoin will be utilized in smart contracts, decentralized finance (DeFi) protocols, and non-fungible token (NFT) marketplaces. The Dogecoin Foundation, Blue Pepper, MyDoge, and BitGo will be the genesis members of the decentralized autonomous organization (DAO) that will be responsible for governing the protocol. Dogecoin co-founder Billy Markus earlier stated that the creation of the bridge would aid Dogecoin’s utility.
Key Levels
Resistance Levels: $0.1205, $0.1000, $0.0750
Support Levels: $0.0650, $0.0576, $0.0450
DOGE/USD Daily ChartDoge has mostly remained with the bears for the sixth day in a row, having been hit by a double-edged punch in the prior week. The dog-themed token is having a bad week, with DOGE/USD stuck on the daily moving average (MA 50) of around $0.0700. DOGE bulls traded high at the mid-month, with the price trading near highs of $0.0917 until it lost traction this week.
The momentum indicators are painting a bleak near-term picture, with the relative strength index (RSI) ranging precipitously below its mid-level of 50. If the $0.0650 level gives way, the bears may need to break through the $0.0576 level to gain traction toward the yearly low of the $0.0491 area.
DOGE/USD 4-Hour ChartDOGE fell precipitously after failing to close above the $0.0916 high on August 16. The price has also fallen below the 4-hour moving averages (MA 50 and 200). According to the 4-hour RSI indicator, prices are approaching their mid-level, indicating the possibility of a short-term consolidation around the $0.0700 level.
If the DOGE/USD pair remains below the moving averages, bears may try to undermine bullish activity. Failure to close below $0.0650, on the other hand, may generate upside pressures towards the $0.0750-$0800 level, where its key resistances are currently located. Higher, the price may try to break through the $0.1000 level and move into the $0.20 range.
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