Dogecoin (DOGE) was trading lower just like the rest of the cryptocurrency market. At the time of publication, DOGE was changing hands at $0.068, down 1.0% on the daily at the time of analysis. Mark Cuban, billionaire entrepreneur and star of ABC’s “Shark Tank,” joined the Altcoin Daily Podcast for a wide-ranging, hour-long conversation about crypto. Cuban mused on the differences between Cardano and Dogecoin, and which has the most potential. “I still think DOGE has got more applications potentially available to it than Cardano’’. He stated. During a recent appearance on the “Full Send” podcast, Tesla CEO Elon Musk reiterated his support for Dogecoin. In response to a query on cryptocurrencies, Musk stated, “I’m mainly supporting Doge, frankly,” while saying that it had “memes and dogs.” Musk asserts that despite being intended as a “ridiculous joke currency,” Dogecoin has “real utility.” He stated that compared to Bitcoin, Dogecoin has a larger transaction capacity.
Key Levels
Resistance Levels: $0.100, $0.080, $0.075
Support Levels: $0.065, $0.057, $0.050
DOGE/USD Daily Chart DOGE is clinging to a downside consolidation from the daily chart’s outlook, creating an extensive range. Additionally, the MA 50 limits its early drawbacks. Investors may have to prepare for a selloff in the $0.050 range if DOGE/USD is unable to overcome the horizontal barrier at $0.080. Furthermore, breaking past the barrier might move DOGE into a zone of convergence for sellers between $0.08 and $0.10.
The expected outcome of a rupture of the trend mentioned above is a bullish run. The cryptocurrency’s support levels of $0.065 and $0.050, however, remain unwavering in the implausible event of a trend reversal. As DOGE continues to reserve its positions, it is converging between a resistance level of $0.075 and a support level of $0.080.
DOGE/USD 4-Hour ChartOn the other hand, the four-hour technical perspective shows that DOGE’s short-term analysis has a slight positive bias as the MA 50 has crossed above the MA 200. The recovery and transition phases of the RSI are at equilibrium but a little under 50. Moving at a neutral level means that selling pressure is slowing. DOGE/USD might surge to seek less resistance and create new demand from traders looking to buy low if resistance turns into support at $0.075 and $0.080.
Positively, overcoming the immediate barrier at $0.080 is important for additional advances towards $0.10, and clearing the barricade may pave the way for gains to the crucial resistance region of $0.10–$0.120. The market’s attitude will be supported by prices above the 4-hour moving average (MA 50), offering huge support if the resistance is breached.
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