Dogecoin (DOGE), the world’s first-ever meme coin, experienced a significant surge this week, nearly 20%, but it is also confronting a critical resistance that could lead to a bearish rejection.
Bitcoin took the spotlight in the entire cryptocurrency industry this week, as it reclaimed the $35,000 price level late Monday, maintaining a narrow trade range between the $34,000 and $35,000 threshold until Tuesday.
This week, Dogecoin also saw a surge of 19%, but it encountered a crucial resistance at the golden ratio level of $0.072, which might result in a bearish projection.
However, it’s not all bad news, as a bullish breakout above $0.072 could propel the meme coin’s value toward the golden ratio at $0.086.
Its monthly moving average convergence divergence (MACD) is displaying bullish signals, with its histogram following an upward trend for over a year. MACD, a trading indicator, helps assess an asset’s momentum and determine potential entry and exit points.
Dogecoin also exhibited a bullish performance against Bitcoin this week, with a surge of over 11.5%.
DOGE holders remain optimistic that the meme coin will further boost its price. This optimism stems from the recent all-hands meeting of company X, where DogeFather and Dogecoin advocate Elon Musk unveiled his ambitious plan for the social media platform, which includes the launch of full payment and financial services by the end of next year.
While the tech billionaire has not made any official statements about Dogecoin, many speculate that the meme coin could be integrated as a payment method, especially given rumors of Musk’s secret funding of the crypto asset.
While the tech billionaire has not yet said anything about Dogecoin, many are already speculating that the meme coin might be included as a payment method, especially since Musk is believed to have secretly funded the crypto asset.
Future š company talks will be live-streamed so the public can watch too
ā Elon Musk (@elonmusk) October 27, 2023
If Dogecoin does become part of X’s financial system, it would strengthen its position as a legitimate cryptocurrency and potentially lead to mainstream adoption.
As of 11:43 a.m. ET on Friday, Dogecoin was trading in the green zone at $0.07055, with a 24-hour trading volume down by 58.67% at $446.67 million. This represents a 0.45% increase in the last 24 hours and a 17.2% gain over the past seven days.
The total circulating supply of DOGE stands at 141.58 billion, with its value up by 0.55% and a market cap of $9.99 billion, according to the latest data from CoinMarketCap.
