Dogecoin (DOGE) is enjoying quite the bull run since the beginning of the month and this week saw the momentum strengthen even further. Experts foresee the leading memecoin making more highs in the coming sessions, enjoying support from the positive market sentiment prevalent in the crypto sector as well as several encouraging developments.
At the time of writing, DOGE/USD is trading around $0.275, up by almost 40% so far this week. Recently, RenVM announced a partnership with ICHI to allow Dogecoin’s community access to decentralized stablecoins with the help of ICHI’s Decentralized Monetary Authority (DMA). With this, users can create stablecoins backed by a mix of DOGE coins with fiat currencies. The feature will be especially useful in the DeFi ecosystem and can drive up the value of the DOGE coin going forward.
Meanwhile, in terms of increasing its adoption rates and acceptance, the Dogecoin community is trying to catch US-based movie chain AMC Entertainment’s eye lately, ever since the company announced that it was planning to start accepting payments in Bitcoin by the end of 2021. DOGE’s users are trying to convince AMC to consider the popular memecoin as a valid payment option as well.
The rally in DOGE is expected to continue further, as per the forecast of a popular crypto analyst ‘The Crypto Dog’. According to him, the increased trading volume could drive up liquidity in DOGE in the coming sessions. A similar forecast was shared by crypto investor and entrepreneur David Gokhstein who believes that the most popular memecoin could “surpass a dollar”.
Key Levels to Watch
Technical analysis of the H4 chart of DOGE/USD, buying averages and the MACD indicator are exhibiting a strong bullish bias among investors at the moment. However, the momentum indicator points to some interest among sellers as well.
Dogecoin’s price is sitting comfortably above the pivot point at $0.238 but has some catching up to do to test the first resistance at $0.284. A break past this level can take DOGE above the key $0.30 level and further buying can see a test of the next resistance at $0.328.