- Dogecoin price is on track to yield double-digit gains for holders as the meme coin ranks fourth as the most popular cryptocurrency on BitPay.
- BitPay is one of the world’s largest payment processors, and DOGE is on track to witness a spike in its utility and adoption.
- Dogecoin price is on track to break out of resistance at its 50-day Exponential Moving Average at $0.07203.
Dogecoin, the largest meme coin in the crypto ecosystem, is on track to yield double-digit gains for holders. BitPay, one of the largest crypto payment processors reveals that DOGE is fourth largest cryptocurrency in terms of usage.
Also read: XRP bulls target $0.35 as the SEC v. Ripple legal battle reaches its final deadline
Dogecoin ranks high in terms of popularity among BitPay users
Dogecoin, a Shiba-Inu-themed meme coin with a market capitalization of nearly $10 billion is one of the most popular cryptocurrencies on payment processor BitPay. BitPay is a Bitcoin and crypto payment service provider headquartered in Atlanta, founded in May 2011.
Based on data from crypto payment processor BitPay, DOGE is currently the fourth most popular cryptocurrency used for transactions in BitPay, a leading crypto payment processor.
BitPay payment count by crypto
Dogecoin has found a spike in its utility and adoption, 6.17% of all BitPay transactions involve DOGE usage.
Dogecoin price is on track to tackle resistance at $0.0720
The eighth largest cryptocurrency by market capitalization is on track to break out of its descending channel. The 50-day Exponential Moving Average (EMA) is currently acting as resistance for the meme coin. It is in a downtrend and C, $0.0790 is the target for the eighth largest cryptocurrency by market capitalization.
DOGE/USDT price chart
As seen in the Relative Strength Index (RSI), the momentum indicator reads 53.42, the asset is in the neutral zone. The descending channel has two key levels, A where the price turned down, $0.0864 and B where DOGE price hit the lower trendline forming the descending channel at $0.0712.
DOGE price is ready to target the $0.0790 level. A decline below $0.0712 could invalidate the bullish thesis for the Shiba Inu killer.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Michael Saylor predicts Bitcoin to surge to $100K by year-end
MicroStrategy's executive chairman, Michael Saylor, predicts Bitcoin will hit $100,000 by the end of 2024, calling the United States (US) election outcome the most significant event for Bitcoin in the last four years.
Ripple surges to new 2024 high on XRP Robinhood listing, Gensler departure talk
Ripple price rallies almost 6% on Friday, extending the 12% increase seen on Thursday, following Robinhood’s listing of XRP on its exchange. XRP reacts positively to recent speculation about Chair Gary Gensler leaving the US Securities and Exchange Commission.
Bitcoin Weekly Forecast: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC to 100k or pullback to 78k?
Bitcoin and Ethereum showed a modest recovery on Friday following Thursday's downturn, yet momentum indicators suggest continuing the decline as signs of bull exhaustion emerge. Ripple is approaching a key resistance level, with a potential rejection likely leading to a decline ahead.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin (BTC) surged up to 16% in the first half of the week, reaching a new all-time high of $93,265, followed by a slight decline in the latter half. Reports suggest the continuation of the ongoing rally as they highlight that the current trading level is still not overvalued and that project targets are above $100K in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.