Thanks in part to the Dogefather’s remarks at “The B Word” conference, Dogecoin has risen above its rangebound price action and started a surge. DOGE was trapped in a steep slump for the previous 30 days, along with the rest of the cryptocurrency market.
After trading at a swing low of $0.16, Dogecoin price has picked up steam midweek and has surged above $0.2. The credit for this uptrend goes to the reaction to oversold conditions last week and Elon Musk of course.
Dogecoin is currently trading above a long-term descending trend line, indicating that the rally is gaining momentum. Bulls must defend their position above this line in order to plan for a further comeback over $0.2.
At the time of writing, Doge is trading at $0.195. The first major resistance is at $0.2139. However, support from the broader market will be needed to breach this level.
If Doge manages to surge higher, $0.2372 could be tested.
In case Doge dips below $0.1911, the support to fall back to is at $0.16. A continued dip from here will put a $0.415 support level to play.
Coinbase Commerce Now Accepts DOGE!
Dogecoin payments have been enabled to Coinbase Commerce, the e-commerce branch of the popular US-based crypto exchange.
Coinbase Commerce made an announcement on Twitter hours ago. Dogecoin will be the 7th token for businesses to transact.
Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and stable coins Dai (DAI) and USD Coin are presently supported on the platform.
Coinbase Commerce users may convert their crypto payments into US dollars, euros, pounds, or USDC without leaving the e-commerce platform.
This development could serve as a stimulus to propel Doge even higher, as it is currently on the rise. The current market sentiment, along with Musk’s reaffirmation of support and this development, is the perfect recipe for Doge to soar higher.