Dogecoin Jumps 15% In 24 Hours As DOGE Overcomes Critical Level
August 17 2022 - 5:00PM
NEWSBTC
Dogecoin (DOGE) goes straight to weekly gains of 11.4% following an
intraday movement hovering towards $0.0847. Dogecoin jumps 15% in a
matter of 24 hours Rallies amid the upcoming merge with Ethereum
Growth fueled by ‘fake projects’ Dogecoin (DOGE), Elon Musk’s
favorite dog meme coin, has spiked by 15%. Monday was
phenomenal for Dogecoin as it surged by more than 16% and the meme
coin is just warming up. And it’s not just Dogecoin that’s enjoying
the bullish movement because other dog meme coins like Shiba Inu
have had explosive growth felt over the weekend with the upcoming
Ethereum network upgrade. Chart from TradingView.com Related
Reading: Polygon Seen Breaching $1 This Week – Can MATIC Start An
Uptrend? Dogecoin To Breach Key Resistance At $0.087 According to
CoinMarketCap, DOGE price has plunged by 4.08% or trading at 0.0829
as of this writing. At this point, DOGE’s goal is to breach the key
resistance level of $0.087. If Dogecoin can successfully breach
this barrier and fix its hold on the price, then the coin may see
unprecedented growth in the coming days. There is some buzz going
on that refers to DOGE’s growth as fake and artificial because it’s
linked to the upcoming launch of the layer 2 Ethereum. But, traders
are warned to be cautious with fake projects or initiatives may not
be what it looks like. One frightening fact is that there are many
scams online that link themselves to Dogecoin for that clout
effect. Dogecoin’s growth was precipitated by market optimism.
There was some point in time, wherein the Dogecoin developers and
community announced warnings to inform everyone to steer clear of
chains that have the prefix DOGE. Now, if the growth of DOGE is
brought about by these fake projects then it would be easy to
assume that Dogecoin’s growth is purely artificial because it uses
popular influencers to promote the fakery in the effort to mislead
users. Investors Awaiting DOGE’s Ethereum Merge Investors are now
awaiting entry and positioned themselves just in time for DOGE’s
merge with Ethereum. This software upgrade is bound to happen in
September 2022 which aims to transform Ethereum from proof-of-work
to proof-of-stake mechanism. Hayden Hughes, Alpha Impact CEO, is
confident that retail investors have renewed confidence with DOGE
which will impact not just DOGE but also SHIB and DOGE. Both DOGE
and SHIB made a breach over the weekend indicating the revival of
investor confidence. However, Cici Lu, CEO of Venn Link Partners,
warned that traders be careful with meme coins because it lacks
utilitarian and market value compared to Ethereum and Bitcoin.
Judging by DOGE’s technical outlook, Dogecoin price made a pullback
coming from $0.0847 which may be long-term. More so, the 100-day
SMA is set in motion to avoid DOGE from weakening or pushing below
the coin’s primary support spotted at $0.0700. With relatively
little push, the DOGE price may soar to more than $0.1000. Related
Reading: XRP Sluggish At Resistance – Will It Break Out After 2
Months Of Vertigo? DOGE total market cap at $10.7 billion on the
daily chart | Source: TradingView.com Featured image from Analytics
Insight, Chart from TradingView.com
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