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Friday, August 19, 2022
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    HomeMarketDogecoin tests resistance as trading volumes soar and buyer interest rise

    Dogecoin tests resistance as trading volumes soar and buyer interest rise

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    • Dogecoin was a high trending cryptocurrency on Wednesday

    • Binance introduced new rewards for customers of Dogecoin

    • Its native token DOGE noticed buying and selling volumes surge whereas value spiked

    Dogecoin DOGE/USD lighted retail merchants’ talks on Wednesday. The token trended on common social investing platform Stocktwits as retail merchants circled. On Twitter, DOGE was some of the talked about cryptocurrencies. The curiosity noticed the buying and selling quantity within the final 24 hours soar 67% as of press time. The worth of DOGE was additionally up by 9% in the identical interval.

    Crypto tokens like DOGE are identified to be fueled by a retail frenzy. The rise in social media mentions is a robust value catalyst. On the identical day, Binance introduced new rewards for DOGE customers. Customers will be capable to stake the token and earn APYs as excessive as 10%.

    We are able to’t set up the connection of Binance information with the social media frenzy round DOGE. Nonetheless, we all know that the DOGE neighborhood could be excited in any case of reports, together with a sneeze by Elon Musk. The most recent growth is optimistic for DOGE lovers, and traders ought to preserve tabs.

    DOGE contained by a resistance amid purchaser curiosity

    Supply – TradingView

    Technically, DOGE appears set for a correction after hitting resistance at $0.07. We are able to’t verify if a correction will happen because the crypto’s purchaser curiosity stays excessive. A possible breakout can also be a probable occasion ought to traders grasp on. MACD strains stay above the shifting common, revealing that bullish momentum is underway.

    Buyers ought to think about a breakout above $0.07 a bull case for DOGE. If a breakout fails, then DOGE might slide again to $0.06. Buyers might nonetheless discover strengths to interrupt previous the resistance, and traders ought to preserve watch.

    Abstract

    DOGE is attracting purchaser curiosity. The worth has hit a resistance, with a possible breakout or correction. Look to purchase above the $0.07 resistance.



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