Dogecoin (DOGE) has reclaimed its bullish attitude after a slight dip early on Friday. The meme asset receives support from various fundamental developments and the impressive mood by investors in the crypto spectrum in general. While writing this content, DOGE/USD trades at $0.2458.
AMC CEO Declares DOGE for Gift Cards’ Payment
For now, Dogecoin has multiple developments that might support the anticipated rally in the short term. If sentiment in the total cryptocurrency market continues to rise, the leading meme token will explore price peaks. For now, DOGE receives backing from AMC, a theater chain based in the US. The entertainment firm announced its plans to accept Dogecoin payments for individuals purchasing gift cards. That is the initial step towards adopting Dogecoin for tickets and concessions payments, and it might take effect before the end of the year.
The world’s largest meme asset gained more support from Mark Cuban, a billionaire that has promoted the coin. He revealed that clients prefer purchasing Maverick merchandise with Dogecoin. That is due to the meme coin’s easy-to-spend features. Cuban explained that Dogecoin received favor against other cryptos such as Bitcoin. That is because DOGE’s price does not surge too much. With that, users tend to spend the meme asset frequently rather than holding it for future value.
Other Fundamentals Supporting Dogecoin
Public.com, a popular broker, decided to add DOGE for its customers, further supporting a probable bullish outlook for the popular meme coin. The public is an emerging application that aims to capitalize on the increasing crypto trading popularity, competing with leaders such as Robinhood. Its move to add Dogecoin as one of its initial offerings shows how DOGE is popular among retail traders.
Dogecoin users can also spend their coin’s holdings as Pacific Sunwear, a fashion brand based in the US, declared crypto payments, including Dogecoin. The brand collaborates with BitPay to offer crypto payment services to its clients, accepting BTC and other coins, including Dogecoin.
Technical Analysis
According to Loma, a cryptocurrency trader, and strategist, Dogecoin faces some uncertainties as far as short-term actions are concerned. With that, the asset might fluctuate in either direction. In a recent update, he stated that DOGE sits at a critical level for now, and moves from here will determine whether the coin with outperform its leaders or plunge lower.
DOGE/USD’s four-hour chart shows a massive bullish attitude in the Moving Averages and the momentum indicators. However, the MACD shows sellers’ interest. For now, DOGE is above its pivot at $0.21, before overcoming two vital resistance zones at $0.23, then $0.24. Increased bullishness might see the asset testing the resistance located at $0.27.
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