- 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
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.