Dogecoin tests resistance as trading volumes soar and buyer interest rise

• 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 standard social investing platform Stocktwits as retail merchants circled. On Twitter, DOGE was probably the most talked about cryptocurrencies. The curiosity noticed the buying and selling quantity within the final 24 hours soar 67% as of press time. The value of DOGE was additionally up by 9% in the identical interval.

Crypto tokens like DOGE are recognized to be fueled by a retail frenzy. The rise in social media mentions is a powerful 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 will not set up the connection of Binance information with the social media frenzy round DOGE. Nonetheless, we all know that the DOGE neighborhood may be excited in any case of reports, together with a sneeze by Elon Musk. The newest growth is optimistic for DOGE lovers, and traders ought to maintain tabs.

DOGE contained by a resistance good friend purchaser curiosity

Supply – TradingView

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

Buyers ought to take into account a breakout above $0.07 a bull case for DOGE. If a breakout fails, then DOGE may slide again to $0.06. Buyers may nonetheless discover strengths to interrupt previous the resistance, and traders ought to maintain watch.

Abstract

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