Dogecoin price is rebounding alongside the general cryptocurrency market. At the time of publication, Dogecoin was trading up 2% at $0.1402. Dogecoin’s objective, according to the Foundation, is to make DOGE the de facto worldwide currency for exchanging goods and services. Project RadioDoge focuses on using low-cost radio technology (HF/LoRaWAN) combined with Elon Musk’s Starlink satellite technology to provide cheap, wide-scale access to Dogecoin for individuals who live outside the reach of regular internet infrastructure. This will allow Dogecoin to be able to perform transactions without the use of the internet. By integrating a noncustodial wallet with the Dogecoin network, GigaWallet aims to provide a publicly available drop-in solution for internet-based trade and tipping. Last weekend, the first RadioDoge “Regional Hub,” which will serve as a testing ground for the technology, was launched.
Key Levels
Resistance Levels: $0.1800, $0.1650, $0.1500
Support Levels: $0.1325, $0.1255, $0.1150
DOGE/USD Daily ChartDOGE/USD sought to rebound to its recent high during the session. Its attempts continue to gain traction as price surge above the congestion zone at the $0.1400 level, bouncing around the $0.1362 intraday low. DOGE has failed to break out of the price channel formed by the daily moving averages (MA 200 and MA 50). Although the pair is in a rebound, it has remained stuck in a trading range.
The daily relative strength index (RSI) has been moving within its midline of 50, indicating that the bulls have run out of steam. Bulls might try to drive the pair higher if its established foothold around the $0.1325 stays undefeated. On the upside, a daily close above $0.1500 might perhaps open the doors for a decent increase.
DOGE/USD 4-Hour ChartDOGE/USD is now trading in a range, with resistance near 4-hour MA 50 at $0.1455. The RSI is currently reflecting the consolidation in its momentum, but as long as it stays beneath the neutral 50 levels, the bears might have a new opportunity to push the market lower. The $0.1325 level, which is beneath $0.1395, could be another stumbling block on the path down.
On the flip side, if the bulls breakthrough upside barriers, the odds of a rapid surge towards the next resistance levels of $0.1509 and $0.1550 will increase. Otherwise, if sellers take control, the moving average (MA 200) and $0.1325 could provide quick support to the market. In summary, DOGE/USD would have additional bullish fuel, with a breach over the MA 50 and $0.1455 mark.
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