Dogecoin, the meme token with a $16 billion market capitalization, is popular thanks to Elon Musk’s tweets. However, there is concern about an unbreakable resistance level.
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Tesla’s Preference for Dogecoin Sparks Investor Excitement
Leading cryptocurrency journalist Colin Wu reports that Tesla has removed Bitcoin from its payment page source code, but still retains Dogecoin. This has caught the attention of investors who see the potential for Tesla to accept Dogecoin payments again in the future. In response to the news, Dogecoin witnessed a noteworthy but brief surge on July 21st, although the impact quickly subsided.
Dogecoin Struggles to Break Downtrend
Despite positive developments, Dogecoin’s daily chart for the DOGE/USDT pair shows that the 0.075 cent resistance level, surpassed with a 10% increase on July 21st, could not be sustained at the daily close. This raises the possibility of a price drop, with the first support level at 0.066 cents and the second support level at 0.059 cents. If there is a reversal, Dogecoin must overcome the 0.077 cent level as the initial resistance, which remained unbroken on July 21st. Additional resistance levels lie at 0.081 cents and 0.094 cents.
The EMA 21 acted as support on the daily chart today. This is a positive sign for the price of Dogecoin, as it indicates that the price may continue to rise if it closes around this level.
Dogecoin Witnesses Surge in Active Users and New Wallets
Blockchain analysis firm IntoTheBlock reports a notable rise in both the number of new addresses and active addresses within the Dogecoin community. The SEC and Ripple case decision has particularly led to a significant increase in active users, contributing to the price surge fueled by recent news.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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