Dogecoin, DOGE (DOGE), immediately sees weekly gains of 11.4% after an intraday swing hovering at $0.0847.
- Dogecoin rises 15% in 24 hours
- Rallies ahead of the merger with Ethereum
- Growth fueled by ‘fake projects’
Dogecoin (DOGE), Elon Musk’s favorite dog meme coin, has spiked by 15%. Dogecoin surged more than 16% Monday and is only warming up.
And it’s not just Dogecoin that’s enjoying the bullish movement because other dog meme coins like Shiba Inu have had explosive growth felt over the weekend with the upcoming Ethereum network upgrade.
TradingView.com chart
Dogecoin Will Breach the Key Resistance For $0.087
Based on CoinMarketCapThe DOGE has fallen by 4.088% and is currently trading at 0.0829.
At this point, DOGE’s goal is to breach the key resistance level of $0.087. Dogecoin may experience unprecedented growth if it can break this resistance and fix the price.
There is some buzz going on that refers to DOGE’s growth as fake and artificial because it’s linked to the upcoming launch of the layer 2 Ethereum.
Tradesmen are advised to be careful with any fake initiatives or projects.
It is alarming to know that scammers online are linking themselves with Dogecoin for the clout effect.
Dogecoin’s growth was precipitated by market optimism.
Dogecoin community and developers issued warnings at one point to warn everyone about chains with the DOGE prefix.
Now, if the growth of DOGE is brought about by these fake projects then it would be easy to assume that Dogecoin’s growth is purely artificial because it uses popular influencers to promote the fakery in the effort to mislead users.
Investors Awaiting DOGE’s Ethereum Merge
Investors are now awaiting entry and positioned themselves just in time for DOGE’s merge with Ethereum.
This software upgrade will take place in September 2022 and aims at transforming Ethereum from proof–of-work into a proof–of-stake system.
Alpha Impact CEO Hayden Hughes believes that retailers have restored confidence in DOGE. It will not only impact DOGE, but also SHIB AND DOGE.
SHIB as well as DOGE made breach last weekend which indicated investor confidence returning to its highest level.
Cici Lu (CEO of Venn Link Partners) warned traders that meme coins have less market value than Bitcoin or Ethereum.
Judging by DOGE’s technical outlook, Dogecoin price made a pullback coming from $0.0847 which may be long-term.
More so, the 100-day SMA is set in motion to avoid DOGE from weakening or pushing below the coin’s primary support spotted at $0.0700. The DOGE price could soar above $0.1000 with relatively low push.
Source: TradingView.com| Source: TradingView.com Featured Image from Analytics Insight. Chart from TradingView.com