Dogecoin’s resistance is tested as trading volumes rise and buyer interest increases

Dogecoin
  • Dogecoin was the top-trending cryptocurrency on Wednesday

  • Binance has announced new rewards to Dogecoin users

  • Trading volumes for its native token DOGE soared while the price climbed

Dogecoin DOGE/USD lit retail traders’ talks Wednesday. Stocktwits, a popular social investment platform, became a hot topic as retail traders circled around the token. DOGE was the most popular cryptocurrency mentioned on Twitter. Trading volume for the last 24 hours soared 67%, according to press time. In the same time, DOGE also saw a 9% increase in price.

Doge and other crypto tokens are well-known for being fueled by a retail frenzy. A strong price catalyst is the rise in social media mentions. Binance also announced new rewards for DOGE customers on the same day. The token can be staked and users will earn up to 10% in APYs.

Binance news is not connected to the DOGE social media frenzy. We do know that DOGE can be excited by even the smallest news items, such as a Elon Musk sneeze. Investors should be aware of the latest developments in DOGE.


DOGE is contained by resistance among buyer interest

Source – TradingView

DOGE appears to be headed for a correction, having hit resistance at $0.07. As the crypto’s buyer interest is high, we can’t guarantee if a correction will happen. Investors should not lose heart if there is a breakout. Bullish momentum is evident when MACD lines are above the moving average.

A breakout above $0.07 should be considered a bull case by investors. DOGE could fall to $0.06 if a breakout fails. Investors should be aware that they may still find strength to overcome resistance and investors should continue to watch.


Summary

DOGE is getting buyer interest. The price has reached a resistance and there is a possibility of a breakout or correction. Buy above the $0.07 resistance.