Dogecoin DOGE/USD recently broke resistance as Bitcoin BTC/USD sets the pace of the market.
What Happened: Dogecoin won over a resistance at $0.25 and most of the indicators point to a continuation of the bullish trend, according to a Capital.com analysis.
See Also: How To Buy Dogecoin
Dogecoin is now also supported at $0.2442 down to $0.2265, with next resistances stopping its growth at $0.2619 to $0.2797. When it comes to the longer term, Capital.com expects Dogecoin could need years to surpass its previous all-time high of $0.74 and reach the $1 level.
According to recent reports, market data indicates that 70% of those who invested in Dogecoin are now profiting off of their investment. The coin recently saw a surge in adoption when youth-focused fashion retailer PacSun enabled online shoppers to buy clothes using DOGE.
The coin's overall use as a payment option is reportedly gaining momentum. Market data shows that as of late September, Dogecoin could be spent at 1,704 merchants — up 41.3% from 1,206 merchants at the end of January and 61.63% higher than in January 2020.
DOGE Price Action: Dogecoin is trading at $0.2457 at press time, after its price decreased by about 3% over the last 24 hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.