The biggest meme coin DOGE is remarkably stable on Thursday after unsuccessfully attempting to overcome the resistance at $0.0771 on Wednesday. With $371 million in trading volume streaming in over a 24-hour period, the price of Dogecoin is down 1.3% on the day.
If the bulls hold the support at $0.07, Dogecoin price will still be in a position to continue a bullish story ahead of the weekend.
Burger King ‘Needs Dogg’, But Dogecoin Price Still Holds Up
Global fast-food restaurant chain Burger King, which specializes in flame-grilled burgers, fries and other foods, said in a tweet earlier this week “we need dogs.” The vague tweet left users with more questions than answers as some speculated that the restaurant may soon add support for Dogecoin payments.
At the time of writing, the tweet had been viewed 118.9k times, attracting 535 retweets and 1,522 likes. The Dogecoin community was quick to express their excitement, sharing some funny memes.
We later established that Burger King Paris had begun accepting bitcoin (BTC) as payment, a move that led the restaurant chain to tweet “we need dogs” in the UK.
Some Twitter users inquired when Burger King would start accepting DOGE as payment for its food but the restaurant had not responded at the time of writing this article. However, several users replied to the tweet saying, “I would gladly pay Burger King in DOGE.”
This is not the first time; Burger King is teasing about accepting Dogecoin as payment for food in some jurisdictions. In June 2021, Burger King Brazil made headlines after announcing that it would accept Dogecoin as payment, but only for its Dogper dog snack.
Last year, Robinhood, a crypto trading app, joined hands with Burger King to reward customers in the US in various cryptocurrencies, including 20 BTC, 200 ETH, and 2 million DOGE.
It’s unclear if Burger King will make good on its “we need a dog” tweet and start accepting Mem Coin as payment for its food, but until then, the Dogecoin community can only hope.
where is the price of dogecoin going
Leading meme coin is trading at $0.0747, however the daily time-frame chart reveals an ongoing consolidation between immediate support at $0.07 and key resistance at $0.08.
However, since the second week of March, Dogecoin’s immediate upside has been limited to two key levels: the 50-day exponential moving average (EMA) (line in red) at $0.0771 and the descending trendline.
The impasse between the bulls and bears should be resolved for Dogecoin price to breakout on either side of the range between $0.07 and $0.08. A daily close above the declining trend line and the 50-day EMA above $0.08 would open the door for gains.
Such a move would be welcomed by traders waiting to activate their long positions towards $0.10. The Moving Average Convergence Divergence (MACD) indicator is showing a slightly bullish outlook, which has been strengthened by a buy signal.
Therefore, before traders activate their buy orders, they want to make sure that the MACD line in blue is above the signal line in red. If the momentum indicator flips into positive territory above the mean line at 0.00, this could serve as further confirmation for a bullish breakout.
On the other side of the fence, a failure to flip the confluence resistance provided by the 50-day EMA and the descending trendline could dampen bullish expectations, with DOGE’s technical outlook bearish.
In that case, all eyes will turn to the buyer rush at $0.07 to ease the selling pressure. This area has been crucial in the past two weeks, since March 15, for DOGE to sustain and prevent further downside.
Another attempt by sellers to push dog coin The price could move much lower as fresh liquidity flows through Mayhem Coin. In other words, such a minor decline could make many investors wait to take slightly cheaper positions in Meme Coin, thus sparking a significant trend reversal towards $0.10.
If the pressure starts to mount, Dogecoin price may be forced to seek relief at $0.06, which was a key area to hold the February decline. The same support was also important for Dogecoin after the May terraUSD crash and October recovery to $0.01589.
Dogecoin Alternatives To Consider
Dogecoin’s outlook is relatively stable at the moment but it could change depending on how it reacts to the resistance at $0.08 and the support at $0.07. However, investors may want to explore the high-potential crypto presales in the market for 2023.
Being an early adopter in the pre-sale phase will give you the advantage of moving quickly to generate substantial returns in crypto.
In the list below, we review the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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