Latest update on Dogecoin - $DOGE
Dogecoin ($DOGE) price attempted to break above the $0.09 mark but faced increasing selling pressure, resulting in a strong rejection.
However, buyers remain confident in defending a decline below the $0.081 moving average. At the time of writing, DOGE price is trading at $0.0845, down over 2.8% from yesterday's rate.
Dog-themed meme cryptocurrency Dogecoin has hit a weekly high following the introduction of the new account 'XPayments' on X (formerly Twitter), gaining over 100,000 followers.
Although the XPayments account has yet to make a single post and X has not confirmed its payment features, traders are expecting that DOGE may be integrated into the platform, perhaps due to the mentions occasional messages from its owner, Elon Musk.
After the price of Dogecoin surpassed $0.085, the number of profitable addresses increased significantly, as reported by IntoTheBlock.
These profitable addresses now represent 64.8% or 3.5 million of the total, raising the possibility of increased selling activity from these holders due to Dogecoin's continued low volatility.
The stable 20-day EMA and the RSI above the midline signal a balance between supply and demand.
If the price reverses from its current level or breaks above the 20-day EMA, the bulls will once again attempt to push the DOGE price above $0.09. A successful move could push the price above $0.1.
On the bearish side, if price manages to cross the EMA trendlines, it would suggest a weakening of the bulls' hold.
In this scenario, the bears would likely make efforts to push the price towards the important support zone ranging from $0.07 to $0.075.
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