Cryptonews Price Analysis

Dogecoin Price Boom Imminent? Key Support Level to Watch for Huge Breakout

Dogecoin

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated:

July 24, 2024

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Dogecoin (DOGE) holders eye a price surge, with $0.12971 as a crucial support level. A breakout signals potential growth; failure may lead to declines.

Moreover, Ferrari’s acceptance of cryptocurrency payments, including Dogecoin, in Europe, could boost its value by driving demand. Let’s take a deeper look at Dogecoin price prediction

Ferrari to Accept Cryptocurrency Payments in Europe

Following a successful trial in the U.S., Ferrari is expanding its acceptance of cryptocurrency payments to European dealerships by the end of July. This allows crypto enthusiasts to purchase luxury cars using digital currencies like Dogecoin.

Ferrari to accept crypto payments in Europe by end of July.
Cryptocurrency will be automatically converted to traditional currencies.

Ferrari to accept #Dogecoin in Europe!

This comes after a successful launch in the U.S https://t.co/Udt2tZCDtO pic.twitter.com/o17TIco10x

— Doge Whisperer 🐕 (@TDogewhisperer) July 24, 2024

Ferrari’s move follows other automakers experimenting with cryptocurrency payments, including BMW and Tesla. While not the first in the industry, Ferrari’s adoption of crypto payments signals a growing acceptance of digital currencies in the luxury market.

BMW and Tesla have also experimented with crypto payments.
Growing acceptance of digital currencies in the luxury market.

The Italian carmaker has partnered with crypto specialists to ensure secure transactions and protect against market volatility.

While other manufacturers like Alfa Romeo are exploring blockchain technology in different ways, Ferrari’s initiative marks a significant step towards wider adoption of cryptocurrency in the automotive industry.

Dogecoin Price Prediction

Dogecoin (DOGE/USD)

is currently trading at $0.13316, reflecting around 2.25% increase. The 4-hour chart reveals crucial technical levels that traders should monitor closely. The pivot point is positioned at $0.12971, serving as a central level around which the price action is likely to fluctuate.

Immediate resistance levels are identified at $0.13668, $0.14220, and $0.14830. These levels represent potential selling points where the market may face resistance if it attempts to rise.

Conversely, immediate support levels are marked at $0.12579, $0.12206, and $0.11741. These support levels are critical as they indicate potential areas where buying interest may emerge, preventing further declines.

The Relative Strength Index (RSI) is currently at 49, suggesting a neutral market sentiment. This indicates that DOGE is neither overbought nor oversold, providing a balanced view for both buyers and sellers.

The 50-day Exponential Moving Average (EMA) stands at $0.1324, acting as a dynamic support level.

The upward trendline supports the buying trend in DOGE, reinforcing its price near the $0.1300 level. Additionally, a bullish crossover above the 50 EMA line suggests a continuation of the buying trend.

In conclusion, the technical outlook for Dogecoin remains bullish above the pivot point of $0.12971.

New Meme Tokens: Could The Meme Games (MGMES) be the Next Big Thing?

With Dogecoin’s potential for underperformance, crypto traders are exploring emerging meme tokens with explosive growth potential. Among these is The Meme Games (MGMES), a new ERC-20 token with an innovative social betting element.

The Meme Games (MGMES) presale has raised over $235,861 in a few days.
MGMES combines meme token virality with unique social betting features.
Token holders can stake MGMES and earn a 10% bonus on top of regular rewards.

MGMES stands out with strong fundamentals and attractive tokenomics, including a total supply of 2.024 billion tokens, with 38% allocated for the presale, 10% for staking, and 9.3% for game winnings. Its official X account boasts over 14,000 followers in a matter of weeks.

Investors can purchase MGMES tokens at $0.00905 each via the official website, though prices are set to rise with each new sale phase.

Don’t miss out on this exciting new opportunity!

Buy Meme Games Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.