Dogecoin price remains, trading between $0.25 and $0.17 but still getting support from Mark Cuban
Dogecoin price seems to have lost the popularity it enjoyed at the beginning of the year as its price continues to consolidate without a clear outlook. However, technical indicators show clear resistance DOGE must overcome to resume its uptrend. At the time of writing, the meme coin is changing hands at $0.239.
DOGE/USD 4-hour chart | Source: TradingView
Dogecoin price struggles to break out as the $0.25 resistance level proves to be quite significant
Dogecoin price remains stagnant as Bitcoin has stolen crypto attention due to much speculation about ETF approval in the US.
The meme-coin continues to consolidate without providing a clear signal on how its price will continue. This lackluster price action leaves DOGE’s daily growth in no way positive. As the tenth-largest cryptocurrency by market cap close to the top of the symmetrical triangle, it suggests that a significant price movement could be on the way.
A spike in buying pressure around the current price level pushing Dogecoin above the triangle’s hypotenuse at $0.25 could be considered a breakout. If this happens, DOGE can rally more than 78% to $0.45.
The backing of billionaire Mark Cuban could bolster such a bullish target. In a recent conversation on Twitter Spaces, Cuban said that he will continue to talk about Dogecoin and that it is a great introduction to the cryptocurrency space.
“Shark Tank” star Mark Cuban
He also believes that the meme coin is a cheap way of learning about crypto. Cuban explains that there is a low barrier to entry as one only has to open an account with Robinhood and purchase $25 worth of DOGE.
Now that Robinhood is rolling out its wallet, Cuban says that Dogecoiners will also quickly spend their favorite meme coins at merchants like AMC. As AZCoin News reported, CEO Adam Aron asked his Twitter followers whether they should accept Dogecoin. And then, Tesla CEO Elon Musk threw his weight into the idea. And then the story came true. AMC has started accepting cryptocurrency payments for gift cards.
“I think it’s a fun community to be part of,” finally, Cuban has once again praised the Dogecoin community for its frivolousness.
Despite being a solid Dogecoin supporter, Cuban himself only owns 1,500 DOGE. This is a very low number considering current DOGE prices. That is, even though he supports it, he only uses words, not by buying.
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