DOGE Price Bleeds At $0.3 Unbothered By The Re-establishment Dogecoin Foundation

Last Updated August 18th 2021
2 Min Read
  • DOGE price is pivotal at $0.3 after a bearish wave trimmed gains from $0.35.
  • Ethereum co-founder Vitalik Buterin serves as a “blockchain and crypto adviser” in the re-established Dogecoin Foundation.
  • The transaction history model shifts DOGE’s bullish outlook after revealing a massive seller congestion zone at $0.316.

Dogecoin’s uptrend has recently been jeopardized by a spike in selling pressure around $0.35. The correction that followed has become the largest since the rebound from July lows of $0.16. The meme-based coin dropped to test support at $0.3 on Wednesday during the Asian session. An intraday low traded at $0.276 halted the bearish push, allowing DOGE to settle slightly above $0.3.

Where Is DOGE Heading After The Re-Establishment of the Foundation

After a few years of dormancy, the Dogecoin Foundation has been revived. The co-founder of Ethereum, Vitalik Buterin, has joined the board, serving as its “blockchain and crypto advertiser.”

The Dogecoin Foundation was established in 2014 with the primary focus on supporting the ecosystem and the community, primarily by increasing cryptocurrency uptakes on a grassroots level. In the following weeks, the organization will announce new projects anchored to Dogecoin’s Core Wallet to support faster integration and easier APIs in the sectors of finance and charity.

The organization’s board includes other prominent industry figures like Dogecoin founder Billy Markus and Max Keller, the core developer. More, Tesla’s Elon Musk indirectly sits on the board, represented by Neuralink CEO Jared Birchall. The foundation is tasked with securing funding for the next three years and onboarding a minimum full-time staff.

This news comes barely a day after Bots Inc., a car dealership company, announced that it is now accepting Dogecoin as payment from holders who want to buy Tesla’s electronic vehicles. Telsa does not accept DOGE as payment for its cars, but Musk has hinted toward such a possibility in the future.

Meanwhile, Dogecoin continued to correct despite the developments above. The 100-day Simple Moving Average (SMA) helped keep Dogecoin afloat, preventing losses from extending to $0.28.

If the immediate support at $0.3 holds, Dogecoin price could soon catch momentum, prompting investors to buy the news. Perhaps a break above $0.35 may validate the upswing to $0.5 in the near term.

DOGE/USD Daily Chart

 DOGE/USD Daily Chart 081821

IntoTheBlock’s IOMAP on-chain metric highlights a robust resistance zone around $0.316. Cracking through this barrier will likely be an uphill battle, especially with the 56,200 addresses that previously purchased 8.2 billion DOGE trying to break even.

Dogecoin IOMAP model

 Dogecoin IOMAP model 081821

On the downside, Dogecoin has not been provided with immense support areas, driving the bearish outlook further. However, a minor buyer congestion zone at $0.272 will put a fight to stop declines eyeing $0.25 in case DOGE closes the day beneath $0.3.

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