Dogecoin Price Forecast: DOGE Price Lifts Higher as $1 Calls Amid Exposure to Millions of Users on eToro

2 Min Read
Last Updated July 23rd 2021
  • Dogecoin is now available to millions of investors and traders on the eToro trading platform.
  • DOGE’s recent symmetrical triangle bolsters the price to $0.44.
  • Dogecoin has soared to a new level, as bulls push for recovery and to hit a historical high. Over the last few days, both fundamentals and technicals have grown stronger, especially with eToro, a popular trading platform adding support for Dogecoin. Meanwhile, Dogecoin teeters at $0.437 amidst weakening resistance levels toward $1.

    eToro Users get Access to Dogecoin

    Nearly 20 million users on eToro can now buy and sell Dogecoin. The decision to support Dogecoin came after a public outcry due to the fear of missing out (FOMO), especially with the meme coin having rallied tremendously in 2021.

    An email sent to the users stated that the availability of Dogecoin was part and parcel of the company’s “further expansion of crypto services.” At the moment, eToro supports a total of 19 crypto assets. The email also highlighted:

    Beneath the branding, Dogecoin is based on solid technical foundations, utilizing a proof-of-work mechanism, much like Litecoin or bitcoin, with minor yet key differences.

    Unlike Bitcoin’s fixed supply and relatively slow block times, the supply of Dogecoin increases at a steady rate, making Dogecoin inflationary with faster and cheaper transactions – qualities that some say make it ideal for use as a real-world currency.”

    Dogecoin Strikes All-Time Highs

    Dogecoin was catapulted significantly above $0.4 in the wake of the news that eToro exposed to millions of users. The meme coin has brushed shoulders with $0.44 (all-time high) and currently teeters at $0.437. Settling above the next milestone of $0.5 would continue bolstering the token to price levels toward $1.

    The technical outlook is bullishly intact based on the Moving Average Convergence Divergence (MACD). Since April 24, when the MACD line crossed above the signal line, the bulls have had the upper hand. If the indicator continues to hit higher levels within the positive region, Dogecoin’s uptrend is bound to remain steady and close the gap heading to $1.

    DOGE/USD four-hour chart

     DOGE/USD 4-hour chart 050421

    On the downside, downward price action will likely come into the picture if Dogecoin fails to overcome the resistance at $0.44. Closing the day under this zone may lead to an increase in overhead pressure. Support has been established at $0.35, but if push comes to shove and investors panic sell to profit, the meme coin may drop to $0.25.

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