The largest meme coin DOGE is remarkably stable on Thursday after a failed attempt on Wednesday to flip resistance at $0.0771. Dogecoin price is trading 1.3% lower on the day, with $371 million in trading volume streaming in the 24-hour period.
If bulls uphold support at $0.07, Dogecoin price would still be in a position to push for a bullish narrative ahead of the weekend.
Burger King ‘Need Doge,’ But Dogecoin Price Holds Still
The global fast-food restaurant chain Burger King, which specializes in flame-grilled burgers, fries, and other food items in a tweet earlier this week said “we need doge.” The vague tweet left users with more questions than answers as some speculated that the restaurant could soon add support for Dogecoin payments.
At the time of writing, the tweet had been viewed 118.9k times while attracting 535 retweets and 1,522 likes. The Dogecoin community was quick to express its excitement, with some sharing funny memes.
We later established that Burger King Paris had started accepting Bitcoin (BTC) as payment, a move that led to the restaurant’s chain in the UK tweeting “we need doge.”
Some Twitter users inquired when Burger King would start accepting DOGE as payment for its meals but the restaurant had not responded by the time of writing. Several users, however, replied to the tweet saying “I’ll gladly pay Burger King in doge.”
This is not the first time; Burger King is teasing about accepting Dogecoin as payment for meals in certain jurisdictions. In June 2021, Burger King Brazil made headlines after announcing it would be accepting Dogecoin as a form of payment, but only for its Dogpper dog snack.
Last year, Robinhood, a crypto trading app joined hands with Burger King to reward customers in the US in various cryptocurrencies, which comprised 20 BTC, 200 ETH, and 2 million DOGE.
It is not clear if Burger King would make good on its tweet “we need doge” and start accepting the meme coin as payment for its meals, but until then, the Dogecoin community can only hope.
Where Is Dogecoin Price Headed
The leading meme coin is trading at $0.0747, although the daily timeframe chart reveals an ongoing consolidation between its immediate support at $0.07 and the pivotal resistance at $0.08.
However, Dogecoin’s immediate upside has from the second week of March, been limited by two key levels: The 50-day Exponential Moving Average (EMA) (line in red) at $0.0771 and the descending trendline.
The stalemate between bulls and bears must be resolved for Dogecoin price to breakout on either side of the range between $0.07 and $0.08. A daily close above the falling trendline and the 50-day EMA would open the door for gains above $0.08.
Such a move would be welcomed by traders waiting to activate their long positions toward $0.10. The Moving Average Convergence Divergence (MACD) indicator depicts a slightly bullish outlook, strengthened by a buy signal.
Therefore, before traders activate their buy orders, they may want to make sure the MACD line in blue is sitting above the signal line in red. If the momentum indicator flips above the mean line at 0.00 into the positive region, it could serve as further confirmation for a bullish breakout.
On the other side of the fence, failure to flip the confluence resistance provided by the 50-day EMA and the descending trendline could dim bullish expectations, with DOGE’s technical outlook turning bearish.
In that case, all eyes will turn to the buyer congestion at $0.07 to absorb the selling pressure. This region has been crucial in the past two weeks, from March 15, holding DOGE in place and preventing further declines.
Another attempt by sellers to push Dogecoin price much lower may be thwarted as the meme coin sweeps through fresh liquidity. In other words, such a minor decline could meet the many investors waiting to take slightly cheaper positions in the meme coin, thus fueling a significant trend reversal to $0.10.
If push comes to shove, Dogecoin price may be forced to seek relief at $0.06, an area that was vital in stopping February’s downtrend. The same support was also vital to Dogecoin following the TerraUSD crash in May and the recovery in October to $0.01589.
Dogecoin Alternatives To Consider
Dogecoin’s outlook is relatively stable at the moment, but this could change depending on how it reacts to resistance at $0.08 and support at $0.07. However, investors may want to explore the high-potential crypto presales in the market for 2023.
Being an early adopter in the presale stage will give you the fast-mover advantage, to generate substantial returns in crypto.
In the list below, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Related Articles: