Dogecoin is leading the cryptocurrency market in gains today. As of 08:53 UTC, Dogecoin was trading at $0.20, up by 10%. Volumes have also increased by 49% in the last 24 hours, hitting $5.02 billion.
Dogecoin’s rally has triggered the Dogecoin Foundation’s move to launch a GigaWallet. Through this wallet, it will be possible for businesses to integrate DOGE into their payment platforms through APIs. Any company, from social media platforms to online shops, can accept Dogecoin quickly. This has excited the market because it means the utility value of Dogecoin is about to go up exponentially.
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A few folk asking me how they can use GigaWallet. It’s a backend service, so it’s a tool a programmer can use to integrate Dogecoin Commerce into their own platforms and products. There ARE some plugins for online shops already, @inevitable360 has built a woo-commerce plugin for… pic.twitter.com/Ev6Ikx6Z1i
— Timothy Stebbing (@tjstebbing) March 26, 2024
Elon Musk’s X Set To Include Online Payments
The news also comes when Elon Musk is looking to turn X into an Everything App that can be used to make payments alongside acting as a social media platform. Since Dogecoin is already part of Elon Musk’s ecosystem and used for Tesla payments, investors expect Doge to become a part of the X payments platform. This further adds to Dogecoin’s potential to continually increase in value, with some investors expecting Dogecoin to hit $1 during this bull cycle.
The circle will be complete
pic.twitter.com/QkT7K9QBJF— Elon Musk (@elonmusk) March 25, 2024
Dogecoin Breaks Key Resistance On Monthly Charts
The rising excitement around Dogecoin also has a lot to do with the price sending the right signals. This week, Dogecoin closed above the $0.17 price level, a key resistance in the monthly charts. Suppose Dogecoin ends the month above $0.17, which is likely going by its current price action. In that case, the odds are that Dogecoin could be headed to much higher prices, especially now that the Bitcoin halving is getting closer and is expected to boost the entire crypto market.
Social Media Hype Is Building Up
This confluence of positive factors has already triggered buzz around Dogecoin. Today, Dogecoin is one of the top trending cryptocurrencies on social media, and the mention of DOGE on social media is on the rise. This means many investors looking for a top meme coin today will likely pivot more towards DOGE, further adding to its potential price momentum.
🚨 Doge Leading The Crypto Race Today 📈
When $DOGE Breaks This Resistance,
We’re Going To Run Wild 🐕📈📈📈Pun intended! 😁🙏 pic.twitter.com/R4IpLFp3Ex
— Tesla Model Ðoge (@TeslaModelDoge) March 28, 2024
Overall, Dogecoin is in the early stages of a potential parabolic price move driven by increasing opportunities for DOGE to be accepted as a form of everyday payment. The move by the Dogecoin Foundation to launch a wallet for companies to integrate DOGE into their payments easily has made such a possibility even more likely.
Dogecoin Breaks Out Of Daily Resistance, A Pointer To Strong Bullish Momentum
In the last 24 hours, Dogecoin has pushed through crucial resistance at $0.18223 with high volumes. This is an indicator that bullish momentum is on the rise for DOGE.
If bulls sustain this momentum, the next critical level to watch is $0.278, a key resistance for Dogecoin on the weekly charts. If DOGE bulls are strong enough to push through $0.278, then DOGE could end the month at $0.50 or more.
However, if bulls lose momentum today, two scenarios could play out. The first is a possible consolidation between the day’s high of $0.205 and $0.18223, now an intra-day support level.
On the other hand, if bears take control and push Dogecoin through the $0.18223 support, the selling pressure could see Dogecoin drop to $0.124, which is a key support level for Dogecoin in the week.
Dogecoin Price Prediction – Why $0.27 Is Possible Today
While any of the scenarios discussed above could play out in the day, the odds are higher that DOGE price could test the $0.275 resistance today and possibly push through it. Several factors support such a move.
Firstly, news of the Dogecoin Gigawallet has put Dogecoin firmly on course to massive adoption as a payment method. This potential utility value will likely see more investors buy into Dogecoin because it is now more than a meme coin.
Then there is the fact that Bitcoin is giving upside to the broader market at the momentum. In the last 24 hours, Bitcoin has pushed through the $70k resistance, and buying volumes have been rising. This has seen the broader market turn green in the day. With Bitcoin’s price action pointing to higher prices, the odds are it will support Dogecoin’s rally today and going forward.
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