What Happened: Dogecoin won over a resistance at $0.25 and most of the indicators point to a continuation of the bullish trend, according to a Capital.com analysis.
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Dogecoin is now also supported at $0.2442 down to $0.2265, with next resistances stopping its growth at $0.2619 to $0.2797. When it comes to the longer term, Capital.com expects Dogecoin could need years to surpass its previous all-time high of $0.74 and reach the $1 level.
According to recent reports, market data indicates that 70% of those who invested in Dogecoin are now profiting off of their investment. The coin recently saw a surge in adoption when youth-focused fashion retailer PacSun enabled online shoppers to buy clothes using DOGE.
The coin’s overall use as a payment option is reportedly gaining momentum. Market data shows that as of late September, Dogecoin could be spent at 1,704 merchants — up 41.3% from 1,206 merchants at the end of January and 61.63% higher than in January 2020.
DOGE Price Action: Dogecoin is trading at $0.2457 at press time, after its price decreased by about 3% over the last 24 hours.