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• Dogecoin was a prime trending cryptocurrency on Wednesday

• Binance introduced new rewards for customers of Dogecoin

• Its native token DOGE noticed trading volumes surge whereas worth spiked

Dogecoin DOGE/USD lighted retail merchants’ talks on Wednesday. The token trended on in style social investing platform Stocktwits as retail merchants circled. On Twitter, DOGE was one of the vital talked about cryptocurrencies. The interest noticed the trading quantity within the final 24 hours soar 67% as of press time. The worth of DOGE was additionally up by 9% in the identical interval.

Crypto tokens like DOGE are recognized to be fueled by a retail frenzy. The rise in social media mentions is a powerful worth catalyst. On the identical day, Binance introduced new rewards for DOGE customers. Users will be capable of stake the token and earn APYs as excessive as 10%.

We can’t set up the connection of Binance information with the social media frenzy round DOGE. However, we all know that the DOGE group could be excited as a minimum of stories, together with a sneeze by Elon Musk. The newest improvement is constructive for DOGE lovers, and buyers ought to preserve tabs.

DOGE contained by a resistance amid buyer interest

Source – TradingView

Technically, DOGE appears set for a correction after hitting resistance at $0.07. We can’t affirm if a correction will happen as the crypto’s buyer interest stays excessive. A possible breakout can be a probable occasion ought to buyers grasp on. MACD strains stay above the shifting common, revealing that bullish momentum is underway.

Investors ought to think about a breakout above $0.07 a bull case for DOGE. If a breakout fails, then DOGE might slide again to $0.06. Investors might nonetheless discover strengths to interrupt previous the resistance, and buyers ought to preserve watch.

Summary

DOGE is attracting buyer interest. The worth has hit a resistance, with a possible breakout or correction. Look to purchase above the $0.07 resistance.