6.92 Billion Dogecoin Rocks Market as DOGE Price Dips 7%

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Dogecoin (DOGE), the cryptocurrency inspired by the Shiba Inu dog meme, has experienced a decline of nearly 7% in the past 24 hours. This dip coincides with indications of market fatigue across the wider cryptocurrency landscape, where major cryptocurrencies are showing initial signals of profit-taking.

Currently, Dogecoin is trading at $0.1888, reflecting a 5.77% decrease over the last 24 hours and a slight 0.30% decrease for the week. The 24-hour trading volume for Dogecoin amounted to 6.92 billion DOGE, equivalent to $1.28 billion, representing a 17% decrease in trading activity.

While overall market sentiment remains largely optimistic, several cryptocurrencies are currently trading near local resistance levels, leading some traders to exercise caution and secure their profits.

Dogecoin has been trading within a consolidation range of $0.14 to $0.26 for several days, suggesting buying interest around the support level and selling pressure near the resistance level.

On June 11, Dogecoin's price encountered resistance at a high of $0.206, near the daily Simple Moving Average (SMA) of 50 days, which sits at $0.202. A decisive break above this daily SMA 50 could potentially propel Dogecoin's price towards $0.26, which is close to the daily SMA 200.

Conversely, a significant drop from the daily SMA 50 could push Dogecoin's price down to $0.16. For a new uptrend towards $0.38 to begin, buyers would need to overcome the $0.26 resistance level.

Accepting Dogecoin for Luxury Cars?

MCQ Markets, active in automotive alternative asset investments, has launched McQueen Garage, a division functioning as an auto trading platform. McQueen Garage aims to provide investors exposure to luxury and exotic vehicles via the Dogecoin blockchain.

Aligned with MCQ Markets' strategy toward digital asset integration, McQueen Garage plans to accept Dogecoin as payment, furthering its vision to tokenize iconic cars. Read original article on U.Today