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The famous meme-coin of Dogecoin (DOGE) has bounced off yesterday’s $0.31 lows to post a local peak value of $0.42. With this move, Dogecoin has broken past the three crucial resistance zones at $0.32, $0.35 and $0.40.
A quick glance at the daily DOGE/USDT chart below reveals that the meme-coin is currently attempting to turn the 50-day moving average (white) into support. The crucial moving average also converges with the aforementioned resistance at $0.40 that has now flipped into short-term support from DOGE.
Coinbase Pro Has Listed Dogecoin, Trading to Commence on June 3rd
Also from the chart, it can be observed that the daily MACD, RSI and MFI are all pointing towards an ongoing market reversal for Dogecoin with $0.50 being a plausible target in the days or weeks ahead.
Dogecoin’s rejuvenation in the crypto markets is primarily due to COINBASE Pro announcing yesterday, that it was now accepting DOGE deposits in preparation for trading that will begin tomorrow, June 3rd at 9 am Pacific Time.
Dogecoin is yet to be listed on the regular Coinbase platform but the team at the exchange promised to issue a separate announcement when DOGE will be listed there.
Launch of DOGE-1 Provides Some Optimism in the Long Term
With respect to Dogecoin’s long-term success in the crypto markets, the meme-coin could continue defying calls for a pullback to lower levels due to the support DOGE receives from the CEO of Tesla, Elon Musk.
Earlier today, Elon Musk posted the following meme which probably assisted DOGE in breaking the earlier mentioned resistance levels to post a local peak of $0.42.
Found this pic of me as a child pic.twitter.com/hUEKluRAdP
— Elon Musk, the 2nd (@elonmusk) June 2, 2021
In addition, SpaceX will be launching the DOGE-1 satellite to the moon next year. Therefore, and on a fundamental level, the event could provide additional demand for DOGE leading up to the launch of the Satellite.
