- Dogecoin price is on track to yield double-digit gains for holders as the meme coin ranks fourth as the most popular cryptocurrency on BitPay.
- BitPay is one of the world’s largest payment processors, and DOGE is on track to witness a spike in its utility and adoption.
- Dogecoin price is on track to break out of resistance at its 50-day Exponential Moving Average at $0.07203.
Dogecoin, the largest meme coin in the crypto ecosystem, is on track to yield double-digit gains for holders. BitPay, one of the largest crypto payment processors reveals that DOGE is fourth largest cryptocurrency in terms of usage.
Dogecoin ranks high in terms of popularity among BitPay users
Dogecoin, a Shiba-Inu-themed meme coin with a market capitalization of nearly $10 billion is one of the most popular cryptocurrencies on payment processor BitPay. BitPay is a Bitcoin and crypto payment service provider headquartered in Atlanta, founded in May 2011.
Based on data from crypto payment processor BitPay, DOGE is currently the fourth most popular cryptocurrency used for transactions in BitPay, a leading crypto payment processor.
BitPay payment count by crypto
Dogecoin has found a spike in its utility and adoption, 6.17% of all BitPay transactions involve DOGE usage.
Dogecoin price is on track to tackle resistance at $0.0720
The eighth largest cryptocurrency by market capitalization is on track to break out of its descending channel. The 50-day Exponential Moving Average (EMA) is currently acting as resistance for the meme coin. It is in a downtrend and C, $0.0790 is the target for the eighth largest cryptocurrency by market capitalization.
DOGE/USDT price chart
As seen in the Relative Strength Index (RSI), the momentum indicator reads 53.42, the asset is in the neutral zone. The descending channel has two key levels, A where the price turned down, $0.0864 and B where DOGE price hit the lower trendline forming the descending channel at $0.0712.
DOGE price is ready to target the $0.0790 level. A decline below $0.0712 could invalidate the bullish thesis for the Shiba Inu killer.