Dog-themed cryptocurrency Dogecoin (DOGE) is down nearly 7% in the last 24 hours as signs of fatigue are beginning to surface across the broader crypto market, with major cryptocurrencies exhibiting early signs of profit-taking.
At press time, Dogecoin was trading down 5.77% in the last 24 hours to $0.1888 and down 0.30% weekly. Dogecoin's 24-hour trading volume came to 6.92 billion DOGE, or $1.28 billion, a 17% drop.
While the market sentiment is mainly optimistic, several cryptocurrencies are now hovering near local resistance levels, prompting cautious traders to lock in gains.
Dogecoin has been consolidating between $0.14 and $0.26 for several days, indicating buying around support and selling near resistance.
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Dogecoin's price reversed at a high of $0.206 on June 11, near the daily SMA 50 of $0.202. If the Dogecoin price decisively breaks above the daily SMA 50, it may rise to $0.26, which is near the daily SMA 200.
On the other hand, a sharp drop from the daily SMA 50 might lower Dogecoin's price to $0.16. Buyers must push the price over the $0.26 resistance to initiate a new uptrend toward $0.38.
Buy Ferrari with Dogecoin?
MCQ Markets, a participant in the automotive alternative asset investment space, has announced the official launch of its new entity, McQueen Garage, which is a dynamic new division designed to operate as an auto trading platform, providing investors with exposure to luxury and exotic vehicles via the Dogecoin blockchain.
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As MCQ Markets as a whole pushes toward digital asset integration, McQueen Garage has revealed plans to accept Dogecoin as a form of payment. This, it believes, is consistent with its broader market vision to tokenize iconic cars.
