Memecoins are trading in the green as Bitcoin recaptures the $68,000 level.

Dogecoin, the leading memecoin by market cap, is up by 2% in the last 24 hours, underperforming compared to Bitcoin.

DOGE is currently trading around the descending trendline, suggesting that the memecoin could rally higher in the near term.

If the bulls push higher and DOGE experiences a confirmed breakout, it could encounter further rally in the near term. 

DOGE could surge higher ahead of Qubic’s DOGE mining mainnet launch scheduled for Wednesday.

The technical indicators also show fading bearish momentum, supporting a potential recovery for the dog-themed cryptocurrency. 

DOGE is trading at $0.09257 per coin, up by more than 2% in the last 24 hours. The positive performance comes as the broader crypto market undergoes a recovery after a slump earlier this week.

Furthermore, DOGE could rally higher in the near term as Qubic, a layer-1 (L1) blockchain protocol, has scheduled the launch of its Dogecoin mining mainnet on Wednesday. 

According to Qubic, the design phase and the project plan have been finalized and completed so far. 

Furthermore, Qubic has already demonstrated that its compute layer can mine external assets using Monero (XMR); it is now focusing on Dogecoin.

In an X post, Qubic revealed that the miners securing this network and training AI will also be able to mine one of the most widely recognized cryptocurrencies in existence.

The mainnet launch is potentially bullish for Dogecoin as it increases mining demand, boosting network security and hashrate without the usual energy waste.

Similar to other leading cryptocurrencies, the DOGE/USD 4-hour chart is bearish and efficient. At press time, DOGE is trading above $0.092, following a slight recovery on Tuesday.

The near-term tone stays neutral with a slight bullish tilt as price holds above the $0.092 horizontal support. 

If the daily candle closes above the falling 50-day and 100-day Exponential Moving Averages (EMAs) clustered around the upper-$0.09 to low-$0.11 area, the coin could rally higher in the near term. 

The Relative Strength Index (RSI) on the 4-hour chart at 52 drifts just above the midline.

The Moving Average Convergence Divergence (MACD) indicator hovers marginally above its signal line, both reinforcing a consolidative backdrop rather than a directional breakout.

If the bulls fail to push higher, DOGE could encounter its immediate support at $0.88. A daily close below this floor would expose the upper-$0.080 area as the next bearish objective. 

On the flip side, if the bullish trend persists, initial resistance is seen near the trendline near $0.095, followed by the $0.098–$0.100 region where the 50-day EMA resides.

An extended period of bullish performance would open the way toward the $0.104 horizontal resistance.

The bulls would need to break above this level to negate the broader downside bias implied by the higher-timeframe averages.

Interactive Brokers has recently expanded its offerings to include cryptocurrency trading for retail clients across the European Economic Area. The platform also enables users to trade Dogecoin.

The post DOGE eyes breakout ahead of Qubic’s DOGE mining mainnet appeared first on Invezz

Bitcoin price in Telegram @btc_price_every_hour

12 +