Dogecoin Sustains Fall Despite MyDoge iOS App Launch
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The recent market crash caused the broader market to lose over $200 billion from its valuation, as the total market cap fell to $1.7 trillion.
Interestingly, Dogecoin’s bearish momentum comes even after co-founder Billy Markus confirmed the launch of MyDoge, a DOGE wallet for iOS users. The wallet allows for the transfer of tokens from any cryptocurrency exchange.
Markus revealed that the Dogecoin development team did not develop the app but that an independent developer group built the platform.
That said, holders using Apple devices can access DOGE through the MyDoge application. The autonomous developers of the app have said they created it as a “Social Wallet for the People’s Currency,” providing free, secure, and non-custodial services.
Not surprisingly, some members of the DOGE community expected the launch of the app to foster increased adoption of DOGE and prompt a bullish charge in the Dogecoin’s price. However, the news has gone unnoticed by DOGE as the price continued to slide.
Nonetheless, analysts believe that DOGE is set for a sharp rally soon, with some arguing that the token is in the “buy zone.”
Key Dogecoin Levels to Watch — March 7
Bears continue to dominate DOGE as the meme token falls to the $0.1200 low for the first time in March. That said, bulls appear to be putting up a solid fight around that support level, indicating that bears lack the fuel to sustain a push lower.
With the broader market in rebound mode and the $0.1200 support line holding firm, we could see a rebound and a retest of the $0.1400 resistance in the coming days.
Nonetheless, the overall bias for DOGE remains bearish, prompting some caution against aggressive buying.
Meanwhile, my resistance levels are $0.1260, $0.1400, and $0.1450, and my support levels are $0.1150, $0.1000, and $0.0900.
Total Market Capitalization: $1.72 trillion
Dogecoin Market Capitalization: $15.7 billion
Dogecoin Dominance: 0.91%
Market Rank: #13
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