Dogecoin Price Prediction as Robinhood Adds DOGE Swaps – Adoption on the Rise?

cryptonews.com:

The Dogecoin price has gained by 2% in the past 24 hours, rising to $0.066622 after Robinhood added DOGE support to its custodial cryptocurrency wallet.

The news, which also brings DOGE-based swaps to Robinhood, has helped the meme token rise by 5% in the past week, yet it remains down by 12% in the last 30 days, as well as by 5% since the beginning of the year.

But Robinhood's embrace of Dogecoin functionality is a significant win for the meme token, one which could help it regain momentum after a long period of overselling and undervaluation.

DOGE's indicators are in a promising position, with its relative strength index (purple) rising towards 50 after more than a week near 30, providing a clear sign that it's beginning to benefit from growing momentum.

Given that DOGE's 30-day moving average (yellow) has fallen steeply below its 200-day average (blue), it has become increasingly likely that a sustained recovery is getting very close.

This is especially the case when DOGE's support level (green) has rising consistently since the middle of August, following a very big dump for the meme token.

In other words, all signs point to an incoming recovery rally for the cryptocurrency, and it seems as though the news about Robinhood adding Dogecoin support to its custodial wallet could be the catalyst for such a rally.

By including Dogecoin support along with support for Bitcoin and Ethereum, Robinhood is likely to increase overall demand for and trading of DOGE, which should point to a steadily rising price in the medium- and long-term.

And this news is also encouraging in the sense that, with Robinhood supporting DOGE, it suggests that other big platforms and/or institutions could potentially do something similar in the future,