- Recently, Dogecoin’s co-founder unveiled an ongoing Ethereum bridge to heighten DOGE use cases.
- Ethereum bridge might boost Dogecoin’s utility in the DeFi and NFT marketplaces.
- DOGE-ETH bridge completion will ensure high Ethereum network compatibility.
Bill Markus, Dogecoin’s co-founder, stated that the meme cryptocurrency needs Ethereum bridge and non-fungible token market inclusion for DOGE to achieve mass adoption. Keep in mind that the meme-based market has battled over the past month due to inadequate developments.
Dogecoin to Join NFT Market
In his recent tweet, Markus revealed that Ethereum-DOGE bridge completion would increase Dogecoin’s use cases. He also highlighted that NFT networks like OpenSea offering DOGE payment would further the alt’s adoption.
As NFTs have seen increased demand in the crypto world, allowing Dogecoin for asset purchases will amplify the meme crypto’s utility. Completing the ongoing ETH-DOGE bright might see Dogecoin achieving integration with Ethereum-based NFTs ecosystems.
Also, the bridge will allow users to send Dogecoin from its blockchain to the ETH’s network seamlessly. Moreover, DOGE will also complete transactions in the DeFi sector. On the same, ETH founder Vitalik Buterin previously announced an Ethereum bridge would mean bullishness for Dogecoin. As Markus declared that the development is in progress, market players can anticipate DOGE to rally higher.
Dogecoin Attempts to Escape Bearishness
According to the 4-hour chart, DOGE has displayed a descending triangle formation. Such actions suggest bearish scenarios for the canine-themed asset. However, Dogecoin attempts to escape this pessimism, striving to rally past a critical resistance.
The primary chart pattern indicates that Dogecoin might sustain a 13% loss if it drops to the triangle’s bottom border at $0.194. However, bulls appear to activate their actions to reverse the underperformances as DOGE neared the technical pattern’s upper trend-line around $0.205.
However, the meme asset seems trapped beneath this zone as an additional challenge emerges near the 50 4r SMA plus the resistance by the MRI at $0.207. As the coin failed to rise past the triangle’s topside, DOGE might suffer pressure to plunge instead.
Dogecoin has its initial defense line around the 78.6% FIB retracement, coinciding with the 20 4hr Simple Moving Average at $0.200. However, the crypto might plunge to retest $0.194 before showing direction bias.