Dogecoin Price Eyes Recovery Above $0.15 as Coinbase Expands Crypto-Backed Loans

Dogecoin price hovered above $0.098 on Thursday, marking a 6% gain over the past week. Despite a slight market consolidation in the last 24 hours, the meme coin is targeting a recovery above $0.15. This is especially significant as Coinbase increases crypto-backed lending.

The entire crypto market experienced a decline of 1.27% making its total valuation to $2.3 trillion. Such major cryptocurrencies as BTC, ETH, XRP, and SOL underwent consolidation as well.

Coinbase Now Accepts Dogecoin and Other Cryptos for Instant Loans

Coinbase has made a significant update for holders of XRP, Dogecoin, Cardano, and Litecoin. The popular crypto exchange has now added these assets as collateral options for crypto-backed loans. The user can now borrow USDC stablecoin up to 100,000 without the need to sell their cryptocurrency.

This update extends the crypto-backed loans of Coinbase, which were initially limited to Bitcoin and Ethereum. Under the new feature, qualified users in the U.S. (except New York) can borrow XRP, ADA, LTC, and DOGE with Morpho using Base network. This enables one to borrow USDC immediately and allows the owners of crypto to be more flexible without having to sell those items.

These four cryptocurrencies added as collateral will give more opportunities to the users to use their holdings. The introduction of loans by Coinbase is a significant move towards ensuring that cryptocurrency is more readily available to perform financial transactions.

Dogecoin Forms Bullish Cup and Handle Pattern, Eyes Potential Breakout

Dogecoin price has formed a classic “Cup and Handle” chart pattern, signaling potential for further price movement. This technical arrangement is usually regarded as continuation and it is possible that there is an impending breakout for DOGE price.

The cup was first formed with the cryptocurrency going down to approximately 0.08. Following this, it experienced a powerful upswing, with a high price of $0.11. At this time, Dogecoin is uniting along the rim of the cup to create the handle. Breaking out of this resistance successfully would take Dogecoin to new heights.

Dogecoin Price Set to Soar: Could $0.15 Be Next?

The DOGE price traded at $0.09836 with a slight 0.42% decrease over the past 24-hours. The DOGE price has been trading in a support level at around the $0.090 mark and has been feeling consolidated.

Looking at the technical analysis, the recent trend in DOGE suggests that it might be gearing up for a potential breakout. The MACD indicator is showing a marginal bullish momentum. The MACD line is being crossed over by the signal line, though still in a negative territory.

The level of RSI is standing at 42. This implies that the coin has not been overbought or oversold so it may be reflecting a neutral attitude in the market.

A significant level to watch is the resistance near $0.10. In case the future Dogecoin outlook can overcome this level, there is a high chance that it can test the next resistance at around $0.12, even reaching highs of $0.15. Here, a price rise of 50% to 0.15 may be anticipated in the short term.

However, on the negative side, the Dogecoin price has recently been floating around a critical support price of $0.09. In case the price does not sustain this level, it could move toward a further decrease.