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When Can Dogecoin (DOGE) Double in Price? Analysts Weigh In

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  • The price of Dogecoin (DOGE) is up 10% in two weeks. Analysts see potential for further gains if it breaks resistance at a certain level.
  • Some essential indicators, such as the RSI ratio, suggest potential for a rally in the short term.

Is DOGE Ready to Soar?

The biggest meme coin in terms of market capitalization – Dogecoin – remains one of the hottest topics in the cryptocurrency sector due to the substantial number of DOGE investors. 

Its price currently hovers at the $0.165 mark (per Coinstats’ data), a 10% spike on a two-week scale.

DOGE Price Chart | Source: Coinstats

 

Multiple analysts believe the uptrend could continue should important price levels be overcome. One person sharing that thesis is the X user, Ali Martinez. 

He claimed that DOGE faces “significant resistance” between $0.166 and $0.171, where 75,000 addresses have accumulated approximately 10 billion assets. 

“However, once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322,” he assumed.

Dogecoin crossed the aforementioned zone a few days ago, and it will be interesting to see whether it can do that again in the following days.

The Crypto Dog and Nebraskangooner also gave their two cents on DOGE. The former acknowledged that the meme coin is “slow and boring” compared to recently emerged cryptocurrencies but maintained it still has a chance to shine. 

“Should be some exciting days ahead, and reckon it will outperform Bitcoin,” the analyst predicted.

Nebraskangooner was bullish, too, forecasting a “meme-pump action soon” as long as DOGE stays above the major resistance zone of approximately $0.16.

What Signals About an Incoming Rally?

One important metric that hints at whether DOGE might experience a price increase in the short term is the exchange netflow. 

Outflows have surpassed inflows in the past 24 hours (according to IntoTheBlock), showing a shift from centralized platforms toward self-custody methods. 

This is considered bullish since it reduces the immediate selling pressure.

Another indicator worth observing is the DOGE Relative Strength Index (RSI). The technical analysis tool is used to measure the magnitude of recent price changes to evaluate overbought or oversold conditions in the market. 

It ranges from 0 to 100, with a ratio above 70 suggesting the asset might be poised for a pullback. The latest data shows that RSI stands at around 49.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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Press Release

Rumors Suggest Solana Under Criminal Investigation: Bitlord

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  • Solana is reportedly under criminal investigation, according to Bitlord.
  • SOL was labeled a security by the SEC last year, raising legal concerns.
  • Details about the investigation and leading agency are still unclear.

Solana is reportedly under investigation, according to a renowned influencer on social media platform X. Details remain unclear.

SOL is among the crypto tokens that received “security” branding from the US Securities and Exchange Commission (SEC) last year.

Solana Allegedly Under Criminal Investigation

Renowned influencer Crypto Bitlord, boasting nearly 330,000 followers on X, highlighted rumors of a possible criminal investigation against Solana. The probe is reportedly already weeks long and could bode poorly for the altcoin.

“We are hearing rumors that SOL is under investigation and a huge case is about to become public. This has been brewing for weeks now and could not come at a worse time. If what we heard is true, start praying for Solana,” Bitlord noted.

The basis of the alleged investigation and the agency leading the probe remain unclear. However, there is speculation that it links to the SEC after labeling Solana as security. Polygon (MATIC) and Cardano (ADA) were also on the financial regulator’s list of tokens named as securities.

Along with the branding, the SEC sued Binance and Coinbase, charging them for trading unregistered securities. The essence of this lawsuit boiled down to the Howey Test, a legal framework that determines if an investment is a security. 

At the time, SEC chair Gary Gensler said that “everything other than Bitcoin” can be labeled as a security. 

Similar to Solana, Ethereum also attracted regulatory attention due to concerns about potentially being classified as an unregistered security. 

However, the recent closure of the investigation in Ethereum’s favor has restored investor confidence. In contrast, legal expert Drew Hinkes believes that Solana might not experience the same positive outcome.

“Ethereum 2.0 investigation was a win for the company but doesn’t mean much for other [Proof-of-Stake] POS tokens,” Hinkes noted.

The legal expert alludes to the remaining tokens still being on the hook. PoS coins like Solana and Polygon have presumably not been investigated, as in the case of Ethereum 2.0. 

As such, their facts regarding creation and distribution, among other parameters, could be different from those of Ethereum.





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Did Jason Derulo Pump and Dump PUMP Token

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  • Jason Derulo’s post boosts interest in PUMP token despite a 2.81% drop, highlighting vigorous trading activity.
  • PUMP token shows a bullish trend with higher highs and sustained interest, driven by significant trading volume spikes.
  • Support at $0.002500 and resistance at $0.004000 mark crucial levels for PUMP token amidst short-term volatility and consolidation.

Jason Derulo’s recent tweet mentioning “pumpdotfun” has coincided with a surge in trading activity for the PUMP token, despite a slight price dip in the past 24 hours.

PUMP’s price stands at $0.182558, reflecting a 2.81% decline. However, despite this drop, the token’s trading activity remained strong.

The candlestick chart for the JASON/SOL trading pair on the Raydium platform, provided by Dexscreener.com, offers interesting insights. 

At a 15-minute interval, the chart displays notable price movements and trading volumes. Green candles indicate price increases, while red candles signify price decreases. 

The volume bars at the chart’s bottom depict the number of transactions within each 15-minute interval, with a total of 17.458K trades.

In the most recent trading session, key price levels were recorded as follows: Opening Price (O): 0.002638, High Price (H): 0.002771, Low Price (L): 0.002658, and Closing Price (C): 0.002675. 

This data shows a price change of 0.00003699, equivalent to a 1.40% increase. A significant price spike occurred around the 6:00 mark.

During this period, the price surged from approximately 0.002000 to around 0.004000. Following this spike, the price showed some volatility but remained higher than the pre-spike prices. 

This indicates a possible bullish trend in the short term. However, the recent pullback suggests potential consolidation or a short-term correction.

Moreover, volume analysis reveals a notable increase in trading activity leading up to and during the price spike. This surge in volume suggests heightened interest, possibly driven by news or significant buys. 

Although the volume slightly decreased post-spike, it remained elevated compared to the pre-spike period. This sustained interest hints at continued market engagement with this trading pair.

Regarding support and resistance levels, the chart indicates support around 0.002500. Multiple candlesticks found a base near this level post-spike, suggesting a strong support zone. Conversely, resistance is identified around 0.004000, where the price peaked before retracting.

The short-term trend for the JASON/SOL trading pair appears bullish. The chart shows higher highs and higher lows following the initial spike. 

However, the recent pullback indicates a potential short-term correction or consolidation phase.





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SHIB, DOGE, PEPE Crash Market Downturn Escalates

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 Meme coins are tumbling alongside the rest of the market. Some of them, however, are defying the broader decline.

It’s been a rough 24 hours for the entire cryptocurrency market, and meme coins are absolutely no exception. This highly polarizing category has declined by about 7% altogether, following what seems to be an ongoing decline of the entire crypto market.

Meme Coins Bloodbath

The entire category of meme coins dropped by about 7% throughout the past day. Naturally, some lost more than others.

The larger-cap altcoins are performing as follows:

  • DOGE -4.7%
  • SHIB -6.4%
  • PEPE -5.8%
  • FLOKI -4.2%
  • BRETT -9.1%
  • BONK -2.8%
  • BOME -6.1%

Small-cap meme coins have charted even more considerable losses. For instance, RYU is down 79% in the past 24 hours, while MUMU and ANDY lost about 25%.

SHIB Price Chart | Source: Coinstats

 

On the other hand, the trending meme coin BODEN managed to increase by about 10.6% compared to its price 24 hours ago, which is somewhat of an outlier in the market right now.

Broader Market Decline

Bitcoin is now trading below $61K – for the first time since May 13th. 

The reason for this decline is likely the fact that the Mt. Gox exchange issued a note, which said that the trustee is ready to start paying creditors as per the rehabilitation plan as early as July.

The entire market tumbled in response, with red being the only color seen on the heatmaps today.

DOGE Price Chart | Source: Coinstats

 

The downturn has resulted in $315 million worth of leveraged positions liquidated in the past 24 hours, with BTC accounting for about $130 million of that. The second is Ethereum, with $72M.

ETH is currently trading below $3.3K, and it appears that the bears are now targeting $3K as the first imminent level of support.

Bitcoin, on the other hand, faces support at $60K, which is also a very important psychological level. If the bears are able to break it to the downside, though, the next level to watch is located around $58K.



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