Dogenative cryptocurrency of dog coin The blockchain continues to consolidate near the $0.10 per token mark despite an increase in trading volume since the beginning of the week. According to CoinGecko, the Dogecoin trading volume in the past 24 hours was almost $800 million. Meanwhile, the number of Dogecoin tokens traded on Monday hit the highest level since last Wednesday at over 134 million, according to TradingView citing Binance exchange data.
Dogecoin trading volume compared to before Elon Musk’s recent acquisition of Twitter In late October, it’s high. Prior to the acquisition, Binance trading volumes (according to TradingView) were regularly in the range of 10–30 million tokens per day. But compared to recent weeks, where daily trading volumes have been in the 100 million tokens range, Monday’s volumes are nothing to shout about. In fact, normal volumes coincide with Dogecoin’s price consolidation – trading volumes typically increase with larger price moves.
Price Prediction – DOGE Will Pull Back Towards $0.09?
Dogecoin’s bullish momentum that saw it hit new multi-week highs above $0.11 on Monday has waned. DOGE/USD is no longer in a clear uptrend, as it was a few days ago. Over the next few days, cryptocurrencies could consolidate along with the broader markets amid a lack of any meaningful expected macro updates.
DOGE/USD could easily fall back to support in the $0.09 area, which served as key resistance in August and mid-November (and may now become support), and also where the 21 and 50-day moving averages reside. Huh.
CNBC’s Cramer urges investors to abandon DOGE
CNBC Mad Money show host and US TV personality Jim Cramer urged investors on Monday to sell their cryptocurrency holdings before it is too late. He picked Dogecoin and a few others as having the potential to drop to $0. A running joke that has been taken somewhat seriously by some within the financial/Twitter space in recent years is that the market does the opposite of Jim Cramer’s prediction.
Is the Bear Market Over and Can DOGE Reach $1.0?
Looking at Dogecoin price action over the long term, many bulls remain optimistic that the 2022 bear market that saw the price drop below $0.05 per coin at one point has come to an end. In fact, the late October high saw DOGE/USD move above a key long-term downtrend on the log chart. DOGE/USD then continued to confirm this breakout when it found support on the downtrend in early November in the wake of the collapse of FTX.
If the technicians are correct that the bears are over, a recovery above the recent high and above the 2022 high of $0.20 appears on the cards. But can it get back to last year’s record high of $0.70s per token? Or better yet, can Dogecoin reach $1.0?
This would require a significant recovery in crypto’s broader appetite for risk – such a recovery in risk appetite could come as a result of 1) improving macroeconomic conditions (i.e. easier financial conditions and a better growth backdrop) or 2) ) Progress in the constructive direction of crypto legislation in major markets such as the US.
Another catalyst for a rally to $1.0 could be if Elon Musk lives up to the hype and integrates dogecoin Somehow in the Twitter payment system of the future. Prominent crypto developer and Cardano founder Charles Hoskinson recently estimated that if Musk integrates crypto payments into Twitter, it could bring 200 million new users to the technology. Dogecoin could be one of its main beneficiaries. If things go well, a jump to $1.0 could be made in 2023.
Dogecoin Has A History Of Exponential Price Jumps
A jump of $1.0 represents a jump of 900% from the current price. Such a leap may seem far-fetched, but in the world of Dogecoin, it is not without historical precedent. From the 2017 low to the early 2018 high, DOGE/USD jumped nearly 10,000%. It then jumped nearly 64,000% from its 2020 low to its 2021 record high.
IMPT
Amidst the rise in popularity in recent years of environmentally and socially friendly investments, investors looking for a green cryptocurrency should consider IMPT Token. IMPT.io has partnered with thousands of the world’s largest retailers to help offset their carbon footprint and allows users to trade carbon credits on the blockchain.
IMPT tokens are currently in their second phase of pre-sale, IMPT has raised over $14.3 million. That’s $350K in token sales in the last 48 hours. Investors only have five days to buy the token at the current discounted price of $0.023.
Dash 2 Trade (D2T)
Those looking to invest in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up and coming analytics and social trading platform is expected to take the crypto trading space by storm with its unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system, and strategy back-testing tools. Dash 2 Trade’s ecosystem will be powered by D2T tokens, which users will need to purchase and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. The D2T token sale recently passed $8.7 million. The sale is very close to entering its fourth phase, with over 99.8% of Phase 3 tokens now sold. When the sale enters its next phase, the price per token will be raised from $0.0513 to $0.0533.
Robotera (Tarot)
robot era (TARO) is a sandbox-style metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, which includes NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to link players with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate. Huh.
1 TARO is currently selling for 0.020 USDT (it can be bought using USDT or ETH), however this price will increase to $0.025 in the second phase of its pre-sale. The project has now raised over $400K in funding in just a few weeks since the launch of the pre-sale.
Bitcoin Crypto Related Post