Dogecoin has made a strong comeback, rising from a low of $0.071 on November 9 to $0.093 on November 10, gaining over 25% in 24 hours. Despite this, Dogecoin price prediction It remains bearish, below $0.093, a resistance level that is being extended by a downward trend line.
crypto whale jumps
Amidst this week’s volatile cryptocurrency market, crypto whale investors have been buying and selling around $410 million worth of Dogecoin (DOGE).
In just one hour on Thursday, nearly five billion DOGEs were transferred in six consecutive transactions, as recorded by blockchain-tracking platform Whale Alert.
The ninth-largest cryptocurrency by market cap hit an all-time high of $0.1422 on October 31, but is currently trading at $0.0829, a decline of nearly 45%. When Internet tycoon and Dogecoin advocate Elon Musk successfully took over Twitter, the price of DOGE began to rise.
Followers of DOGE believe that he may be using DOGE in some way with the social media giant. However, as news of the bankruptcy of crypto exchange FTX spread, the value of DOGE and the entire crypto market fell.
DOGE holders can receive rewards
Tesla CEO Elon Musk, who recently acquired Twitter and is building significant change In line with its internal and customer policy, it took to its company’s official handle to announce that no matter how challenging 2023, its businesses are ready for it.
A positive impact on Dogecoin could result from Twitter’s planned integration of the cryptocurrency as a payment and tipping option. Recent Twitter user activity levels suggest that DOGE and its holders may soon reap the rewards of their investments.
Dogecoin Price and Tokenomics
Dogecoin is currently trading at $0.0828 with a 24-hour trading volume of $1.4 billion. Dogecoin is down more than 6% in the last 24 hours. CoinMarketCap is currently ranked #9, with a live market cap of $10.9 billion. The circulating supply is 132,670,764,300 DOGE coins.
Technically, Dogecoin has completed the 38.2% Fibonacci retracement and is now trading above $0.0828. If the price breaks below this level, more selling is possible until it reaches the next support level of $0.0725.
Meanwhile, the downside trend is extending to a strong resistance at $0.093, and the candle closes below this level, indicating the possibility of a continuation of the selling trend.
If DOGE manages to break above $0.093, it is likely to move further towards the next resistance at $0.099 or $0.1080.
Despite the positive development, news of Twitter being sued is putting pressure on DOGE, and it could do further damage. As a result, it makes sense to include alternative currencies in your portfolio.
Dogecoin Alternative
The Dash 2 trade presale raised over $5.9 million, and the project team has confirmed that the D2T token will be listed on the LBank exchange.
These achievements come less than a month after the launch of its public token sale, indicating strong investor interest in its trading intelligence platform.
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