dog coin It is gaining popularity in the cryptocurrency space due to its low price and massive profit potential. Recently, a popular crypto trader predicted that Dogecoin could rise by as much as 50% in the near future. This has led some investors to wonder whether now is the time to buy Dogecoin.
In this article, we will explore the current market conditions of Dogecoin and analyze whether investing in it might be a good idea or not.
Dogecoin (DOGE) has seen an increase in its value and is now trading at $0.098. Yesterday, it reached an all-time high of $0.099 but failed to sustain that level, although it is still stable and still flashing green.
The crypto market has been bullish lately, with many cryptos such as Dogecoin benefiting from the rise in optimism. This could be one of the reasons why Dogecoin has seen such a huge increase in its value.
cryptocurrencies like bitcoin (btc) And Ethereum (ETH) The price has increased significantly, with each crossing the $23,000 and $1,600 marks respectively.
There has been a tremendous increase in the value of cryptocurrencies recently, mainly because of the interest rate reduction by 25 basis points by the US Federal Reserve. This has resulted in an increase in the number of investors and buyers in the crypto market, creating a positive environment for digital assets.
Crypto Market On The Rise: Capturing The Positive Momentum To Make Big Gains
The crypto industry is constantly evolving, with various innovative developments helping to increase the popularity of cryptocurrencies. These innovations have played a significant role in the rapid rise of virtual currencies.
It is noteworthy that Dogecoin, which currently has the highest market capitalization among meme tokens, is among the 10 most actively traded cryptocurrencies by large whales on Binance Smart Chain.
However, upbeat US data released earlier showed that the US economy is on the rebound, which was seen as one of the primary factors that provided confidence to crypto investors and contributed to cryptocurrency growth.
Notably, the US economy created more than 500,000 new jobs last month, bringing unemployment down to its lowest level in decades.
In the US, there was a significant increase in the number of new jobs created in January 2020 with an increase of 517,000. This was more than double that of December and nearly three times the estimate of 185,000. The unemployment rate has also dropped to 3.4%, a 53-year low.
Growing interest in crypto in the UK
London has the highest readiness of businesses and startups to adopt cryptocurrency, an examination of eight key data indicators has revealed. As we all know, the widespread adoption of cryptocurrencies requires crypto-friendly regulations and an infrastructure that enables the general public to access and be exposed to the ecosystem.
However, London has emerged as the most cryptocurrency-ready city in the world for enterprises and start-ups, taking into account eight important variables related to taxation, ATMs, jobs and events.
As such, the UK has the highest percentage of people working in cryptocurrency-related industries of all cities, indicating a high level of public interest in the crypto ecosystem. This was seen as another major factor that could have a positive impact on the prices of cryptocurrencies including Dogecoin price.
Why DOGE Adoption Is Growing: The Benefits Of Crypto’s Most Loved Coin
Binance recently sent approximately $300,000,000 worth of Dogecoin to an anonymous wallet, which is equivalent to $27.4 million at current exchange rates. These transactions indicate that crypto whales are accumulating DOGE, a strong indicator.
Additionally, DOGE is gaining more recognition over time as shown by consumers recently voting for blockchain payment processor FCF Pay to allow Dogecoin payments through their virtual debit cards.
Elon Musk wins SEC case
A jury in court found Elon Musk, the most ardent supporter of Dogecoin, not guilty of charges brought against him by the SEC in 2018. The Tesla CEO was accused of violating federal securities laws by the regulatory body after he tweeted that he had secured. Funding to take Tesla private for $420.
However, Elon Musk thanked the jury in a tweet finding him not guilty of the charges in the Tesla 420 Tech-Pvt case, which was seen as another positive factor that could accelerate the rally in Dogecoin.
dogecoin price
Dogecoin is currently priced at $0.0958 with a 24-hour trading volume of over $1 billion. It has gained more than 2% in the past day and is now the ninth largest cryptocurrency by market capitalization, worth over $12.7 billion.
On the technical front, Dogecoin failed to break the double top resistance at $0.983 and the candle closing below this level resulted in selling.
On the downside, an immediate support for Dogecoin lies at $0.0902, and a break below this level could take DOGE towards the $0.0850 or $0.0815 levels.
Alternatively, if DOGE sustains above $0.0900, we can expect a bullish rally towards $0.0985 or $0.1020.
dogecoin alternative
Top 15 Cryptocurrencies for 2023 as rated by Cryptonews Industry Talk. There are a number of alternative projects worth checking out if you are looking for a better potential investment opportunity.
New altcoins and ICO projects are added to the list on a weekly basis.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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