doge
Dogecoin Price Targets $0.12 Breakout as Bulls Prepare to Enter Premium Long Trades
The Dogecoin price plunged 0.3% to $0.102 on Sunday trading session, underperforming the broader market uptick. The series of short-body candles with long wicks indicate no clear indication of buyers or sellers. The uncertainty persists as Bitcoin price struggles to sustain above the $60000 floor, indicating a risk of downtrend continuation. Will the DOGE price lose the $0.1 mark?
Dogecoin Price Hints Major Breakout Amid Wedge Formation
Dogecoin price prediction shows a sideways trend in the past two weeks, wavering around the $0.1 psychological level. The consolidation hints at a shift in prevailing bearish momentum as the price rebounded from the support trendline of the falling wedge pattern.
This chart pattern consists of two converging trendlines: dynamic resistance and support to lead a steady downtrend. Typically, the pattern formation indicates a weakening of bearish momentum, which concludes with a decisive breakout from upper resistance.
A positive crossover between the MACD (orange) and signal (blue) line accentuates the recuperating bullish momentum. These slope crossing above the midline will further strengthen the buyers grip over this asset. If the pattern holds true, the Dogecoin price could drive a 12% rally to challenge the resistance trendline of the wedge pattern.
A potential breakout from the wedge range will accelerate the buying pressure and drive a rally to a $0.144 resistance, followed by a $0.22 peak.
Data from Coinglass indicates that the DOGE Open Interest (OI)-Weighted Funding Rate stands at 0.00112. This positive rate suggests that long positions are dominant, reflecting a bullish sentiment in the market as traders are willing to pay a premium to maintain their positions.
If this trend continues, it could increase investors’ confidence, potentially driving the higher DOGE price.
On a contrary note, the 20-day Exponential moving average and $0.106 resistance stand as crucial resistance against the buyer’s motive. The coin price trading below daily EMAs (20, 50, 100, and 200) hints the path to least resistance is down. If the Dogecoin price reverts from these overhead resistances, the bullish breakout will be delayed, and sellers may drive an extended correction to $0.08.
Frequently Asked Questions (FAQs)
Dogecoin price has been hovering around the $0.1 level, showing a sideways trend over the past two weeks.
The DOGE Open Interest (OI)-Weighted Funding Rate is at 0.00112, indicating that traders are paying a premium to maintain long positions
The key resistance levels to watch are the 20-day Exponential Moving Average (EMA) and the $0.106 price point
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Sep 14, 2024 19:57 UTC
| Updated:
Sep 14, 2024 at 19:57 UTC
Ripple (XRP) has successfully averted a potential sell-off after rebounding from a key support level. On the other hand, Dogecoin (DOGE) is gradually recovering at $0.10, while Shiba Inu (SHIB) struggles with low momentum and liquidity. As investors anticipate larger market movements for Ripple (XRP), Dogecoin, and Shiba Inu, many are turning to ETFSwap (ETFS) as a strategic investment option.
Ripple (XRP) Struggles To Maintain Safe Zone Alongside Dogecoin (DOGE) and Shiba Inu (SHIB)
Earlier this week, Ripple (XRP) dipped below the crucial $0.50 level, raising investors’ concerns as some worried about a potential sell-off. To the surprise of many, Ripple (XRP) picked up pace, holding a solid position above its critical support.
According to a top analyst, this recent price increase has allowed Ripple (XRP) break out of a Falling Wedge pattern, effectively terminating a major Ripple (XRP) sell-off. Reports from CoinGecko reveal that the price of Ripple (XRP) is currently sitting at $0.536.
Meanwhile, the price of Dogecoin (DOGE) is following suit as it recovers from a week-long bearish slump below $0.10. Now trading confidently above $0.10 with a 2% gain, Dogecoin (DOGE) aims to remove the second zero in its decimal value. Supported by rising media interest and increased retail trading activity, Dogecoin may potentially break resistance levels, as it tests new support levels near $0.0859.
In contrast, Shiba Inu (SHIB), the second largest meme coin, is still stagnating, showing little price movement and trading at approximately $0.00001317. The price of Shiba Inu (SHIB) has been below key moving averages, showing a significant lack of momentum, unlike Dogecoin.
While Shiba Inu holds a reputation for leading meme coin gains this year, alongside Pepe (PEPE) and Dogecoin, some Shiba Inu investors worry about its potential this Q4. Currently, Shiba Inu is testing key support levels around $0.0000111, with its weekly chart showing a potential price reversal.
ETFSwap (ETFS) Is Leading Investors Into A New Investment Scheme With ETFs
The ETFSwap (ETFS) platform is set to revolutionize the crypto market by providing access to highly valuable Exchange Traded Funds (ETFs) backed by Real World Assets (RWAs). Trading these ETFs is made possible through the power of tokenization and blockchain technology.
With ETFSwap (ETFS) users will be able to buy and trade several ETF of different classes, including cryptocurrency, leveraged, commodity, and fixed-income ETFs. This platform has also partnered with MiCA regulated investment banks to ensure regulatory compliance.
Despite being an emerging decentralized platform, ETFSwap (ETFS) is making headlines and breaking records in its ongoing presale, promoting top analysts to project over 10,000% growth for its native token, ETFS.
Investing in the ETFS token now grants users access to early ETF listings, governance rights in the ETFSwap ecosystem, and monthly token airdrops. These tokens also help boost trading performance by enabling low transaction fees.
ETFSwap (ETFS) also allows users to engage in staking pools to earn up to 36% in passive income, while they enjoy up to 87% APR yield, and special discounts on trading costs.
To ensure standard trading security and privacy, ETFSwap’s smart contracts have been audited by the best cybersecurity and blockchain audit firm, Cyberscope. In line with this, the ETFSwap (ETFS) team has also completed a KYC verification process on SolidProof, assuring its users of a safe and transparent trading network.
Now, in its third and last presale, ETFSwap (ETFS) is seeing even more adoption as more investors are catching on to its potential for gains. In due time, ETFSwap (ETFS) will launch its own ETF, while it allows users to get more high value ETF recommendations through its advanced AI-backed ETF screeners and trackers.
Wrapping Up
With more anticipation brewing for ETFSwap (ETFS), its token, currently priced at $0.03846, could potentially surpass top coins like Ripple (XRP), Dogecoin (DOGE), and Shiba Inu (SHIB). Thousands of investors are already taking advantage of its ongoing presale, purchasing over 500 million tokens in just a few months.
For more information about the ETFS Presale:
Clark
Head of the technology.
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Dogecoin price shows a modest 0.12% surge to $0.095 during the less volatile weekend. Along with the market upswing, the DOGE price recently bounced from the $0.09 floor as Billionaire Elon Musk shared a post on X about the Department of Government Efficiency with the D.O.G.E acronym. However, the sustainability of this recovery remains uncertain as DOGE approaches a multi-month resistance.
Dogecoin Price Climbs on Trump-Musk Collaboration
Former U.S. President Donald Trump announced during his Thursday speech at the Economic Club of New York that, if re-elected, he plans to establish a government efficiency commission in collaboration with Tesla founder Elon Musk.
In agreement with this proposal, Musk has actively promoted the idea of a government efficiency commission on X (formerly known as Twitter) with a post showcasing an AI-generated image of him and the acronym D.O.G.E.
The tweet triggered a sudden pump in DOGE price to hit a $0.095 high on Friday. However, this upswing may lack sustainability as the asset trades close to the multi-month resistance trendline at $0.1.
According to Intotheblock analytics, the potential buyers could face supply pressure from nearly 16 Billion DOGE from 242.8k Addresses before the $0.1 breakout. The holders, as mentioned earlier, are currently in a loss and could sell their asset at breakeven,
DOGE Price Awaits Major Breakout
Since last month, the Dogecoin price has traded between $0.115 and $0.091 at horizontal levels. This consolidation may reflect a lack of initiation from buyers or sellers, but the broader chart analysis shows the formation of a falling wedge pattern.
The chart pattern leads to a steady downtrend within two converging trendlines before the buyers give a massive breakout. By press time, the DOGE price trades at $0.095, while the market cap boosted to $13.9 Billion.
If the bullish momentum persists, the coin price could jump 5% before challenging major resistance from the overhead trendline. If sellers continue to defend this dynamic resistacne, the Dogecoin price could revert and chase $0.08 support.
Moreover, the dog-themed coin trading below the daily EMAS (20, 50, 100, and 200) hints the path to lead resistance is down.
On the contrary, a bullish breakout from the wedge pattern will accelerate the bullish momentum and set Dogecoin price prediction to $0.11, followed by $0.144,
Frequently Asked Questions (FAQs)
The recent surge in Dogecoin price, reaching $0.095, was triggered by Elon Musk’s tweet promoting the Department of Government Efficiency (D.O.G.E.)
Dogecoin is facing a key resistance level at $0.1, with potential supply pressure from nearly 16 billion DOGE held by 242.8k addresses
Dogecoin is showing a falling wedge pattern, typically a bullish indicator
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
A US judge tossed the class action lawsuit accusing Elon Musk and his company Tesla of manipulating the Dogecoin (DOGE) market.
A group of disgruntled DOGE investors sued Musk in 2022, accusing the business magnate of orchestrating a pump-and-dump via a series of public comments about the popular memecoin.
Musk’s lawyers have filed multiple motions to dismiss the lawsuit, and the Dogecoin investors responded by filing amended complaints.
That back-and-forth ended this week when District Judge Alvin K. Hellerstein sided with Musk’s legal team and closed the case.
Hellerstein drew attention to the specific Musk quotes highlighted in the complaint, noting that he “failed to see” how the Tesla CEO manipulated the market or facilitated a pump-and-dump.
“These paragraphs allege statements by Musk on ‘Twitter’ to the effect that Dogecoin might be his favorite currency and that he had purchased some for his son, that Dogecoin is the people’s crypto and the future currency of Earth, that Dogecoin might become the standard for the global financial system and the currency of the internet, that Musk agreed to become Dogecoin’s CEO, and that Musk might put a ‘literal’ Dogecoin in SpaceX and fly it to the moon and that Dogecoin would pay for the mission, that Tesla vehicles could be bought with Dogecoin, and the like.
These statements are aspirational and puffery, not factual and susceptible to being falsified. They cannot be the basis of 10b-5 lawsuit… and no reasonable investor could rely upon them.”
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