Connect with us

Dogecoin

Elon Musk’s DOGE Exploring Blockchain for Government Efficiency: Bloomberg

Published

on



The Department of Government Efficiency, the cost-cutting initiative led by billionaire Elon Musk, is reportedly considering the use of a public blockchain to bring transparency and other potential benefits to government operations and spending.

That’s according to Bloomberg, which reported Saturday that Musk’s DOGE agency is holding conversations with representatives from multiple existing public blockchains, according to sources close to the conversations.

No specific chains are mentioned in the report, though Bloomberg reports that DOGE is keen on using a blockchain—an immutable, public ledger—to monitor government spending and handle payments, handle data, and perhaps even “manage buildings” under the U.S. government’s purview.

DOGE—which appears to share its acronym with the ticker of Musk’s favorite cryptocurrency, Dogecoin—was discussed on President Donald Trump’s campaign trail and then made official following his November election win. Musk was supposed to co-run the effort with Vivek Ramaswamy, but the latter billionaire and Bitcoin fan departed this week for an apparent run at Ohio governor.

Musk has said that DOGE aims to cut $2 trillion from the federal government via a combination of budget cuts and layoffs, though he has since backtracked and said that $1 trillion is more likely.

This week, Senator Elizabeth Warren wrote in a letter to Musk that DOGE appears to be a “venue for corruption,” and suggested $2 trillion worth of spending cuts that wouldn’t impact essential programs or raise taxes for middle-class Americans.

Musk is an avowed fan of Dogecoin, while Trump has launched NFTs across Ethereum scaling network Polygon as well as Bitcoin, and debuted his official meme coin on Solana last week. However, there’s no word yet on which chain or chains might be used in the potential DOGE blockchain initiative.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

doge

Dogecoin (DOGE) Flatlines—Is a Breakout or Breakdown Coming?

Published

on


Dogecoin started a fresh decline below the $0.2620 zone against the US Dollar. DOGE is now consolidating and struggling to clear the $0.2550 resistance.

  • DOGE price started a fresh decline below the $0.270 and $0.2620 levels.
  • The price is trading below the $0.2580 level and the 100-hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance at $0.2540 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start another increase if it clears the $0.2550 and $0.2620 resistance levels.

Dogecoin Price Struggles To Gain Pace

Dogecoin price started a fresh decline below the $0.2750 zone, unlike Bitcoin and Ethereum. DOGE dipped below the $0.270 and $0.2620 support levels. It even spiked below $0.2550.

A low was formed at $0.2420 and the price is now attempting to recover. There was a move above the 23.6% Fib retracement level of the downward move from the $0.2830 swing high to the $0.2420 low. There was also a break above a connecting bearish trend line with resistance at $0.2540 on the hourly chart of the DOGE/USD pair.

However, the pair is struggling to settle above the $0.2550 resistance level. Dogecoin price is now trading below the $0.2540 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2550 level.

The first major resistance for the bulls could be near the $0.2625 level or the 50% Fib retracement level of the downward move from the $0.2830 swing high to the $0.2420 low. The next major resistance is near the $0.2720 level.

Dogecoin Price

A close above the $0.2720 resistance might send the price toward the $0.300 resistance. Any more gains might send the price toward the $0.320 level. The next major stop for the bulls might be $0.3420.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.2550 level, it could start another decline. Initial support on the downside is near the $0.2500 level. The next major support is near the $0.2450 level.

The main support sits at $0.2420. If there is a downside break below the $0.2420 support, the price could decline further. In the stated case, the price might decline toward the $0.2350 level or even $0.2220 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.2500 and $0.2420.

Major Resistance Levels – $0.2550 and $0.2620.



Source link

Continue Reading

doge

Dogecoin (DOGE) Stuck In Limbo—What’s Holding Back The Recovery?

Published

on


Dogecoin started a fresh decline below the $0.270 zone against the US Dollar. DOGE is now consolidating and might face hurdles near $0.2550.

  • DOGE price started a fresh decline below the $0.270 and $0.260 levels.
  • The price is trading below the $0.260 level and the 100-hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance at $0.2560 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start another increase if it clears the $0.2560 and $0.2600 resistance levels.

Dogecoin Price Faces Resistance

Dogecoin price started a fresh decline from the $0.2840 resistance zone, like Bitcoin and Ethereum. DOGE dipped below the $0.270 and $0.260 support levels. It even spiked below $0.250.

A low was formed at $0.2420 and the price is now attempting to recover. There was a move above the 23.6% Fib retracement level of the downward wave from the $0.2830 swing high to the $0.2420 low. The price even cleared the $0.2500 resistance level.

Dogecoin price is now trading below the $0.260 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2550 level. There is also a connecting bearish trend line forming with resistance at $0.2560 on the hourly chart of the DOGE/USD pair.

The first major resistance for the bulls could be near the $0.2620 level or the 50% Fib retracement level of the downward wave from the $0.2830 swing high to the $0.2420 low. The next major resistance is near the $0.2670 level.

Dogecoin Price

A close above the $0.2670 resistance might send the price toward the $0.300 resistance. Any more gains might send the price toward the $0.320 level. The next major stop for the bulls might be $0.3420.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.260 level, it could start another decline. Initial support on the downside is near the $0.2480 level. The next major support is near the $0.2420 level.

The main support sits at $0.2350. If there is a downside break below the $0.2350 support, the price could decline further. In the stated case, the price might decline toward the $0.2220 level or even $0.2150 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.2480 and $0.2420.

Major Resistance Levels – $0.2600 and $0.2620.



Source link

Continue Reading

Avalanche

Analyst Says XRP Setting the Stage for a Breakout, Updates Outlook on Avalanche, Dogecoin and PEPE

Published

on


A closely followed crypto strategist thinks that payments altcoin XRP is gearing up for a burst to the upside as it prints a bullish continuation pattern.

Trader Ali Martinez tells his 126,300 followers on the social media platform X that XRP appears to be on the verge of a breakout as it forms a cup-and-handle pattern.

The structure suggests that an asset is bullish as buyers step in to prevent prices from revisiting recent lows.

Says Martinez,

“If XRP is following a cup and handle pattern, a breakout could set the stage for a move toward $3.35!”

Image
Source: Ali Martinez/X

Looking at the trader’s chart, he seems to suggest that XRP will trigger a breakout after breaching the pattern’s resistance at $2.80. At time of writing, XRP is trading at $2.74.

Turning to the layer-1 protocol Avalanche (AVAX), Martinez says the altcoin will likely see a rise in demand once it falls to the lower boundary of a wide trading range.

“The key support level for Avalanche AVAX stands at $20!”

Image
Source: Ali Martinez/X

Based on the trader’s chart, he seems to suggest that AVAX is trading between a range high of $56 and a range low of $20. At time of writing, AVAX is worth $24.95.

Looking at top memecoin Dogecoin (DOGE), the trader believes the altcoin is carving a local bottom at a key Fibonacci retracement level.

Traders use the Fibonacci tool to spot potential entry and exit points based on the Fibonacci ratio.

“Dogecoin DOGE has pulled back to the 0.618 Fib level, also known as the Golden Ratio. This is a key area where bullish reversals often occur!”

Image
Source: Ali Martinez/X

According to the trader’s chart, he suggests that DOGE needs to hold $0.25 to have a shot at reversing its downtrend. At time of writing, DOGE is worth $0.266.

As for fellow memecoin Pepe (PEPE), the analyst warns that the altcoin needs to hold its diagonal support to avoid witnessing a deep corrective move.

“This is a crucial level for PEPE. If it holds above $0.0000092, a rebound could follow. But a break below may open the door for a move toward $0.0000032.”

Image
Source: Ali Martinez/X

At time of writing, PEPE is trading for $0.00000978.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon