DOGE Shows Bullish Signal, $0.3 High On Sight

Join Our Telegram channel to stay up to date on breaking news coverage

Dogecoin (DOGE) stands among the top performers among popular cryptocurrencies over the past week. Dogecoin price has risen 7.6% in that period and 37.4% in the last 14 days, according to CoinGecko data. The meme coin is experiencing profit booking in the week starting November 28, 2022, and has been trying to stay above $0.09 since.

While it is challenging to pinpoint the main reason behind Dogecoin’s rally, signs point to new Twitter CEO Elon Musk, who hinted at including Dogecoin as one of the payments in Twitter 2.0. The speculation gained momentum following several slides shared by Musk from his ‘Twitter company talk.’

 While these slides never mentioned Dogecoin, it is impossible to separate the connection. 

Crypto influencer and founder of Gokhshtein Media, David Gokhshtein, presented a second theory to explain Dogecoin’s rally, citing a potential collaboration between Elon Musk and Ethereum’s co-founder Vitalik Buterin to “somehow upgrade DOGE.”

According to Gokhshtein however, the two tech entrepreneurs will not work on Bitcoin well because “Vitalik tried that in the past and was kicked and Elon is interested in turning something that started as a joke into something serious.”

Although speculation could pump the price of a cryptocurrency, it is likely only to sustain the rally if the coin has strong fundamentals. Dogecoin’s price action moving forward will provide insight into whether it has strong fundamentals.

Dogecoin Price Action

Dogecoin price action has been trying to form higher lows since November 21, with the DOGE/USD pair soaring to $0.11 as of December 1. A minor decline on Saturday, December, attempted to break the higher lows trajectory, closing the day with a $0.098 low. However, this was corrected on Sunday as the bulls arrested the decline, suggesting that traders are not waiting for a deeper fall to buy.

Dogecoin price analysis shows a strong price action, moving back above the initial $0.1 mark to settle down at $0.1119 at the time of writing.

DOGE price has been uptrend since November 22, recording a 43% increase to the current high of $0.11. Over the past 24 hours, the meme crypto appears to be developing a valuable cross signal on the daily chart, showing the shorter 50-day moving average (MA) crossing the 200-day moving average. This is usually interpreted as a bullish sign and could put DOGE on course for a high up to $0.3.

DOGE/USD 12-hour Chart

Dogecoin price chart
Tradingview Chart: DOGE/USD

After a period of consolidation, DOGE price broke above the range on November 27, picking up a rising trajectory that rose above the psychological level of $0.10 to form an ascending channel pattern.

An ascending pattern consists of two parallel upward-sloping lines, seen when the chart has higher swing highs and lower swing lows. Usually, the pattern shows that prices are in an uptrend.

There was a false breakout at the $0.1066 level, but it was premature and aborted shortly after, with a price correction as the bears overpowered the bulls. As accumulation continued, the price consolidated shortly before the bulls took the lead. If the bullish dominance is sustained, then the DOGE price will climb 9.8% to the psychological $0.1173. A second breakout is likely to occur past this point.  

The bullish thesis is also supported by the higher trading volumes, live at 80.041 million at the time of writing. At the current trend, support sits at $0.09, whereas the next resistance point is set to be met around the $0.13 mark.

Dogecoin is trading above the 200-day simple moving average (SMA) at $ 0.073068, signaling buy for the last 38 days. The price is also above the 50-day SMA (at $ 0.089465), signaling buy for the last ten days.

The 50-day moving average has moved above the 200-day moving average, forming a golden cross. The last time such a cross happened was 27 days ago, on November 8, 2022. As long-term indicators carry more weight, the golden cross suggests that a bull market is on the horizon for Dogecoin.

The 12-hour relative strength index (RSI) can be seen stagnating around 55, which indicates that the Dogecoin price is in a neutral position. At the same time, the moving average convergence divergence (MACD) curve remains above its neutral zone to indicate a bullish divergence in place.

Dash 2 Trade: Best Project to Invest in is at the Presale Stages

Cryptocurrency pre-sales, where the project has several stages, have historically recorded more popularity among investors. This comes as early buyers get a higher return on their investment (ROI). In most instances, pre-sales thrive even in a bear market like the current ‘crypto winter of 2022. This is influenced mainly by investor interest, optimism, and engagement, which are at their highest in the early days of a project’s development.

Dash 2 Trade is an ERC-20 token with a total supply of 1 billion D2T, of which 700 million is allocated to the pre-sale with a hard cap of $40,012,000. Early adopters that participated in Dash 2 Trade project during its private sale benefited from a 39.07% rise in the token price.

With its token set for trading beginning Q1 of 2023 when the pre-sale is over, Dash 2 Trade is one of the projects investors should watch.

The project’s pre-sale began on October 19, 2022, with an initial stage involving a private sale for the Learn 2 Trade community members and followers of its partner crypto media sites like InsideBitcoins.

In round #1 of the private sale, the project’s native token, D2T, was selling at 0.0476 USDT with a target of $1,666,000. Each of the D2T pre-sale stages has an increasing token price and target amount to be raised.

Why D2T Token Price Could Rise Long Term

Dash 2 Trade has powerful fundamentals that have acted as catalysts for bullish performance since the project started. Besides the upside potential purely to Dash 2 Trade being a low-cap project at its pre-sale stage, several other reasons explain why Dash 2 Trade coin price could rise over the long term.

First, the project has an existing user base. While the token’s project is new, its founding company, Learn 2 Trade, was established in 2017. Since its inception, Learn 2 Trade has developed a positive reputation and earned a place among the best forex and crypto signals provider. So far, the project has an existing member base of 70,000+ traders. This makes for its active community with the potential to become loyal holders and investors in D2T. Notably, new D2T investors also receive a lifetime membership in that community.

Secondly, the D2T token has a solid appeal to cryptocurrency traders. The appeal follows that the D2T token has numerous utilities or applications that holders will enjoy, including unlocking access to market-leading crypto analysis and social intelligence tools, alongside all the usual signals offered by the site.

Next, the D2T token also has great utility for investors, including the ones who take a passive buy-and-hold approach to crypto investing. From the explanation, the Dash 2 Trade will feature in-depth insight into new token pre-sales, new coin listing dates, and other opportunities to profit from the markets. Community members, essentially the investors, will get trustworthy, reliable information on legitimate investment opportunities with a high signal-to-noise ratio in short supply in the financial markets.

Notably, the Dash 2 Trade project aims to develop a community of professional traders and venture capital investors. Supported by its team of quants, this community will be the nexus of all the best crypto tools, something that even retail investors would normally have to pay to access.

For more information about the Dash 2 Trade project and to receive timely notifications about the project, join their social media channel. Discord, Instagram, LinkedIn, Telegram, Twitter, and YouTube. As a precaution, note that admins of crypto projects will never DM you first.

Read More:

Dash 2 Trade – High Potential Presale

Dash 2 Trade
  • Active Presale Live Now –
  • Native Token of Crypto Signals Ecosystem
  • KYC Verified & Audited

Dash 2 Trade

Join Our Telegram channel to stay up to date on breaking news coverage

Source link

(Visited 3 times, 1 visits today)

About The Author

You Might Be Interested In


Your email address will not be published. Required fields are marked *

This is default text for notification bar