Should You Buy Dogecoin Now or Wait for It to Hit $0.07? DOGE Price Predicted to Drop by 6.2%
The crypto market plunged, led by a 6.2% drop in Dogecoin price, following the announcement that cryptocurrency-focused bank Silvergate is assessing its capital position. This news triggered a sell-off in other cryptocurrencies including Ethereum, Bitcoin, Binance Coin, and XRP. Silvergate had been experiencing difficulties with a $900m loss in 2022 and a liquidity crunch after the collapse of FTX earlier in the year. Silvergate is one of the few US-based banks offering crypto-focused services. Coinbase and Galaxy Digital have both signaled they will no longer initiate transactions to or from the bank. Investors are warned to prepare for the coming months as Silvergate’s difficulties may not be the last of banking’s troubles.
Dogecoin price’s outlook remains pessimistic as MACD signals a sell-off, but the price is hovering around $0.0760. At the same time, if 34,000 addresses previously purchased DOGE between $0.07320 and $0.07521 stand their ground, then Dogecoin’s outlook would become bullish, with speculation it could push for an upswing above $0.08.
Investors may be looking for alternatives to Dogecoin, and two presales worth checking out include Fight Out and Metropoly. Fight Out is a gaming experience based on the move-to-earn (M2E) sector, offering a fitness-oriented ecosystem with rewards for completing challenges. Metropoly is the first NFT marketplace supporting global real estate investment, and removes the need for banks by cutting the process from 60 days to less than 24 hours.
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