Wall Street Memes’ Explosive Backing Unleashes Dogecoin’s 6% Surge: How Far Can it Ascend?
The recent announcement of Coinbase partnering with multiple Bitcoin spot ETFs has caused a surge in crypto prices, with Dogecoin climbing 6% to $0.07. However, the price has since pulled back slightly and is currently consolidating around $0.68. Investors are wondering if now is the right time to buy Dogecoin.
Dogecoin has been trading below a long-term resistance of $0.095 since May 2022. Despite a 2.84% increase in the last year, Dogecoin is down 33% against Bitcoin during the same period. This indicates a lack of strength in Dogecoin. The cryptocurrency has recently broken below a long-term bullish trendline, suggesting bearish momentum. If Dogecoin does not reclaim the trendline, it may move downwards and touch the $0.049 resistance line.
However, if Dogecoin manages to retake the trendline, it could potentially reach the $0.095 resistance level and experience a breakout. However, this may be difficult without a broader market bull run.
Elon Musk continues to influence the price of Dogecoin and has shown support for the project by tweeting about it. His influence can have a significant impact on a meme coin like Dogecoin.
Meanwhile, a new presale meme coin called Wall Street Memes is gaining attention and is being backed as the next Pepe or Dogecoin. The project has raised over $11 million and was launched by the Wall Street Memes social media brand, which has over one million followers. Building on a strong community, Wall Street Memes was inspired by the Wall Street Bets Reddit group and has gained support from Elon Musk, who has retweeted and engaged with the project.
Ultimately, the decision of whether to invest in Dogecoin or the new Wall Street Memes coin depends on individual investors and their assessment of the market conditions and potential for growth.
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