Join Our Telegram channel to stay up to date on breaking news coverage
Dogecoin price has mustered a thanksgiving rally, rising 12% in the past 24 hours. The Elon Musk-backed meme coin stormed past the $0.090 mark and during the European trading session on Friday, was trading at $0.0902.
Dogecoin hit a two-week low on Monday in the midst of a perfect storm rocking the crypto market occasioned by the collapse of the giant Sam Bankman-Fried-led crypto exchange FTX earlier this month. This had led to high-profile bankruptcies, increased regulatory scrutiny and short-selling in the crypto industry.
The market, however, appears to be on an upswing on Friday, with major cryptos flashing green. The global cryptocurrency market capitalization currently stands at $833.15 billion, up 0.34% from a day earlier.
Top 10 Cryptos
The recovery follows the release of dovish minutes of the Federal Open Market Committee (FOMC). Members of the committee voted in a November 1-2 meeting to increase interest rates by 75 basis points. However, Fed chair Jerome Powell later said in his speech that smaller rate increases should be realized soon as the officials continue evaluating the impact of the quantitative tightening policy on the economy.
The minutes released on Wednesday, November 23 indicated that smaller rate hikes were expected in the future. Market participants expect the FOMC to step down the rate hikes to a 50 basis points increase in December, following 75 basis point consecutive rate hikes over the last four months.
— Barchart (@Barchart) November 23, 2022
On Thursday, the U.S. The Federal Reserve tweeted about the minutes of the FOMC meeting held on November 1-2, 2022. The minutes contain information on future interest rate trends, which is vital for determining the value of risky assets such as stocks and cryptocurrencies.
Though the minutes hinted at less severe moves ahead, some FOMC officials said there could be a few steps to control inflation in the future. However, some members raised concerns about the risks of continued interest rakes on the U.S. financial system.
According to the FOMC minutes:
“A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate. … The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important.”
The minutes detailed that the smaller hikes would give policymakers a chance to evaluate the impact of the succession of rate hikes. The Fed’s next interest rate decision is expected on December 14.
FED MINUTES: PARTICIPANTS AGREED THAT A SLOWER PACE OF RATE HIKES WOULD ALLOW THE FOMC TO BETTER ASSESS PROGRESS TOWARD ITS GOALS “GIVEN THE UNCERTAIN LAGS” ASSOCIATED WITH MONETARY POLICY.
— Breaking Market News ⚡️ (@financialjuice) November 23, 2022
There were different reactions to the FOMC minutes released with Twitter users such as Tom, a futures and options trader saying that the release of the minutes a day before Thanksgiving “is dirty.”
However, it appears it was what the market was waiting for with the price of DOGE increasing pumping a day after Thanksgiving.
Dogecoin Investors Amongst The “Least Stressed” – Report
The popular dog-themed crypto Dogecoin has secured a good spot in the ranking of top cryptocurrencies and the corresponding “stress levels” that affect those who invest in the coin in the aftermath of the FTX disaster.
In ideal situations, investing in a constantly changing and highly volatile crypto market can be challenging. Still, for many investors, the turbulence and uncertainties in the crypto space don’t seem to move them.
According to a study by Coin Kickoff, DOGE investors are among the least worried lot in the current market downturn. According to the results of the survey published on November 17, investors of the Dogecoin meme coin were among the least anxious about their investment, with 19.83% of tweets about DOGE containing stressed sentiments. FTX tokens (FTT) holders were the most stressed at 37.99%, followed by Tether and Bitcoin at 35.92% and 34.80% respectively.
Crypto Owners Most Stressed
The Coin Kickoff study evaluated 50 of the largest cryptocurrencies by market capitalization and examined the level of stress in the tweets about them. TensiStrength – a sentiment analysis tool – was used to quantitatively assess the emotional content of social media posts.
According to the study, the stress level amongst Dogecoin owners appears to coincide with the DOGE community’s positive view of the coin’s price.
It is significant… #dogecoin
Don’t be surprised if we blow up 0.15 this month. https://t.co/RhThvu6Uwc
— The Doge Coach (@thedogecoach) November 25, 2022
Dogecoin Users Hit The $396 Million Mark
As the Dogefather Elon Musks’ extreme “takeover” of Twitter goes on, DOGE continues to enjoy the attention. The billionaire TESLA and SpaceX CEO officially acquired Twitter at the end of October bolstering the meme coin’s price to rally an impressive 123%, going from $0.0708 to $0.1586 on November 1.
In addition to that, DOGE now has over 396 million users worldwide, setting a new all-time high (ATH) and making it the second largest proof-of-work (PoW) cryptocurrency after Bitcoin.
— DogeDesigner (@cb_doge) November 20, 2022
This comes at a time just a week after Twitter hit a new ATH in the number of users, according to the new owner Elon Musk. Such positive fundamentals continue to help DOGE to stay afloat in the midst of harsh market conditions in a prolonged crypto winter.
Dogecoin Price Analysis
Dogecoin price currently hovers around $0.0902, and the 24-hour trading volume is $778 million. DOGE has gained as much as 12% in the last 24 hours. CoinMarketCap now ranks it 8th, with a market cap of $11.6 billion. It has a total supply of 132,670,764,300 which are all currently in circulation.
Dogecoin price is currently moving toward the $0.1 psychological level. A daily candlestick close above this level could signal a bullish turnaround. A bullish engulfing slicing through and closing over the $0.o924 barrier embraced by the 23.6% Fibonacci retracement level may be an indication that the bullish trend may continue.
As a result, continued positive pressure might push the price up to the $0.1152 resistance level at the 50% retracement level. If the $0.1152 level is broken again, there may be more buying opportunities till the $0.1400 level, which is extended by the 78.6% Fibonacci retracement level.
DOGE/USD Daily Chart
Market participants could expect the rise to continue because the relative strength index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are both moving upward. The price strength at 52.9 in the positive region suggests that the buyers have started coming back to the scene.
Note that Dogecoin’s upward traction could gain momentum once the MACD crosses the neutral line into the positive region. In addition, the SMAs are about to produce a bullish cross as shown on the daily chart above. Though not a golden cross, when the 100 SMA (blue line) moves above the 200 SMA (purple), it is usually a bullish sign suggesting that there are more buyers than sellers in the market.
On the downside, Dogecoin’s support level is at $0.082, where the 50-day simple moving average (SMA) sits. A daily candlestick close below this level may send the currency as low as $0.072, where the 100-day and 200-day SMAs appear to converge.
Other Promising Tokens In Presale
While the current price action displayed by Dogecoin is impressive, Friday pumps are known to be unpopular among traders as they end up dumping over the weekend. As such, it is important to look for alternative coins with upside potential to invest in. Some of them are discussed next.
Dash 2 Trade (D2T)
Dash 2 Trade is an intelligent crypto trading platform based on the Ethereum blockchain. It provides traders of all skill levels with real-time social data and statistics, helping them make better trading decisions.
The platform’s native token is D2T and is currently on presale. The presale which began a few weeks ago has raised close to $7 million. After the presale, D2T will be listed on LBank and BitMart, with experts predicting a large increase in the price of the token immediately after the listing.
At the moment, 1 D2T is going for 0.0513 USDT, but this is expected to rise to $0.0533 in the next stage of sales and $0.0662 in the final stage.
If you are a Metaverse enthusiast, then you would be interested in RobotEra. TARO is the native token of the RobotEra ecosystem, a world-building Metaverse platform, and is used to access the metaverse resources and the associated avatars.
Within the RobotEra metaverse, you can buy land and properties and participate in building the virtual world to enhance its overall appearance.
There are also community Metaverses within RobotEra where you can engage in communal activities such as sports and games, as well as competitions.
The token is currently in presale with 1 TARO going for 0.020 USDT (it can be bought using either USDT or ETH). This price will rise to $0.025 in the second stage of its presale, which is set to begin over the next few days.
Dash 2 Trade – High Potential Presale
- Active Presale Live Now – dash2trade.com
- Native Token of Crypto Signals Ecosystem
- KYC Verified & Audited
Join Our Telegram channel to stay up to date on breaking news coverage
Credit: Source link