While the broader market is currently around 0.8% in the red and Bitcoin and Ethereum are not really moving, the situation is different for some Altcoins. The big winner today is the Trust Wallet Token (TWT) with a pump of more than 15%, while on the other hand the Dogecoin is particularly strong with losses of around 5%. DOGE price once again fell below $0.10 after this psychologically important price mark was overcome with bullish momentum over the past few days. On a weekly basis, the price of Dogecoin is still up around 12%. Should the sharp setback now be seen as an entry opportunity or should Dogecoin be sold again? Dogecoin Price Prediction:
Big Dogecoin Losses: DOGE Not Far From Daily Lows
In the past 24 hours, Dogecoin traded between $0.98 and $0.1039. The trading volume again exceeded $1 billion. Dogecoin currently has a market cap of over $13.4 billion. The DOGE price is therefore around 86% lower than ATH. Nevertheless, the price development over the past few weeks has been bullish: over the past two weeks the performance has been above 15%, over the past seven days even above 20%. This makes taking profits of around 5% in the weekend probably manageable.
Technically, the current correction looks relatively sound at the same time. The break above the US 10 cents has yet to hold. The mid-week bullish crossover on the 4-hour chart failed to generate enough momentum. Now the price is in trouble here with the 200 SMA at $0.98. The RSI has cooled again due to today’s correction and is also in the neutral zone. Further price gains look possible, the recent uptrend is intact.
The 50 Fib retracement of the last bullish move at around $0.107 could not be sustainably overcome. Traders are short-term bearish on the daily chart. A healthy correction may well continue now to the 61.8 Fibonacci retracement at $0.0949. Here, the bulls should then defend the Dogecoin price at this level. A matching counter move could offer an exciting setup. Ditto for a further break of the psychologically important $0.10 barrier on a near basis, which would then favor a retest of the 50 Fib retracement.
Keeping an eye on fundamental news: Dogecoin remains volatile
Regardless of the technically promising starting position, Dogecoin holders should keep an eye out for fundamental news, which will also determine the price action in the short term. Because Elon Musk, Twitter or Tesla still seem capable of advancing Dogecoin of course. Positive news regarding adoption would generate massive buying pressure. If Musk came back, a Dogecoin crash wouldn’t be far away. Tight stops are therefore the method of choice for short-term traders in order to reduce the risks inherent in DOGE.
Crypto tip: This green coin may explode soon – sustainability as a megatrend!
Dogecoin investors generally have a certain affinity for risk. For a return well above average, you have to take risks. Historically, crypto presales have had an attractive risk-reward ratio. This could now also apply to the IMPT green coin, which will soon dare its ICO. Because the demand in the current presale is high and IMPT has already been able to raise more than $13 million in the bear market. Relative strength against the broader market appears bullish.
At IMPT.io, a sustainable platform is being created which includes shopping, emission trading and social media. Going forward, consumers will be able to make ESG-compliant purchases on a platform with more than 25,000 affiliate partners and then redeem the rewards they receive for carbon credits that can be traded or burned. This means that you can not only track the ecological footprint here, but also offset it immediately.
Now for the IMPT presale