The price of Dogecoin rose significantly in the hours following Elon Musk’s announcement that he would grant amnesty to suspended Twitter accounts. Dogecoin is currently trading at $0.08793, up 0.51% in the last hour, 8.34% in the last 24 hours, and 3.20% in the last week.
The Dogecoin price was bolstered by Musk’s continued support for Dogecoin on Twitter, as well as rumors that Dogecoin may soon be integrated into the Twitter platform. Dogecoin was a favorite of Musk, who called Dogecoin the “people’s crypto” and even jokingly suggested that Dogecoin could be used to pay for his online surveys.
Dogecoin Price Prediction and Technical Analysis
Dogecoin is currently consolidating, with a Relative Strength Index (RSI) of 51.3704 and an Exponential Moving Average (EMA 10) of 0.0834. This indicates that the buying momentum may be slowing and Dogecoin bulls should be cautiously bullish at best.
Dogecoin price appears to have found strong support above the $0.071 range after bouncing off the support zone at least three times since late October, while the $0.091 resistance level has remained relatively firm over the course. of last week.
Technical signals suggest that Dogecoin may be poised to continue a consolidation phase over the next few weeks as Dogecoin investors await developments on Dogecoin’s integration into Twitter’s platform. Of course, it depends on whether the big market is going up or down as well.
Dogecoin Fundamental Analysis
In addition to macroeconomic conditions, the continued success of Dogecoin will largely depend on how much support it receives from Musk and other cryptocurrency influencers, as well as further developments with the integration of Dogecoin in Twitter.
At this point, however, any speculation about Dogecoin being integrated into Twitter is just that – speculation. But Dogecoin investors and traders should definitely keep their eyes peeled for potential developments in the weeks and months ahead.
As always, traders should also be aware of broader macroeconomic conditions and the broader crypto market. For example, if the stock market experiences a sharp decline or if Genesis files for bankruptcy as a result of the FTX contagionmost cryptocurrencies would likely suffer significant losses.
Alternatives to Dogecoins
Overall, investors should be very careful with coins like Dogecoin, which tend to be extremely volatile and can drop in price as fast as they pump. This is particularly the case of Dogecoin, which largely depends on the whims of Musk and his tweets.
It’s important to remember that Dogecoin is still a highly speculative asset, and it’s always wise to diversify your portfolio with both more established cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) as well as other altcoins and promising projects still in presale.
For example, hot presale coins right now with strong fundamentals backed by strong teams include Dash 2 Trade (D2T), RobotEra (TARO), and IMPT.
Trade Dash 2 (D2T)
Dash 2 Trade is an innovative social trading and crypto analytics platform that helps investors make informed investment decisions. Dash 2 Trade Features to understand:
- Trading signals with buy/sell opportunities in the market,
- Social sentiment and on-chain analysis to spot trending pieces,
- Strategy builder and social trading tools to facilitate trading and adoption of strategies,
- Bespoke scoring system to assess crypto pre-sales
- Crypto listing alerts for promising new listings
- Trading contest for subscribers.
The D2T token is the fuel that powers the Dash 2 Trade ecosystem.
Due to launch in Q1 2023, D2T has already raised nearly $7 million. The project announced listings on BitMart and LBANK Exchange in early 2023.
RobotEra game is a futuristic robot-themed game that takes place in a virtual world where players can buy and own virtual property and purchase in-game assets related to NFTs. In RobotEra Metaverse, players are free to create their own games and experiences, which are supported by the TARO token.
1 TARO is currently selling for 0.020 USDT in presale (bought with USDT or ETH), but it will drop to 0.025 USD in stage 2 of the presale which will start soon.
IMPT is a revolutionary way for individuals and businesses to join the fight against climate change. It connects responsible brands with companies and individuals who wish to reduce their carbon footprint. Users can buy, sell or withdraw credits while avoiding double counting and fraud.
Users earn carbon credits by shopping at over 10,000 different retailers who contribute a percentage of sales to carbon capture projects. Additionally, users can track their progress with Global Score and receive IMPT points for various activities on the platform.
Since IMPT sales began in October, over $13 million has been raised in the pre-sale. 1 IMPT is currently $0.023 and is expected to increase in the next presale stage.