The price of Dogecoin has been facing significant selling pressure in recent days, resulting in a 23% drop in value over the past week. Despite this, trading volume for DOGE has increased significantly, with a 128% spike to $668 million. Currently, the price of Dogecoin is $0.0740.
Why Is Dogecoin Price in The Red?
The rain started beating down on the Dogecoin price earlier this week when billionaire Elon Musk insinuated that he might be leaving Twitter as CEO. Musk has been at the helm of one of the world’s largest social media platforms for barely three months, within which he hinted at integrating DOGE as Twitter’s official cryptocurrency.
Dogecoin’s price has become highly reactive to Elon Musk’s tweets and comments since he assumed control of Twitter. This was demonstrated in October, when the price of DOGE rose by over 178% after the confirmation of Musk’s acquisition of the social media platform, reaching a trading value of $0.1596.
With Musk’s time at Twitter seemingly running out, Dogecoin’s price could take another hit. However, there is still a chance that the billionaire will stay at Twitter to see the company through the changes he envisioned before bidding to acquire it.
Dogecoin Price Prints Green Candle as Investors Buy the Dip
The news that Elon Musk may leave his position as CEO of Twitter caused Dogecoin’s price to plummet, with DOGE continuing its downward trend from December and falling below the support level of $0.0744. However, the presence of a concentration of buyers at $0.0702 was able to prevent further losses and keep the price from dropping to even lower levels.
A quick rebound from that support level allowed the Dogecoin price to print a green candlestick. DOGE is now exchanging hands at $0.0742 while bulls engage in an intense tug-of-war with the bears.
The Moving Average Convergence Divergence (MACD) indicator affirms that the least resistance path is gradually flipping to the upside. Traders may wait until the MACD (blue line) crosses above the signal line (in red) before firing up their buy orders.
It is worth mentioning that the expected rebound from support at $0.0702 will confirm the Dogecoin price uptrend after cracking through resistance provided by the upper trendlines.
In order to maintain the current uptrend, it is essential for Dogecoin’s price to break through and remain above all the major moving averages, including the 50-day Exponential Moving Average (EMA) at $0.0867 (shown in red), the 100-day EMA at $0.0892 (shown in blue), and the 200-day EMA at $0.0893 (shown in purple).
Investors might consider buying DOGE now that its value has fallen back into the buy zone. According to the Market Value Realized Value (MVRV) ratio at -11.65, the Dogecoin price is trading significantly below what would be considered a fair market value.
Because of this, investors often hesitate to sell for fear of incurring losses. As a result, market participants who were previously on the sidelines may choose to buy Dogecoin at a lower price, which increases buying pressure and leads to a rebound in its price. Dogecoin will remain undervalued until the MVRV ratio rises above the mean line at 1.
Large-volume holders known as whales are taking advantage of the price to fill their bags. Even as the Dogecoin price retreated from highs around $0.1596, whales did not waver.
On-chain data from Santiment shows that addresses with between 100,000 and 1,000,000 coins now hold 6% of DOGE’s total supply from August’s low at 5.58%. Moreover, addresses with between 1M and 10M tokens hold 7.4% of the total supply from 6.91% in the same five-month period.
Dogecoin price recovery will greatly depend on support from whales and retail investors. Therefore, the increase in uptake of the meme coin is a positive signal and will eventually push for a significant northbound move.
Altcoins Offering Quicker Returns
Dogecoin price is about to flash a buy signal following this week’s 23% dip. As investors consider buying the dip, they could also explore newer crypto projects that have the potential to return massive gains. The tokens listed here are currently in their presales ahead of their initial exchange listings.
FightOut is a cryptocurrency project that is using Web3 solutions to revolutionize the fitness industry. It is a Move-to-Earn (M2E) app and gym chain that turns the fitness lifestyle into a game. Users of the platform are rewarded for completing specific workouts and challenges and can earn badges and advance within the community by participating.
A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks. Since FightOut is coming to revolutionize the fitness economy with Web3 solutions, users can create accounts and mint their own digital NFT avatars to use in the metaverse.
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Dash 2 Trade (D2T) – Presale Enters Final Stage
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $10.18 million. The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in around one month.
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C+Charge has developed a strong Peer-to-Peer (P2P) payment system for electric vehicle (EV) charging stations using blockchain technology. This system involves the use of individual electronic wallets for users, who can use them to pay for EV charging with the C+Charge utility token.
As the number of EVs on the road continues to grow, there is a need for more electric charging stations. However, the EV industry is also faced with the challenge of a lack of standardization for charging. C+Charge aims to address these issues with the use of its dynamic token, CCHG.
In addition to providing access to carbon credits, CCHG tokens will be used by drivers to pay for EV charging services and by charging station operators to receive payment. C+Charge is currently conducting a presale where 1 CCHG can be purchased for 0.013 USDT. The price will increase to 0.0165 USDT in the next presale stage.
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Dogecoin Price Prediction – Can DOGE Reach $1 in 2023?