Is DOGE Leading the Pack?

Posted by By News Room 6 Min Read
Source: TradingView

The Dogecoin price has gained by 10% in the past 24 hours, rising to $0.072201 on a day when the wider crypto market has risen by only 1%.

DOGE is now 23% better off than it was a week ago, while the meme coin is also up by 25% in a fortnight.

Yet with the token only 2.5% up since the beginning of the year, it certainly has plenty of ground left to recover.

This means more rallies could be coming in the near future, with the distant possibility of Twitter payments something which be massively beneficial for the coin.

Dogecoin Price Prediction as Altcoins Recover Alongside Bitcoin: Is DOGE Leading the Pack?

Given that the Dogecoin price has risen so strongly, it’s no surprise to see its indicators looking very strong today.

Its relative strength index (purple) has just hit 80, a sign which not only indicates massive buying pressure, but which also suggests a rally could be close to peaking.

Source: TradingView

That said, DOGE’s 30-day average (yellow) has only just begun rising towards its 200-day (blue) and will need some time before it catches up with it.

This implies that the Dogecoin price could rise a little further before traders begin selling it off.

The coin’s support level (green) provides one other positive sign, in that it suggests DOGE has been consolidating its base around higher levels.

These signs all suggest that DOGE could rise to $0.080 in the next one or two weeks, provided that the market-wide rally continues.

It’s likely that positivity does continue, with traders increasingly expecting the SEC to approve a number of Bitcoin ETFs in the coming weeks.

While this doesn’t necessarily affect Dogecoin directly, an approval would increase the apparent legitimacy of crypto in the eyes of the investing public.

As such, it would have knock-on beneficial effects for the Dogecoin price, especially when the market had so heavily oversold the meme token in recent months.

In the longer term, DOGE is also hoping that X (formerly Twitter) eventually introduces digital payments, with much of the Dogecoin community holding out for DOGE payments in particular.

While X has not explicitly mentioned any plans for DOGE, it is undoubtedly working towards digital payments of some kind.

And with Elon Musk being a long-standing DOGE supporter, Dogecoin payments on X certainly can’t be ruled out.

High-Potential Presale Tokens

Because DOGE’s rally may have peaked, many traders may prefer to look to newer tokens.

There’s currently no shortage of promising new alts in the market, with several presale coins looking especially promising right now.

This includes Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that launched its presale last month and has raised over $2.2 million.

Bitcoin Minetrix has attracted investors by virtue of its unique business model, offering users the ability to mine Bitcoin (BTC) by staking its native token, BTCMTX.

Users who stake BTCMTX will receive tokenized mining credits in return, which they can spend to purchase Bitcoin hashpower.

In turn, spending enough mining credits will earn users freshly minted BTC.

Such a model promises to democratize access to Bitcoin mining for thousands more users, with investors clearly being swayed already by such a promise.

Investors also seemingly like the look of the BTCMTX itself, which will have a cap of four billion.

Holders who stake BTCMTX will also receive staking rewards (in the native token) in return, on top of any BTC they receive.

Investors can buy some now by going to official Bitcoin Minetrix website and connecting their wallets, such as MetaMask.

The sale is currently in its third stage, during which 1 BTCMTX has a price of $0.01120.

This will rise to $0.01130 in just under three days, with the price set to reach $0.01190 in the tenth and final stage.

From there, BTCMTX will list on exchanges, where it could enjoy a very big rally, if its successful presale is any indicator.

Visit Bitcoin Minetrix Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.



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