This is a bearish sign for Dogecoin and could signal a move towards $0.04225 in the short term.Īlternatively, the recent break below support may be a deviation, and the price could climb back above shortly.Īlthough there is scope for DOGE to decrease further than $0.04225 by the end of the year, the recent improving macroeconomic factors, such as inflation slowing down in the US, tell us we will most likely see a bounce before heading to the resistance level. The Dogecoin price chart below shows that DOGE has recently closed below its weekly support. With this in mind, we hold a fundamental bullish bias towards Dogecoin this year, but if the broader crypto market takes another leg down, we expect Dogecoin to follow. Despite the SEC’s recent actions, this could prove massively bullish for crypto and shows the leading players are not shying away from the industry. Moreover, the world’s largest asset manager, Blackrock, has just filed to launch a Bitcoin exchange-traded fund (ETF), allowing Bitcoin to be traded on the NASDAQ stock exchange. However, the excellent news for Dogecoin is that the SEC chair, Gary Gensler, is only targeting Proof-of-Stake (PoS) cryptos, and Dogecoin is Proof-of-Work (PoS). It also caused a lot of uncertainty surrounding many crypto projects since the SEC is targeting crypto harder than ever. The lawsuit caused significant fear in the crypto community since Coinbase and Binance are vital in on-ramping fiat currency onto the blockchain. The SEC issued the lawsuits claiming the exchanges have been selling unregistered securities to US customers.Ĭurrently, Dogecoin is down 13% from when the SEC announced its lawsuits, despite not being listed as a security by the SEC. The crypto markets have been in turmoil following the SEC suing Coinbase and Binance, causing crypto prices to plummet.
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