By NewsBlogger The article provides an overview of the potential upward movement of Dogecoin, key support and resistance levels, recent market trends, and the emergence of Degen Chain and meme coins in the cryptocurrency market.
At a glance
- Dogecoin is showing signs of potential upward movement.
- Key support levels at $0.13, resistance at $0.21 and $0.31.
- Buyers dominating chart, resistance at 21 cents could break with a spike in buying volume.
- Daily MACD is indicating a bullish bias for Dogecoin.
- Degen Chain recorded $100 million in transactional volume, with DEGEN’s price surging by over 210%.
The details
In the world of cryptocurrency, Dogecoin is currently displaying signs of potential upward movement.
Key support levels for Dogecoin are identified at $0.13, while key resistance levels are observed at $0.21 and $0.31. Despite this, sellers are currently exerting pressure to keep the price under the key resistance at 21 cents, although momentum and volume indicators are in favor of buyers.
In fact, buyers have been dominating the chart in recent days, and the resistance at 21 cents could potentially break if there is a spike in buying volume.
Technical Analysis
Additionally, the daily MACD is showing a clear bullish bias, indicating a major move in Dogecoin’s price may be on the horizon.
However, the broader cryptocurrency market has experienced a significant downturn in the past 24 hours, with close to $500 million in positions liquidated, mostly long positions.
Dogecoin itself has seen a decline of almost 14%, trading below $0.19. Notably, Dogecoin is among the leading altcoins in terms of total liquidations, with over $16 million in DOGE positions liquidated in the past day.
Market Trends
Meme coins like DOGE are known to be more volatile and carry higher risks of liquidation.
The meme coin Dogwifhat (WIF) has dropped by over 17% since yesterday’s peak, and Bitcoin’s price has also crashed by around $3,000 during the same period.
In a separate development, Degen Chain, a layer-3 blockchain network built on top of the L2 solution Base with DEGEN as its native token, has been making waves in the crypto space.
Degen Chain Growth
Degen Chain has recorded nearly $100 million in transactional volume, onboarded over 130,000 addresses, and completed more than 4 million transactions.
DEGEN’s price has surged by over 210% on a weekly scale, reaching $0.06 with a market capitalization of approximately $660 million.
Other tokens associated with Degen Chain, such as Degen Swap (DSWAP) and Degen Pepe (DPEPE), have also witnessed significant growth.
The hype surrounding DEGEN-based meme coins is following a trend seen in assets of a similar nature built on the Solana blockchain.
Moreover, meme coins like dogwifhat (WIF), Bonk Inu (BONK), and BOOK OF MEME (BOME) have experienced notable price growth and become sensations in the latest bull market.
WIF’s valuation reached an all-time high of $4 with a market cap of $4 billion, and its price peaked at $4.80 before retracing to $4.40. Notably, one individual made a substantial investment by purchasing over 2.5 million dogwifhat (WIF) tokens for $310 at the end of last year, which are now worth almost $11 million.
This comprehensive brief covers all the key details and developments surrounding Dogecoin, the broader cryptocurrency market, and the rise of Degen Chain and meme coins in the current market landscape.
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| cryptopotato.com |
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| – Dogecoin is showing signs of potential upward movement – Key support levels for Dogecoin are at $0.13 – Key resistance levels for Dogecoin are at $0.21 and $0.31 – Sellers are currently holding the price under the key resistance at 21 cents – Pressure is building up under the key resistance level – Momentum and volume favor buyers – Buyers have dominated the chart in the past few days – Resistance at 21 cents could break if buy volume spikes – Daily MACD is showing a clear bullish bias – Major move in Dogecoin’s price seems to be in the making |
| cryptopotato.com |
|---|
| – Cryptocurrency market has dropped significantly in the past 24 hours – Close to $500 million positions were liquidated, mostly long positions – Dogecoin declined by almost 14% in the past 24 hours, trading below $0.19 – Dogecoin is one of the leading altcoins in terms of total liquidations – Over $16 million liquidated DOGE positions in the past 24 hours – Meme coins like DOGE tend to be more volatile and carry higher risks of liquidation – Dogwifhat (WIF) dropped by more than 17% since yesterday’s peak – Bitcoin’s price crashed by around $3K in the past 24 hours |
| cryptopotato.com |
|---|
| – Degen Chain is a layer-3 blockchain network built on top of the L2 solution Base with DEGEN as its native token – Degen Chain has recorded nearly $100 million in transactional volume, onboarded over 130,000 addresses, and has more than 4 million completed transactions – DEGEN’s price has increased by over 210% on a weekly scale, reaching $0.06 with a market capitalization of around $660 million – Other tokens related to Degen Chain, such as Degen Swap (DSWAP) and Degen Pepe (DPEPE), have also seen significant growth – The hype surrounding DEGEN-based meme coins is following the trend of assets of that type built on the Solana blockchain – Meme coins like dogwifhat (WIF), Bonk Inu (BONK), and BOOK OF MEME (BOME) have experienced notable price growth and become sensations in the latest bull market – WIF’s valuation reached an all-time high of $4 with a market cap of $4 billion, and its price peaked at $4.80 before retracing to $4.40 – One individual purchased over 2.5 million dogwifhat (WIF) tokens for $310 at the end of last year, which is now worth almost $11 million |
