Dogecoin price predictions, with its trading volume rising to $900 million

It seems that Dogecoin-DOGE price expectations are generally positive, as the price exceeded the $0.0720 level and is currently trading at $0.0810, however, the downward-sloping resistance line as well as the 50-day moving average are hindering the Dogecoin price from recording higher values ​​on its chart. graphic.

Elon Musk: The main supporter of DOGE

It was Elon Musk’s decision to pay $44 billion to buy the giant social media platform, Twitter Twitter One of the biggest surprises of the current year, as the acquisition process was followed by many discussions related to the concern of the supervisory authority of major technology companies, but it also raised questions about the future of the Dogecoin currency, especially since the DOGE/USD currency pair had witnessed a rapid rise after all A tweet from Elon Musk promoting this currency.

To name a few, throughout 2021, Musk continued to refer to DOGE as “everyone’s cryptocurrency”, causing the coin’s value to skyrocket by 4,000%.

In addition to the above, Tesla, an American multinational car company dealing with renewable energy owned by Musk, began accepting DOGE as a means of payment for a number of its products, including “Giga Texas” belts, and miniature versions of its car bodies in January of 2022. .

DOGE can also be used to pay for Musk’s recently launched fragrance, which he jokingly called Burnt Hair.

It is noteworthy that the well-known joke currency (DOGE) is closely related to Elon Musk’s acquisition of the Twitter platform, and this process may have a significant impact on the general adoption of cryptocurrencies. However, doubts surrounding the Twitter deal still cast a shadow over the DOGE cryptocurrency, putting it under pressure anyway.

Genesis is facing bankruptcy

On November 22, the crypto market came under pressure from overselling again, as cryptocurrency investment bank Genesis warned of the risk of bankruptcy, due to the risk of non-payment of its debts related to the newly bankrupt FTX platform. .

Genesis Global Trading, one of the market’s leading lenders, has warned of a possible bankruptcy, becoming the latest victim of this year’s cryptocurrency market crash.

According to the reports received, the crypto bank is currently looking for a lender to provide it with up to $1 billion in additional financing. However, the company stated that there are no urgent plans to declare bankruptcy, although there are no lenders.

In addition to the aforementioned – and according to other reports – the company requested funding from Apollo Global Management and the major platform for cryptocurrency trading, Binance, but Binance met the funding request with a refusal for reasons related to a potential conflict of interest. The announcement comes just a week after Genesis Lending Inc. temporarily suspended withdrawals, fearing the consequences of excessive withdrawals for clients due to concerns about Genesis assets held on the FTX platform.

According to earlier reports dating back to this year, Genesis was indebted to Alameda Research, a crypto trading desk closely linked to the newly bankrupt FTX platform; It is noteworthy that Genesis has suffered losses as a result of its partnership with hedge fund Three Arrows Capital, which declared bankruptcy early this year.

As the fallout from the FTX fiasco spreads, BlockFi, another crypto-lending bank, was declared bankrupt earlier in the month, and several other smaller firms have suspended withdrawals or stopped offering some of their lending or mortgage services.

In parallel with the decline in investor sentiment, the total market value of cryptocurrencies fell below $800 billion, and the value of the DOGE/USD currency pair witnessed a decline in its price as a result of the aforementioned news, in conjunction with the sharp collapse of the prices of a number of cryptocurrencies.

Dogecoin price and economic data

The current price of Dogecoin is $0.081, with a trading volume of about $605 million, with an increase in the coin’s price of more than 7.5% of its value in the last 24 hours. Analytics platform CoinMarketCap places Dogecoin currently 9th by market capitalization, with a total exchanged market capitalization of $10 billion and a circulating supply of 132,670,764,300 DOGE coins with an unlimited maximum coin production.

Dogecoin price and economic data – Source CoinMarketCap

On the 4-hour chart, we find that the DOGE/USD pair has formed a descending triangle pattern, with the resistance level at $0.0832 and the support level near $0.075 and $0.0710, respectively. The descending slash line of the descending triangle pattern defines a strong resistance level around $0.0832, while breaching this level to the upside could lift the price of DOGE to around $0.0870.

Dogecoin price chart – Source: Tradingview

It can be said that any breach above $0.0870 could open new buying horizons that might reach $0.0910. However, before Dogecoin can trade upwards, it must first cross the 50-day moving average at $0.083.

Alternative options for Dogecoin (Dogecoin-DOGE)

Dash 2 Trade

During the initial sale of Dash 2 Trade, more than $6.8 million was raised, and according to the team behind the project, the D2T coin will be listed for trading on the popular LBank cryptocurrency exchange.

These achievements were achieved just over a month after the start of the public sale of the coin by the company, confirming that investors are paying close attention to the platform based on its AI tools.

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Calvaria (Calvaria-RIA)

Calvaria can be seen as the promising new gaming project in the crypto world, which can dominate the “play for profit” market. There are two major hurdles to widespread adoption of Web3-based games that have been identified by the Calvaria developers.

Although investors are already able to see the great opportunities for Web3 games, users are still skeptical about it. The pre-sales offers for the Calvaria platform have gained a lot of momentum, as the project has started the fourth sales phase out of ten phases, with financing of approximately $ 1.9 million.

Notably, investors are rushing into this fast-growing venture in the game-based finance (GameFi) sector, with the price of RIA token rising exponentially after each IPO stage. The price of the coin was $0.025 during the fourth stage, but it increased to $0.03 by the fifth stage, and the price of one coin will reach $0.055 during the tenth stage.

Visit the Calvaria coin initial sale site now

RobotEra-TARO

If you are looking for another project that has the potential to revolutionize the gaming community and the virtual world, it is definitely TARO. The ICO has just started, noticing that there is already real interest from buyers. The RobotEra platform is a blockchain-based virtual world where users can create avatars and explore the digital world.

Through the RobotEra game platform, players can buy land and build on it, as well as establish various basic facilities for their areas, and it is indicated that the goal is to create a parallel virtual world in which everyone feels safe and at peace with their personal property.

The RobotEra platform also contains a common virtual world (metaverse) in which users can participate in a group of different activities, whether it is sports, music, or others, and the first sales offers for TARO have just been launched, during which the currency is being sold rapidly.

Visit the TARO RobotEra Presale Now

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