{"id":12963,"date":"2022-11-29T14:53:14","date_gmt":"2022-11-29T18:53:14","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=12963"},"modified":"2022-11-29T14:53:14","modified_gmt":"2022-11-29T18:53:14","slug":"dogecoin-rises-over-60-of-holders-continue-to-profit-despite-ftx-nightmare","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/29\/dogecoin-rises-over-60-of-holders-continue-to-profit-despite-ftx-nightmare\/","title":{"rendered":"Dogecoin Rises: Over 60% Of Holders Continue To Profit Despite FTX Nightmare"},"content":{"rendered":"

Total bitcoin market capitalization shows that the market is still plagued<\/a> by fear, uncertainty, and doubt. Despite this, over 60% of Dogecoin holders are profitable, per CoinMarketCap data<\/a>, in the midst of the current dip.<\/p>\n

The market has recovered in some aspects, albeit not fully, and investors are feeling confident about Dogecoin now than in recent days.<\/p>\n

An overbought relative strength index (RSI) suggests a possible market drop. Despite this, in the following few days, we should\u00a0see a price that is above $0.1090.<\/p>\n

In addition to being bullish on shorter timeframes, the memecoin is also quite robust\u00a0on longer ones. CoinGecko reports<\/a> that the coin has been rising in value significantly over the past week or two.<\/p>\n

The Launch of SpaceX\u2019s DOGE-1 mission, scheduled on December 22 this year\u00a0according to NASA\u2019s website<\/a>, is one event that could alter the pricing even more.<\/p>\n

To add more, there are reports on Twitter that Ethereum co-founder\u00a0Vitalik Buterin and Elon Musk will work together to enhance the DOGE network.<\/p>\n

Bullish On The Memecoin, But Proceed With Caution<\/h2>\n\n

Image: TradingView<\/p>\n

What will happen to DOGE when the number of positive indicators increase? Will it continue to rise or fall with the rest of the market?<\/p>\n

As of the time of writing, all of the top 10 cryptocurrencies are rising, with DOGE marking an incredible 37% weekly increase.<\/p>\n

How does this compare in the graph? Well, DOGE is currently trading in a range between $0.1034 and $0.1090, with a likely breakout at the 50 Fibonacci level, which sits at $0.1090.<\/p>\n

As the RSI readings are in overbought zone, a correction phase may follow the breach in the intermediate term.<\/p>\n

On a 4-hour timeframe, this is more evident as recent candles have longer wicks, a hint of an approaching corrective phase.<\/p>\n

If the pullback occurs, the existing support at $0.0931 is likely to resist bearish sentiment. With the Bollinger Band supporting the present price action, however, this correction may be unlikely.<\/p>\n

Dogecoin: A Solid Buying Opportunity<\/h2>\n

Nonetheless, RSI levels should continue to be examined because they can prolong DOGE\u2019s position above the 61.80 Fib level.<\/p>\n

We anticipate the $0.1090 resistance to be broken during the coming few days.<\/p>\n

Speculators and investors should strongly consider DOGE as a purchase opportunity. As the launch date of the DOGE-1 satellite approaches and reports concerning Buterin and Musk\u2019s upgrading plan for DOGE<\/a> continue to circulate, we should expect positive sentiment to increase daily.<\/p>\n

In the coming weeks, we can anticipate a further rally as the market recovers.<\/p>\n\n

DOGE total market cap at $13.5 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Total bitcoin market capitalization shows that the market is still plagued<\/a> by fear, uncertainty, and doubt. Despite this, over 60% of Dogecoin holders are profitable, per CoinMarketCap data<\/a>, in the midst of the current dip.<\/p>\n

The market has recovered in some aspects, albeit not fully, and investors are feeling confident about Dogecoin now than in recent days.<\/p>\n

An overbought relative strength index (RSI) suggests a possible market drop. Despite this, in the following few days, we should\u00a0see a price that is above $0.1090.<\/p>\n

In addition to being bullish on shorter timeframes, the memecoin is also quite robust\u00a0on longer ones. CoinGecko reports<\/a> that the coin has been rising in value significantly over the past week or two.<\/p>\n

The Launch of SpaceX\u2019s DOGE-1 mission, scheduled on December 22 this year\u00a0according to NASA\u2019s website<\/a>, is one event that could alter the pricing even more.<\/p>\n

To add more, there are reports on Twitter that Ethereum co-founder\u00a0Vitalik Buterin and Elon Musk will work together to enhance the DOGE network.<\/p>\n

Bullish On The Memecoin, But Proceed With Caution<\/h2>\n

Image: TradingView<\/p>\n

What will happen to DOGE when the number of positive indicators increase? Will it continue to rise or fall with the rest of the market?<\/p>\n

As of the time of writing, all of the top 10 cryptocurrencies are rising, with DOGE marking an incredible 37% weekly increase.<\/p>\n

How does this compare in the graph? Well, DOGE is currently trading in a range between $0.1034 and $0.1090, with a likely breakout at the 50 Fibonacci level, which sits at $0.1090.<\/p>\n

As the RSI readings are in overbought zone, a correction phase may follow the breach in the intermediate term.<\/p>\n

On a 4-hour timeframe, this is more evident as recent candles have longer wicks, a hint of an approaching corrective phase.<\/p>\n

If the pullback occurs, the existing support at $0.0931 is likely to resist bearish sentiment. With the Bollinger Band supporting the present price action, however, this correction may be unlikely.<\/p>\n

Dogecoin: A Solid Buying Opportunity<\/h2>\n

Nonetheless, RSI levels should continue to be examined because they can prolong DOGE\u2019s position above the 61.80 Fib level.<\/p>\n

We anticipate the $0.1090 resistance to be broken during the coming few days.<\/p>\n

Speculators and investors should strongly consider DOGE as a purchase opportunity. As the launch date of the DOGE-1 satellite approaches and reports concerning Buterin and Musk\u2019s upgrading plan for DOGE<\/a> continue to circulate, we should expect positive sentiment to increase daily.<\/p>\n

In the coming weeks, we can anticipate a further rally as the market recovers.<\/p>\n

DOGE total market cap at $13.5 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com<\/a><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-12963","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=12963"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/12963\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=12963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=12963"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=12963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}