The Dogecoin price has fallen by 6% in the past 24 hours, falling to $0.082213 as the cryptocurrency market continues to reel from the latest Fed hike and the ongoing effects of the FTX collapse. Its latest movements also mean that it’s down by 16% in the past week and by 20% in the past fortnight, with its community’s hope for some kind of Twitter integration remaining unrealized.
However, assuming that Twitter does eventually introduce Dogecoin-based payments or tipping of some kind in the near future, then DOGE will rally significantly. But if the social network doesn’t, it’s arguable that the altcoin’s fundamentals alone will be enough to lift it substantially from its current level.
Looking at Dogecoin’s chart, it seems as though it’s currently going through a bearish reversal as recent gains make way for a slide into losses. Its relative strength index (purple) has fallen from 60 at the start of December to under 40 today and it looks as though it will continue falling in the near term.
At the same time, DOGE’s 30-day moving average (red) has plateaued after recent rises and it looks like it will begin falling toward its 200-day average (blue). If it sinks below the longer-term average, this could signal a bigger selloff.
Looking at the Dogecoin community, it remains hopeful as far as DOGE’s price is concerned, with some holding out for $1 (or even higher) in the not-too-distant future.
Such expectations seem to be based almost entirely on the assumption that Twitter, with the dogecoin-supporting Elon Musk at its helm, will sooner or later integrate DOGE tipping.
Aside from Musk’s well-documented holding of DOGE and hints (from April) regarding DOGE-based payments, there’s no real evidence that Twitter is actually planning to use dogecoin at any point in the future. As such, hopes of DOGE reaching $1 or higher arguably remain wishful thinking at this juncture.
This is largely because Dogecoin has nothing else on its horizon other than a hypothetical move by Twitter to adopt the coin. It’s barely witnessing any other adoption, while its relative lack of development means it has little chance of becoming more attractive to prospective users and adopters.
Nonetheless, a positive start to 2023 for the cryptocurrency market could see DOGE post more modest rises. That the market could move in a more positive direction has been underscored by the fact that inflation is easing in various parts of the globe, something which points to a gradual improvement in macroeconomic conditions.
Given improved economic conditions and market sentiment, it’s conceivable that DOGE could return to levels it witnessed earlier in 2022, such as $0.14 or higher.
Given just how unpredictable Elon Musk can be, traders waiting for big DOGE profits may prefer to look elsewhere or at least diversify. One of the most promising areas for diversification this year has been presales, with some new altcoins witnessing big gains following the end of their sales and new exchange listings.
For example, the best presale coins have posted gains of over 1,000% after listing for the first time. Most notably, Lucky Block (LBLOCK) and Battle Infinity (IBAT) witnessed increases as high as 6,000% and 3000% during the summer, compared to their initial presale prices of $0.00015
The three altcoins below are hoping to match such gains. While this can’t be guaranteed, they each boast very solid fundamentals and offer some interesting features, which together give all of them good chances of succeeding once they list and their respective platforms launch.
Running on the Ethereum blockchain, FightOut (FGHT) is a move-to-earn fitness app that combines real-life workouts with Web3. Building on the foundations laid by earlier M2E platforms such as STEPN, it tracks and rewards not only steps taken but all manner of workouts, including boxing, weightlifting and yoga. It also offers in-app and physical courses, helping users to lead much more active lifestyles.
Launched only this week, its presale has already raised over $2 million, with $1 currently buying you 60.06 FGHT tokens.
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Also running on Ethereum, Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data, helping to build stronger portfolios and arrive at more informed decisions.
The sale of its D2T token has raised over $9.9 million and is now in its final stage. It has also announced listings on BitMart, Changelly Pro and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy market-beating returns.
Visit Dash 2 Trade Now
One for the gamers, RobotEra (TARO) is a Sandbox-style Metaverse that lets users play as robots and create its virtual world. This will include creating NFT-based land, buildings, and other in-game items, while the game also has the very ambitious aim of letting players link up with other metaverses and create an interoperable multi-verse.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. It has already raised over half a million dollars.
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A quick 3min read about today's crypto news!