DOGE, the native cryptocurrency of the Dogecoin blockchain, continues to consolidate near the $0.10 mark, despite an increase in trading volume since the beginning of the week. According CoinGecko, Dogecoin trading volumes reached around $800 million in the past 24 hours. At the same time, according to TradingView, citing data from the exchange Binancethe number of DOGE tokens traded on Monday reached its highest level since last Wednesday at over 134 million.
Compared to the volumes recorded before the recent takeover of Twitter by Elon Musk at the end of October, this figure is high. Indeed, before this operation, trading volumes on Binance (according to TradingView) were regularly between 10 and 30 million tokens per day. But compared to the past few weeks, Monday’s volumes are nothing out of the ordinary. This is because normal volumes correspond to consolidation in the price of Dogecoin – volumes usually increase along with large price movements.
A decline towards $0.09 for DOGE?
Bullish momentum in Dogecoin, which took it to new multi-week highs above $0.11 on Monday, appears to have run out of steam. DOGE/USD is no longer in a clearly bullish trend, as it was a few days ago. Over the next few days, cryptocurrencies may consolidate amid a lack of meaningful macro updates.
DOGE/USD could easily fall back towards the $0.09 support zone, which served as key resistance in August and mid-November (and may now turn into support), and where the moving averages of 21 and 50 days.
Jim Cramer urges investors to get rid of DOGE
CNBC show host madmoney, Jim Cramer, on Monday recommended investors sell their cryptocurrency holdings before it’s too late. He warned that Dogecoin and other altcoins could fall to $0. However, a recurring joke from the finance/Twitter space, and often taken seriously, is that the market tends to do the opposite of what Jim Cramer predicts.
Is the bear market over and can DOGE reach $1?
Looking at Dogecoin’s price action over the long term, many bulls will remain bullish on the end of the 2022 bear market, which saw prices at one point dip below $0.05. . Indeed, the late October rise allowed DOGE/USD to break out of a long-term downtrend on the log chart. DOGE/USD then seemingly confirmed this breakout when it found downtrend support in early November following the collapse of FTX.
In the event that this assumption proves to be correct, a recovery above recent highs and towards the 2022 highs above $0.20 could be in the offing. But does this mean that DOGE can return to last year’s highs at $0.70? Or, better yet, can Dogecoin reach $1?
This would require a significant recovery in risk appetite – which could result from 1) a substantial improvement in macroeconomic conditions (i.e. more growth-friendly financial conditions) or 2) further progress in constructive cryptocurrency legislation in key markets like the United States.
Another catalyst for a rally towards $1.0 could be the integration of Dogecoin in some way into a future Twitter payment system. Charles Hoskinsona prominent crypto developer and founder of Cardano, recently speculated that if Musk integrated crypto payments into Twitter, it could bring 200 million new users to use this technology, in which case a jump to $1 could be considered for 2023.
A history of exponential price increases for Dogecoin
A jump to $1 would represent a 900% upside from the current price. Such a leap may seem far-fetched but similar historical precedents exist for DOGE. From the lows of 2017 to the highs of early 2018, DOGE/USD has surged nearly 10,000%. Then, from the lows of 2020 to the record highs of 2021, it jumped around 64,000%.
TAX
The popularity of environmentally and socially responsible investments in recent years has led investors to take an interest in green cryptocurrencies, among which is the IMPT token. IMPT.io has partnered with thousands of major retailers around the world to help them offset their carbon footprint and allow users to trade carbon credits on the blockchain.
IMPT tokens are currently in their second pre-sale phase, with IMPT having raised over $14.3 million. This represents $350,000 in token sales over the past 48 hours. Investors only have five days left to purchase tokens at the current discounted price of $0.023.
Dash 2 Trade (D2T)
Dash 2 Trade is an up-and-coming social trading and analytics platform fast becoming one of the benchmarks in the crypto trading space with a host of unique features.
These include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, quote alert system, and strategy back-testing tool. The Dash 2 Trade ecosystem will be powered by the D2T token, which users will need to purchase and hold in order to access platform functionality.
Dash 2 Trade is currently running a token pre-sale at deeply discounted prices. D2T token sales recently exceeded $8.7 million. The pre-sale is about to enter its fourth phase, with over 99.8% of Phase 3 tokens sold. In the next phase, the price per token will drop from $0.0513 to $0.0533.
RobotEra (TARO)
RobotEra (TARO) is a Sandbox-like metaverse that will allow players to embody robots and participate in the creation of its virtual world, including terrains, buildings and other game elements based on NFT technology. Its launch will take place in the first quarter of next year. TARO also plans to allow players to connect to other metaverses, creating a multiverse where NFTs from different platforms can interact.
1 TARO is currently selling for 0.020 USDT (it can be bought using USDT or ETH), but this price will drop to $0.025 in the second phase of its presale. The project has now raised over $400K in funds in just a few weeks since launching the pre-sale.