Dogecoin price is exchanging hands at $0.1198 after losing 8% of its value over the last 24 hours. This $16 billion meme coin grew by over 100% in the past week amid an Elon Musk-triggered rally. Dogecoin proponents backed the rally in droves, compelling bullish forecasts to $1.
However, DOGE started giving up some of its gains before the $0.15 level. It now appears to be sitting on top of robust support, slightly above $0.1100. Overhead pressure will increase if holders choose to lock in the gains, but if this support holds, the Dogecoin price could quickly resume its uptrend.
Is Dogecoin the Best Cryptocurrency to Short
The entire cryptocurrency market is turning its attention to the upcoming Federal Reserve meeting, scheduled to take place on November 2. Market participants expect the regulator to continue tightening its grip on interest rates as it combats inflation. A 0.75% rate hike or, if you like, 75 basis points will likely mount more pressure on riskier asset classes like digital assets.
As for Dogecoin price, the risk could even be higher considering its massive rally from $0.0680, as discussed in this article on Sunday. Looking at the MVRV (Market Value Realized Value), an on-chain metric by Santiment, a trend reversal is already underway.
The MVRV tracks the profit or loss of DOGE holders by comparing the price at which the tokens last moved with their current market value. Any reading above one means the asset is considered overvalued, which introduces the risk of a retracement as investors sell to book profits. Therefore, with the MVRV hitting 36.69% – a trend reversal was a matter of when and not if.
Investor sentiment toward the most valuable meme coin in the market plunged significantly during the weekend as Elon Musk’s takeover news settled. From the chart below, positive sentiment toward DOGE sits at 145 after falling from 824, recorded on October 29. Similarly, all the mentions of Dogecoin (negative and positive) now hold at 222 from 1,300 within the same period.
Suppose Dogecoin continues to attract few positive mentions and a reduced total social volume. In that case, bulls will most likely run out of the momentum to support the northbound move, paving the way for a significant trend correction.
Dogecoin’s whale transaction count is now a small fraction of its peak last week of 215. Only 20 transactions worth more than $100,000 occurred over the last 24 hours. Remember that Dogecoin’s rally to $0.1500 largely depended on many of these large transactions.
Massive whale transactions continued throughout the weekend, allowing DOGE to hold support at $0.1200. Now the ball is in the hands of the whales because if they keep selling, pressure will eliminate all chances of the foreshadowed move to $1.0000.
Dogecoin Price Prediction
The TD Sequential Indicator has presented a sell signal in the form of a green nine candlestick. This signal signifies incoming selling pressure while bulls retreat into the background.
Traders looking for short positions must confirm that the high of the sixth and seventh candles in the count is exceeded by that of the eighth or ninth bars. A daily close below support at $0.1200 will confirm the trend reversal, with possible profit targets at $0.1000 and $0.0850.
As the trading volume flips negative, there will be no option but to let the price revisit downstream levels. The OBV (On Balance Volume) indicator shows that DOGE’s trading is still high, but there is a possibility that sellers will take over. This calls for caution, especially with the Fed meeting on Wednesday.
3 Better Altcoins to Invest In
Dogecoin may have exhausted its bullish potential as Musk’s Twitter takeover hype dies. Traders must diversify their portfolios with promising tokens with long-term growth projections.
The three altcoins discussed within this section have the potential to rival Dogecoin and other meme coins like Shiba Inu and Dogelon Mars. Moreover, investors should be aware that these projects are currently in their presale stages, notwithstanding the bear market conditions.
In other words, investors have been presented with an opportunity to grow with these crypto projects. Moreover, they will lock in significant gains after their initial exchange listings.
Prediction of how these projects will perform following their respective launches is difficult; however, Tamadoge was able to return a 1,800% gain on an investment relative to its presale price immediately after listing on the OKX exchange in early October.
Going by the performance of TAMA, investors can catch the moment of new tokens coming into the market not only because of the presale price but the bright future each of them holds.
Dash 2 Trade (D2T)
The first project, Dash 2 Trade, is an Ethereum-based intelligence platform designed to be useful to investors and day traders. Think of it as a Bloomberg terminal but for cryptocurrency.
Dash 2 Trade provides traders with trading signals and enables them to create and test trading strategies in real-time using signals from the latest news and on-chain data.
D2T is the token powering this world-class crypto analytics platform, and the team has raised almost $3.5 million in the presale. Only 33 million D2T tokens are left for sale at the current price (0.05 USDT). D2T will sell for 0.0513 in the next presale stage.
Visit Dash 2 Trade Now
IMPT
IMPT comes second on the list. It is also an Ethereum-based token that stands out for being eco-friendly. The platform focuses on reducing carbon footprint, where users can participate in a carbon credit marketplace.
The best thing about IMPT is that it makes it possible for consumers to get carbon credits. Users can easily obtain carbon credits through regular buying activities, eliminating the need to go through a difficult investment process.
Green shoppers can now choose the better alternative to SolarCoin, Powerledger and other PoS coins. IMPT token is currently at the presale stage, whereby investors can seize the early bird opportunity.
Four weeks after its launch, the IMPT token presale has brought in slightly above $11.6 million.
Given its fundamentals, it is likely that IMPT will rise dramatically from its presale price once listing on exchanges starts.
Visit IMPT Now
Calvaria (RIA)
Third on the list is Calvaria, a play-to-earn (P2E) gaming platform where players are rewarded for battling with NFT-based collectible cards. Calvaria flaunts its uniqueness across the P2E and NFT sectors by enabling users to play without the need to hold any cryptos.
Calvaria is currently in presale, having raised over 914,000 USDT. Stage 3 of the presale is 67% complete, with 50 RIA tokens selling for 1 USDT. This price will keep rising in the next stages of the sale.
Visit Calvaria Now
Read the full article here
