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Dogecoin (DOGE) stands among the top performers in the crypto market over the past week. Dogecoin price has risen 7.6% in that period and 37.4% in the last 14 days, according to CoinGecko data. The meme coin experienced a recovery in the week starting November 28, 2022 and has been trying to stay above $0.09 since.
While it is challenging to pinpoint the main reason behind Dogecoin’s rally, signs point to new Twitter CEO Elon Musk, who hinted at including Dogecoin as one of the forms of payments in Twitter 2.0. The speculation gained momentum following several slides shared by Musk from his ‘Twitter company talk.’
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta
— Elon Musk (@elonmusk) November 27, 2022
While these slides never mentioned Dogecoin, it is impossible to separate the connection.
Crypto influencer and founder of Gokhshtein Media, David Gokhshtein, presented a second theory to explain Dogecoin’s rally, citing a potential collaboration between Elon Musk and Ethereum’s co-founder Vitalik Buterin to “somehow upgrade DOGE.”
According to Gokhshtein however, the two tech entrepreneurs will not work on Bitcoin because “Vitalik tried that in the past and was kicked out and Elon is interested in turning something that started as a joke into something serious.”
Although speculation could pump the price of a cryptocurrency, it is likely only to sustain the rally if the coin has strong fundamentals. Dogecoin’s price action moving forward will provide insight into whether it is positive on fundamentals.
Dogecoin Price Action
Dogecoin price action has been forming higher lows since November 21, with the DOGE/USD pair soaring to $0.11 on December 1. A minor decline on Saturday, December 03, attempted to break the higher lows trajectory, closing the day with a $0.098 low. However, this was corrected on Sunday as the bulls arrested the decline, suggesting that traders are not waiting for a deeper fall to buy.
Dogecoin price appeared strong opening the week in green. At press time, it had moved back above the initial $0.1 mark to settle down at $0.1119.
DOGE price has been sealed in an uptrend since November 22, recording a 43% increase to the current high of $0.11. Over the past 24 hours, the meme crypto appears to be developing a bullish cross signal on the 12-hour chart. Though not a golden cross, when the shorter 50-period simple moving average (SMA) crosses the 100 SMA, it is usually interpreted as a bullish sign that could put DOGE on course for a high up to $0.3.
DOGE/USD 12-hour Chart
After a period of consolidation, DOGE price broke above the range on November 27, picking up a rising trajectory that rose above the psychological level of $0.10 to form an ascending parallel channel pattern.
This technical formation consists of two parallel upward-sloping lines, created when the price forms a series of higher highs and higher lows characterized by an upper boundary that acts as dynamic resistance and a lower boundary that acts as support. Generally, the pattern shows that the asset’s price is in an uptrend.
There was a false breakout at the $0.1066 level, but it was premature and aborted shortly after, with a price correction as the bears booked profits on the rally to $0.11. As the correction continued, the price consolidated shortly before the bulls took the lead.
If the DOGE price remains within the confines of the rising channel, it could grow from the current level to confront immediate resistance from the middle boundary of the prevailing chart pattern at $0.11. If the bullish dominance is sustained, then the Elon Musk-backed token could rise to tag the upper boundary of the ascending channel at $0.1173. Such a move would present a 9.8% upward move from the current price. A second breakout is likely to occur past this point.
The bullish thesis is also supported by the higher trading volumes, live at $80.041 million at the time of writing. At the current trend, support sits at $0.09, whereas the next resistance point is set to be met around the $0.13 mark.
Dogecoin is also trading above the 200 SMA at $ 0.073068, signaling a buy for the last 38 days. The price is also above the 50 and 100 SMA’s which both appear to be sitting at $ 0.089465, adding credence to the bullish thesis.
The 12-hour relative strength index (RSI) is positioned at 59 which indicates that the Dogecoin price is in a positive position. This implies that the Dogecoin price is more in the hands of the buyers than the sellers. At the same time, the moving average convergence divergence (MACD) indicator remains above its neutral zone indicating that the market sentiment is still positive.
Dash 2 Trade: Best Project to Invest in is at the Presale Stages
Cryptocurrency pre-sales, where the project has several stages, have historically recorded more popularity among investors. This comes as early buyers get a higher return on their investment (ROI). In most instances, pre-sales thrive even in a bear market like the current ‘crypto winter of 2022. This is influenced mainly by investor interest, optimism, and engagement, which are at their highest in the early days of a project’s development.
Dash 2 Trade is an ERC-20 token with a total supply of 1 billion D2T, of which 700 million is allocated to the pre-sale with a hard cap of $40,012,000. Early adopters that participated in Dash 2 Trade project during its private sale benefited from a 39.07% rise in the token price.
With its token set for trading beginning Q1 of 2023 when the pre-sale is over, Dash 2 Trade is one of the projects investors should watch.
The project’s pre-sale began on October 19, 2022, with an initial stage involving a private sale for the Learn 2 Trade community members and followers of its partner crypto media sites like InsideBitcoins.
In round #1 of the private sale, the project’s native token, D2T, was selling at 0.0476 USDT with a target of $1,666,000. Each of the D2T pre-sale stages has an increasing token price and target amount to be raised.
Why D2T Token Price Could Rise Long Term
Dash 2 Trade has powerful fundamentals that have acted as catalysts for bullish performance since the project started. Besides the upside potential purely to Dash 2 Trade being a low-cap project at its pre-sale stage, several other reasons explain why Dash 2 Trade coin price could rise over the long term.
First, the project has an existing user base. While the token’s project is new, its founding company, Learn 2 Trade, was established in 2017. Since its inception, Learn 2 Trade has developed a positive reputation and earned a place among the best forex and crypto signals provider. So far, the project has an existing member base of 70,000+ traders. This makes for its active community with the potential to become loyal holders and investors in D2T. Notably, new D2T investors also receive a lifetime membership in that community.
Secondly, the D2T token has a solid appeal to cryptocurrency traders. The appeal follows that the D2T token has numerous utilities or applications that holders will enjoy, including unlocking access to market-leading crypto analysis and social intelligence tools, alongside all the usual signals offered by the site.
Next, the D2T token also has great utility for investors, including the ones who take a passive buy-and-hold approach to crypto investing. From the explanation, the Dash 2 Trade will feature in-depth insight into new token pre-sales, new coin listing dates, and other opportunities to profit from the markets. Community members, essentially the investors, will get trustworthy, reliable information on legitimate investment opportunities with a high signal-to-noise ratio in short supply in the financial markets.
Notably, the Dash 2 Trade project aims to develop a community of professional traders and venture capital investors. Supported by its team of quants, this community will be the nexus of all the best crypto tools, something that even retail investors would normally have to pay to access.
For more information about the Dash 2 Trade project and to receive timely notifications about the project, join their social media channel. Discord, Instagram, LinkedIn, Telegram, Twitter, and YouTube. As a precaution, note that admins of crypto projects will never DM you first.
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