Dogecoin Close to 2023 High After Ripple Decision

Dogecoin Close to 2023 High After Ripple Decision – Is Musk’s Friend A Safe Bet?

Updated: 14 July 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Dogecoin is up by 8% with a trading volume of $822 million at 4:35 EST. It is an open-source peer-to-peer crypto project which started as a joke.

It is now one of the meme coins that have witnessed enormous success in recent years. According to CoinMarketCap, Doge ranks No.9 among all cryptocurrencies today, July 14.

Dogecoin Price Moves

Historical data from TradingView showed that in the past week, Dogecoin’s price fluctuated between July 7 and July 12, 2023, but surged tremendously on July 13, 2023.

The coin has gained 7% in the last 7 days and has increased 16% in the past 1 year. Today, July 14, 2023, it trades at $0.0706 at 4:35 EST.

Dogecoin Might Retain the Bullish Trend in the Short-term

Dogecoin’s chart above shows that the market is bullish and might maintain the bullish trend in the short term. The coin trades above the 50-Day Simple Moving Average (SMA) and below the 200-Day SMA.

This shows that the asset is short-term bullish and long-term bearish. Note, Dogecoin’s Relative Strength Index (RSI) is at 62.49, approaching the overbought region of 70. This depicts that the asset is in a bullish trend.

Furthermore, the coin’s Moving Average Convergence Divergence (MACD) indicator trades at the same level as the signal line with some green histogram bars.

This suggests that Dogecoin is building buying momentum today and supports the presence of the little green candle stick forming in the chart above.

Dogecoin’s Support and Resistance Levels

Considering the technical chart above, the asset’s market is increasing buying pressure negating the market move in the former chart. If the bears retain this selling pressure, the market price of Dogecoin could drop and hit the $0.0657 support.

When it crosses the support level, investors may perceive negative market sentiment and increase selling momentum. The price may later reach the $0.0582 support. Nonetheless, if the bulls later increase buying pressure today, the coin might gain in market value and likely reach $0.0744 resistance.

Note crypto is highly volatile, and predictions here are likely to change in the future. So, ensure you have done an in-depth analysis and have risk management.

Factors That Could Affect Dogecoin Market Price

The recent Ripple’s triumph over SEC may have affected Dogecoin’s market, considering the recent 8% gain in the past 24 hours.

Yesterday, July 12, 2023, the U.S. District Judge, Analisa Torres, ruled that Ripple Lab never violated the U.S. law on securities as SEC had accused it.

However, while the win could be a positive push for DOGE, TradingView shared that the former CEO of Celsius Network, Alex Mashinsky, used Dogecoin and Solana to justify the market situation that led to the failure of his firm.

He noted that the price moves of some cryptocurrencies, like Dogecoin and Solana, influenced the demand for Celsius’ token and made it lose value, among other claims.

This news could trigger reactions among Dogecoin community members affecting the asset’s market value. Although, the effect is uncertain until the community reacts.

Launchpad XYZ is Pushing to be Next Low Cap Gen in Crypto Market

Launchpad XYZ is a firm leveraging the potential of Web3 technology to provide a remarkable experience for users across learning, assets overview, trading alpha, strategy, and analytics.

The project aims to create an ecosystem that will serve as a single platform for all required to succeed and maximize profit, even as a novice in the crypto space. Launchpad seeks to increase the adoption of Web3 technology by using its platform to simply it.

To sustain and engage users in its ecosystem, the project’s team created a token of utility referred to as $LPX to serve as means of payment.

Launchpad XYZ also provides an opportunity in the ecosystem that allows its users to earn $LPX by participating in staking activities and playing games.

Features of Launchpad XYZ

The project incorporated 10 features in its platform to engage users in various activities and market its ecosystem lively.

These features include Web3 wallet, fractional asset, NFTs, play-to-earn game hub, presale of Web3 projects, metaverse library, trading terminal, A.I. search and custom LLM, NFT DEX, and Launchpad Quotient (LPQ).

$LPX Presale

The project’s presale has achieved a milestone as it raised more than $1 million following investors’ increased interest and is reaching its presale threshold of $1.5 million.

The presale currently has 1 unit of $LPX selling at $0.0445. The project promised a listing price of $0.0565.

How to Buy $LPX

Investors can purchase the token using USDT, BNB, ETH, or a bank’s credit or debit card.
Make sure you have a dApp crypto wallet
Go to the project’s website, locate the presale widget
Select the currency you would use for the purchase
If you have BNB, look carefully to see the “Buy with BNB” button, this will allow you to switch the network for the transaction
After choosing your preferred currency, put the quantity you want to spend to for $LPX and note the gas fees
Locate “Connect Wallet,” click on it, and follow the prompt instructions to connect your crypto wallet
After connection, if it asks for confirmation, click on the button to approve it
Visit the website again on the claiming day, reconnect your wallet, and click the claim button to move your $LPX units to your crypto wallet.