As the year is ending, investors are considering different cryptocurrencies to add to their portfolios. These investors think about meme coins because of their long time history of explosive price rallies. For this, Dogecoin is at an advantage as the forerunner meme coin.
The meme coin is now at a critical point, near a trendline, which could determine its next direction. While it’s yet unsure what direction DOGE will eventually take, this new token, TG Casino, is gearing up for explosive rallies as many people rush to buy in.
The following analysis will give us a sneak peek of what lies in wait for DOGE in the coming days.
Dogecoin Major Moves from Last Month
After a few days of sporadic rallying in October following rumors that Elon Musk’s X (formerly Twitter) might allow DOGE payments, Dogecoin’s price went south. Things later quieted down in November, and Dogecoin traded between $0.06 and $0.07 within the first days of the month.
Surprisingly, on November 8, Dogecoin shot up above $0.07, reaching $0.077 amid a broader bullish ride in the crypto market. The pump continued, and DOGE’s price reached $0.087 a few days later.
However, the rally ran out of steam, and DOGE pulled back to the $0.07 zone for the rest of November.
This frustrated the Bulls, who hoped for a bigger breakout, but they still didn’t give up. DOGE resumed the rally and headed to $0.08, this time determined for higher heights. The coin even had a new price ceiling of $0.1 on December 10.
However, due to Bitcoin’s pullback, this price increase did not last, forcing Dogecoin to drop to the $0.09 level. As of today, December 20, at 10:15 a.m. EST, DOGE is trading around $0.0925, with a 1.3% 24-hour price increase, according to CoinMarketCap. Also, Dogecoin has gained almost nearly 15% in the last 30 days.
Big Moves in Dogecoin: Potential Price Impact Ahead
Over the past 24 hours, Whales Alert has noticed some big DOGE movement, with giant transfers of over $5 million and $7.5 million worth of Dogecoin moved to the Robinhood platform.
Next, another $5.9 million DOGE deposit hit Coinbase after the recent recovery. Meanwhile, a whopping $41.5 million worth of Dogecoin was recently transferred between wallets.
These whales might be prepping to dump DOGE amid the moderate rallies, and this could spell bad news for the price. But no one has any clue why these transactions are happening.
Who knows, it could mean large investors taking notice of Dogecoin, which is a good thing as it could create upward pressure that could pump the value.
Dogecoin Price Analysis:
Dogecoin recently rallied up to hit the $0.10 level before losing steam and dropping to $0.090, and the area is now considered to be a very important level for Dogecoin. The level marks the lower boundary of Dogecoin’s ascending bullish channel.
This channel has been in place since mid-October. This downward pressure is evident in the red histogram bars on the chart above. If Dogecoin breaks below the channel support, it will turn the bullish structure bearish, a move that might trigger a selloff.
It could cause the price to drop fast to about $0.07. If that continues, $0.05 could be DOGE’s next stop. But no one wants to see that painful scenario play out after recently hitting $0.10.
On the good side, if Dogecoin can mount a rebound from the lower channel line, bulls will regain strength to make another pushup, and their possible target would be the previous $0.10 resistance.
Breaching this resistance could trigger a massive bullish sentiment. So, in summary, Dogecoin is facing a high-stakes battle at the strong channel support of around $0.090.
The bulls need more buy pressure to protect this level. Otherwise, breaking below it risks a bad bearish breakdown targeting at least $0.07, if not $0.06.
Dogecoin Potential Alternative: TG Casino Making Waves Amid High Buy Pressure
This new crypto casino TG.Casino is making waves in the industry. The project is using Telegram and blockchain technology to make casinos easier and lucrative, which is why it’s attracting more people.
Meanwhile, TG.Casino has already attracted nearly $4.9 million in investment. That’s a huge amount for a new player in the space.
🐳 WHALE ALERT 🐳
Someone recently bought about $100k worth of $TGC 🤩
See you at $4.5 million in a little while🤝 pic.twitter.com/Je4QL2WOgn
— TG Casino (@TGCasino_) December 18, 2023
Surprisingly, players have already betted about $45 million and deposited $4.5 million, according to TG.Casino, over 3,000 persons have agreed to use the platform, and it has over 11,000 members on its Telegram channel.
TG. Casino Presale Takes Off
Visit TG.Casino Presale
TG.Casino is a top-notch project like the popular Rollbit but with more interesting features. Even though Rollbit paved the way for TG.Casino, TGC is the rising star in the GameFi sector.
What sets this project apart from others is its decentralized features. You can make money without fees just by staking the token.
Moreover, TG.Casino is also sharing profits and offering high rewards to its community. Big investors are grabbing the tokens because they believe the project is secure and safe.
Right now, in the presale, you can get the $TGC token for just $0.19. With the speed at which the presale is progressing, those who don’t act fast could miss out.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/dogecoin-in-critical-position-as-price-nears-trendline-while-new-gamble-coin-gears-up-for-100x-explosion/
