Dogecoin (DOGE) Stabilizes Amid Fake Rumor About Bitcoin ETF Approval
Dogecoin price remains steady today, January 10, 2024, even as the broader crypto market is down. The bearish sentiment in the general market is attributed to the fake Bitcoin ETF news posted by the U.S. SEC.This news caused the crypto market to fluctuate really badly.
But there's still hope for the entire market to bounce back as the SEC has this week to decide.
Why is Dogecoin Stable Despite the Broader Bearish PressureDogecoin had a bumpy day on Tuesday due to a fake post shared on social media. Someone said the DOGE mascot, Kabuso, died, and this made many people upset. This made the DOGE price go up by 9% to 8.3 cents a few minutes after the post were made.
But then, the person who started the story admitted it wasn't true and deleted their account. It was just a mix-up that made things a little crazy for Dogecoin. Further, a popular crypto observer, Tree of Alpha, shared an opinion on the matter a few hours later.
The charts people are painting while speculating over the death of an animal make me think we're either all going to hell or we're already there.
- Tree (@Tree_of_Alpha) January 9, 2024
According to the account,
The charts people are painting while speculating over the death of an animal make me think we're either all going to hell or we're already there.
Unfortunately, this news caused some traders to lose significantly due to how volatile the market can be.
Dogecoin Price Action: DOGE Recent Price Trends and Market SignalsBased on the chart, since December 2023, Dogecoin's value has been going down. It started at $0.10 on December 09 and dropped to $0.08 by December 30.
This wasn't good news for those who invested at $0.1, hoping for the price to go up. Instead, it lost about 20% of its value.
In early 2024, Dogecoin held steady at around $0.08 to $0.09. On January 01, there was a positive sign as Dogecoin showed a new green candle on the chart.However, the market was mostly controlled by bears, leading to a decline in DOGE price. On January 03, it went below the $0.08 mark.
As of 8:00 a.m. EST, DOGE's price is $0.077, with a trading volume of over $930 million. Even though the price is down 6% over the past week, Dogecoin's trading volume went up by 80% in the last 24 hours.
According to CoinMarketCap, Dogecoin is neither up nor down today, January 10, 2024. But in the past month, Dogecoin lost over 20% of its value.
Dogecoin Price Analysis: Short-Term Challenges Amid Long-Term Support and Potential Shifts
In the short term, Dogecoin trades below its 50-day moving average. This signals recent bearish momentum and selling pressure controlling the price action.However, Dogecoin remains above its 200-day average.
This shows that there is ongoing support for its longer-term uptrend despite recent price moves.
The MACD indicator for Dogecoin currently sits below its signal line, flashing a bearish sentiment. However, the fading red histogram bars show this negative momentum decreasing and potentially reversing.
So, in the very short term, Dogecoin looks bearish and at risk of more pullbacks as it loses near-term ground.
Yet improving longer-term foundations and early MACD shifts could suggest an impending change in direction. Previously, Dogecoin broke downwards out of a descending channel in place since December last year.
This breakdown fueled additional selling as Dogecoin dropped to new lows.
However, more recently, Dogecoin rebounded as buyers returned. Impressively, this allows it to recover slightly and establish a new potential bullish trendline over the past few weeks.Sustaining this upward trajectory would strengthen Dogecoin's outlook.
In essence, while recent breakdowns paint a negative picture, Dogecoin shows early signs of basing and turning back upwards. Reclaiming its 50-day average and holding the new rising trendline would confirm renewed bullish momentum.
Yet until that definitively occurs, caution remains necessary in the near term. As always with crypto, nothing moves linearly for long.
Dogecoin Alternative: Sponge V2 Could Be the Next 100x Meme Coin
In May 2023, during the meme coin hype, a not-so-famous one named Sponge surprisingly reached a $100 million value. This insane growth gave early buyers 100 times their money back.
Now, Sponge is back with Sponge V2, aiming for another chance at big profits.
Attention, #SPONGERS!
We're thrilled to announce that our liquidity is now locked!
With 4,270,902,045 tokens already staked valued at $3,497,953 with an impressive current 378% APY, $SPONGE is stronger than ever!
Visit our website to find out more!
#SpongeV2 #Web3 pic.twitter.com/1tYOhx3Lcb
- $SPONGE (@spongeoneth) January 8, 2024
The new Sponge version has a game where users can play and earn cryptocurrency. Usually, stuff like this will boost the demand for $SPONGEV2.This might make Sponge V2 even more popular than the first one and give people another chance to make money.
Unveiling Sponge V2: The Next Chapter in Meme Coin EvolutionSponge V2 has a new way, called Stake-to-Bridge,' that links the new token to the older SPONGE V1 system.If you have V1 tokens, you can get V2 tokens by staking them.
This happens when V2 launches in 2024. The Sponge V2 website says it's like the Krabby Patty' of meme coins, coming back better and bigger than before.
Unlike the first one, Sponge V2 starts during the next bull cycle and has a game you can play to earn rewards. A lot of people are excited about Sponge V2.
They've already staked over $4.38 million worth of SPONGE to get $SPONGEV2 tokens. Right now, you can purchase the coin at a lower rate of $0.000966.
Stake your $SPONGE for a minimum 40% APY in rewards, paid out in V2!
Secure your long-term bag today!
#Sponge #Web3 #Crypto #Alts pic.twitter.com/OZLJwOl3Su
- $SPONGE (@spongeoneth) January 10, 2024
This new game in Sponge V2 lets you earn tokens by playing and ranking high on the leaderboard. There are free and paid versions, and the paid one might help you earn more tokens.
It's different from other meme coins because it's driven by the community, not big investors.
With the right plans and a bit of luck, Sponge V2 might become one of the top winners in the crypto market next year.
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