DOGE Shows Volatility as General Market Retreats – What’s Next?
DOGE displays price volatility in the past 24 hours, mirroring the retracement in the general crypto market.This retracement is the post-ETF approval slump, which affected top cryptocurrencies such as BTC and Ethereum.
After its decline to $0.07 between January 19-20, it returned to $0.08 on January 21. However, the rumored integration of Dogecoin as a payment solution on X is likely driving its slight gains today.
Dogecoin Price Action TodayDogecoin briefly rallied over the weekend after speculation of an X payment integration spread online.However, it faces volatility in the last 24 hours. Its price at 5:36 a.m. EST is $0.082, with a 5.1% decrease in the last 24 hours.
This is a reflection of the general crypto market, with most cryptocurrencies shedding their gains.
Nevertheless, if the X payment integration takes place, then a massive rally will likely occur for DOGE. Notably, DOGE rose by 12.8% to hit a 7-day high early on January 20 before a retracement.
Also, crypto trader Skew gave a bullish analysis of DOGE's performance after the creation of the XPayments account.
Skew's Projection for Dogecoin Moving Forward?In the recent post on X, Skew remarked on DOGE's pump after the creation of an XPayments account.He believes that the increase is based on the market sentiment that X will integrate Dogecoin as a payment option.
$DOGE Market / Narrative thread, in partnership @_WOO_X $DOGE 4H
Nice pump after the creation of the @XPayments account, which tells me the market is once again speculating that X will integrate doge as a payment optionNice momentum here still however price needs to properly... pic.twitter.com/y7pISQD4b7
- Skew (@52kskew) January 21, 2024
Secondly, Skew noted that DOGE has built a nice momentum but must reclaim the one-week pivot ($0.087) to be considered an uptrend.Additionally, he stated that more perpetual trading volume was noted than spot volume.
Skew advised investors to look out for some indicators such as spot leading price and spot limit bid on dips.Furthermore, the trader analyzed the previous rally from Dogecoin related to X.
However, he noted that the Dogecoin logo was eventually removed, and the market rally was not sustained.
So, according to Skew's analysis, for Doge to rally again, the market needs a stronger narrative, and it must reclaim key price levels.Also, there must be higher spot flows to support the perpetual speculation, and its four-hour (4H) chart trend must be sustained.
Will Dogecoin Recover Soon?
DOGE formed a Maribozu candle on January 20 as the buyers rallied to trade the news. However, its price has declined to lower lows in the past two days, forming two consecutive red candles.
DOGE faced rejection at the $0.088 resistance level as the buyers failed to sustain its price momentum.
Currently, the sellers are mounting pressure to move the asset below the $0.078 support, and a drop below it could cause further decline in the coming days.DOGE is trading below the median band of the Donchian Channel (DC), which is a bearish sentiment hinting at a further decline.
The Relative Strength Index (RSI) indicator confirms this sentiment, dropping below the neutral zone to a value of 47.60.Also, the RSI indicator is moving downward, which confirms that DOGE will likely retreat to the oversold region below 30 in the coming days.
The daily chart confirms that DOGE is in a bearish phase and will likely decline further in the coming days.However, if the $0.078 support holds, then it will act as a price pivot to support a break above $0.088.
Therefore, traders should watch out for the close of today's candle for confirmation of DOGE's next direction.But while DOGE struggles with volatility and speculation, Sponge V2 provides investors with a utility-driven investment opportunity.
Dogecoin Alternative For Exciting Rewards - Sponge V2Sponge V2 is the relaunch of the popular memecoin project $SPONGE after its massive success in 2023.The reason for the relaunch is to give investors another chance and to improve the quality of the ecosystem.
Sponge V2's return created excitement in the crypto community based on its potential and the past success it has recorded.
Staking Adds Value To $SPONGE Tokens
$SPONGE Update!
We've hit a new milestone with 5,390,882,888 tokens staked, valued at $5,233,589.24!
With a current APY of +300% and a price of $0.0009663 (+18% increase), $SPONGE is stronger than ever.
Don't miss out, join the takeover!
#SpongeV2 #Web3 #Alts pic.twitter.com/GMhqAnTehI
- $SPONGE (@spongeoneth) January 19, 2024
Despite the relaunch of Sponge V2, one thing remains unchanged - staking. Sponge V2 staking gives users an easy way to migrate their old $SPONGE tokens from the V1 staking pools to V2 staking pools to receive Sponge V2 as a reward.
Also, new investors who purchase the tokens will have their tokens automatically staked in the V2 pools.
With an APY of 300%, the staking feature presents an opportunity for investors to earn exciting rewards. Impressively, over 5.39 billion tokens have been staked as more investors purchase the token ahead of its listing on top exchanges.
Play-To-Earn (P2E) Game Adds More Fun To Crypto Community
Also, the Sponge V2 game, the P2E Racer, will launch soon, creating fun in the community. Investors can earn more $SPONGE tokens from the weekly gameplay, which serve as additional rewards.
According to the whitepaper, there will be a free and paid version of this P2E game, where users can opt to play for free or purchase game credits.
Based on past performance, some analysts believe that SPONGE could repeat its past success based on its additional utility.Although $SPONGE is not affiliated with Nickelodeon or the Sponge Bob Square Pants franchise, it still boasts of a supportive community.
Interested investors can purchase $SPONGE tokens easily from the official website using any of their preferred payment options.
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