Dogecoin Rises: Over 60% Of Holders Continue To Profit Despite FTX Nightmare

Christian Encila

2 years ago

3 mins read

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Total bitcoin market capitalization shows that the market is still plagued by fear, uncertainty, and doubt. Despite this, over 60% of Dogecoin holders are profitable, per CoinMarketCap data, in the midst of the current dip.

The market has recovered in some aspects, albeit not fully, and investors are feeling confident about Dogecoin now than in recent days.

An overbought relative strength index (RSI) suggests a possible market drop. Despite this, in the following few days, we should see a price that is above $0.1090.

In addition to being bullish on shorter timeframes, the memecoin is also quite robust on longer ones. CoinGecko reports that the coin has been rising in value significantly over the past week or two.

The Launch of SpaceX’s DOGE-1 mission, scheduled on December 22 this year according to NASA’s website, is one event that could alter the pricing even more.

To add more, there are reports on Twitter that Ethereum co-founder Vitalik Buterin and Elon Musk will work together to enhance the DOGE network.

Bullish On The Memecoin, But Proceed With Caution

Image: TradingView

What will happen to DOGE when the number of positive indicators increase? Will it continue to rise or fall with the rest of the market?

As of the time of writing, all of the top 10 cryptocurrencies are rising, with DOGE marking an incredible 37% weekly increase.

How does this compare in the graph? Well, DOGE is currently trading in a range between $0.1034 and $0.1090, with a likely breakout at the 50 Fibonacci level, which sits at $0.1090.

As the RSI readings are in overbought zone, a correction phase may follow the breach in the intermediate term.

On a 4-hour timeframe, this is more evident as recent candles have longer wicks, a hint of an approaching corrective phase.

If the pullback occurs, the existing support at $0.0931 is likely to resist bearish sentiment. With the Bollinger Band supporting the present price action, however, this correction may be unlikely.

Dogecoin: A Solid Buying Opportunity

Nonetheless, RSI levels should continue to be examined because they can prolong DOGE’s position above the 61.80 Fib level.

We anticipate the $0.1090 resistance to be broken during the coming few days.

Speculators and investors should strongly consider DOGE as a purchase opportunity. As the launch date of the DOGE-1 satellite approaches and reports concerning Buterin and Musk’s upgrading plan for DOGE continue to circulate, we should expect positive sentiment to increase daily.

In the coming weeks, we can anticipate a further rally as the market recovers.

DOGE total market cap at $13.5 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.