In a surprising turn of events, the world’s most recognized meme coin, Dogecoin (DOGE), bounced back 4% this past Friday. Amid unsteady crypto markets, this unlikely hero pushed its trading price close to $0.066, surpassing its 21-Day Moving Average at $0.0635. This unexpected recovery came amid less favorable tidings, including an announcement from SEC that spot Bitcoin ETF applicants’ filings were insufficient.
Nonetheless, it’s important not to let the underdog triumph fool us. Despite these gains, DOGE continues to trade behind its significant moving averages – the 50, 100, and 200DMAs. Linked to an ongoing downtrend from its peak annual trading figures, this puts a dampener on Dogecoin price forecasts. Even if DOGE were to claw its way back to the $0.08 threshold, staunch resistance could provoke a rapid descent to the $0.0540 yearly lows.
Wise investors know better than to put all their eggs in one basket. Diversifying crypto holdings is always a smart play. One such risky yet potentially rewarding strategy is to venture into crypto presales. Within this sphere, investors purchase tokens from fledgling crypto projects to support their growth. These tokens are usually sold for a pittance. However, they have the potential to provide enormous exponential returns.
This process isn’t bereft of failures, but numerous startups are backed by phenomenal teams and boast disruptive potential in the crypto sphere. If one can spot such ventures, the risk-to-reward ratio of the presale investment becomes highly attractive. The diligent squad at Cryptonews traverses through a myriad of presale projects to help investors.
Interestingly, they have listed what they deem the 15 best crypto presales of 2023. Should you choose to engage, remember to exercise diligence and consult trusted sources. After all, high rewards come with high risks in the world of cryptocurrency. The future of Dogecoin and the wider crypto market may be uncertain, but the journey promises to be nothing short of exciting.
Source: Cryptonews
