In the world of crypto, the search for green figures during a muted market often leads to unexpected corners. In recent trading, the rising star is the meme-born currency, DOGE. In the last 24 hours, DOGE has nudged up by roughly 3.5%, brushing off the inertia gripping the broader crypto market and outflanking more prominent names such as Bitcoin(BTC) and Ether(ETH).
Having found support at its 21 and 50-Day Moving Averages, DOGE implores observers to take note of its potential again. However, the lingering uncertainty remains existent, as a 100DMA resistance at the $0.072 vicinity dogs DOGE’s swift rally.
This rally’s spark remarkably came courtesy of another tweet from the crypto-vocal Tesla and SpaceX CEO, Elon Musk. This knee-jerk uplift, however, could hardly sustain, resulting in the gains stumbled shortly.
Musk, despite being a long-time advocate of DOGE often associating a possible integration into a Twitter payment system, has lately seen diminishing effects on DOGE’s price from the infamous ‘Elon Effect’. In spite of these Musk-induced price bumps, the high from last week’s $0.075 remains unbreached, questioning whether Musk’s musings will render the desired upticks in the absence of concrete imbuement.
Where then, does this lead DOGE’s future? While adhering to a short-term bullish trend, DOGE might soon encounter a formidable resistance line in the higher $0.07s. Unless it manages to shatter this resistance, the pet cryptocurrency from the memorable 2021 highs and the 200DMA, only a somber view for DOGE’s price would unravel. With retests of yearly lows a discernible possibility, it is essential to weigh the risk associated with investing in DOGE at present.
In the dynamic, high-stakes universe of cryptocurrencies, to rely on a single asset is never advisable. Thankfully, the exciting world of crypto presales emerges as a probable option. This high-risk, high-reward strategy encompasses support for budding crypto projects by token investments, offered at a throwaway price compared to the possible returns. A discerning investor can thus strike gold if the project comes to fruition.
In this business, endowment needs to shuffle alongside caution. For this reason, at Cryptonews, extensive digs are made into presale projects, presenting investors with well-analyzed options. Having said that, even the best projections do not disarm the inherent risks in crypto. Thus, while diversifying your crypto portfolio is wise, caution remains the keyword.
Source: Cryptonews
