As a seasoned crypto investor with over a decade of experience in this wild and unpredictable world, I’ve learned to never underestimate the power of memes and the whims of the market. I remember when Dogecoin first burst onto the scene, many dismissed it as a joke, but here we are years later, and it has proven its mettle time and time again.
Cryptocurrency expert and market participant Ali Martinez, recognized on the X platform as @ali_charts, recently shared a post suggesting that Dogecoin (DOGE), the popular meme-based cryptocurrency, could be due for a possible price adjustment in the near future.
In simpler terms, Martinez posted on Twitter that based on the TD Sequential index, it’s suggested to sell Dogecoin when looking at a 4-hour chart. This prediction indicates a possible price drop from approximately $0.161 down to around $0.156 on the same chart.
On the Dogecoin 4-hour chart, the TD Sequential indicator suggests it’s time to consider selling, predicting a possible price drop to around $0.161 or even $0.156!
— Ali (@ali_charts) November 5, 2024
DOGE denies bearish price outlook
Despite my initial forecast falling short, the meme cryptocurrency with the highest market cap saw a significant increase. Specifically, Dogecoin experienced a 14.3% jump on its four-hour chart, rising from approximately $0.15041 to reach around $0.17237.
The top two digital currencies, Bitcoin and Ethereum, have seen their prices climb by 1.7% and 2.1% respectively, following a significant drop. The increase in DOGE, BTC, and ETH could be due to the ongoing U.S. election, with the cryptocurrency community eagerly awaiting the results, as they will significantly influence future regulations surrounding crypto and its use within the United States.
Around a week past, well-known investor Raoul Pal forecasted that Dogecoin might soon reach what’s known as the “Banana zone” – a time when DOGE experiences an uncontrolled price spike. This would mark the end of the bullish pattern on the chart, which started forming in 2021 after the meme coin reached its peak of around $0.75 in early May.
The significant increase in price occurred following Elon Musk’s well-known tweet where he referred to himself as “The DogeFather”, and subsequently when he promoted DOGE during his first appearance on Saturday Night Live.
Dogecoin founder “approves” selling X merch for DOGE
Over the weekend, Billy Markus, co-creator of Dogecoin, expressed his thoughts about the potential for company X to start accepting Dogecoin (DOGE) as payment for their merchandise.
The Twitter user identified as the DOGE Chief Executive Officer (@dogeofficialceo) shared a post from the X team suggesting that Doge-branded merchandise is forthcoming. The influential Doge supporter then posed a question to his vast following, asking if they’d be interested in purchasing this merchandise using Dogecoin (DOGE).
Billy Markus answered “yes.” He also replied to X’s original tweet, posting “XXX.” (This version preserves the informal and concise nature of the original responses while making them more easily understandable.)
𝕏 𝕏 𝕏
— Shibetoshi Nakamoto (@BillyM2k) November 1, 2024
Read More
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- USD PHP PREDICTION
- USD ZAR PREDICTION
- Top gainers and losers
- ENA PREDICTION. ENA cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
2024-11-05 16:46