Dogecoin

Bitcoin, Axie Infinity and Dogecoin – European Wrap 10 August

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Bitcoin price witnessed the second leg of its rally that originated on July 20 but failed to produce a convincing close above a crucial support level. Moreover, a technical indicator is flashing a sell signal, further supporting a downswing. 

BTC/USDT 12-hour chart

Axie Infinity price has been a rebel coin due to its relatively recent launch and its breathtaking performance. While the exponential rally has not yielded gasping corrections, investors can continue to be bullish on AXS price.

 

AXS/USDT 12-hour chart

Dogecoin price could see further consolidation before continuing its rally. A technical indicator suggests that DOGE has printed a local top, and the canine-themed token could retest critical support levels before making its next big move. 

 

DOGE USDT

 

 

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Dogecoin

Dogecoin and Shiba Inu are on the rise and experts predict bigger gains by the end of 2021

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  • Dogecoin and Shiba Inu coin have posted double-digit gains over the weekend as trader sentiment on memecoins turns bullish.
  • Luke Martin, host of “The Coinist” podcast, shares a bullish outlook on DOGE in a recent tweet.
  • Experts predict that Dogecoin could be worth $0.42 by the end of 2021.

Altcoins DOGE and SHIB price surged over the weekend, and the correlation between the two Shiba Inu-themed altcoins became evident. 

Analysts bullish on DOGE and SHIB, further price rally likely

Two Shiba Inu-themed memecoins, Dogecoin and Shiba Inu coin, witnessed a surge in momentum over the weekend. Among top altcoins, DOGE and SHIB posted the highest gains, which explains traders’ bullish outlook. 

Dogecoin is back in the spotlight after posting an 18.8% weekly surge in price. IntoTheBlock, a blockchain intelligence firm, uses the Global In/Out of the Money (GIOM) indicator to determine whether addresses that hold DOGE are profitable at the current price level. An address’s average cost is calculated based on the weighted average price at which it bought or received the amount of DOGE tokens that it currently holds. 

According to GIOM, 66% of addresses currently holding DOGE in their wallets are profitable at the current price ($0.24) level. This is bullish for DOGE traders. 

Dogecoin GIOM

Dogecoin Global In/Out of Money

The increase in bullish sentiment among DOGE traders spilled over to SHIB, popular as “DOGE Killer.” SHIB price is up 21.3% in the last week. Currently, SHIB is nearly 80% away from its all-time high, but traders have a bullish outlook due to the increasing correlation between the two Shiba Inu-themed coins. 

Ahead of the latest price rally in DOGE and SHIB, a panel of cryptocurrency experts predicted DOGE could be worth $0.42 (up 60% from the current price level) by the end of 2021. Finder, a price comparison website, surveyed the panel, and it polled a total of 42 experts on what they expect to see happen to DOGE prices in the future. 

Forrest Przybysz, a senior cryptocurrency investment analyst at Token Metrics and a panel member, said, 

I would expect DOGE to grow in tandem with the rest of the rapidly growing crypto market, though it will likely have long periods of flat price action followed by violent speculative pumps like we’ve seen in the past.

The crypto experts stated that they see Dogecoin hitting $1.21 by 2025 and $3.60 by 2030. The panel was starkly divided since experts like John Hawkins, senior lecturer at the University of Canberra, predicted that DOGE would be worth $0.15 by the end of 2021 and worthless by 2030. Hawkins stated, 

Dogecoin seems largely dependent on Elon Musk’s erratic tweets.

Nevertheless, the average response of the panel members puts the DOGE price rally on the path to $0.42 before the end of 2021. Crypto influencers like Luke Martin, host of “The Coinist” podcast, recently tweeted about DOGE with a bullish sentiment: 

 

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Dogecoin

Dogecoin price trapped in a tight range, despite the DOGE wiener craze

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  • Dogecoin price is being pressed down by the weight of the 50-day simple moving average (SMA). 
  • DOGE may close today with the biggest gain since the July 21 breakout from the May descending trend line.
  • Oscar Mayer taps the Dogecoin fever with a limited edition pack of Hot Doge Wieners.

Dogecoin price action has been uneventful since the July 21 breakout, offering few clues about directional intentions. The lack of volatility has resulted in several doji candlestick patterns on the daily charts, signifying that DOGE speculators are uncertain and reluctant to accumulate the meme token despite the booming returns for Ethereum and Bitcoin. Thus, with no sustainable bid, Dogecoin is vulnerable to a break to the downside if the cryptocurrency complex is hit with selling pressure.

Dogecoin enthusiasts have the opportunity for a DOGE hot dog

Oscar Mayer, the famous brand for wieners, announced on August 4 that it has a “limited-edition pack of Hot Doge Wieners” with a cash value of 10,000 Dogecoins, which equates to around USD 2,050 at the current price. To amp up the interest, Oscar Mayer produced only one pack that was put up for bid on eBay at a starting bid of USD 0.99.

The public response was overwhelming, breaking the eBay link and pushing the bid up to $3,450 later in the day.

Oscar Mayer is not the first consumer company to indulge the Dogecoin mania. In July, AXE created a limited supply of ‘Dogecans’ that were sold out immediately. Similarly, Slim Jim generated a significant jump in customer interactions after launching a dogecoin-focused marketing strategy earlier this year.

The excitement over the Hot Doge Wieners did not positively impact Dogecoin price as DOGE is up 0.90% for the week.

Dogecoin price needs a bigger catalyst  

The disinterest, indecision or fear that has defined Dogecoin price action over the last 17 days has compressed the Bollinger Bands to the tightest range since the period preceding the explosive April rally. It does not predict a continuation of the doddering DOGE rally, but it does hint of a substantial move shortly.

Adding to the limited volatility is the ongoing convergence of the 50-day SMA at $0.217 with the 200-day SMA at $0.197, thereby establishing pivot prices for future DOGE investment decisions.

A daily close below the intersection of the 200-day SMA at $0.197 with the May 19 low of $0.195 would be the first confirmation of a bearish resolution from the trendless Dogecoin price action. It would immediately position DOGE for a quick drop to the July 20 low of $0.159 and potentially the June 22 low of $0.152. If Dogecoin price does not attract a bid at the June 22 low, the altcoin will drop to the April 23 low of $0.135, logging a 30% decline from the May 19 low.

DOGE/USD daily chart

DOGE/USD daily chart

Alternatively, if Dogecoin price claims the 50-day SMA at $0.217 on a daily closing basis, it would project a bullish DOGE narrative that will include a test of the June 25 high of $0.291, representing a 34% profit for timely speculators. The only resistance of importance before the June 25 high is the July 26 high of $0.242. 

A bullish cryptocurrency complex and a new Oscar Mayer market strategy built around Dogecoin has not unlocked Dogecoin price from the trendless action that has dominated since July 22. The passive trading has the technicals pointing to lower prices, but for now, patience is the only investment tactic that will work with DOGE. 

Here, FXStreet’s analysts evaluate where DOGE could be heading next as it seems bound to retrace before rising.

 



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Dogecoin

Dogecoin price aims higher, but upside appears to be limited

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  • Dogecoin price is grappling with the $0.213 crucial resistance level.
  • A breach of this barrier might lead to a 20% upswing to $0.255.
  • However, if DOGE bulls fail to defend $0.168, it will invalidate the bullish thesis.

Dogecoin price is currently tussling with a vital resistance level, a breach of which will open the path for more gains. However, the upside seems to be limited due to the presence of a massive supply zone.

Dogecoin price contemplates a breakout

Dogecoin price has set up three lower highs since June 25, indicating a waning bullish momentum. Drawing a trend line along these swing points shows a declining resistance level that DOGE is currently tagging.

Interestingly, the resistance level at $0.213 coincides with the supply barrier mentioned above. Therefore, a decisive 9-hour candlestick close above this confluence will signal the presence of bulls and open up the path for further upside.

However, investors should note that Dogecoin price is likely to rally 20% to tag the supply zone’ ranging from $0.255 to $0.290.

In some cases, this upswing might retest the $0.273 resistance level, which would constitute a 30% rally from $0.213.

DOGE/USDT 9-hour chart

DOGE/USDT 9-hour chart

Conversely, if DOGE bulls fail to push through the declining trend line and the horizontal resistance level at $0.213, a retracement will likely ensue.

The support barriers at $0.187 and $0.182 are the most likely candidates that might end the correction. However, if the selling pressure persists, Dogecoin price will tag $0.168.

While a reversal from this area is likely, market participants should note that a breakdown of the said demand barrier will invalidate the upswing and potentially trigger a downswing to $0.157.

 

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Dogecoin

Dogecoin Millionaire Review 2021 – Trading App Scam?

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Dogecoin Millionaire Review”- Is Dogecoin Millionaire App legit? Is Dogecoin Millionaire Trading Scam? – The Dogecoin network has grown to become one of the most vital and influential cryptocurrencies in existence. Dogecoin market developsintention to help bring other people into this incredible game. Investorshope to produce more consistent returns alongside the community growth through targeted investment offerings, public outreach, and trading/trading tips.  

Dogecoin is more than a cryptocurrency. It’s an internet phenomenon, and it shares many similarities with its more famous cousin, Bitcoin. Like Bitcoin, Dogecoin is traded online and used to purchase various goods and services. Dogecoin Millionaire also intends to utilize our established relationships within the cryptocurrency space to provide additional value to investors sleeping under bridges somewhere. 

Dogecoin was created in December 2011 as an alternative to Bitcoin. At its inception, Dogecoin was simply a joke: a Dogecoin pro bono wallet containing a few thousand coins selected from among dozens of different versions of the currency created by anonymous programmers. Since then, Dogecoin has become well-known in the cryptocurrency community and traded at numerous price points leading up to its November 2012 launch as an investment commodity. 

Click Here to Register with Dogecoin Millionaire App Now 

What isDogecoin Millionaire trading? 

Dogecoin is unique in that it is both a digital currency and a gambling game. As the value of Dogecoin has grown, so has the interest in purchasing stakes in the managed Dogecoin Investment Pool. These stakes can then be exchanged for cash or other investments at any time.  

The Dogecoin Team has created a method of investing in Dogecoin without any risk involved. Anyone can come on the team and increase their Dogecoin investment by donating funds wherever they are. Simply contribute to the Dogecoin team. They will distribute the donated Dogecoin among their active allies in the community without asking anyone else. 

Similar to bitcoin 

Dogecoin is a cryptocurrency with a similar purpose to Bitcoin: it is used to purchase certain goods and services on the websites of the Dogecoin exchange. Many cryptocurrency users have found Dogecoin particularly attractive because of its community-based approach to development. As a result, Dogecoin has seen steady growth in value since its launch on January 20, 2014. Due to its low processing fees and easy method of purchasing cryptocurrency, Dogecoin has found itself squarely in the upper rungs of cryptocurrency rankings. 

Well, it is similar to Bitcoin, with a 1/10th the price. As of writing this, Dogecoin is trading at $6.67, having topped the charts at over USD 70 late yesterday. This makes Dogecoin one of the most valuable cryptocurrencies in existence and one of the easiest to acquire.  

If you haven’t heard of Dogecoin yet, then you might be unaware that an Internet meme inspired it; the ShibaInu. In late 2013, one Redditor assembled a community of followers by gives away 100 Dogecoins to anyone who contributes a tip over $5 to their Reddit account.  

Click Here to Register with Dogecoin Millionaire App Now 

Dogecoin Millionaire investment 

There are three different types of Dogecoin. The premise is what people get for investing in the coin before it officially launches. The halving takes place every 28 days and halves the premise amount every year until 50%. The network also gets a new block every 8 minutes instead of 12 hours like Bitcoin. This means that a Dogecoin investment that sat in your wallet for days might suddenly be worth $10,000 on an exchange when the network releases. 

It all started when one user decided to distribute 130,000 Dogecoins among four random people on the internet. Soon after, the creator realized he could make money even more efficiently by selling the coins online. And that’s where the Dogecoin Millionaire App comes in.  

Anyone can download this free mobile application and within a few clicks earn 100,000 Dogecoins, which they can put toward any product on the market or donate to a charity if they like.The platform has been built with a minimal marketing budget. It has grown organically by community vote and word of mouth. If you enjoy playing games and earning free money, then this is your chance to get involved. 

What is Dogecoin Millionaire app? 

Dogecoin is rising fast and everyone wants their piece. The coin was created in April 2012 by cool guy Jackson Palmer as an experiment in open-source cryptocurrency. It’smarket cap of over $150 million as of February 2014. The Dogecoin community has grown rapidly over the last twelve months. 

Much of the early investment was made by individuals on Reddit and other online communities. Still, now the market has expanded beyond that, and many high-profile investors are jumping into Dogecoin. Millionaire offers one of the best ways to make money with Dogecoin – download the app and follow the simple steps. 

How Do I Sign Up For The Dogecoin Millionaire App?  

  • JOIN THE SITE TO REGISTER  

Create a free trading account by filling out the form at the top of the official page. The procedure takes five minutes. It treats all user data with the utmost care.  

After you sign up, it will direct you to the partner broker’s page to deposit funds into your trading account. Reputable, well-regulated brokers manage all money transfers.  

You can go about your everyday business while the trading process operates in the background for you. A $250 deposit is all that is required to begin your journey to becoming a prosperous crypto trader. 

Click Here to Register with Dogecoin Millionaire App Now 

What type of Dogecoin Millionaire trading is? 

Are you searching for increment in your income? Dogecoin is a cryptocurrency that utilizes the Dogecoin network to allow for Dogecoin Millionaires to earn free money.  

  • Secure Dogecoin payments 

Using peer-to-peer technology, we let users find each other quickly; Find clans within common regions; Make free trades with customizable settings. Trade with your favorite online games; Secure your Dogecoin payments with encryption; and much more! 

  • Simple & Easy to Use the app  

You can install it within seconds on your PC or smart mobile devices.  

Dogecoin Millionaire is Secure Transactions using blockchain technology to deliver a 98.9% success rate for its investors.With Dogecoin, creating a cash deposit is as easy as oneclick – placing an order on an online marketplace and then waiting for your Dogecoin to arrive at your bank account. 

Dogecoin is the hottest new crypto-currency, and as of today, there are over 120 million Dogecoin in circulation. This makes Dogecoin ideal for fast, easy, and secure cash deposits. 

  • Trusted Performance of Dogecoin 

It is a fully automated app with the best performance. It instantly scans all exchanges with Zero risks. 

Trading Procedure for Dogecoin Millionaires 

From trading platforms to security measures, every detail is discussed openly so that users could even participate in the forum for trading. Various concerns about the platform’s performance have been raised over time. Users reported multiple issues while continuing to work with the platform, ranging from vague purchases to changes in the information or valuation of the Dogecoins. 

Technical flaws are most likely to blame for the problems encountered by users. Its functionality is already designed to provide easy navigation and functionality. 

Furthermore, the platform’s utmost transparency has piqued the interest of millions of people on the site. It has high transparency for transactions, billing information, and other site-related components. People who are new to the site can easily access the details provided on the system’s page and learn about the entire trading process. 

Click Here to Register with Dogecoin Millionaire App Now 

Why is the Dogecoin millionaire app beneficial for investors? 

We are going to show you exactly how easy it is to earn money through Dogecoin by mining. We will also show you how easy it is to use cryptocurrency as a method of exchange and how it is increasing in popularity. There are few reasons why this platform is worth mentioning: 

  • It’s being used as a means to buy products and services in small amounts, instantly and for free.  
  • Purchasing Dogecoin with other cryptocurrencies has been made possible as well 
  • Dogecoin is helping thousands of new users to get into cryptocurrency. 

It was initially created as an alternative to Bitcoin, but after several controversial changes, including expanding the block number to 32 megabytes and removing the 10 percent fee that Bitcoin charges. The original Dogecoin price was around $1.40 at launch, but it has grown to over $3,000 per coin. It’s more popular than Amazon.com stock in some countries and less famous than Microsoft’s stock. 

Dogecoinis popular on social media 

Dogecoin is a fun, unique coin that makes everyone smile. It’s not tied down to any exchange and doesn’t require any special knowledge or knowledge about cryptocurrency. Dogecoin allows anybody to earn Dogecoin by sharing links or images of their favorite ShibaInu with the tag #DogecoinMansion on Twitter, Facebook, or any other social network. 

 People who have discovered the Dogecoin Mansion have become famous on Reddit, with over 65,000 subscribers flocking to their page searching for tips and tricks. As a result of inflow of new members, Dogecoin has increased by over 1500 percent in last 24 hours alone! 

Dogecoin is the second most popular cryptocurrency, and it’s experiencing a surge in popularity as one of the best ways to buy things online anonymously. Using Dogecoin enables you to purchase many rare and expensive items for small amounts of Bitcoin. Well, making it especially useful in anonymous transactions involving drugs, guns, or stolen credit card numbers. Dogecoin, Jackson Palmer, received over 12 million Dogecoins from donations through the ShibaInuDogecoinmultipool. Dogecoin began as a joke but soon became popular among its users and traders 

Is Dogecoin Millionaire a good investment for me? 

Are yousearching for a safe cryptocurrency? Then Dogecoin Millionaire buying and selling is only for you.  

Is Dogecoin Millionairea fake or scam? 

No,Dogecoin Millionaire is not a scam.It is fastest growing cryptocurreny right now. It’s also one of the most controversial. The market cap has increased by nearly 300%, and the price has gone up by almost 400%. Due to the sudden increase in value and popularity, many people have been asking – Is this actually a scam? To answer this question,it is no. 

Best Verification system 

Dogecoin is the first cryptocurrency to reach one million dollars with an authentic verification system. Despite its wild price increase, it is still considered an investment, suitable only for experienced users.Furthermore, the dealer must provide their cost information.  

Frequently asked questions (FAQS) 

  1. Is it similar to MLM or cryptocurrency investing? 

This is not the same as MLM, Crypto Trading, or anything else available. Based on proven schemes used by large banks, the software generates profits with 97 percent accuracy. 

  1. What is the highest amount I can earn? 

Earnings with Dogecoin Millionaire are limitless. Some members earned their first million dollars in as little as 61 days. 

  1. What is the price of the software? 

Really nothing, Members of Dogecoin Millionaire receive a free copy of our open-source software. Obviously, fill in the form to become a participant. 

  1. Is there a cost? 

There are no additional fees, broker fees, or commissions. Well, cash isultimately yours and withdraw it easily whenever you want. 

Final words for useful money app 

Dogecoin, the cryptocurrency of the internet, is making a run for its money. The meme-based cryptocurrency has experienced a surge in popularity this week, rising from $1 billion to over $2 billion in a matter of days. Despite this windfall, Dogecoin’s market cap remains small – less than $1 billion.  

Well, for downloading the app of Dogecoin Millionaire review,enter the app. The free download offers instant wallet access for all Dogecoin wallets. It allows users to exchange Dogecoin for various popular cryptocurrencies.During the past 24 hours, the Dogecoin trading platform has processed more than 850,000 transactions, bringing the trading platform’s value up by more than 400%. 

 As a result, Dogecoin has surpassed $1 million in market cap and is now ranked 16th among cryptocurrencies by market cap. The platform is available in more than 40 countries and is supported by more than 100 primary exchanges and 40 regional trade groups. 

Click Here to Register with Dogecoin Millionaire App Now 

Dogecoin Millionaire Review 2021 – Trading App Scam? Source link Dogecoin Millionaire Review 2021 – Trading App Scam?

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Dogecoin

Twitter CEO Jack Dorsey Throws Dogecoin Community In A Frenzy With Cryptic Tweet – Square (SQ), Twitter (TWTR)

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Twitter Inc (NYSE:TWTR) and Square Inc (NYSE:SQ) CEO Jack Dorsey sent out a cryptic tweet Thursday, which caught the attention of Dogecoin (CRYPTO: DOGE) community.

What Happened: Dorsey simply tweeted “Wow.”

greg, now a legendary meme Twitter handle with the Dogecoin community, replied with his own version.

While one commentator noted the depth of the conversation.

Meanwhile, Tesla Inc. (NASDAQ:TSLA) Elon Musk responded with his own strange tweet that may have meant he wanted to engage with Dorsey via direct messages on Twitter.

DOGE traded unchanged at $0.20 at press time. The Shiba Inu-themed cryptocurrency is down 3.21% for the week.

Why It Matters: Dorsey’s latest tweets touched on The Wydens-Lummis-Toomey amendment which aims to add clarity on the infrastructure bill under debate in the Senate. 

See Also: Crypto Lobbying Wins Infrastructure Bill Amendment: Blow To Industry Avoided?

The CEO also touched on a non-custodial wallet that Square wants to build and asked his following to help in those efforts.

The “Wow” could have been a reference to any of those earlier tweets. In Dogecoin parlance, Wow is also used with a modifier to make memes and it could be an insinuation to that practice. Examples include, “Such Speed, Much Wow,” “Such Popularity, Much Wow,” and “Such Freedom, Much Wow.

As of press time, no further clarity was available on what Dorsey meant exactly.

Read Next: This Cryptocurrency Gave The Best Returns In July, And No — It’s Not Dogecoin Or Any Meme Coin



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Dogecoin

Trading Range Getting Extremely Tight for Dogecoin – Breakout in DOGE/USD Soon?

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Dogecoin turned extremely bullish for about a month in April and May, surging from around $0.05 until $0.74. That was very impressive for this new cryptocurrency, which brought to life the Shiba Inu coin as a response to Dogecoin. Although, since May 8, the situation in Dogecoin has been very disappointing and depressing for buyers.

DOGE/USD reversed down in the second week of May, although this cryptocurrency was finding some form of support at the 50 SMA (yellow) on the daily chart until the end of June and we saw a bounce from there. But, the 20 SMA (gray) which was providing support during the bullish trend in spring, now turned into resistance, confirming that the trend had shifted to bearish.

The bearish trend resumed after the rejection at the 20 daily SMA, and the 50 SMA and the 100 SMA (green) were broken. As a result, this cryptocurrency continued down, making lower lows in June and again in July. That showed that the situation in Dogecoin was really bad.

DOGE/USD

But the 200 SMA (purple) held as support on this time-frame chart despite being pierced, although we know that cryptos are very volatile, so don’t expect the price to respect these levels exactly to the pip. This moving average has been holding as support, while pushing the lows higher recently, but only marginally.

On the other hand, the highs have been getting lower as well, with the 50 SMA acting as resistance now and pushing the price down. So, the range is getting extremely tight for this DOGE/USD and a breakout is expected soon. The price action points to a bearish breakout, although if the sentiment in the crypto market continues to improve, we might see a surge higher as well. We might try to trade the breakout, selling if the 200 SMA gets broken or buying if the 50 SMA gets broken to the upside, which you can follow on our live forex signals page.



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Dogecoin

Dogecoin price hesitantly aims at 36% advance

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  • Dogecoin price is having trouble slicing through the $0.213 resistance level.
  • A 7% retracement to $0.183 is likely before a potential 36% upswing.
  • If DOGE breaks below the $0.169 support level, it will invalidate the bullish thesis.

Dogecoin price is facing a tough time pushing past a crucial ceiling, which has stunted its growth. Compared to other altcoins, DOGE is struggling. However, breaching past the said barrier will open the path to an explosive upswing.

Dogecoin price ponders a higher high

Dogecoin price slipped below the $0.213 support level on July 12 and flipped it into a resistance level. Since this point, DOGE has tried climbing above this level multiple times but failed each time. While Ethereum and other altcoins are already experiencing impressive rallies, the meme coin has lacked momentum.

Considering the recent slump, a retracement to $0.187 or $0.183 is likely and a blessing in disguise that will help gather steam for the incoming bull run. From July 14, these two levels have served as a foothold that prevented the price from heading lower. Now that the said barrier has been breached, a retest will most likely see a bullish reaction.

A decisive 9-hour candlestick close above $0.213 would indicate the presence of buyers and propel Dogecoin price to tag the $0.230 resistance level. A successful flip of this barrier will open the path to retesting a massive supply barrier that extends from $0.255 to $0.290.

Retesting the lower limit at $0.255 from the current position would mean a 36% gain for DOGE.

DOGE/USDT 9-hour chart

DOGE/USDT 9-hour chart

While things seem a little tense for DOGE bulls, things could turn awry if the pullback overextends and shatter the $0.183 support level. This development could drag the Dogecoin price down to $0.169, roughly a 7% sell-off.

Breaching $0.169 will flip a crucial support level into a resistance barrier, which will hinder the upswing. Therefore, a potential spike in selling pressure that pushed DOGE below $0.169 invalidate the bullish outlook and potentially trigger a crash to $0.157.

 

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Litecoin

Bitcoin, ether, dogecoin prices surge. Check latest rates

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Cryptocurrency prices today surged with Bitcoin surging nearly 3% to $39,267 while the second-biggest cryptocurrency after Bitcoin, ether was up more than 6% to $2,677, as per CoinDesk. Over the past 24 hours, the digital currency Ether climbed to its highest level in nearly two months during the midst of a software upgrade that will trim the pace at which fresh tokens are minted. Still, Ether is well off its record highs.

In some ways, the optimism about the upgrade, known as London or EIP-1559, resembles the hoopla surrounding past reductions in the block rewards for Bitcoin miners. While so-called halvings were planned events, Bitcoin typically rallied in anticipation that demand would either remain steady or increase while the pace of issuance slowed, reported Bloomberg.

Dogecoin, on the other hand, rose over 1% to $0.19 whereas other cryptocurrencies like Cardano, Stellar, XRP, Litecoin also surged over the last 24 hours.

A lot of crypto investors took advantage of the recent spike in bitcoin and booked profits worth $2.09 billion last week, suggesting that there is a belief that the recent spike in the world’s biggest cryptocurrency was only a bearish relief rally.

According to a note by blockchain data provider Glassnode, after an extended period of very negative sentiment, and sustained downwards price action, bitcoin traded high with gusto last week. “A key question is whether this is a disbelief rally (where everyone doubts the new bull trend), or simply a bearish relief rally in a larger time-frame downtrend,” Glassnode said in a note.

Separately, Cryptocurrency investment products and funds posted outflows for a fourth consecutive week, the bulk of which came from bitcoin products, which also experienced its fourth straight weekly outflow, data from digital asset manager CoinShares showed as reported by Reuters.

(With inputs from agencies)

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Dogecoin

Dogecoin Won’t Be Put Down If It Can Regain This Key Level

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Dogecoin (CRYPTO: DOGE) was trading about 2.41% higher on Wednesday afternoon following Bitcoin (CRYPTO: BTC), which was trading back up over a support and resistance level at the $39,489 mark. Bitcoin could be breaking up from a daily bull flag pattern, charted by Benzinga on Monday, which would, in turn, be bullish for Dogecoin.

Dogecoin bulls and bears may be waiting to see the final text of the infrastructure bill which could negatively affect the crypto space if it includes forcing brokers to report to the IRS. On Wednesday, Sen. Durbin (D-Illinois) said he expects the bill to pass the Senate this weekend or Monday.

See Also: How to Buy Dogecoin • Step by Step

The Dogecoin Chart: The wildly popular Shiba Inu-themed cryptocurrency has been hovering around the 20-cent mark since July 21 when it broke up bullishly from a descending trendline that had been holding it down since June 4.

Although Dogecoin remains a top trending cryptocurrency on Twitter, the crypto hasn’t been given much attention in the form of buyers or sellers recently. On Wednesday afternoon Dogecoin’s volume stood at just 1.67 million compared to its 10-day average of 8.70 million.

Despite the lack of volume, Doge continues to ride up the 200-day simple moving average (SMA), which indicates overall sentiment in the crypto is bullish. Dogecoin is trading in line with the eight-day exponential average (EMA) but slightly below the 21-day EMA, which indicates bearish indecision. On Wednesday the eight-day and 21-day EMAs were acting as resistance.

  • Bulls want to see Dogecoin paw its way up above the EMAs and close above the 20-cent level. If it can regain the levels as support, it has room to move up toward the 23-cent mark.
  • Bears want to see Dogecoin drop below the 200-day SMA, which would put it into bearish territory. If the crypto falls below the level, there is some weaker newly created support at the 19-cent level. Below 19 cents Dogecoin could retrace to the 16-cent mark.

doge_aug._4.png

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.

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