Despite starting with the intention to mock cryptocurrencies, Dogecoin has come a long way since its launch in 2013. Elon Musk’s never-ending love for Dogecoin, coupled with his Twitter takeover, has helped the meme coin to sway past some critical resistance barriers on its charts over the past two months. Is it too late to invest in Dogecoin?
The dog-themed coin registered a non-linear growth of over 150% in just one week from 24 October to 1 November. This growth has expedited the bullish efforts in shaping the broader narrative to their fancy.
Despite the recent gains, DOGE was still down by over 86% from its all-time high in May last year. Thus, a sustained increase in the recently heightened social dominance can uncover an impressive growth potential for the meme coin.
Dogecoin is one of the few altcoins to have found a position above its near and long-term Moving Averages during this crypto winter. As a result, Investors might find themselves asking, “Is it too late to buy dogecoin today?”
Dogecoin Price Prediction – Can DOGE Rise Toward $0.2?
After an extended streak of lower highs and troughs for over a year and a half, Dogecoin has found reliable rebounding support in the $0.052-$0.056 range.
The coin’s turnaround from this support range halted the bearish efforts in finding fresher lows since late October this year. In doing so, the buyers induced a push above the 19-month trendline resistance (white, dashed) and flipped it to support.
Consequently, DOGE accelerated above its 50/200-day Exponential Moving Averages to depict a robust buying edge. Thus, investors could wonder if “Is Dogecoin still worth buying?”
The bullish resurgence in October induced a rally toward the $0.14-ceiling post registering triple-digit gains in a week. Given the FTX drama shaking the investor trust and deteriorating the market-wide sentiment, DOGE saw a strong reversal from the $0.14 barrier.
However, the meme coin saw an expected rebound from the trendline support near the horizontal $0.07 baseline.
Is Dogecoin still a good investment? The u-turn from $0.07 support propelled a bullish crossover of the 50-day Exponential Moving Average (green) and the 200-day Exponential Moving Average (red). This ‘golden cross’ hinted at a long-term advantage for the bulls.
Investors wondering, “Should I still buy Dogecoin?” should pay heed to the meme coin’s social metrics. Following the recent drama with Twitter suspending a few doge-related accounts that only tweeted memes and then unsuspending them, Dogecoin marked a solid spike in its social dominance. While managing to uphold its social image, Dogecoin showed promising signs of growth in the coming times.
While Dogecoin’s price prediction may not be quite straightforward, buyers should assess the sentimental effects of various social indicators alongside the technical aspects before opening a long position.
The daily Relative Strength Index (RSI) marked a corresponding growth as it jumped above the 50-mark to depict a bullish advantage. Over the last two weeks, the buyers have been ensuring a close above the midline. Buyers should look for a potential close below the midline to gauge the chances of a near-term downfall.
A sustained northbound movement of its 50/200 Exponential Moving Averages can set the foundation for continued growth in the coming times. A close above the resistance around the $0.108 mark can help the buyers find a rally toward the high liquidity zone in the $0.14 region.
A close above this range could set the stage for extended growth toward the $0.20 region in the coming weeks. However, any decline below the near-term moving averages could delay the recovery prospects.
Is it still a good time to buy Dogecoin? CoinCodex took a bullish stance, predicting that Dogecoin could snap its $0.108 resistance and reach the $0.11 region by the end of 2022. Also, Changelly, a popular forecasting portal, projected Dogecoin’s ability to reach the $0.12 region and beyond by March of next year.
All in all, the intermingling of various social and technical factors affecting the sentiment will likely drive Dogecoin’s price.
But with the increasing uncertainty deriving from macroeconomic events and the recent FTX downfall, investors may consider other options to minimize their overall portfolio risk. With that in mind, here are two DOGE alternatives to bear in mind:
1. FightOut – New M2E Project with Huge Ambitions
FightOut is an excellent alternative to Dogecoin – and one that could reach similar heights if all goes to plan. Although FightOut is still in its presale phase, this Move-to-Earn (M2E) project has already attracted significant attention from the investment community, leading to over $2.5m in funding being raised.
Much of the excitement around FightOut stems from the unique way users are rewarded for completing workouts and improving their fitness levels. This approach has been seen in other M2E projects such as STEPN – yet FightOut’s team looks to take things one step further.
Why Should Investors Consider FightOut?
As per FightOut’s whitepaper, the project’s flagship product is the FightOut App, which allows users to create an account and construct a fitness profile. Based on the information users enter, the app will provide tailor-made workout plans backed by high-quality instructional videos.
Moreover, each user will receive a ‘soulbound’ NFT avatar that cannot be sold or transferred. This avatar will feature stats that evolve as the user increases their strength and well-being – essentially ‘gamifying’ the fitness experience.
However, FightOut’s most appealing feature is how it incentivizes working out. The FightOut App will track users’ movements and distribute REPS when workouts or in-app challenges are completed. REPS is FightOut’s off-chain token and can be used to purchase ‘real’ items from the store, such as supplements and apparel.
If users want to acquire more REPS, they can buy some through the app using FGHT – FightOut’s native ERC-20 token. FGHT will serve as the project’s backbone and can be purchased using a credit/debit card. Interestingly, those who buy more REPS using FGHT will receive a 25% bonus.
According to FightOut’s roadmap, the development team has several exciting plans for 2023 and beyond. The most notable of these plans is to open 20 FightOut Gyms in cities around the globe – providing a physical location for FightOut users to meet each other and earn REPS.
There are also plans for live workouts, PVP contests, and even a FightOut Metaverse that will utilize the FGHT token. These plans, combined with the compelling way that FightOut incentivizes users to work out, mean that this project looks set to enter 2023 with a bang.
As noted earlier, FightOut is still in its presale phase, meaning early investors can buy FGHT tokens at a discounted price of $0.0166. With the listing price already announced to be $0.0333, presale investors can purchase tokens at a 50% discount – with added scope to receive a bonus based on the investment amount and vesting period.
Those looking to keep track of FightOut’s progress can join over 38,000 people on the official Telegram channel.
2. Dash 2 Trade – Innovative Crypto Analytics Platform Set to Explode
Dash 2 Trade is a comprehensive crypto analysis and social trading platform. Fortunately, investors still have an opportunity to grab hold of the platform’s native D2T tokens while its ongoing presale is in its final stage.
The platform’s unique features have been inviting a ton of investor attention – leading to over $11.1m in funding being raised. Dash 2 Trade’s native ‘D2T’ token is central to the platform’s functionality and its cutting-edge features.
Why Should Investors Consider the D2T Tokens?
Dash 2 Trade’s one-of-a-kind features pave the way for users to hunt for promising buying or selling opportunities in the market. To enable this, the platform has devised a structure to provide users with apt trading signals, crypto listing alerts, information on presales, trading strategies, insights from social and technical factors, and so on.
According to Dash 2 Trade’s whitepaper, seamless access to these features can put investors in a better position to gauge market sentiment and make appropriate investment decisions.
In a time when the effects of the market-wide sentiment have a sizable impact on price action, buyers are constantly looking for the best cryptos to buy for the future. The platform’s time-sensitive social metrics could help investors generate impactful insights.
As the ongoing downtrend keeps extending, investors are on the lookout for the next crypto to explode. Dash 2 Trade’s effective strategy builder helps users to create profitable trading strategies. Even so, the portal’s backtesting platform provides a solid base for investors to try and test the effectiveness of their strategies.
D2T Subscriptions and Tokenomics
Dash 2 Trade has formulated a comprehensive subscription structure for its users. The structure is divided into three tiers as follows:
- Free Tier: While this tier doesn’t require users to hold any D2T tokens, the users will have access to limited features on the platform. This tier will enable easy onboarding for a wider range of users while enticing them to take a membership.
- Starter Tier (400 D2T/month): In this tier, users can explore Dash 2 Trade’s advanced on-chain analytics, backtesting platform, automated trading tools, and so on. However, the users would not have access to all the platform’s features.
- Premium Tier (1000 D2T/month or 9600 D2T/year): Users can get unconditional access to all the platform’s features, including access to quarterly trading competitions, whale alerts, and so on.
Although the presale is ongoing, Dash 2 Trade’s team has already secured token listings with three major CEXs – LBank, Changelly Pro, and BitMart. D2T will also be listed on Uniswap, one of the world’s largest DEXs, ensuring an option for investors who prefer self-custody.
Over 83% of the token allocation has been snagged by eager investors, with the presale set to conclude on January 6th. A few days later, on January 11th, D2T will be launched on a CEX for the first time – meaning investors have less than ten days to buy D2T at a discounted price before market dynamics take hold.
Those looking to keep tabs on any Dash 2 Trade updates can join over 29,000 people on the official Telegram channel.
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