Dogecoin (DOGE) Stubbornly Breaking Upside Hurdles: What Other Meme Coin May Outperform It?
After an impressive bullish surge exhibited by Bitcoin (BTC) last week, the cryptocurrency market appears to have entered a correction phase. The leading digital asset retraced approximately 6% of its gains after confidently approaching the $45,000 mark. Despite this pullback, a majority of analysts maintain an optimistic outlook for the future of the crypto market, projecting a potential boom in 2024.
Temporary corrections present favorable opportunities for strategic investments in promising coins at discounted prices. Notably, Dogecoin (DOGE) has recently demonstrated resilience against market resistance levels, with Floki Inu (FLOKI) following suit. Another noteworthy project attracting investors with enticing early-stage investment prospects is ScapesMania (MANIA).
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Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is showing positive momentum. The “in/out of the money” indicator, a valuable tool for assessing the profitability of DOGE-holding addresses, reveals a significant proportion of coin holders currently residing “in the money.” According to data sourced from IntoTheBlock, an impressive 72% of DOGE addresses are currently in profit. This statistic indicates a robust foundation of holders who may exhibit less inclination to sell, thereby establishing a sturdy support for the cryptocurrency. Dogecoin’s recent performance underscores its resilience, efficiently absorbing sell-offs and sustaining its upward momentum.
As of the present writing, DOGE is trading within the range of $0.0944 to $0.0964. Over the past week, the price has experienced a 5% increase, and within the month, it has surged by an impressive 23%.
Analyzing key indicators, both the RSI and Stochastic oscillators are neutral, registering at 49 and 75, respectively. Concurrently, the MACD Level is leaning towards a bullish inclination, with a reading of 0.0060.
Examining moving averages across various time frames, all indicators are bullish. The 10-day EMA stands at $0.0947, while the 10-day SMA is at $0.0954. On a longer-term scale, the 100-day EMA is positioned at $0.0753, accompanied by the 100-day SMA at $0.0703. These moving averages collectively paint a positive picture, reinforcing the current bullish sentiment surrounding Dogecoin.
Dogecoin (DOGE) Price Prediction
On-chain metrics reveal a prevailing dominance of the In-the-money gauge over the out-of-the-money value for DOGE, signifying that a substantial percentage of holders are currently in profit. This observation diminishes the likelihood of significant sell-offs in the near future. Should this trend persist and DOGE maintain its upward trajectory, it could potentially encounter immediate resistance at $0.1105, with the subsequent upside target positioned at $0.1191.
Conversely, in a bearish scenario, a temporary retracement to $0.0892 becomes plausible. Further downward momentum might propel the price towards $0.0765. These levels should be closely watched for signs of a possible trend reversal.
Floki Inu (FLOKI) Price Analysis
Floki Inu (FLOKI) has a great potential for coming strong gains. It is in the correction phase now similar to other altcoins, but its technical indicators are mostly bullish. Floki will host an AMA on X for an announcement related to FLOKI and TokenFi on December 12th and this event could spark interest to this coin.
As of the latest update FLOKI price is near $0.000038. It has gained 2.6% in a week and 22.2% in a month.
Most indicators for FLOKI are neutral to bullish. The RSI at 56 and Stochastic at 47 are neutral. At the same time, the Momentum at 0.0000043777, the MACD Level at 0.0000021849, and the Bull Bear Power at 0.0000000708 are all providing buy signals.
The analysis of moving averages shows a mixed picture. The 10-day EMA at $0.0000383295 and the 10-day SMA at $0.0000391591 meaning the selling pressure in the near term. At the same time, the long-term prospects are more optimistic if the price holds above the 100-day EMA at $0.0000290275 and the 100-day SMA at $0.0000256480.
Floki Inu (FLOKI) Price Prediction
With the majority of indicators signaling a bullish trend, FLOKI stands poised to test the initial resistance level at $0.0000456491. Should the coin successfully resist selling pressure at this juncture, it could propel itself towards the subsequent resistance at $0.0000587567, confirming the coin’s robust bullish momentum.
Conversely, in a bearish scenario, a pullback to $0.0000325415 is conceivable. A sustained downturn may potentially lead FLOKI to the subsequent support level at $0.0000257710. At these levels, traders may need to readjust stop-loss orders and reassess their risks.
Conclusion
Both Dogecoin (DOGE) and Floki Inu (FLOKI) exhibit interesting dynamics currently. Dogecoin, despite the recent correction in the broader market, has showcased resilience, with a significant percentage of holders currently in profit, providing a robust foundation for the coin. On the other hand, Floki Inu (FLOKI) is undergoing a correction phase, typical of many altcoins in the current market. However, its technical indicators present a mostly bullish outlook, and an upcoming announcement event could spark further interest in the coin. As with any investment, it is essential for traders to carefully monitor market developments, adjust their strategies accordingly, and remain vigilant to potential trend reversals.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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