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Dogecoin Price Outlook: Here’s What to Expect
Dogecoin price has been under intense pressure for the past few weeks, lagging in growth compared to other meme coins. At the time of writing, the meme coin was trading 4% higher at $0.06593, erasing some of the losses incurred this week. The asset’s total market cap has increased by nearly 5% over the last day to $9.5 billion, with the total volume of DOGE traded jumping by more than 6%.
What Next?
Dogecoin price has been struggling to recover from this month’s losses amid improved crypto market sentiment. Bitcoin’s breach of the $30,000 level has seen most cryptocurrencies rally over the past week. The global cryptocurrency market cap has jumped to $1.2 trillion, while the total crypto market volume increased by 38% over the past 24 hours.
Compared to Shiba Inu, Dogecoin has been the worst performer so far this year. Dogecoin, Elon Musk’s favorite coin, has seen its sentiment dwindle over the past few weeks as investors enter conservation mode. Elon’s influence on the meme coin also seems to be fading off, especially since Twitter’s takeover by new CEO Linda Yaccarino.
Recently, Elon Musk warned his Twitter followers saying that they should not “bet the farm” on the premier meme coin. Comments from Elon Musk about Dogecoin have always been referred to as an endorsement, characterized by the massive price gains that always follow any form of a tweet about the digital asset. As such, the recent caution shared by the former Twitter CEO has forced most investors into conservation mode around the meme coin.
Dogecoin has the largest market cap among the meme coins but is also one of the most volatile digital currencies at the moment. DOGE is down by more than 9% in the past month and 6.49% in the year to date. The coin still remains 5.61% lower compared to a year ago, indicating that it still has a long way to go to recover.
Dogecoin Price Outlook
The daily chart shows that the Dogecoin price has been on a bearish trajectory for the past few weeks, despite the recovery in the global cryptocurrency market. The meme coin has failed to move above the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages.
Even so, its Relative Strength Index (RSI) has moved above the signal line to 49, just below the neutral zone. The Moving Average Convergence Divergence (MACD) indicator, as the Momentum indicator, is hinting at a bullish breakout.
Therefore, the Dogecoin price is likely to experience a price reversal in the near term, characterized by a slow but bullish trajectory. A move past the 50-day EMA at $0.06850 will give bulls enough momentum to push the price higher. However, a move below the critical support level of $0.06 will invalidate the bullish thesis.
DOGE Price Chart
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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