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- DOGE dropped due to Musk’s silence and opinion vote.
- Bitstamp to list Dogecoin soon.
- The volume dropped by more than 50%.
Dogecoin holders were hard hit by two harsh grinches in the past week. On the one hand, the opinion vote ended up revealing adverse results for Dogecoin’s biggest and most influential fanatic, Elon Musk. The results were in favor of Musk stepping down as Twitter CEO. Also, the DOGE fans were disappointed when Twitter introduced a new chart feature for Bitcoin and Ethereum but not for the dog-faced meme coin. On the other hand, Tesla’s CEO has also gone relatively hushed on Dogecoin. This sent DOGE prices on a downward trail.
But the fifth largest exchange, Bitstamp, has announced to list DOGE, which could benefit the prices manifolds. A new listing may influence the prices to sweeten and celebrate holidays with bulky presents.
The doge and the bone
DOGE prices form a descending triangle and mark lower highs. Price holds a spot above 200-EMA and aims to reclaim 100-EMA soon. The suppressed volume and upwards OBV suggest an upward swing soon. The price upsurge is predicted to reach nearly $0.15 if the breakout is established successfully.
Due to the hard hits, the CMF indicator has steeped to the region below the zero mark but has managed to hold close to the neutral line. The MACD indicator shows lines converging to mark the withdrawal of sellers from the market. Due to the persisting selling pressure, the RSI reaches 30-40 but slowly escalates to higher ranges.
Festive treat may come soon
The closer time frame suggests prices may rise in the near term. The CMF shifts to the zone above the baseline, marking the genesis of the up trail. The MACD lines diverged to record buying, mounting steadily. The RSI rises to upper ranges to display buyer interest boosting gradually. All these cumulatively suggest a new year to end on a happy note.
Conclusion
The DOGE holders are hopeful and envision prices to improve. Positive sentiments are sensed to flourish for this new listing on Bitstamp, and users are merry about its anticipated returns. The aimed price levels are like a dream that might come true this Christmas.
Technical levels
Support levels: $0.06 and $0.04
Resistance levels: $0.14 and $0.16
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
