DOGE eyes next area of support. Source: TradingView
DOGE, the native cryptocurrency that powers the Dogecoin blockchain, was last changing hands about 4.5% lower on the day on Monday just to the south of the $0.09 level, extending on Sunday’s 3.6% decline. Though Dogecoin has managed to recover from earlier session lows under $0.0850, at current levels in the $0.0880s, the cryptocurrency is still trading about 20% lower versus its earlier monthly highs just above $0.11. Its gains versus its November lows in the low-$0.07s, while still decent at around 23%, have been substantially eroded. As a result, price predictions have become somewhat more pessimistic.
DOGE down over 20% from recent highs. Source: TradingView
Price Prediction – Bears Eye Retest of November Lows
Monday’s drop marks a break below an important area of technical support in the form of the August highs (around $0.0910) and the 62.8% Fibonacci retracement level back from the early November highs around $0.16 to the annual lows just under $0.05. Dogecoin bears will be targeting a retest of key next key support area in the low $0.07s, where the 200-Day Moving Average (DMA) and November double-bottom lows reside.
DOGE eyes next area of support. Source: TradingView
Looking ahead, Dogecoin will be taking its cue from broader macro themes this week, just like the broader cryptocurrency market. And it’s a big week on the macro front. US CPI data for November is out on Tuesday, with investors hoping for further evidence of inflation falling quickly back to the Fed’s 2.0% target. The Fed will then announce its latest interest rate decision alongside fresh economic and interest rate path forecasts, plus the usual press conference with Fed head Jerome Powell. The BoE and ECB will also be deciding on interest rates this week, and preliminary PMI data for December is out.
Cramer Says Dogecoin Headed For Zero
Last week, famous US TV personality and host of CNBC show Mad Money Jim Cramer made headlines by criticizing cryptocurrency and urging investors sell their holdings. According to Cramer, “it’s never too late to sell an awful position… And that’s what you have if you own these so-called digital assets”. Cramer added that the market could plunge further in 2023 and many digital assets could hit zero
Cramer singled out Dogecoin, alongside a few other cryptocurrencies such as Cardano, Ripple and Polygon. He called the world’s largest meme coin by market capitalization a “scam” and a “con”. Crypto Twitter hit back against Cramer’s remarks.
Michi Lumin argued on Twitter that Cramer is either “misinformed or willfully incorrect” on Dogecoin, after explaining in a thread how a decentralized blockchain protocol without significant insider allocation can’t be defined as either a scam or con.
Cramer – Twitter’s Favorite Inverse Indicator
Throughout his long career as a financial news TV host, Jim Cramer has never been afraid to throw out his market calls. Not all of these calls have gone well, the most notorious being when Cramer urged Bear Sterns investors not to sell their stock in the midst of the 2008/9 global financial crisis that eventually led to the bankruptcy of the company and its stock going to zero.
Over the years, some have started viewing Cramer as a good counter indicator – i.e. some people think the market is likely to do the opposite of what Cramer predicts. He has subsequently become something of a meme on financial/crypto Twitter.
Dogecoin bulls will be hoping that Cramer’s call for DOGE to hit 0 actually means that Dogecoin hits $1.0. In fairness to the CNBC presenter, Cramer has managed to accrue a fortune valued at around $150 million, suggesting his skills as an investor can’t be all bad.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
Amid the growth in popularity in recent years of environmentally and socially friendly investments, investors looking for a green cryptocurrency should consider the IMPT token. IMPT.io has partnered with thousands of the world’s largest retailers to help offset their carbon footprints and allows users to trade carbon credits on the blockchain.
IMPT has now raised over $20 million, making it one of the hottest crypto pre-sales of 2022. The token’s ICO is coming up in a few days, so investors wanting to take advantage of the discounted pre-sale price should lose no time.
Dash 2 Trade (D2T)
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $9.5 million. The sale is in its final stage and interest in the project could soon spike, with developers on the cusp of releasing a beta version of the platform ahead of schedule.
RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, including NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to let players link up with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. The project has now raised more than $521K in funds in the few weeks since the launch of the pre-sale.
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