Joel FrankDogecoin Under Pressure For These Reasons
DOGE, the ticker of Dogecoin, which is the token that powers the Dogecoin blockchain, is down just under 2.0% on Thursday. There are a few reasons why Dogecoin’s price has slipped. Firstly, with the cryptocurrency up close to 30% in the last seven days, as per CoinMarketCap data, there is clearly some profit taking in play.
Secondly, Dogecoin failed twice to break above $0.11 on Wednesday, meaning that some technical selling pressure to send the cryptocurrency back under $0.1050 isn’t too surprising. Thirdly, broader cryptocurrency markets are also under very modest selling pressure on Thursday, as are global and US stocks, after posting strong rallies on Wednesday following a more dovish than expected speech from the chairman of the US Federal Reserve Jerome Powell.
But the Short-term Dogecoin Outlook Still Upbeat
But Dogecoin’s near-term outlook still looks positive. The cryptocurrency remains in a short-term technical uptrend since its mid-November double bottom and appears to be forming an ascending triangle. A break above the $0.11 resistance area could quickly send Dogecoin surging towards the $0.16 area. That could mean a quick 50% gain in December.
One possible catalyst for such a rally and potentially much bigger gains could be if Twitter CEO Elon Musk announces some form of Dogecoin integration into a future Twitter payments system. Speculation regarding Musk’s Dogecoin/Twitter plans already sent Dogecoin surging as much as 160% in late October/early November, before the sudden FTX collapse in early November wiped out much of these gains.
Dogecoin is a great candidate for cryptocurrency investors looking to invest in a coin with the prospect of quick gains. Here are a few other options that some analysts think have the potential to deliver quick 10x gains.
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 $7.65 million and the sale will soon enter its fourth phase, which will see the token pre-sale price lifted to $0.0533 from $0.0513.
Tamadoge (TAMA)
An alternative dog-themed meme cryptocurrency with more use cases than Dogecoin that some investors might want to consider is Tamadoge’s TAMA token. TAMA is going to function as the native token of Tamadoge’s Tamaverse. Users will be able to play Tamadoge games, earn rewards and raise their very own Tamadoge non-fungible token (NFT) pet.
Tamadoge is partnered with some powerful players in the crypto space, including Transak, OKX and Launchpad. Analysts think that TAMA, which is currently changing hands-on major exchanges for just under 2 cents, could see substantial gains in the years ahead because the cryptocurrency combines the mass appeal of meme coins and play to earn gaming.
Buy TAMA on a Centralized Exchange
Buy TAMA on a Decentralized Exchange
RobotEra (TARO)
RobotEra is an early-stage sandbox-style crypto metaverse project that hopes to usurp the likes of Decentraland and The Sandbox with superior graphics and a more gamified feel. The RobotEra metaverse will feature a variety of different play-to-earn and player-versus-player games.
In just a few days since the start of its pre-sale of the TARO token that will power the in-metaverse economy, RobotEra has already raised over $300,000. Once RobotEra has raised $1.8 million, the price of the TARO tokens being sold will jump to $0.025 from their current $0.020 level, so interest investors are encouraged to get in quickly.
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This article was written for Business 2 Community by Joel Frank.
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