Dogecoin goes into the weekend in landing mode. After a week announcing an uptrend, Elon Musk’s favorite coin is now showing down signals that may trigger sales or purchases by traders looking to take advantage of the downturn.
Dogecoin’s performance this week was due to support from the broader encryption market. Bitcoin recovered shortly after millions of cryptocurrencies had been recovered from hackers involved in the Colonial Pipeline hack. During the process, about 63 bitcoins were returned worth about $ 2.3 million.
In addition, the smuggling market recovered after the Central American country of El Salvador began accepting bitcoin as a legal tender.
Also, Basel Committee news about banks ’capital requirements for secrecy was initially taken upwards, although there have been some sales since then, noting that if the rules come proposed, it would make it very difficult for banks to own funds like Bitcoin in their Books. Some cryptographers consider banks to have good cryptography, but it can halt institutional deployment.
Despite weekly market support gains, dogecin appears to be retreating into the declining zone. At the time of writing, DOGE was trading on the major stock exchanges for $ 0.324, down 2.6 percent.
Dogecoin price analysis
The chart above shows that dogecoin is still above its lower support level ($ 0.321), but may withdraw to that level to retest support. If dogecin pushes below the support level, the next stop is about $ 0.295.
However, the coin may receive support from the broader encryption market and thus may resist the breakdown of $ 0.312. In the event that this happens, the meme coin may return to the after-zone of more than $ 0.35.
Now that the coin is trading at $ 0.324, it makes an excellent purchase as it has already resisted its disintegration and may be facing a resistance of $ 0.39. If the rally causes DOGE to break the resistance level this weekend and next week, the coin could move to a stop at around $ 0.45.
Dogecoin still has a long way to go before reaching an all-time high of $ 0.75 due to Elon Musk. This week, the coin has made headlines that could trigger a bull run soon.
Is Kemper’s dogecoin project a rising price?
Kyle Kemper, brother of the Prime Minister of Canada, announced he launches his own dogecoin project. Kemper is the founder of the Swiss Key encryption wallet and card. Speaking at the Bitcoin 2021 conference in Miami last week, Kemper started an event called ‘Million Doge Disco’ where he participated in a million DOGE tokens.
Kemper said the tokens will be given to ‘augmented reality Disco Doge NFT’ participants. Kemper’s announcement isn’t the only mention of DOGE and NFT this week.
Dogecoin founder Billy Markus announced the sale of several DOGE-inspired NFTs. Markus plans to sell 420 DOGE collectibles. Once the NFT craze has picked up, dogecoin has a solid chance of regaining momentum if it enters the area and becomes one of the few coins to pile up in NFT booms.
How to buy dogecoin
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