Dogecoin Shines As Bitcoin, Ethereum Muted — Chartist Says 'Break Above' This Level Presents 'Great Long Opportunity' For DOGE

Zinger Key Points
  • Dogecoin pullback didn't take it to the 0.082 levels as anticipated says notable chartist.
  • Investor sentiment picks up compared with the previous week.
  • FTX bankruptcy has caused coin exodus from exchanges, notes Santiment.

The two-largest coins by market capitalization were subdued on Sunday evening as the global cryptocurrency market cap inched down 0.1% to $835.1 billion.​​

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -0.2% -1.2% $16,435.68
Ethereum ETH/USD -1.2% -4.9% $1,192.69
Dogecoin DOGE/USD 9.9% 27.9% $0.10
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Celo (CELO) +28% $0.70
Dogecoin (DOGE) +9.9% $0.10
ImmutableX (IMX) +4.2% ​​$0.44

See Also: 11 Best Cryptocurrency Brokers in November 

Why It Matters: Despite Bitcoin and Ethereum trading in the red, Dogecoin spiked ahead of a fresh trading week. 

The meme cryptocurrency has gained 27.3% over a seven-day period. The coin touched an intraday high of $0.1064 on Sunday with 24-hour trading volumes soaring 183.5% to $2.13 billion, according to CoinMarketCap data.

Chartist Ali Martinez noted that the pullback in DOGE did not take it to the 0.082 levels as anticipated. Martinez said DOGE “break above $0.096 presented a great long opportunity to $0.11.”

Gokhshtein Media CEO David Gokhshtein said on Twitter that he feels that Ethereum co-creator Vitalik Buterin and Twitter CEO Elon Musk are “working together” to “somehow” upgrade $DOGE.

Major coins were depressed along with stocks, which dropped as the holiday weekend drew to a close at the time of writing. The S&P 500 and Nasdaq futures were down 0.6% and 0.8%, respectively.

Investor sentiment has notched up since the last week, according to Alternative.Me’s “Crypto Fear & Greed Index.” Last week the Index flashed “Extreme Fear” while at the time of writing it was at “Fear.”

Cycle trader and Founder of Bitcoin Live Bob Loukas — said Sunday that Bitcoin has “either found it's bear market (4yr Cycle Low) with this Nov low....or will do so on the next 60-day Cycle low, around the Jan 5th timeframe.”

“Given the contagion and loss of trust with recent events, leaning towards the early Jan lows.  Structurally been a perfect cycle.”

In the wake of the bankruptcy of FTX and Alameda Research, which unleashed the latest cryptocurrency crash, only 6.95% of Bitcoin is “sitting on exchanges,” according to Santiment. 

“There had already been a gradual shift in $BTC moving into self custody going back to [BlackThursday] (Mar 2020). But with the [FTX] fallout, this trend has accelerated,” the market intelligence platform said.

Read Next: Elon Musk Floats New Conspiracy Theory About The Identity Of Elusive Bitcoin Creator Satoshi Nakamoto

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasBitcoindogecoinEthereum
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!