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Dogecoin can recover if DOGE pulls itself out of this level

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Dogecoin, a dog-shaped cryptocurrency released in December 2013, has been caught in an extended bearish momentum as it continues to struggle to cut its losses and regain its upward trajectory.

  • Dogecoin has already lost 91.8% of $0.73 ATH
  • The $0.057 index is crucial for DOGE to recover its losses
  • Crypto meme at risk of hitting prices as low as $0.0140

The cryptocurrency meme that soared in popularity – thanks to billionaire promotion and Elon Musk’s “Dogefather” – reached an all-time high on May 8, 2021 when it peaked at $0.73.

But DOGE has now lost 91.8% of that value. At the time of publication, according to tracking from KoenigkuAltcoin is trading at $0.060.

The nightmare for the Shiba Inu-inspired token began in December of last year when it dropped below $0.173.

Since then, digital assets have been struggling, hitting new lows thus far and matching yearly lows during June and September.

DOGE price action analysis

The recent and continuous bear market put the dogecoin below the 20 and 50 exponential moving average (EMA) which is a metric used to measure the direction of the trend over a period of time.

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Source: TradingView

The DOGE bulls are being kept in check by the trendline reversal in Dogecoin and failed to maintain the high liquidity of $0.0607 over the past days.

If this results in a pullback below $0.057, the altcoin will be in an extended bullish move highlighted by a test of the $0.048-$0.052 range in preparation for a small bull entry.

In the opposite direction, if Dogecoin sustains above $0.057, it could test the $0.062 resistance area. This simplifies the thesis of the cryptocurrency price trend meme.

Dogecoin can recover its losses if DOGE can extricate itself and move above the $0.057 mark.

A word of warning before accumulating Dogecoin

The current price of Dogecoin is very attractive to investors looking to boost their cryptocurrency holdings.

But caution should be exercised when considering a large DOGE build-up as a breakdown of the $0.0471 support is likely to lead to a sharp drop that will serve as a continuation of the current bearish move.

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Should such a scenario occur, Dogecoin could look to see a 42% drop, dropping all the way to a trading price of $0.0267.

The problem doesn’t stop there for the altcoin, as it could still drop, losing $69 of its value to trade at $0.0140.

Investors are then advised to pay close attention to the price movement of the digital asset and to keep a watchful eye on critical support levels for the cryptocurrency.

DOGE market cap at $7.9 billion on the daily chart | Featured image from Adventure, Chart: TradingView.com

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Cryptocurrency

A Chinese court says NFTs are virtual property protected by law

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A Chinese court in Hangzhou said that a non-fungible token (NFTGroups are virtual online property that must be protected by Chinese law.

November 29 Article Posted by Hangzhou Internet Court – A specialized Internet court – subscriber By crypto-blogger Wu Blockchain on Dec. 5 reveals the language of choice for NFTs after the country started to Crackdown on cryptocurrency In 2021, that leaves NFTs in a legal gray area.

The translated article says that NFTs “have the properties of a property rights object such as value, scarcity, controllability, and tradability” and “belong to the virtual property of the network” that “must be protected by the laws of our country.”

The court decided that it was necessary to “confirm the legal features of the digital NFT pool” of the case, and admitted that “currently Chinese laws do not clearly provide” for the “legal features of digital NFT pools.”

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The court order was introduced in a case where an unnamed tech platform user sued the company for refusing to complete a sale and rescinding its purchase of NFT from a “quick sale” because the user provided a name and phone number that allegedly did not match their information.

“NFTs intensify the creator’s original expression of art and have the value of related intellectual property rights,” the court said. She added that NFTs are “unique digital assets formed on the blockchain based on the mechanism of trust and consensus between blockchain nodes.”

For this reason, the court said that “digital NFT pools belong to the category of virtual property” and the transaction in the legal case is seen as “the sale of digital goods through [the] The Internet “to be treated as an electronic business” and regulated by the “Electronic Commerce Law”.

This comes after the Shanghai Higher People’s Court issued a document in May that stated that bitcoin (BTC) similarly Subject to copyright laws and regulations despite the state’s ban on cryptocurrency.

Related: Can Hong Kong really become China’s proxy in crypto?

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With encryption banned, China has worked on it Separate NFTs from cryptography Through a government-backed blockchain project to support the deployment of non-crypto NFTs paid with fiat money.

The government remains vigilant to ensure its residents resist “NFT speculation” as described in a joint statement in April between the China Banking Association, the China Internet Finance Association and the China Securities Association. Public warned About the “hidden risks” of investing in NFTs.

China is not the only jurisdiction to place NFTs under property laws. A Singaporean High Court judge relied on existing property laws in the October case NFTs are likened to physical possessions Like a fine watch or fine wine he says “NFTs have emerged as a highly sought after collector’s tool.”