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The price of Dogecoin pumped more than 9% in the last 24 hours to trade at $0.1855 at 8:50 am EST, as investors buy back the leading meme coin.
A likely reason for the increase in DOGE value was a comment from the so-called “DOGE father” Elon Musk. In a recent appearance at Tesla's factory in Giga Berlin, the billionaire owner of Tesla and SpaceX was asked if people could use Dogecoin to buy Tesla cars.
“I think at some point we should allow that,” Musk responded. “You can buy Tesla products with Doge, which is great. So, Dogecoin to the moon.”
Dogecoin Price Breaks Resistance
4-hour chart for DOGE/USDT (Source: TradingView)
Dogecoin price was able to break through the resistance level of $0.17879 and continues to trade above this mark. A sustained position above this threshold could give the meme coin leader the necessary foundation to attempt a challenge at the next technical hurdle at $0.19586 in the next 24 hours. In an extremely bullish scenario, DOGE It may rise up to $0.21574 if buyers continue to increase its price.
However, a break below the recently surpassed $0.17875 mark could prevent this bullish thesis from developing. In this alternative scenario, traders may start taking profits, which will subsequently force the Dogecoin price down to the $0.16636 support. Continued selling pressure at this point could drag the value of the crypto down to $0.15110.
Technicians Suggest Dogecoin Price Isn't Done Rising
Technical indicators in DOGE 4-hour chart but they are leaning towards a bullish scenario. The Moving Average Convergence Divergence (MACD) recently crossed above the MACD signal line. This technical signal is generally considered an indication that a cryptocurrency has entered a positive cycle. Since the MACD line is also moving away from the MACD signal line, it seems that the positive trend is strengthening.
Meanwhile, the Relative Strength Index (RSI) is positioned above its simple moving average (SMA) line. This technical fact is bullish and suggests that buyers have an advantage over sellers. However, traders will want to keep an eye on this indicator as the RSI line has begun to level out, which could be an early indication of an upcoming bearish trend reversal.
A possible indication that the DOGE trend is reversing may be when the MACD histogram begins to level off, suggesting that the positive trend has reached a peak. Another possible signal is if the RSI line collapses towards the SMA on the 4-hour chart.
While Dogecoin price attempts to continue rising in the short term, traders are struggling to Green bitcoin Pre-sale for potential 10x profits after bitcoin halving in April.
A cheaper and greener bitcoin
The price of bitcoin has been rising since the launch of spot bitcoin ETFs (exchange-traded funds) in the US. That has propelled the market leader to a very expensive price above $71,000, which has left many retail investors looking for cheaper alternatives that are still pegged to the leading cryptocurrency.
Green bitcoin (GTBC) is one such cryptocurrency. Designed to be a greener alternative to bitcoin, GBTC is an ethereum-based token. This means that it relies on the Proof-of-Stake consensus mechanism to verify transactions, and not the expensive computational Proof-of-Work consensus that bitcoin employs.
Traders can view GBTC as a new bitcoin, giving them a second chance to buy back btc when it was still trading below $1. This possible realization may support the token's rise to over $4.3 million in funds raised.
What's more, being powered by the Proof-of-Stake consensus means that GBTC comes with its own staking program, providing early investors with additional rewards beyond a simple speculative trade. Investors have taken this opportunity to earn up to 118% in annual rewards as over 63% of the GBTC supply has already been staked.
Introducing Green bitcoin – a revolutionary prediction-to-earn token.
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Token holders will also be able to continue earning after the pre-sale given the project's profit prediction model. Anyone who has staked their GBTC can participate in daily challenges that involve predicting future btc movements for a chance to win rewards.
Upside potential after btc halving
With the upcoming halving event, bitcoin mining rewards will be cut in half. As a result, it will be more difficult to get new btc. This is especially true for retail investors who don't have the institutional-scale resources of entities like BlackRock, Fidelity, and Grayscale.
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—GreenBitcoin (@GreenBTCtoken) March 11, 2024
That leaves GBTC well positioned to fill a market need. btc miners may also see the lucrative staking program as a way to supplement declining revenue following the halving.
$GBTC tokens are priced at just $0.9162 right now, but will rise in less than five days.
You can buy $GBTC tokens on the Green bitcoin official website herewhere you can exchange eth or USDT for $GBTC, or buy directly with your bank card.
Related Posts:
Green bitcoin: gamified green bet
- Contract audited by Coinsult
- Early Access Presale Live Now – greenbitcoin.xyz
- Predict to Win – Featured on Cointelegraph
- Staking Rewards and Token Bonuses
- $1+ Million Raised
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