Dogecoin (DOGE), the cryptocurrency that powers the Dogecoin blockchain, has dropped back after an attempt to push back to the north of the $0.076 level earlier in the day. A spike in the US dollar and US yields combined with downside in US stocks in wake of hawkish remarks from Fed Chair Jerome Powell is weighing broadly on crypto prices, hence the intra-day pullback.
Powell warned that the pace of interest rate hikes could rise once again and that interest rates could go higher than expected if inflationary pressures remain too hot. Dogecoin was last changing hands around $0.074, down around 1.0% on the session, having found support at the weekend lows in the $0.072s.
News of Dogecoin whales moving significant amounts of tokens off of Binance and into self-custody has failed to lift optimism in the Dogecoin market. According to blockchain monitoring Twitter account Whale Alert, 67,455,315 DOGE were transferred from the world’s largest exchange to an unknown wallet on Tuesday.
At the current price, those tokens are worth roughly $5.0 million. Typically, investors moving significant sums of tokens off of exchanges is seen as bullish for a cryptocurrency, as it implies they have no plans to sell the tokens on the exchange. On the contrary, significant exchange inflows is typically seen as bearish for a cryptocurrency, as it could be a lead indictor of increased sell pressure.
Price Prediction – Where Next for Dogecoin?
Dogecoin bulls will be hoping the cryptocurrency can continue to find support to the north of the $0.072 support area, as a break below it could open the door to a fresh drop back towards Dogecoin’s late 2022 lows in the $0.066 area.
Indeed, Dogecoin’s recent decisive break back below its 200-Day Moving Average (at $0.0786) and support in the form of the late February lows in the $0.0782 area continues to bode poorly for the cryptocurrency’s near-term outlook. Certainly, a break back to the north of resistance in the upper $0.07s will be a tough ask in the absence of a big improvement in broader crypto market sentiment.
DOGE Alternatives to Consider
Dogecoin’s near-term outlook looks patchy, with a significant risk of further near-term losses. Investors looking for better, shorter-term coins may want to diversify their holdings with some presale tokens that have a great risk-reward – indeed, whilst presales are risky (as all crypto is), crypto investors that have historically secured the best returns are those who got in early on a presale. In the list below, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.