The parabolic move in Dogecoin has made traders book profit and diversify into other coins that can replicate the same kind of move. Traders who caught the move in DOGE are now focusing on Dogwifhat and DTX Exchange. Dogwifhat formed a flag pattern after the run, while DTX Exchange made a new high and is preparing for the next leg. We will discuss the price action of Dogecoin, Dogwifhat, and DTX Exchange.
Does Dogecoin Have More Fuel For Another Upswing?
In this first stage of the bull market, Dogecoin has emerged as the leader with exponential gains from the start of the move. From the rounding bottom breakout of early November, DOGE has stayed above the short-term moving averages, showing high strength in the price. Dogecoin topped last Tuesday, so it’s only been a few sessions, and the price needs more time to absorb the selling pressure.
However, DOGE is still trading 40% below the all-time high level, so there is still room for it to rally. Dogecoin’s market cap reached over $60 billion at the peak, and if it proceeds toward an all-time high, it could reach the dream price of $1. Right now, the probability of retracement in Dogecoin is high because of the profit booking by lower-level buyers.
Dogwifhat Retraces To The 10-Day Exponential Moving Average
Dogwifhat is among the top memecoins in the market with a net worth of $3.64 billion; it is positioned 34th in the overall market. Following the Dogecoin rally, WIF increased nearly 90% from the breakout point. WIF has retraced to the 10 EMA from where it bounced yesterday. For Dogwifhat price to continue the rally, momentum has to be picked from the breakout of the bull flag.
Image: CoinMarketCap
Currently, Dogwifhat’s relative strength index is 62, which is near the overbought zone; this signals more caution for buyers because it might correct more from the current price. The $3 level in the WIF chart is a psychological point and can work as a potential support level, while the recent high of $4 is the local resistance for the Dogwifhat price.
Veteran Dogecoin Trader Expects 7,300% Rally In DTX Exchange
DOGE trader who made millions from the mad rally of 2021 is betting hugely on the hybrid exchange token DTX. DTX Exchange is revolutionizing the global trading industry with simplicity and a developed infrastructure that helps traders. DTX Exchange is one of the best fundamental coins available in the crypto market. According to the expert’s predictions, it may give over 7,000% return within a few months of launch.
If someone invests $200 at the current price of $0.1, this could turn into $14,800.
The DTX platform is already making waves, even as its presale continues. The recent listing of DTX Exchange on CoinMarketCap has boosted confidence in the platform, exciting traders ahead of its official launch. This listing enables users to track data and access all the latest DTX updates in one place.
A major addition to the DTX ecosystem is the Phoenix Wallet. This non-custodial wallet lets traders securely hold stocks, cryptocurrencies, and forex assets on-chain without relying on centralized institutions. The first version will focus on supporting crypto assets, with future updates expected to include other asset classes. The ICO is selling fast, and it is the last opportunity for retail traders to purchase DTX tokens at this discounted price.
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