Dogecoin Reaches Important 5.6 Billion Support, Cardano Killer Set For Massive Rally
The post Dogecoin Reaches Important 5.6 Billion Support, Cardano Killer Set For Massive Rally appeared first on Coinpedia Fintech News
While Dogecoin (DOGE) has experienced a substantial price drop and has now reached a crucial support level, Cardano killer ETFSwap (ETFS) is getting set for a massive rally despite the current bearish market trend.
Dogecoin (DOGE) Approaches Robust Support Level
The latest Dogecoin (DOGE) charts show that the coin is edging inches closer to the 5.6 billion support level, which historically is identified as a point where buying interest increases to prevent a further price drop.
At this point, there is a potential for a reversal as long as the market conditions are favourable and align with sentiment. According to the chart, the meme coin is trading below the 50 and 100-day exponential moving averages (EMA), and its relative strength index (RSI) hovers around the 44.4 mark.
The RSI indicates that Dogecoin (DOGE) is close to oversold territory, meaning it could be underbought and poised for a rebound. Volume analysis, a type of technical analysis used to analyze and interpret volume data, also shows fluctuations in Dogecoin (DOGE) trade volume as it approaches the critical support zone.
In addition, the recent official listing of Dogecoin (DOGE) on Elon Musk’s EV manufacturer company, Tesla, as a payment option is another factor that could increase its adoption in the industry and boost its buy pressure. Therefore, if Dogecoin (DOGE) manages to retain the support level, there could be a high concentration of buy orders, as there was in the past, pushing the coin past higher resistance to even the highly coveted $1 mark.
Currently, Dogecoin (DOGE) trades at $0.14, ranking 9th in the crypto market according to data from asset tracking platform Coinmarketcap. Dogecoin (DOGE) also recorded an over 49% surge in its 24-hour trading volume, increasing to $888.89 million. The increase indicates that the bulls are geared to retest the $0.155 resistance levels once the market regains momentum.
Cardano Killer ETFSwap (ETFS) Poised To Surge To $3 After Launch
ETFswap (ETFS) is a decentralized crypto project that intends to make exchange-traded funds (ETFs) available for everyone in the crypto community through tokenization. By tokenizing ETFs, ETFswap (ETFS) is merging the stability of ETF investment with blockchain technology to create a dynamic investment landscape.
Investors will also be able to easily trade all sorts of tokenized ETFs on a single interface tailored to the needs of both newbies and experts. As a safety measure, ETFswap (ETFS) has provided the ETF Finder, a tool that will assist traders in identifying ETFs that are approved for trading in their specific regions to avoid trampling on regulatory guidelines.
Further, the platform will feature leverage trading with up to 10x leverage, allowing experienced traders to increase their earnings smartly. These unique utilities have earned it the nickname of ‘Cardano killer’ as experts expect it to overtake Cardano on the crypto top 10 list.
At the core of ETFswap is ETFS, its native token, which will serve the utility of governance, enabling all holders to participate in making decisions that affect the platform’s growth, including updates and modifications. Token holders can also stake a portion of their tokens to earn passive income. However, they can also opt to stake other tokens, including Bitcoin (BTC) and stablecoins.
The token will also be instrumental in trading tokenized ETFs, and traders will be required to hold some ETFS tokens to unlock trading. Therefore, ETFswap (ETFS) is holding a public sale to offer the tokens to all crypto community members at an enticing price of $0.00854 at stage 1. By stage 2, it will increase to $0.01831 per coin, making it possible for all stage 1 participants to profit from their investments instantly.
Also, the ETFS token is expected to surge to the $3 mark soon before the platform launch, representing an over 200x yield for early investors. Now is your chance to get in on the presale to buy this asset, which has the potential to increase your return on investments massively and give you access to trade tokenized ETFs.
