Samson Mow, a Bitcoin maximalist, shared his optimistic expectations about BTC’s price movement on X platform as the crypto community awaited the SEC’s decision on the approval of a spot Bitcoin ETF. Mow believes that Bitcoin could reach $1 Million at any moment, causing “max pain” for most market participants.
He stated that if BTC suddenly reached $1 Million, it would “derail everything” for many companies, including his own company Jan3, as well as other big names in the crypto space such as analyst Plan B and his stock-to-flow model for Bitcoin, MicroStrategy, and El Salvador.
A Dogecoin whale transferred tokens to Binance. Analysts predict a liquidation candle if SEC approves spot Bitcoin ETF, followed by a rotation of funds into Ethereum with a bullish weekly divergence.
Technical Analysis & Prediction of DOGE Price
Despite the relatively strong performance of other mega-cap meme coins, Dogecoin’s (DOGE) price continues to consolidate within the 3% range between $0.09 – $0.1.
There have been multiple failed attempts to reclaim the $0.1 territory, and on-chain data trends reveal that the buying momentum of Dogecoin bulls is weakening. There are mounting excess DOGE sell orders across crypto exchanges, leading to concerns about a significant bearish reversal.
A few weeks ago, retail traders placed orders for 550 Million DOGE, but Dogecoin’s price seems to have stagnated just below the $0.1 resistance level. While other rival meme tokens like Shiba Inu (SHIB) and PEPE have enjoyed double-digit gains in the weekly timeframe, Dogecoin has only managed to gain 0.5% during the last month’s end.
The latest readings from the current trading logs of ten prominent crypto exchanges, including Binance and Coinbase, show that DOGE retail traders have listed active orders to sell 720 Million DOGE at press time on December 23.
Bulls, on the other hand, have only been able to muster active demand for 636 Million DOGE around the current prices, as shown in IntoTheBlock’s Aggregate Exchange Order Books chart.
What the Near Future Holds for DOGE
Dogecoin demand is declining as traders increasingly focus on Layer-1 altcoins. DOGE price is expected to drop sharply in the coming days. However, to confirm this prediction, the bears must first overcome the initial support level of approximately $0.0712.
If the DOGE price decisively falls below this range, it may decline towards the $0.071 to $0.057 range for the first time since November. On the other hand, if the bears successfully reclaim $0.12, they may be able to reverse this bearish DOGE price forecast.
Summary
Bitcoin maximalist Samson Mow expressed optimism on BTC’s price movement while waiting for the SEC’s decision on a spot Bitcoin ETF approval. Retail traders ordered 550 Million DOGE this week, but the price stagnated below the $0.1 resistance level.
Technical Levels
- Support Levels: $0.0712 and $0.0578
- Resistance Levels: $0.1022 and $0.1413
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2024/01/28/dogecoin-bitcoin-maximalists-bullish-view-doge-stayed-sideways/