The Remittix ICO is nearing a $25 million cap surge, while Dogecoin’s price sees a slowdown in buying momentum.
These new market dynamics are drawing up a bullish momentum towards the Remittix token. However, experts’ analysis shows more woe for the Dogecoin price in the coming week as it struggles for relevance.
The support for the Remittix token has been on the rise lately but here is what experts believe could be fueling the surge.
Factors Responsible For Dogecoin Price Downturn Lately
The Dogecoin price has seen a reversal from its July pump, dropping 6% further down today in a market bear. This is a reversal that analysts say is giving a bearish outlook for the Dogecoin price as it drops below key support.
However, while the Dogecoin price had earlier shown a strong buying momentum in July, the current price setup reflects a sell-off. This is as analysts point to the inflationary mechanism of Dogecoin as a factor reducing buying power.
Billions of Dogecoin tokens have been minted in the last few months through the mining process. As a result, the Dogecoin price keeps readjusting to pair demand with supply in a meaningful model. This has only led to inflation, which has kept the Dogecoin price heading downwards as demand reduces. Although new catalysts like the Dogecoin ETF are projected to fuel new inflows in the coming week, the approval date remains uncertain.
What Does the DOGE Price Reversal Mean This August
The ongoing reversal of the Dogecoin price in a semi-bull market is mirroring the reversal during the January memecoin boom. The Dogecoin price reversal during the January meme boom saw it go on a four-month drawdown, hitting a low of $0.1315 from $0.4335. However, the current reversal could be more devastating as it raises panic of a worse bottom this year.
With the Dogecoin price currently trading at $0.2235, key support levels to watch are $0.2562 and $0.2051, as they could determine whether a bull or bear breakout occurs. Any breakout below the $0.2051 zone this August could trigger a panic withdrawal.
The Dogecoin price may fall even further below its initial 2025 low of $0.1315. Whereas a pump above $0.2562 could be instrumental in returning market confidence.
Why Remittix $25 Million Surge Is Important
Remittix breaking the $20,3 million cap recently is raising a high bullish sentiment, as support skyrockets. According to market projections, this ICO performance indicates that Remittix is poised for a rapid ascent past $25 million, as the price approaches a 30x breakout. The Remittix (RTX) has become a subject of much interest lately as its crypto-to-fiat utility dominates new payment interest.
Whales joining the Remittix market now are triggering positive sentiment as analysts eye a $25 million cap to start a new bull run. However, while the market prepares to join BitMart this year, here are some factors set to fuel a bullish rally:
- Remittix wallet launch
- Cross-border adoption set to follow on launch with 30+ fiat currencies support
- Crypto-to-fiat bank transfer is powering a new direction in global payment
Discover the future of PayFi with Remittix by checking out their project here:
Website: https://remittix.io/
Socials: https://linktr.ee/remittix
$250,000 Giveaway: https://gleam.io/competitions/nz84L-250000-remittix-giveaway
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Source: https://coindoo.com/dogecoin-momentum-slows-while-remittix-ico-breaks-21m-is-it-the-next-mainstream-coin/