The post Dreams of $1 Over? Sharp XRP Skyrocketing Still Possible, Cardano (ADA) Stronger Than Everyone Else appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Given the obvious signs of waning market momentum, Dogecoin’s ambitious quest to reach the $1 milestone may have encountered a snag. Given that Bitcoin recently experienced a retracement that had an impact on altcoins in general, DOGE’s trajectory appears less promising. The coin, which only a few weeks ago showed great promise, is currently experiencing a decline in inflows and a drop in market interest. Dogecoin has been directly affected by the steep decline in the price of Bitcoin.  Bitcoin dominance, which usually fuels altcoin rallies, has somewhat diminished, but overall market inflow has slowed considerably. One important factor that has hindered Dogecoin’s ability to continue on its upward trajectory is the stagnation in capital movement. Dogecoin is now trading at about $0.39, having barely managed to hold onto its recent highs of around $0.50. Although the rising trendline on the chart remains a short-term support level, declining volume indicates that traders are losing faith in the market. DOGE/USDT Chart by TradingView Additionally reflecting cooling momentum, indicators like the RSI are below the overbought zone, suggesting further consolidation or even a downward correction. Without a significant catalyst, the goal of hitting $1 seems less likely, but it is still possible. A large marketwide inflow or a special DOGE-specific event would be required for Dogecoin to regain its…

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Filed under: News - @ November 27, 2024 3:25 am