Dogecoin (DOGE) and Rexas Finance (RXS) Top Crypto Headlines, But One for the Wrong Reasons
The post Dogecoin (DOGE) and Rexas Finance (RXS) Top Crypto Headlines, But One for the Wrong Reasons appeared on BitcoinEthereumNews.com.
The talking points on cryptocurrency have again been taken over by Dogecoin (DOGE). Its price movements have not caused any excitement among investors. Even though DOGE remains one of the most popular meme coins, it experienced worrying price movements lately. The coin’s value shrank lower than some crucial technical levels, implying there may be future drops. Conversely, Rexas Finance (RXS) seems to be creating a marketing frenzy with its pre-sale in its last phase and an optimistic listing on the way. Rexas seems poised to make big moves starting in 2025. All the while, DOGE is trying to stabilize itself in the market. Currently, DOGE is trading at $0.265, which, per my technical indicators, is lower than the median price for the week. The support level at $0.28735 was very important for the bulls, but the inability to stay above it renders the coin vulnerable to decreasing even more. Some analysts state that if there is selling pressure for a longer time, the DOGE value can plummet to the upper 0.057 range, significantly lower than the current price. Even with whale accumulations over recent weeks, considerable pressure is still at play. While many large market participants have had the opportunity to buy DOGE at lower prices, the rest of the market is still not buying the idea. A bullish breakout would require a pump in price above $0.30, but without significant buying volume, DOGE is completely stuck. Dogecoin differentiates itself from other cryptocurrencies as a meme asset with no real-world applications. Its primary mechanisms are social media promotion and celebrity endorsements. However, as the market shifts toward utility-based projects, DOGE loses its appeal. The recent rumors around Dogecoin ETFs created some excitement but still remain unproven suggestions. Elon Musk’s participation with DOGE has also lessened over the years, subsequently lowering…
Filed under: News - @ February 25, 2025 5:23 pm