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Dogecoin Shines As Bitcoin, Ethereum Muted — Chartist Says ‘Break Above’ This Level Presents ‘Great Long Opportunity’ For DOGE

The two-largest coins by market capitalization were subdued on Sunday evening as the global cryptocurrency market cap inched down 0.1% to $835.1 billion.​​

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin (CRYPTO: BTC) -0.2% -1.2% $16,435.68
Ethereum (CRYPTO: ETH) -1.2% -4.9% $1,192.69
Dogecoin (CRYPTO: DOGE) 9.9% 27.9% $0.10
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Celo (CELO) +28% $0.70
Dogecoin (DOGE) +9.9% $0.10
ImmutableX (IMX) +4.2% ​​$0.44

See Also: 11 Best Cryptocurrency Brokers in November 

Why It Matters: Despite Bitcoin and Ethereum trading in the red, Dogecoin spiked ahead of a fresh trading week. 

The meme cryptocurrency has gained 27.3% over a seven-day period. The coin touched an intraday high of $0.1064 on Sunday with 24-hour trading volumes soaring 183.5% to $2.13 billion, according to CoinMarketCap data.

Chartist Ali Martinez noted that the pullback in DOGE did not take it to the 0.082 levels as anticipated. Martinez said DOGE “break above $0.096 presented a great long opportunity to $0.11.”

Gokhshtein Media CEO David Gokhshtein said on Twitter that he feels that Ethereum co-creator Vitalik Buterin and Twitter CEO Elon Musk are “working together” to “somehow” upgrade $DOGE.

Major coins were depressed along with stocks, which dropped as the holiday weekend drew to a close at the time of writing. The S&P 500 and Nasdaq futures were down 0.6% and 0.8%, respectively.

Investor sentiment has notched up since the last week, according to Alternative.Me’s “Crypto Fear & Greed Index.” Last week the Index flashed “Extreme Fear” while at the time of writing it was at “Fear.”

Cycle trader and Founder of Bitcoin Live Bob Loukas — said Sunday that Bitcoin has “either found it's bear market (4yr Cycle Low) with this Nov low….or will do so on the next 60-day Cycle low, around the Jan 5th timeframe.”

“Given the contagion and loss of trust with recent events, leaning towards the early Jan lows.  Structurally been a perfect cycle.”

In the wake of the bankruptcy of FTX and Alameda Research, which unleashed the latest cryptocurrency crash, only 6.95% of Bitcoin is “sitting on exchanges,” according to Santiment. 

“There had already been a gradual shift in $BTC moving into self custody going back to [BlackThursday] (Mar 2020). But with the [FTX] fallout, this trend has accelerated,” the market intelligence platform said.

Read Next: Elon Musk Floats New Conspiracy Theory About The Identity Of Elusive Bitcoin Creator Satoshi Nakamoto

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