Traders speculate that $DOGE might be on the cusp of a major rebound after the number-one-ranked meme coin holds support at the 100-day MA for two weeks.
Dogecoin surged higher in mid-December, allowing it to briefly breach $0.1, but has since been trending lower until it found support at the 100-day MA at around $0.08.
With X receiving a money transmitter license and Elon says he’s still buying Doge, traders are questioning if it’s enough to spark a rebound.
Meanwhile, traders are also looking at alternatives to $DOGE that can produce much higher returns, and $SPONGE continues cropping up on everybody’s radar.
What you'll learn 👉
Dogecoin ($DOGE) Holds 100-day MA – Major Rebound Coming?
Dogecoin has successfully held support at the 100-day MA level for almost 14 days in a row, demonstrating very strong support at the level.
The cryptocurrency had been trending lower since mid-December after briefly breaking above $0.1 during the month.
The meme coin collapsed from above $0.09 to reach as low as $0.075 on January 3rd but has since established support at the 100-day MA.
$DOGE is now trapped within a range between the $0.075 support and resistance at $0.0875, provided by the Feb 2021 highs. The market would need to break either of these levels to dictate the next direction.
Looking ahead, if the buyers start to push the market higher, the first level of resistance lies at $0.0836, provided by the 20-day MA.
This is followed by resistance at $0.0875 (Feb 2021 highs) and $0.09 (50-day MA).
If the bullish narrative continues upward, added resistance lies at $0.0935, $0.1, and $0.105. Beyond the 2023 highs, resistance lies at $011 and $0.117 (1.272 Fib Extension).
Dogecoin Coming to X After Company Receives Money Transmitter License After Elon States He’s Still Holding
Besides the recently launched Bitcoin spot ETF bringing mainstream attention to the crypto world, traders believe the stars are aligning for Dogecoin after Elon stated he’s still holding $DOGE and X receives its money transmitter license.
The social media platform intends to launch a payment service and recently was granted a Money Transmitter License in Utah.
This is bullish for $DOGE as many believe the meme coin will be one of the first additions to the service, especially after Elon stated he still holds “a bunch of Dogecoin” in a discussion on X Space last week.
What Alternatives Provide Better Opportunities?
While Dogecoin still provides a great trading opportunity, investors are convinced that alternative projects that can provide higher returns are available.
In particular, $SPONGE continues turning heads after attracting $4.5 million in staked assets for the V2 upgrade.
Spongebob Token ($SPONGE) is upgrading its token to reprint the 100x return it delivered in 2023, and investors are backing it with their money.
$SPONGE Token Sees $4 Million INflows Into Staking Contract for V2
$SPONGE has seen an enormous $4.5 million worth of inflows into its V2 staking contract as investors rush to get positioned in its V2 upgrade.
The next incarnation of $SPONGE is going live in the coming weeks, and traders are keen to be involved as they believe it can reproduce the 100x return seen in May 2023.
$SPONGE was one of the hottest meme coins in 2023, allowing it to reach a $100 million market cap and be added to a list of major exchanges.
Now, the team is back with a V2 upgrade to continue the pump and absorb the “damp.”
The Krabby Patty of meme coins is launching a novel stake-to-bridge upgrade, where users have to lock $SPONGE into the V2 staking contract to earn an equivalent amount of the V2 upgrade.
The stake-to-bridge utility is the only way to get positioned in V2, ensuring a fair distribution for the second time around.
If you don’t own $SPONGE, you can purchase it from the project’s website and have it automatically staked for the V2 upgrade.
Alternatively, holders of V1 $SPONGE are encouraged to stake their assets to participate.
All V1 $SPONGE staked in the V2 contract will be permanently locked to help facilitate the transition to V2.
Once launched, participants can claim their V2 $SPONGE from the website.
Overall, $SPONGE is undoubtedly a project you don’t want to miss this month if you’re searching for high returns. The team has already shown its capabilities in 2023 and is back and better than ever for another 100x run in 2024.