The Dogecoin price pumped over 9% in the last 24 hours to trade at $0.1855 as of 8:50 a.m. EST as investors buy back into the leading meme coin.
One likely reason for the jump in DOGE’s value was a comment by so-called ”DOGEFather” Elon Musk. At a recent appearance at Tesla’s Giga Berlin factory, the billionaire owner of Tesla and SpaceX was asked if people would be able to use Dogecoin to buy Tesla cars.
“At some point, I think we should enable that,” Musk replied. “You can buy Tesla merch with Doge, which is cool. So, Dogecoin to the moon.”
The Dogecoin Price Breaks Above Resistance
4-hour chart for DOGE/USDT (Source: TradingView)
The Dogecoin price was able to overcome the resistance level at $0.17879, and continues to trade above this mark. A sustained position above this threshold could give the meme coin leader the foundation needed to attempt a challenge at the next technical obstacle at $0.19586 in the coming 24 hours. In an extremely bullish scenario, DOGE may climb to as high as $0.21574 if buyers continue to boost its price.
However, a break below the recently-breached $0.17875 mark could prevent this bullish thesis from playing out. In this alternative scenario, traders may begin to take profit, subsequently forcing the Dogecoin price down to the $0.16636 support. Continued sell pressure at this point could drag the crypto’s value all the way down to $0.15110.
Technicals Suggest The Dogecoin Price Is Not Done Climbing
Technical indicators on DOGE’s 4-hour chart but are leaning towards a bullish scenario. The Moving Average Convergence Divergence (MACD) recently crossed above the MACD Signal line. This technical flag is generally seen as an indication that a crypto has entered into a positive cycle. Given the MACD line is also rising away from the MACD Signal line, it seems that the positive trend is growing stronger.
Meanwhile, the Relative Strength Index (RSI) is positioned above its Simple Moving Average (SMA) line. This technical occurrence is bullish and suggests that buyers have the upper hand against sellers. However, traders will want to keep an eye on this indicator as the RSI line has started to level off, which could be an early indication of an upcoming bearish trend reversal.
A potential indication of DOGE’s trend reversing may be when the MACD Histogram begins to level off, suggesting that the positive trend has reached a peak. Another possible sign is if the RSI line collapses towards the SMA on the 4-hour chart.
While the Dogecoin price attempts to keep climbing in the short term, traders are scrambling to Green Bitcoin’s presale for potential 10X gains after the Bitcoin halving in April.
A Cheaper, More Eco-Friendly Bitcoin
Bitcoin’s price has been on the rise since the launch of spot Bitcoin ETFs (exchange-traded funds) in the US. That’s pumped the market leader to a very expensive price north of $71K, leaving many retail investors looking for cheaper alternatives that still are tied to the leading cryptocurrency.
Green Bitcoin (GTBC) is one such crypto. Designed to be a more eco-friendly alternative to Bitcoin, GBTC is an Ethereum-based token. This means that it relies on the Proof of Stake consensus mechanism to verify transactions, and not the computationally expensive Proof of Work consensus that Bitcoin employs.
Traders may view GBTC as a new Bitcoin, granting them a second chance to buy BTC back when it was still trading below $1. This possible realization may underpin the token’s surge to over $4.3 million in funds raised.
What’s more, being powered by the Proof of Stake consensus means that GBTC comes with its own staking program, giving early investors additional rewards beyond just a speculative trade. Investors have pounced on this opportunity to earn up to 118% in annual rewards, as more than 63% of GBTC’s supply has already been staked.
Introducing Green Bitcoin: A Revolutionary Predict-To-Earn Token.
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Token holders will also be able to keep earning after the presale given the project’s predict-to-earn model. Anyone that has staked their GBTC can take part in the daily challenges which entail predicting BTC’s future movements for the chance to win rewards.
Potential To Surge After The BTC Halving
With the upcoming halving event, Bitcoin’s mining rewards will be slashed in half. As a result, it will be more difficult to come by new BTC. This is especially true for retail investors that do not have the institutional-scale deep pockets of entities like BlackRock, Fidelity, and Grayscale.
Nothing can stop the GREEN REVOLUTION!
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— GreenBitcoin (@GreenBTCtoken) March 11, 2024
That leaves GBTC nicely positioned to meet a market need. BTC miners may also see the lucrative staking program as a way to supplement decreased income following the halving.
$GBTC tokens are priced at just $0.9162 right now, but will increase in less than five days.
You can purchase $GBTC tokens on the official Green Bitcoin website here, where you can exchange ETH or USDT for $GBTC, or buy directly with your bank card.
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