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Dogecoin faces new stress tests as market conditions improve. On the other hand, this 25x altcoin is aiming for a 1,000% return against meme coins.
The recovery in market conditions has turned the tables on many altcoins. Dogecoin (DOGE) is one of the many memecoin projects benefiting from bullish market sentiment. But the new hybrid trading platform has outperformed Dogecoin with a 1,000% rise since its launch, followed by an explosive pre-sale rally that has raised millions of dollars to date.
Will Dogecoin pass the new stress test?
The highly popular meme coin Dogecoin is nearing a stress test in its growth schedule. The Dogecoin network’s ability to assert new price levels depends solely on its ability to take over current resistance levels. The numbers for the Dogecoin network are mostly bullish, but it is at a tipping point where the balance could reach a level where the price starts to rise.
Over the past 24 hours, Dogecoin has risen to $0.10 at the time of writing with a modest increase of 1.2%. Although not a huge rally, Dogecoin has narrowed its decline from last week and is looking ahead to a potential 5% rally. However, this price increase does not mean Dogecoin has passed an important stress test.
This is reflected in the 24-hour trading volume, which tells a different story. Dogecoin fell 20% to $610 million within a day. This means that interest in Dogecoin is waning as investors look to other altcoin projects in the wake of the market recovery to diversify their portfolios and make big bucks.
Here’s how whales are driving Dogecoin higher
Dogecoin is expected to make a significant rebound from its steep resistance levels, but it remains a hot asset among investors as altcoins slide lower in search of a recovery. According to on-chain data, whales have purchased over 2 million Dogecoins in the past seven days.
Ali Martinez, an expert memecoin analyst, sees this increased whale activity as a sign that Dogecoin could witness a bull market in the near future. He pointed out that the recent 65% decline in the Dogecoin network indicates that the meme coin may be poised for the next big rally. He said Dogecoin could rise by an astounding 200%.
Martinez bases his prediction on the historical performance background of the Dogecoin network. He believes Dogecoin is on track to repeat the bullish price pattern of the past this year. Whether the Dogecoin network can break through current levels remains dependent on broader market conditions, which will become clearer as the market progresses into the month.
Get an extra $200,000 in DTX Exchange pre-sale
As a layer 1 blockchain system, DTX Exchange ranks as one of the highest performing crypto channels. In the past 24 hours, DTX Exchange’s presale raised an additional $200,000, contrary to market sentiment. While other altcoins have taken time to show upside, DTX Exchange has been gaining attention for its bullish pre-sale frenzy.
Built on the Ethereum blockchain, DTX Exchange deploys robust infrastructure and smart contract capabilities to provide a decentralized and secure cryptocurrency trading platform. Its technical architecture is centered around key components that provide convenient transactions, strong security protocols, and transparency between users on the platform.
DTX Exchange aims for multi-million dollar rally in 4th round of presales
After the success of presale round 3, DTX Exchange will launch the 4th presale round at $0.08 per DTX token. The platform gained popularity through its offerings to traders. DTX Exchange deploys self-executing contracts on the Ethereum blockchain, including order execution, trade settlement, and asset management.
These smart contracts ensure that trades are executed automatically without the need for trader intermediaries, providing transparency. This decentralized approach increases the overall efficiency of the platform and the security of the trading process. Join this next-generation crypto platform and secure a 25x chance in the volatile crypto market before the pre-sale ends.
For more information, visit the presale website and join the DTX community.
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