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- 【Gate Daily Market Digest】📊
Unlock today’s key crypto market insights at a glance!
Top Gainers⭐️ $TQ $GOCHU $VELAAI $BUBB $XPRESS
Trending Coins🔥 $ZBCN $TQ $WCT $EIGEN $MXC
#FearGreedIndex# #TopGainers#
- #Digital Asset Market Clarity Act#
US House Republicans have introduced the Digital Asset Market Clarity Act to clarify crypto regulations. The bill gives the CFTC exclusive authority over digital commodity spot markets, and crypto platforms can register with either the CFTC or SEC. Will this reshape crypto regulation? What’s your take?
#Trump Tariff Update#
A US appeals court has reinstated Trump-era tariffs during the appeal, and further tariff hikes (up to 15% for 150 days) are being considered. Could these tariffs return? How might this affect the crypto market?
#Nvidia Tops Global Marke
How High Can Dogecoin Price Go If Bitcoin Hits $122,000?
Dogecoin has performed well this month, reaching $0.4795, the highest level since May 2021, as the overall cryptocurrency market continues to gain momentum. Dogecoin (DOGE) traded at $0.40 on November 28, marking a 365% increase from its lowest point in September. This price action reflects Bitcoin's (BTC) price action, which has approached $100,000, setting a new record. Historically, Dogecoin and Bitcoin prices have moved in parallel. Data from IntoTheBlock shows a correlation coefficient of 0.98 between these two currencies, indicating similar price movements. Therefore, there is a possibility that Dogecoin will continue to surge when Bitcoin surpasses the $100,000 mark. In a recent Bitcoin analysis, we noted that technical indicators suggest a final surge to $122,000. This view is based on the cup and handle pattern of this currency on the weekly chart. As its name suggests, this pattern consists of a bottom followed by a retreat or a consolidation. Bitcoin has been on an upward trend since March until earlier this month when it surged to $99,7000. Bitcoin also has some strong seasonal factors as its price often increases in November and December. Above all, Trump is said to be considering Paul Atkins, a famous figure in the cryptocurrency industry, as the next head of the Securities and Exchange Commission.
Spot Bitcoin ETF also attracts attention, with total assets exceeding 101 billion dollars, thereby further boosting market confidence. The Price of Dogecoin Continues to Rise
The price of Dogecoin seems to continue to rise if Bitcoin reaches $122,000 as expected. On the weekly chart, Dogecoin has surged and surpassed the crucial resistance level at $0.2278, the highest level of March 2023, invalidating the previous double top pattern. This currency has also formed a golden cross pattern, with the 50-week and 200-week moving averages intersecting and has risen above the 50% Fibonacci retracement level at $0.03715. Dogecoin is currently forming a price increase flag or pennant pattern, usually leading to a strong breakout. If this happens, the next target could be $0.7400, an all-time high, reflecting an 85% increase from the current level. However, a drop below $0.2278 would invalidate this price increase outlook. DYOR! #Write2Win #Write&Earn $DOGE {spot}(DOGEUSDT)