2021-6-28 13:22 |
The Dogecoin (DOGE/USD) is in a tight range as investors wait for another catalyst. DOGE is trading at $0.2567, which is about 56% above the lowest level last week. It has a market capitalisation of more than $33 billion and is the sixth-largest cryptocurrency in the world.
Dogecoin in a holding patternCryptocurrencies rebounded on Monday even as regulatory risks remain. On Sunday, UK’s Financial Conduct Authority (FCA) became the fourth major regulator to warn about Binance, the biggest crypto exchange in the world. In a statement, the FCA said that Binance Markets Limited will be banned from doing business in the UK. Binance Markets is the company’s local arm.
Still, the scope of this ban will be limited and will not affect the operations of Binance.com. Still, the company will be required to place a warning on its website and apps that say that it is not permitted to undertake any regulated activity in the country. Other countries that have raised concerns about Binance are the United States, Japan, and Germany.
The crisis affecting Binance could have an impact on Dogecoin and other cryptocurrencies. This is because the company has the biggest market share on crypto trading globally. As such, many crypto analysts view it as having a systemic importance.
Dogecoin price is in a tight range at a time when the rest of the cryptocurrency industry is rebounding. Bitcoin has surged to more than $34,000 while Ether, Binance Coin, and Cardano have jumped by more than 5% in the past 24 hours.
This performance is partly because investors seem to be shrugging off the overall crackdown in China as evidenced by the rising hash rate. Analysts expect that Bitcoin mining will keep rising as many Chinese miners move to friendlier countries.
Dogecoin price prediction Dogecoin price chartThe four-hour chart shows that the Dogecoin price has been in a tight range recently. As a result, the coin is trading at the same level as the 25-day moving average while the Average True Range (ATR) has dropped. The ATR is an indicator popularly used to measure volatility. At the same time, the coin’s Relative Strength Index (RSI) has moved to 54. Therefore, this reduced volatility could point to potential higher volatility in the near term. If this happens, the key support and resistance levels to watch will be $0.20 and $0.3, respectively.
The post Dogecoin price prediction as its volatility slips appeared first on Invezz.
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