Dogecoin is one of the most valuable cryptocurrencies in the market and has managed to break the market’s losing streak on the 24-hour chart. However, what does the future hold for the most popular coin in the market, and how do investors put themselves in a good position going forward?
DOGE Price Action
DOGE currently trades at $0.08207. The asset’s price has pumped up by 0.35% in the past 24 hours, marking a slight gain. The broader market is also down by 0.75% in the past 24 hours.
With a price surge, DOGE has traded well above its moving average (MA) indicators. The crypto asset trades above these indicators, from the 10-day MA of $0.08194 to the 200-day MA of $0.08150.
DOGE also has a positive moving average convergence divergence (MACD), and the asset’s 58.59 relative strength index (RSI) shows it isn’t overbought.
Fed Minutes Pump Leading Coins
The biggest benefit for the crypto market now appears to be optimism that the Federal Reserve could finally start to loosen its monetary policy. The Fed has been working to reduce the impact of inflation in the United States for months, and it has so far conducted massive hikes in interest rates. However, following months of interest rate increases, the policy appears to be finally paying off.
The Fed released the October consumer price index (CPI) numbers a few weeks ago. The data showed that monthly inflation was much higher than most analysts expected, giving analysts hope that interest rate hikes could be scaled back significantly.
The Fed has signalled that it could take a less aggressive approach to interest rate hikes. The agency released minutes from its November meeting days ago, indicating that a less aggressive monetary policy could easily be on the table. However, it added that it would continue to monitor the market’s dynamics as it hopes to work towards its objective of keeping inflation below 2%.
— Federal Reserve (@federalreserve) November 23, 2022
The release of the Fed’s minutes caused a spike in digital asset prices. A less aggressive interest rate policy means investors would be free to invest capital in riskier assets – especially crypto.
With DOGE and other meme coins being notable for their propensity for gains, these assets might end up seeing bigger gains once the market flips bullish.
TARO Also Offers Big Opportunities for Gains
As investors continue to work towards enjoying gains in the market, it is worth noting that established coins aren’t the only ones that can offer profitability opportunities. One new presale that has investors excited is TARO, the native token for RobotEra.
RobotEra is a metaverse gaming platform that has backing from LBank Labs. It takes players to planet Taro, where they can choose robot avatars and purchase property to rebuild the virtual world. Players can purchase properties, build houses and structures, and much more here. All assets owned by players will be non-fungible tokens (NFTs), so players own whatever they buy.
With the opportunity to own your assets, RobotEra is building a world where players have complete control. The platform’s TARO token is also quite impressive, with a presale already raising over $216,000 despite being less than a month old.
📣 Are you ready to join the Metaverse and build up your world? 📣
🎨 Maximise your creativity
🤝 Connect with others
🔌 Create your dreamland
— RobotEra (@robotera_io) November 25, 2022
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