The GBPUSD forecast update 13-11-2024
The GBPUSD price fluctuates around 1.2735$ level, waiting to get negative motive that assist to break this level and confirm the continuation of the bearish trend domination in the upcoming sessions, as the next negative target is located at 1.2665$.
The EMA50 continues to support the suggested bearish wave, noting that failing to achieve the required break will push the price to rise on the intraday basis to visit 1.2866$ mainly.
The expected trading range for today is between 1.2665$ support and 1.2830$ resistance
Trend forecast: Bearish
The EURUSD price forecast update - 13-11-2024
The EURUSD price shows new negative trades to start pressing on 1.0600$ level, waiting to break this level to confirm the continuation of the decline towards 1.0510$ as a next main station.
Stochastic loses its positive momentum clearly to support the expectations to decline for the rest of the day, reminding you that it is important to hold below 1.0635$ to guarantee the continuation of the expected bearish trend.
The expected trading range for today is between 1.0540$ support and 1.0690$ resistance
Trend forecast: Bearish
Is Dogecoin Poised to Hit $1? See Where Prices Might Be Headed
The cryptocurrency and digital asset industry is experiencing an unprecedented surge, driven by the official election of Republican candidate “Donald Trump” as President of the United States. This positive momentum reflects trader optimism that Trump’s new economic policies could further digital asset growth and support crypto investments. During his campaign, Trump made a series of promises to the crypto industry, including positioning the United States as the “Crypto Capital of the Planet.”
Bitcoin’s Record Rebound
In this highly optimistic climate, Bitcoin—the world’s largest cryptocurrency—continues breaking record highs, surpassing the psychological threshold of $90,000 for the first time in its history. This astounding rally has fueled expectations for further gains, with a possible target of $100,000, driven by general market optimism surrounding the future of digital assets.
Dogecoin Hits 3-Year Peak
Dogecoin, currently the sixth-largest digital currency, has also experienced significant gains following Donald Trump’s U.S. presidential victory. Dogecoin prices have surged by about 160%, reaching a three-year high of $0.44 per coin. It now approaches previous record highs near $0.76, making it a strong candidate for setting new historical highs.
With increasing market momentum, there’s growing potential for Dogecoin to exceed the $1 mark for the first time in history. Supported by the anticipated crypto industry boost under Trump’s administration, Dogecoin’s future looks bright, as long as it continues to evolve and provide tangible value for both short- and long-term investors. Although Dogecoin has yet to become fully attractive for institutional investors, it remains an interesting candidate for future growth if major institutions begin to invest in this unique digital currency.
Trump Supports the Crypto Industry
U.S. President-elect Donald Trump expressed his support for cryptocurrencies in the United States, saying he plans to make the country the “Crypto Capital of the Planet.” Trump’s endorsement of digital assets came during a speech at “Bitcoin 2024” in Nashville, Tennessee, where he discussed his future policy for these currencies if he won the U.S. election.
Trump stated that if the United States does not embrace crypto technology and Bitcoin, China will. “Washington will not allow Beijing to dominate, nor do I want it to succeed in this area,” Trump added.
Trump explained, “I want the United States to lead in technology, science, manufacturing, artificial intelligence, and space.”
He added, “I plan to ensure America becomes the crypto capital of the planet and the Bitcoin superpower of the world.” Trump stated that if digital assets are to define the future, he wants them mined, minted, and manufactured in the United States. “Bitcoin is going to space, and I want America to lead that journey.”
Trump pointed out that around 175 million people (unspecified) are interested in Bitcoin and cryptocurrencies, and he criticized current President Joe Biden’s administration for its crypto regulations.
Trump said he plans to appoint a special Presidential Advisory Board on Bitcoin and cryptocurrencies once in office, with the mission of drafting industry-friendly regulatory guidelines within 100 days of his presidency.
Trump views Bitcoin as non-threatening to the U.S. dollar, stating, “The real threat to our financial future does not come from digital assets but from Washington, D.C.”
He asserted that digital assets, including Bitcoin, would surge faster than ever, encouraging investors with “Never sell your Bitcoins.”
Elon Musk’s Interest
Billionaire Elon Musk played a prominent role in supporting Donald Trump’s campaign, contributing $165 million to fund the campaign while actively promoting Trump on the “X” platform (formerly Twitter), urging his followers to vote for him.
This significant support from Musk was not unexpected, given his political leanings, and helped Trump gain popularity among a wide base of technology and crypto enthusiasts.
Musk, CEO of Tesla and SpaceX, is a well-known Dogecoin supporter, with his frequent tweets significantly influencing Dogecoin’s price fluctuations. With Trump’s commitment to supporting the crypto industry alongside Musk’s enthusiasm for Dogecoin, many anticipate unprecedented price surges for the currency.
About Dogecoin
Dogecoin (DOGE) is a cryptocurrency that started as a joke but quickly gained popularity and became one of the most well-known digital currencies. Created in December 2013 by Billy Markus and Jackson Palmer, it features the Shiba Inu dog logo, which was originally an internet meme. Despite its humorous origins, Dogecoin attracted a large and supportive community, making it one of the most traded and utilized cryptocurrencies.
Dogecoin’s History
Dogecoin was founded in late 2013, with IBM software engineer Billy Markus aiming to create a cryptocurrency that would be more fun and appealing than Bitcoin. At the same time, Jackson Palmer, a marketing manager at Adobe Systems in Sydney, was working on a similar project. The two combined their efforts to launch Dogecoin.
How Dogecoin Works
Like many cryptocurrencies, Dogecoin operates on blockchain technology. A blockchain is a decentralized digital ledger that records all transactions across the network. Each block contains a group of transactions linked to the previous block, forming a chain of blocks, or “blockchain.”
Supply and Circulation
Unlike Bitcoin, which has a capped supply of 21 million coins, Dogecoin has no maximum supply. Initially, there was an upper limit of 100 billion DOGE, but this cap was later removed, allowing Dogecoin to be produced indefinitely. This makes Dogecoin more inflationary compared to other cryptocurrencies.
Community and Support
What truly sets Dogecoin apart is its active and supportive community. Since its inception, the Dogecoin community has used the currency for fundraising and charitable causes. For example, in 2014, the community raised approximately $30,000 to send the Jamaican bobsled team to the Sochi Winter Olympics after the team faced financial difficulties.
Celebrity Endorsements
Dogecoin has received significant support from various public figures and celebrities, contributing to its popularity. Tesla and SpaceX CEO Elon Musk is one of Dogecoin’s most prominent supporters, with his frequent tweets often causing significant price fluctuations. Other celebrities like Snoop Dogg and Mark Cuban have also endorsed Dogecoin, raising its profile and popularity.
Uses and Applications
Dogecoin is used in a variety of applications, from online payments to tipping. Many online merchants accept Dogecoin as a payment method, allowing users to purchase goods and services using the digital currency. Additionally, Dogecoin is often used for online tipping, where users reward each other for quality content or valuable contributions.
Price and Volatility
Like many cryptocurrencies, Dogecoin is known for its high price volatility. In early 2021, Dogecoin saw an enormous price increase, climbing from less than one cent to over 70 cents within a few months. This rise was driven by increased interest from investors, celebrities, and widespread media coverage. However, this rally was followed by a significant drop, highlighting the volatile nature of the crypto market.
Challenges and Risks
Despite its popularity, Dogecoin faces numerous challenges and risks. One of the biggest challenges is competition from other cryptocurrencies that offer more advanced technology and use cases. Additionally, price volatility poses a major risk for investors, as it can lead to substantial financial losses in a short time. Furthermore, because Dogecoin has no supply limit, inflation could reduce its value over the long term.
Future of Dogecoin
Analysts expect Dogecoin to remain a part of the cryptocurrency landscape for the foreseeable future, thanks to its popularity and community support. However, continued success will require the development of new technologies and infrastructure improvements. Dogecoin may see increased backing from institutions and large investors, potentially helping to stabilize its price and expand its practical applications.
Importance of Dogecoin
Dogecoin holds significance across economic, technical, and social dimensions. The following sections highlight the key factors that have made Dogecoin a uniquely important cryptocurrency.
- Community Support and Charitable Activities: One of Dogecoin’s most prominent features is its active and supportive community. From the beginning, Dogecoin enthusiasts have used the currency to support various charitable causes and humanitarian projects. For example:
- Fundraising: The Dogecoin community raised funds to send the Jamaican bobsled team to the Sochi Winter Olympics in 2014.
- Charity Donations: Dogecoin supporters raised funds for digging wells in Kenya through the “Doge4Water” campaign.
- Payment Method: Dogecoin’s importance as a payment method has grown as it is now accepted by numerous merchants and companies in various fields, from digital products and services to online donations.
- Ease of Use and Trading: Dogecoin is known for its ease of use and trading compared to some other cryptocurrencies. Thanks to its low fees and fast transactions, it has become a preferred choice for many traders and users.
- Flexibility and Adaptability: A key feature of Dogecoin is its high flexibility and ability to adapt to market changes and emerging trends. This flexibility has been evident in the Dogecoin community’s responsiveness to changing circumstances.
- Humor and Fun Culture: The humor and lighthearted culture associated with Dogecoin set it apart from other cryptocurrencies, attracting a diverse group of users.
- Raising Awareness about the Crypto Industry: Dogecoin has played an important role in expanding public awareness of digital currencies and the crypto industry, encouraging more people to consider investing in this space.
Key Price Milestones for Dogecoin
- August 2014: Dogecoin’s lowest recorded price at $0.001 per coin.
- May 2021: Dogecoin’s all-time high price at $0.7605 per coin.
- April 2021: Dogecoin’s highest closing price ever at $0.3381 per coin.
Dogecoin’s Best Performance in History
- 2017: Dogecoin’s best annual performance, with a 4,400% increase.
- Q1 2021: Dogecoin’s best quarterly performance, with a 1,054% increase.
- January 2021: Dogecoin’s best monthly performance, with a 700% increase.
Dogecoin’s Worst Performance in History
- 2018: Dogecoin’s worst annual performance, with a 74% decrease.
- Q1 2018: Dogecoin’s worst quarterly performance, with a 69% decrease.
- March 2014: Dogecoin’s worst monthly performance, with a 55% decrease.
Key Events in Dogecoin’s History
- December 2013: Dogecoin launched at $0.006 per coin.
- January 2021: Dogecoin traded above $0.100 for the first time.
- May 2021: Dogecoin broke the $0.500 mark for the first time in history.
Dogecoin Price Forecast 2024
- Grayscale expects Dogecoin to reach $0.5 per coin by the end of 2024.
- Binance forecasts Dogecoin prices to hit $0.35 by the end of 2024.
- LongForecast analysts predict Dogecoin will continue rising to $0.75 by year’s end.
- ETC Group anticipates Dogecoin slightly surpassing the $1 mark in 2024.
Factors Influencing Dogecoin Price Predictions
- Community and Celebrity Support: Support from prominent figures like Elon Musk can lead to rapid price increases.
- Institutional Adoption: Adoption of Dogecoin by more companies and merchants could boost its usage and value.
- Technical Developments: Technological improvements or integration of new technologies can make Dogecoin more attractive to investors.
- Economic and Geopolitical Factors: Economic volatility and geopolitical policies can impact the broader crypto market.
Frequently Asked Questions about Dogecoin
Is Dogecoin’s price suitable for investment?
Dogecoin is currently trading around $0.4 per coin. Given most forecasts that indicate a bullish market, prices around $0.35 to $0.30 are considered attractive for investment.
How to invest in Dogecoin?
There are several ways to invest in Dogecoin:
- Direct Dogecoin Purchase: Buy the cryptocurrency from trusted trading platforms.
- Long-term Investment: Hold onto Dogecoin for an extended period, expecting its price to rise.
- Global Stocks: Buy shares in companies associated with blockchain technology.
Will Dogecoin reach $1?
In light of recent developments in the digital assets market, it is plausible for Dogecoin’s price to reach $1 by the first quarter of 2025.
Is Dogecoin expected to rise in 2024?
Yes, Dogecoin’s price is expected to continue rising this year, with most institutional forecasts pointing to a bullish trend.
Best Dogecoin Trading Brokers 2024
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Technical Analysis of Dogecoin vs. USD (DOGUSD)
Dogecoin’s price against the dollar has surged this month, reaching a historical high at yesterday’s peak of $0.4384. Observing the weekly chart, we can see the price has completed a cup-and-handle pattern after breaching the $0.2210 level, paving the way for further medium- and long-term gains.
The upward movement was followed by a temporary downward correction from the measured increase from $0.8870 to $0.4384, testing the 23.6% Fibonacci retracement level at $0.3560, where it established strong support, preparing to resume the upward trend. The next anticipated targets are $0.4687 and then $0.5000.
On the intraday time frames, the price completed a descending wedge pattern, gaining a positive boost that is expected to further affirm the continuation of the upward trend, achieving the targets outlined above.
Therefore, we expect more upward movement in the coming period, with a break of $0.4065 facilitating further upward momentum toward the anticipated targets. However, it’s crucial to maintain stability above the $0.3560 level to ensure the continued upward trend. A break below this level could lead to further downward corrections, with the next target at $0.3050, potentially extending to $0.2636 before any new upward attempts.
On the other hand, continued decline and a break below $0.2210 would halt the long-term upward trend and pressurize the price toward a downtrend, initially targeting the $0.1450 and then $0.1000 areas.
The CADJPY keeps the positivity – Forecast today – 13-11-2024
The CADJPY continued forming bullish waves, moving away from the support at 109.35, to notice recording gains by reaching 111.10.
Note that the main indicators unionism by providing the positive momentum will reinforce the chances for resuming the bullish attack, to expect targeting 111.50 level, then attack the obstacle at 112.10 in order to find an exit for resuming the bullish attack in the upcoming period trading.
The expected trading range for today is between 110.30 and 111.50
Trend forecast: Bullish