Dogecoin price witnessed a massive bounce last week but recently pulled back due to the market condition. Since then, DOGE is trying to find a stable footing for the next leg-up. On the other side of the ecosystem, Grayscale, a popular institutional investment company and a digital currency asset manager has filed a lawsuit against the Securities and Exchange Commission (SEC) for denying the conversion of Grayscale Bitcoin Trust to a spot Bitcoin ETF.
As of June 30, Michael Sonnenshein, the CEO of Grayscale announced that they have sued the SEC for denying Bitcoin ETF applications. This development comes after the regulators denied the company’s application to convert their trust into spot Bitcoin ETF.
Additionally, the SEC has also pushed back on multiple ETF filings over the last few years citing concerns like market manipulation, lack of liquidity and so on.
As a result, Grayscale filed a lawsuit against the SEC with the U.S. Court of Appeals in Washington DC to review the SEC’s order. The case also claims that the regulator violated the Administrative Procedure Act and Securities Exchange Act.
In a recent annnouncement, Grayscale stated that it,
believes in the SEC’s mandate to protect investors, maintain fair, orderly, and efficient markets and facilitate capital formation -- and we are deeply disappointed by and vehemently disagree with the SEC's decision to continue to deny spot Bitcoin ETFs from coming to the U.S. market
Despite this move from a crypto company, the markets’ reaction remained muued . Bitcoin price is still hovering directionless around the $20,000 psychological level. Dogecoin price, however, shows signs that it wants to move higher.
Dogecoin price rallied roughly 60% between June 19 and June 26 and set a swing high at $0.078, just below the high-time-frame resistance barrier at $0.082. This massive uptrend faced exhaustion before retesting a crucial hurdle, resulting in an 18% retracement.
The correction was supported by the 8-day Exponential Moving Average (EMA). DOGE is currently trading above the 8-day EMA at $0.067 and the 34-day EMA at $0.072. As the meme coin gets coiled up, the possibility of a volatile move seems more likely.
Assuming the breakout favors the bull, Dogecoin price can rally 20% to retest the $0.082 hurdle. The upside could be capped here, but a resurgence of buying pressure that flips this level into a support floor will signal that bulls want more.
In this case, DOGE could travel another 34% to retest the $0.109 ceiling. This run-up, in total, would constitute a 60% gain and is likely where Dogecoin price forms a local top.
DOGE/USDT 1-day chart
On the other hand, if Dogecoin price produces a daily candlestick close below $0.048, it will create a lower low and invalidate the bullish thesis for DOGE. This scenario could further evolve into sellers taking control and crashing the meme coin by 70% to $0.014.
Advertisement     With over 18,000 cryptocurrencies in existence, it is difficult for blockchain networks to...
Shiba Inu and Dogecoin holders can now pay for Uber Eats food deliveries with their cryptocurrencies via BitPay....
No Result View All Result © Copyright 2022. The Coin Republic Are you sure want to unlock this...
Bitcoin fell beneath the $20,000 and then the $19,000 mark on the last day of June, setting intraday...
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs13.50 on July 02, 2022 at 10:02 AM Pakistan Standard Time (PST), in the...
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Held under the theme "Equalizing the Global...
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs13.51 on July 01, 2022 at 01:27 PM Pakistan Standard Time (PST), in the...
Here’s a look at how three of the most popular cryptocurrencies have performed in the first six months...
Meme coins generally rely on hype and buzz for their success, with the occasional endorsement from a celebrity....
Meme tokens are cryptocurrencies that originate from an internet meme or have humorous characteristics. You can find this...
© 2021 Crypto Gurus