Bitcoin Mining Hashrate is Increasing, Can it be a Bull Indicator?
Bitcoin price is hovering around $29,500 and some on-chain data is promising. The expectation of an ETF also fuels market optimism. 76.2% of the circulating BTC supply is now held by long-term investors. Although this does not trigger a significant price increase in low-volume markets, it can pave the way for parabolic rallies in the medium to long term.
Dogecoin Charts and Analysis
Dogecoin shows that buying is picking up in the support and resistance area in the October 19 candlestick. We have mentioned the importance of the $0.055 support and $0.06 resistance several times. Volatility may increase with the break of either of these two levels.
For DOGE price to revive, bulls need to see closes above the 50-day SMA, which is $0.06. This can pave the way for a move towards the $0.07 general resistance. Due to short-term profit-taking, DOGE bulls have been weakening for a long time. If BTC remains strong, buyers can continue their struggle here.
In the scenario where the uptrend continues, the target will be $0.08. However, if miners continue to sell, the price may fall back to $0.055 from its current level of $0.0598. Elon Musk has forgotten about Dogecoin for months. There was no surprise in the Tesla earnings report either. Therefore, the DOGE price seems to fluctuate in the direction of the general market.
The weekly close will be decisive for the Bitcoin price. If BTC maintains $28,800, we can see larger moves towards $30,650 and above. However, if $28,800 cannot be converted into support, panic selling in altcoins would not be surprising.
How Much is Dogecoin in TL?
The Turkish lira continues to lose value against the dollar and the level of 28 TL has started to normalize in the parity. According to the data from 21milyon.com, the price of DOGE in TL is 1.7 TL. Although the dollar price has many zeros, the depreciation of the lira has caused many altcoins with many zeros to exceed 1 TL. Just 6 years ago, in 2017, investors could buy DOGE with pennies.
The price analysis we shared above is especially important for medium and long-term investors, especially in the TL parity. While the lira loses value against the dollar on the one hand, the increase in the price of DOGE in dollar terms will make investors happy.