Why Dogecoin & HBAR Are Rising Amid Crypto Market Downturn?
Dogecoin price has spiked over 10% recently as the network activity increased due to several reasons. Majorly, the rise could be attributed to the speculation that the Astrobotic lunar mission will include “physical dogecoin” to the moon. As the space tech firm was previously funded by the Doge community, DOGE supporters speculate that the ongoing Peregrine Mission One (PM1) will carry the meme coins.
Surfing on the same wave but in a different sea, Hedera Hashgraph (HBAR) has also shown tremendous price movement. Although October has historical significance in the crypto market for bull runs, HBAR is still on that stance.
HBAR has recorded an astounding rise of over 23% in a month, leaving most of the top altcoins behind.
Dogecoin (DOGE) To The Moon
On Thursday, Nov 16, Dogecoin’s official X account posted that Astrobotics will take Physical Dogecoins to space. However, the American space technology center still has to make the confirmation on the same.
Riding on the FUD, investors exploded the trades by recording high transaction volumes within the day. The meme coin increased over 5% on the daily timeframe triggering other meme coins to gain in value too. This standout performance of Dogecoin is further underscored by an impressive on-chain transaction volume, which has reached $665 million.
Onchain data from Intotheblock also shows that DOGE has recorded over 2.25 billion transactions equal to or more than $100k in the past 7 days. In a nutshell, Astrobotic’s Lunar Mission to send Dogecoin to the moon has garnered investors’ eye driving in the current price hype.
At the press time, Dogecoin is trading at $0.086 with an overwhelming rise of about 9% in the past 24 hours. The transaction volume has shot up to $2.47 billion.
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HBAR Continues To Rise Above Resistance
HBAR the native token of Hedera Hashgraph has also shown impressive growth over time. As the platform maintains its development activity above par, HBAR’s price has seen the effect of it directly.
The recent surge could be associated with the latest Hashgraph innovation program and the platforms participating in it. Recently, Digipharm, a leading value-based healthcare ecosystem has announced its participation in The Hashgraph Association’s “Hashgraph Innovation Programme”.
The Hashgraph Innovation Program was launched by the Association in April 2022. It is a professional training and innovation program conducted in close collaboration with the Swiss Digital Assets Institute (SDAI). The program was launched to seed fund startups and to develop their cores.
As per the daily chart, HBAR is trading at $0.06 showing almost a 3% gain in the last 24 Hours. On the daily timeframe, HBAR is making an ascending channel pattern which generally indicates a bearish outlook. The current support level is at $0.05 and the resistance is at $0.069.
The Relative Strength Index (RSI) is moving around 67 which is considered as an approach to break the oversold region. If HBAR breaks the $0.069 resistance, it may go above $0.75. A fall below $0.060 support may trigger a bearish movement.
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