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Episode Summary

Today On Crypto Daily:

You asked we answered! Will Dogecoin Reach $1?

• Bitcoin
• Ethereum
• Dogecoin up 25% today!

Questions? Ask at [email protected] and we will answer!

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

Unedited Transcript:

Everybody happy Thursday. My name is Joe Dewitt, and this is crypto daily. The president of El Salvador announced that they just purchased another 420 Bitcoin bringing their total amount of Bitcoin to 1,120 current Bitcoin price looks great. Currently up 4% this morning, we have a large green candlestick today, which has close to a bullish engulfing.

They bullish engulfing. If you were unaware is when a green candlestick covers the entire previous candlestick, but price held that 58,000 level support. Great. We bounced off of that. Heading back up to that, all-time highs on a. T 4,000, if volume can continue coming in and we can continue this momentum, we should be revisiting that all time high and no time.

Taking a look at a theorem. Ethereum is following Bitcoin closely as its daily candlestick looks very similar to the Bitcoin chart. We are also up three and a half percent today for Ethereum. Ethereum slightly fell below its level of support of around 3,900, but quickly got bought up right back into that zone.

And now we are on track headed back towards all time highs of about 4,300. Ideally for Ethereum, I would like to see a little bit more volume coming in to get that upwards momentum. If not, we most likely will to start to consolidate here and taking a look over at doge coin. Doge coin also looks fantastic this morning.

We were up 25% with a humongous green candle. This candlestick actually got above the 200 day moving average. So if this green candlestick can close above the 200 day moving average, that would be a very bullish sign. We would need to hold that level of support. Um, as we make our way towards that 35 sentence.

If price struggles here with the 200 day moving average, we might fall below putting our price back to 20 cents and retesting that 50 day moving average. And today, guys, I'm going to answer a question we have here at Benzinga. How likely is it for doge coin to reach $1? Keep in mind guys, this is not financial advice, just my personal opinion, but I would say that it's very unlikely for those coin to reach $1.

This is because the current market cap for those coins is about 40 billion. So far doge coin to go to $1 that would mean a market cap of 140 billion, essentially four times in which would put the market cap of dos at the third largest cryptocurrency by market cap, which seems extremely unlikely.

Considering Binance has a market cap of 76 billion and car 66 billion Solano 57. These are all, these are all chains with actual use cases. Some of them being layer one, um, and these coins actually have their own use cases. At the end of the day. It is not completely impossible to see those corner to dollar, maybe after a long period of time and some crypto market growth, but for the time being in the perceivable, $1 for doge coin does not look realistic anytime soon.

That's all the time we have for today, guys. Thank you so much. Make sure to follow and subscribe to our podcasts. Follow me on Twitter, which will all be in the description below. Have a good day quickly. I just want to say that this is not financial advice. I encourage everyone out there to please do your own research before investing in cryptocurrencies, as they are very volatile assets.

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