Is Dogecoin due for another breakout?

Market sentiment for Bitcoin?

Episode Summary

On today's Crypto Daily we talk about the following coins:

• Bitcoin
• Ethereum
• Solana
• Dogecoin

Also we look at the top 5 coins you should have in your investment portfolio:

• Bitcoin
• Ethereum
• Solana
• Chainlink
• AXS

Hosts:

Joe Dewitt [email protected]

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Also listen to the Moon or Bust Podcast

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:

Happy Monday morning. I hope you all had a wonderful weekend. My name is Joe Dewitt and this is crypto daily.

So let's jump right into it. We're going to start off taking a look at Bitcoin. Now, Bitcoin, since we last talked has been looking great, it has been consolidating in that price zone of 61,000. Um, it has been moving. 61 to 62 area for about four days now. Um, we're bouncing in that zone of 58,000 to 65,000, trying to get up to that all time high.

Um, it is more than likely that we will come down and retest that 58,000 before we come up to that all time high. If buyers, if the bulls get enough momentum, we could see that all time high in a matter of a few days, realistically though, we will see that short term correction overall market sentiment on Bitcoin is very, very bullish.

Right now. People have noticed that. The overall market sentiment on Bitcoin now is currently very bullish. People have started to notice that it is going to rally and as volume comes in, we should expect Bitcoin price to move. Moving on over to a theory of Ethereum price is down 3% this morning, we've got a current price of 3,743.

Um, the chart here looks fine. It looks like we just came down from that 4,000 level zone. We touch that with a candlestick, uh, was that two days ago on Saturday. And now we're coming back down to that 36 50 price zone. Um, if we. If bulls could come back there with a little bit of volume, a little bit of by buying volume, and we can see that come back up to that 4,000 level area and then battle for that all time high of around 44.

If we don't see that buying pressure, we could fall down to that 32 level potentially even fall below that 50 day moving. Um, falling below that 50 day, moving average would put us at around 3,300 and then we'd be battling for that 200 day moving average as our lowest level of support. They're taking a look over at Solano.

It has continued to ride out that 50 day moving average. We've been using that for support for about seven days now. Um, we are also, uh, forming a little, uh, mid, mid to short-term descending wedge. So I would expect us to be breaking out of that within the next three to four days. Um, if we cannot break out of that wedge or we break out and the downwards trend will be falling below that 50 day, moving average of one 50 and coming down to that 200, putting us at around 65, $70.

Um, ideally we break out of that when we get into that 175 to that two 15 zone, and we bounce off of that 1 75 for support, and we get up to. 1 95 area. The Solano sentiment in the market has been quite bullish as it provides. Great opportunities for developers is a theorem is yet to switch to its proof of stake.

The NFT market on salon is quite saturated right now as developers flock to the network. Um, soon we should expect to see a small hole back. Projects on the salon network. Now finally taking a look over at doge coin. Doge coin looks amazing. Actually, since last time we talked, it was battling that 50 day moving average, since then on this daily candlestick, we hopped above that 50 day moving average wedged ourselves between the 200 day in that 50 I'm in a little volatile zone.

There, there are a couple of ways this could play out on the bear side. We could fall below that 50 day moving. Heading to our current support around 15 cents. Um, obviously we'd probably bounce off of that and, and float into the 25 cent area. Um, I don't see it falling below that 15 cents anytime. And the bullets, uh, stand, we get above that 200 day moving average.

We make our way to that 35 cent zone of resistance. We battle for that. Ideally we hop on over or we come back down for a little bit more of consolidation in the mid to short-term dose coin looks fantastic. It looks like it is ready to pump. We had our first higher, low, and actually quite some time here, there's been a good amount of lower load.

That is usually a nice bullish sign there. And we can see a higher, low beginning to develop. The only thing that concerns me with those is that the RSI is at around 65% putting us, um, almost over overbought, which would bring down the price a little bit. So ideally we'll probably get to that 30 cent area before a slight correction, maybe a little bit of consolidation.

Before we get back up to that 35 cents zone. And now we're going to do a little bonus section where I'm going to talk about my personal opinion on the top five coins. Right now, top five coins for me would be Bitcoin Ethereum Salana chain-link and AXS. So my reason being all good investors have to diversify Bitcoin and Ethereum being large market cap, cryptos.

They are very safe. Um, they are expected to appreciate they're well-established. Those are good at cryptos to invest in. Solana because it is an emerging layer, one solution, um, it blows transaction speeds out of the water. And as developers continue to use it, price will continue to increase. I chose chain-link because I believe Oracle networks are very, very undervalued in this industry.

If you were unaware, Oracle networks provide data for blockchains. This is something that people often overlook and chain link partners with many cryptocurrencies to provide data for their chains. Um, without chain link, there would be a. Lot of tokens and coins that would not exist today. Finally, I chose AXS because of the growth potential of Axion infinity.

I believe it is an amazing game and it is absolutely revolutionary being the first play to earn game, to actually gain traction like this. It is absolutely changing people's lives and I can see it doubling if not tripling in market cap within the perceivable future. That's all the time we got for today, guys.

Thank you so much for this. If anyone has any recommendations for coins, please just shoot me an email at [email protected] Thank you guys, and have a nice day and 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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