The well-known meme cryptocurrency Dogecoin’s Fear and Greed Index has moved into the “Greed” zone, according to a recent tweet.
Nevertheless, the price of the original meme cryptocurrency is still rising and has even seen a significant gain over the last day.
Dogecoin ventures into “Greed”
The index described above was created to gauge the attitude of the market for bitcoin assets. When an asset is in the “greed” zone, a correction is about to occur. In “severe fear,” a reversal of fortune is anticipated.
When investors begin to amass cryptocurrency because of “fear.” However, DOGE has reportedly been in the “greed” zone for a few days now, according to the @DogecoinFear account on the social networking platform X. As of right now, the reading is 67; it was taken about an hour ago.
https://x.com/DogecoinFear/status/1735253376894734519?s=20
On December 10, the number 78 was replaced with 74 by “extreme greed” instead of just “greed.” The current state of the indices for Bitcoin, Ethereum, and XRP also indicates “Greed,” according data from CFGI.io.
Popular cryptocurrency expert Ali Martinez gave his Twitter followers a look at his study on Dogecoin a few days ago. According to him, the weekly Dogecoin graph displayed a sell signal from TD Sequential. This sell signal was detected as DOGE surged into a significant resistance level, which has frequently stopped Dogecoin’s rise in the past.
Martinez also brought up the possibility of a DOGE correction, explaining that in the event that it occurred, the price may fall to $0.085 or even $0.078. Still, the bearish scenario would be completely destroyed if Dogecoin is able to break over $0.11.
Dogecoin, Bitcoin rise fueled by Federal Reserve
With the latest 8.32% price surge, Dogecoin is now trading at $0.0982, up from $0.0901 at the time of writing.
Following reports from the Federal Reserve regarding possible interest rate cuts they are considering for next year, the value of popular cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and others has increased dramatically over night.
Billy Markus, a co-founder of Dogecoin, discussed his predictions for the resurgence of Bitcoin. In a semi-joking manner, Markus said that Bitcoin was “having a mood” and that we should allow it time to pass before it emerges.
Markus believes that there is no actual explanation for price volatility and is thus rather cautious about bitcoin trading.
