ISLAMABAD (TLTP): The cryptocurrency market turned to profit-taking activity on Saturday; however, the overall market remained in green zone with cap gaining 0.1 percent to reach $2.36 trillion as of 1225 hours GMT.
The price of bitcoin (BTC), the largest cryptocurrency, shed 0.38 percent to reach $50,033. With this decrease in price, the market capitalisation of the biggest cryptocurrency reached $940.9 billion.
Likewise, ethereum (ETH) snapped its days-long winning streak and shed 1.10 percent to reach $3,905. With this decrease in price, the market capitalisation of ETH has reached $457.7 billion. On the other hand, XRP shed 0.04 percent to reach $1.27. The market capitalisation of XRP stands at $127.1 billion after this decrease.
Following the suit, cardano (ADA) turned to profit booking and shed 1.70 percent to reach $2.93. Its market capitalisation has reached $94.8 billion after this decrease.
Similarly, dogecoin (Doge) price went down by 0.24 percent to reach $0.298. With this decrease in price, the market capitalisation of doge has reached $39 billion.
According to experts, dogecoin price dropped roughly 25 percent after the August 16 swing high at $0.352. This descent pushed Doge into a demand zone, ranging from $0.262 to $0.281.
This pullback was met with a sudden uptick in buying pressure that has currently pushed Dogecoin price up by 12 percent to where it is presently.
Going forward, investors can expect the meme coin to continue its upswing until it encounters the $0.328 resistance level. A decisive close above this crucial barrier will open the path to $0.40. However, in some cases, the upswing could halt at the $0.368 resistance level. The run-up to $0.40 represents a 35% climb from the current position.
On the other hand, if the buyers fail to hold Dogecoin price above the demand zone, extending from $0.262 to $0.281, it will reveal a weak buying pressure and an increased seller activity. Such a move will delay the upswing.
However, a decisive close below $0.240 will invalidate the bullish thesis and, if the crash continues, DOGE could head to $0.230, they opined.
