In the recent market downturn, memecoins have taken a big hit. Leader memecoins like Dogecoin (DOGE), and BONK are trading way below their all-time highs. This bearish sentiment in the whole sector has raised concern for investors that memecoins will be recovered from the correction. Some investors have shifted to high-growth utility coins like DTX Exchange (DTX).
DTX Exchange (DTX) is trending as the first-ever hybrid exchange in the crypto market. Investors have also received it; in the fourth stage of the presale, it raised over $4 million. According to the experts, demand will increase in the later stages as it comes close to listing and may surpass coins like Dogecoin (DOGE) and BONK in 2024.
MACD Indicator In Dogecoin (DOGE) Crossing Below Base Line
Despite many attempts, Dogecoin (DOGE) has been unable to meet the $0.115 level. On the third attempt on Monday, a hanging man candlestick was formed in DOGE, showing strong rejection from the resistance. The smaller moving average of MACD is about to cross the zero line from above, while the longer period MA is following it, sloping downwards.
If the attempt to hold near the support level fails, Dogecoin (DOGE) can fall to the next major support level of $0.1 and $0.092. The KMA cluster is a strong resistance to the Dogecoin (DOGE) price and needs to break out from it to gain momentum.
Bonk Bounces Off With Hammer Candlestick Formation
Compared to other memecoins, BONK has shown higher relative strength. In the last 30 days, BONK has increased by 21%; however, this number has come down after rejection from the $0.000026 high. From the recent swing high, BONK has decreased by 23%. It has taken support from the 50-period moving average, making a bullish hammer candle.
On the weekly chart, BONK made an inside candle for last week’s candle. It still trades above the 50% range of the 23 September weekly candle. After last month’s bounce, there has been positive sentiment in the BONK price, which can increase it.
DTX Exchange (DTX) Challenges Traditional Exchanges
VulcanX upgrade in the DTX ecosystem has completed its core by bringing the features of centralized and decentralized exchanges into the platform. The completion of the upgrade has attracted whales and institutional investors. Last week, the DTX presale saw a $623k inflow from memecoin whales amid the bearish pressure in the market.
DTX Exchange is a hybrid platform that provides end-to-end solutions and a fully equipped marketplace within a scalable ecosystem. It offers access to over 120,000 digital assets, including stocks, bonds, forex, and crypto.
The platform is designed to outshine existing exchanges with strong decentralized security, a VIP Rebate Program, and the seamless integration of stocks and cryptocurrencies. It also supports quant and algo trading, with lightning-fast execution speeds of 0.04 seconds. Known for its user-friendly interface, DTX Exchange ranks among the top cryptocurrency projects. It handles high-volume trading traffic with zero downtime or errors, creating an efficient trading environment.
The ICO is currently in its 4th round, offering tokens at a heavily discounted price of just $0.08. According to industry experts, with a 100x upside potential post-launch, retail investors and large holders are showing strong interest in this growing project.
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