Dogecoin Blasts Higher on Ethereum Bridge News, ETC, XEM and NEO Sep. 3Sep 3, 2018, 1:45PM
The price of Dogecoin has blasted higher on news of a bridge between the Dogecoin and Ethereum networks. Yahoo Finance also boosted DOGE.
Dogecoin was a surprise performer in the last week with the coin doubling in value on the back of news surrounding a blockchain bridge between the Dogecoin and Ethereum networks. Another boost for DOGE was the news that Yahoo Finance would support the coin on its new cryptocurrency trading partnership with TradeIt. IOS devices can install the app and trade BTC, ETH, LTC and DOGE on their mobile device.
The Dogecoin development team were quick to burst the "Dogethereum" bubble by saying in a tweet,
The price of DOGE has since pulled back from a close above the $0.600 resistance level over the weekend as investors digest the hype. This will be the key level this week if DOGE is to see another advance. DOGE has moved to number 21 in the list of coins by market cap with a value of $608 million. ZCash leads it with a value of $710 million.
The price of Ethereum Classic is trading at $14.00 and is trading in a range between the $10.00 support and the $20.00 resistance level. These levels will be key in dictating the next path for ETC.
The hype surrounding the Coinbase listing of ETC has faded and investors are looking for more in the way of technological breakthroughs to see if ETC can shake off the "Ethereum-Lite" tag in the coming months. If ETC can rally through the $25.00 level then its possible that we could see a move into the high 30s, however we will need a news catalyst before that happens.
The price of XEM has bounced off resistance at the $0.1167 level and is currently trading at $0.01116. XEM appears to be pausing from the recent rally and may make another move towards $0.15, which was last seen in early August.
XEM was boosted by news that it would be listed on Bitpanda, which is the leading cryptocurrency exchange in Europe with over 850,000 users. Australian exchange Coinspot also announced that is was listing NEM.
NEO has recovered from its recent downtrend and a break of the downtrend support line. We have seen NEO rally in recent days and are currently trading above $20.00. This level will be key for the week ahead and move back to the $30.00 level is possible in NEO if we can maintain the positive run.
The price appreciation for the last two weeks represents gains of over 35 percent. However, that has not been enough to offset the earlier losses that have left NEO down by 39.6 percent.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.