All People Want For Christmas is: Dogecoin?!

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DECEMBER 8-9, 2021

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Episode Summary

On this episode for Crypto Breakdown host Joe Dewitt ranks the crypto assets that are popular for gift giving in the holiday season.

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Unedited Transcript:

Good morning, everyone. Happy Wednesday. My name is Joe Dewitt and this is the crypto breakdown. Jumping straight into it. Taking a look over.

Bitcoin price is struggling to regain after this massive dump over the weekend, Bitcoin currently down a three and a half percent on the day, and it looks like prices falling back towards that 200 day. Moving average, ideally, here for Bitcoin price gets a reversal off of this 200 day. 46,000 and gains a little bit of buying pressure and momentum and the upwards direction.

So we can get back towards all time highs on the bear stance. If price gets rejected from this 200 day moving average. So ideally we will not be falling below that 40,000, maybe 41, but worst case, we may see a correction down to there. One thing I do like to mention is the relative strength index, which I've mentioned before, which is indicating if something.

Overbought or oversold is very low right now sitting in about 27%, which means that Bitcoin would be considered oversold. Taking a look over at Ethereum. Ethereum is down 1% on the day. Price has formed a doji, which if you were unfamiliar with the Doshi, it is one price action opens and closes at the same price, which indicates a lot of struggle.

In price range, it means that people are struggling to move the price. Price has evaluated where it is now. And this doji is formed right below the 4,300 resistance, which is a strong resistance level of flipped support. We've used many times, which is now currently being used as resistance.

And it looks like price got just rejected from it and is slowly moving down towards this 3000 support level for a theorem, looking at the daily chart. My educated guess would be. Descending triangle breakout here. It does look like we are forming a little bit of a wedge. If price actually continues to fall down towards that 3,900 support and holds that level it looks like we would be in a strong position for a breakout in the uppers direction.

And personally, I do not see a bear stance on Ethereum right now, considering that a few days ago with that insanely massive dump. Ethereum was reclaimed all in the same day, which is absolutely ridiculous that candlestick the wick of the candle stick is absolutely massive meaning that people sold and bought it all up within the same 24 hours, which was a very bull sign, meaning that bulls are in control of the market.

So keep an eye on a theorem, as it looks to push above this 4,400. And we're going to take a look over at MADEC, which is the polygon. This is a side chain for scaling Ethereum transactions, and it actually looks great to considering other coins like Bitcoin and the dump that just happened. MADEC has actually been pumping here and it has actually flipped a crucial resistance to support and it's tested it three days in a row.

MADEC is up 4% this morning and it just looks absolutely fantastic. I wanted to mention it because it broke a a previous local all-time high, not, it's not as all time high completely, but it's local. From the last couple of. And it has been accumulating higher lows as well as higher highs, which is an book, a very nice indication of an upwards trend, but flipping this resistance as supports and using it a few days shows how strong it is and if we could get.

Bouncing off of there into the $3 for dollar range. Definitely worth keep your eyes on MADEC as I could definitely see it, gaining some buying pressure. And today, guys, I'm going to break down this little block five survey that found one in 10 Americans are willing to gift crypto for the holidays.

So within the study they found only 2% of Americans are actually interested in receiving NFTs as a gift where less than one in four Americans actually know how to give crypto as a. Whether that be forming a private wallet and gifting it or sending it to a loved one's wallet just in general.

One in four Americans don't know how to actually gift it. Not quite coming out of surprise. Gen Z is twice as likely than other generations to give away. Crypto as a gift seems fairly predictable that the generation using it the most would use it as a gift here as well as men are twice as likely to give crypto as a gift, then.

This also may not come as a surprise being Bitcoin is the number one crypto choice for the holiday gift with dojo and Ethereum ranking second and third. But which is interesting is that millennials and gen Zs actually want doge coin instead of Ethereum, which is what I thought was interesting. And this.

People are looking for more meme coins rather than utility fundamental coins, which I think is very interesting. And I think we'll see a little bit of a mind shift over the next few months. As people start to allocate towards more useful utility tokens projects, that's all the time we have today.

Guys. Thank you so much for tuning. You can fall and subscribe to our podcasts and follow me on Twitter, which will all be in the description below. Have a great day

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