Next Shiba Inu Tamadoge Sees Price Pump Up 69% in New Bull Run, 900% Incoming – Top CEX Listing in 5 Days
Wednesday April 19th 2023 – Tamadoge, a play-to-earn meme cryptocurrency, has seen a remarkable 34% price increase in the past 24 hours, according to CoinMarketCap. The token's value has surged by 69% since last Thursday, showcasing its potential and growing interest.
FOMO around the Tamadoge project is spreading fast in anticipation of its top-tier centralized exchange (CEX) listing on April 27th, and the announcement revealing which one it will be in five days’ time, on April 24th.
With only five days to go until the CEX announcement buying pressure is mounting on the back of rising trading volumes.
The team has already flagged that the coming exchange listing will be from among one of the top five.
As a consequence, there is heightened speculation regarding which CEX is in the frame.
Binance came out in front in a recent poll run by Tamadoge on Twitter, with Bybit in second place. All will be revealed on the 24th.
If you missed the Twitter voting opportunity, why not enter the Tamadoge $1,000 giveaway competition today and make your prediction?
TAMA smashes resistance at $0.0193, passes major test on march back to all-time high – for a 900% gain
Notably, the present price action sees the TAMA token taking out pivotal stubborn resistance around the $0.0193 level, as the price rises to levels not seen since February this year.
And it isn’t just the technicals and the news flow that explains the rally.
Standing behind the price upsurge is a steady stream of product launches, which means that Tamadoge now boasts an arcade line-up of five games.
Impressively the recently released figures on Tamadoge arcade game players found that there were 22,000 unique players – more than the combined unique active wallets on top metaverse and gaming coins, respectively, Decentraland and The Sandbox.
TAMA has already tested the upper bounds of near-term resistance at the $0.0224 level and, most importantly, has taken out resistance at the lower bounds of the region at $0.0193.
A definitive breach of the region of near-term resistance (shaded in purple above) looked imminent at the start of the European session and is likely to develop in that direction over the coming hours.
Two more regions of resistance lie ahead above $0.0224 and are in close proximity, which suggests developing momentum over the next few days could carry the price through those obstacles.
As the bullish scenario unfolds, the road opens up for TAMA to reclaim its all-time high $0.19 – implying a 900% return on the current price.
Impressive Tamadoge brushes off setbacks in the wider market as bitcoin plunges back below $30k
The price has tested the trendline anchored in yesterday’s price action, against the background of a sharp drop in the Bitcoin price at the start of the European session as it fell back below $30k, at one point giving up $1,000.
That sharp move was triggered by forecast busting UK inflation data release and the magnifying effect of a long squeeze as leveraged positions on resign prices were liquidated with sell orders.
However, in a continuation of the theme in evidence since last week, TAMA continues to outperform the market in dramatic fashion, showing itself to be relatively immune to wider market sentiment.
Bitcoin aside, TAMA/USDT market participants will be watching the MACD indicator to seek confirmation of a new upward price channel being established.
A bullish change in the TAMA price trend confirmed by closely watched indicators
When the MACD (Moving Average Convergence Divergence) indicator crosses the signal line, it is a commonly used technical analysis signal that suggests a potential change in the trend of a coin’s price.
The MACD indicator is a momentum indicator that uses moving averages to identify changes in a security's trend, while the signal line is a moving average of the MACD line.
When the MACD line (blue) crosses above the signal line (red), it is known as a bullish signal, which suggests that the security's price may be poised to rise.
Conversely, when the MACD line crosses below the signal line, it is known as a bearish signal, which suggests that the coin’s price may be poised to fall.
Pleasingly, in the case of TAMA a bullish cross above the signal line has been in evidence since Tuesday.
Traders and investors often use the MACD indicator and its signal line to help identify potential buy and sells and to confirm the strength of a trend.
As a result we should expect this closely watched indicator to feedback to market participants to encourage more buying.
As with all technical indicators, however, it is important to note that technical analysis tools such as the MACD indicator should be used in conjunction with other forms of analysis.
Relative strength index means what it says on the tin – Tamadoge price is very strong right now
With that in mind, pulling out the RSI (relative strength index) provides a reading of 73 (purple line), above the so-called overbought level of 70.
However, this should be read carefully.
Relative strength means exactly that – there is powerful buying momentum that continues to strengthen the hand of bulls. In this context, a reading above 70 can more usefully be taken to indicate confirmation of the inflection point of a new trend setting in.
As such, given the upcoming news and the project’s strengthening fundamentals, buying will continue to trend higher.
And, as always, there will be profit-taking by day traders in evidence, especially above the 70 RSI level, but in the current price trajectory environment, any such dips are likely to serve as a spur to attract more buyers.
Technicals aside, strong product development will drive the Tamadoge price higher
Finally, on the technicals, it is not the day-to-day, or hour-to-hour, price movements that will be exercising the minds of long-term investors who see the massive potential of the Tamadoge play-and-earn business model.
With gaming industry Jon Bishop at the helm as the Tamadoge CEO and the development of the AR app proceeding at a quickening pace, there is plenty of gas in the tank for TAMA to reclaim its all-time high.