Dogecoin Price Prediction as NYDFS Removes DOGE From Greenlist – What's Going On?

cryptonews.com:

The Dogecoin price has risen by 1% in the past 24 hours, with its move to $0.062918 coming after the New York Department of Financial Services removed the meme token from a greenlist of approved virtual currencies.

DOGE is currently 3% up in the past week, but also down by 2% in a month and by 10.5% since the beginning of the year, while many major tokens (e.g. BTC, ETH, XRP, SOL) have gained substantially since January.

And DOGE's removal by the NYDFS means that exchanges licensed by the regulator can no longer list the meme token, something which could hurt its price in the longer term.

This latest piece of news has come at a time when DOGE has been overdue a rebound, with the coin appearing to be at the beginning of a more positive upswing.

DOGE's relative strength index (purple) is rising towards 50, having been between 40 and 30 for around a month, meaning that it could be on the cusp of a recovery.

Likewise, the meme token's 30-day moving average (yellow) has levelled off after a sustained period of decline, something which also suggests that buyers may have begun accumulating the coin at a discount.

Either way, it does seem that DOGE had hit a bottom, with its support level (green) rising over the past week, implying that it has consolidated around a particular base level and is more likely to rise than fall (again) from here on out.

But as noted above, DOGE's potentially promising technicals come just as the NYDFS deals something of a hammer blow to the meme token.

Its removal of DOGE from a greenlist means that, legally, any trading platform registered with it cannot list the meme token.

Given that pretty much every major US exchange is registered with the DFS, this move could have a long-term negative effect on DOGE's