Daily News | World Bank Warns Of Lost Decade For Global Economy As DOGE Rallies Over 30% After Musk Changes Twitter’s Home Page Logo

2023-04-04, 01:54

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![](https://gimg2.gateimg.com/image/article/16805729950404.jpg)

##Crypto Daily Digest: World Bank Warns Of Lost Decade For Global Economy As The US Department Of Justice Seizes Millions In Crypto From Crypto Fraudsters

Good morning, traders! We hope you had a great start to the week and that you’re ready to get stuck in today! 🚀

US stock indexes have begun to fall as the week opened, with the biggest losers being TRAN (which lost -1.09%) and UTIL (which shed -0.75%). Similarly, many commodities also took a rough hit this past day, with natural gas trailing farthest behind, having shed -4.6% across the past day. However, RBOB gas accelerated by +3.06% and ULSD HO soared by +1.79%, deviating from the progressive downward trend seen throughout the wider commodities market. Also following the negative trend seen across the US financial markets, the US treasury data has shown moderate declines across all US treasury categories.

The downward trend is likely due to the recent banking crash in America, whereby various banks liquidated and crashed, which has reverberated throughout the global economic stage, particularly financial markets in the US.

The negative sentiment arising from the US stock market was hypothesized following the aforementioned banking crash by various analysts and investors who have feared the lack of resilience of major stocks due to their failure to factor in recession woes (exacerbated by the banking onslaught). As a result, analysts have anticipated that this could force the US stock market and the wider economy to come under pressure if the widely expected recession hits the international economy in full force.

On a similar note, the World Bank has issued a warning to nations across the globe, urging nations to account for the fact that the global economy is at risk of a lost decade of growth as a result of international sociopolitical tensions such as Ukraine vs Russia conflict and the fallout from the COVID-19 pandemic. As a result, many analysts are predicting that this could lead to recessions on an international scale.

<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s value fell below $28,000 in the past day, leading it to vastly dip beneath its 1-day SMA, despite this zone being anticipated to act as its new support. However, considering it gained an impressive 23% throughout March, some analysts are eying up $35k as the new target zone for BTC, hypothesizing that in the coming quarter that it will continually push toward this threshold. With the recent bullish surge having appeared to slow, it is likely that BTC is beginning to eye up a more horizontal trading pattern, and that around $27.5k may act as a new price floor from which it can build upon.

In light of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>’s positive surge, a variety of altcoins from across the market have responded well, with the likes of ADA soaring by 11% and DOGE soaring by almost 27% respectively in the past week.

##Topic of the Day: DOGE Rallies Over 30% After Musk Changes Twitter’s Home Page Logo

With <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> having recently come under fire in a multi-billion dollar lawsuit, Elon Musk has taken to Twitter to show his support for the asset – through the changing of the Twitter homepage logo to that of DOGE. Having professed his support for the asset for over 4 years, Elon Musk has historically tweeted his support for the asset, endorsed the adoption and utilization of the asset, and even had his attorneys defend the asset to judges.

Following the drastic logo change, Musk tweeted out a cartoon image as his first public address of the change to make light of the situation and further promote the asset. As a result, DOGE soared by almost 30% in the past 24 hours, accelerating through the cryptocurrency market ranks and surpassing <a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> and landing at 7th place.

##<a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> (DOGE) $0.09108 (+14.39%) - Bullish Outlook

**Overview:**

- Closest daily support zone: 0.07721- 0.0774
- Closest daily resistance zone: 0.1001- 0.1004
- Key Level: 0.1016 (Monthly High)

<br>![](https://gimg2.gateimg.com/image/article/1680573209unnamed0404.png)

Across the past day, DOGE has been subject to an immense bullish momentum after slogging along throughout the past few weeks and trading consistently below its 1-day SMA and 7-day SMAs respectively. However, the sudden surge in media exposure and endorsement has led DOGE to surge from $0.0772 to $0.1032, roughly 75 minutes later, leading it to spike a total of 33.67% in under two hours. As of now, DOGE is trading at an average of $0.1 and appears to be stabilizing, with its market cap now standing at $13.91 billion.

As with any high-profile Musk-fuelled endorsement, DOGE has a tendency to substantially spike in value for a few days before falling back below $0.1 and resuming a progressive downward trend, likely attributed to associated controversies and a lack of adoption and utility. As a result, it is likely that DOGE may continue to grow in value across the coming days before resuming this trend. However, providing Elon Musk continues to promote the asset, it is plausible that the asset will continue to generate value and media attention and potentially remain above <a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> in the valuation hierarchy of the market.

**Daily Resistance zones**

0.0779 - 0.07898
0.09593-0.09784
0.09935-0.1016

**Daily Support zones**

0.07721- 0.0774
0.101-0.1008
0.09069-0.09481

<div class="blog-details-info">
<div>Author:** Matthew Webster-Dowsing **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>