The price of DOGE staged a double-digit rally over the past week as memecoin traders took new positions, expecting more upside.
Dogecoin, the largest memecoin by market capitalization, has rallied more than 10% in the past 24 hours as memecoins have recovered across the board.
Currently trading at $0.1262, the Dogecoin (DOGE) price reached its highest value since Sept. 29, marking a 44% climb from its local low of $0.08888 on Sept. 6.
DOGE/USD daily chart. Source: TradingView
FLOKI's gains coincide with the launch of its tokenization platform, TokenFi, but is the rally sustainable?
Bitcoin's (BTC) rise to as high as $35,000 this week has also lifted a number of memecoins, including Floki (FLOKI), which has beaten its top rivals in percentage gains.
As of Oct. 27, FLOKI had surged over 140% to $0.00004261, its highest level in five months. The memecoin, known for its controversial marketing tactics, started rallying after New York-based Grayscale Investments filed for a new spot Bitcoin exchange-traded fund (ETF) on NYSE Arca, as shown below.
Looking at the past 24 hours, FLOKI's gains have picked an additional boost from the launch of its tokenization platform, TokenFi, with its own native token, TOKEN, on Oct. 27. Notably, users will be allowed to stake their FLOKI holdings to receive TOKEN.
$FLOKI is launching staking and a new tokenization platform to target the $16 trillion tokenization industry today! ️️️️
— Shelby (@CryptoNewton) October 27, 2023
Their new token is named TokenFi with the $TOKEN ticker! ️️️️️️
Brilliant idea and execution. No wonder #Floki is outperforming $DOGE, $SHIB,… https://t.co/n3sjXYdnJR
FLOKI's ongoing price rally has brought its daily relative strength (RSI) to its most overbought level since January 2023.
An overbought RSI typically precedes a correction period. In FLOKI's case, its earlier stint with overbought RSI's has followed up with strong price declines, thus raising the possibility of a similar downside reaction in the coming days or weeks.
If FLOKI's rally stalls, then the FLOKI/USD pair risks dropping toward its 0.5 Fibonacci retracement line near $0.00003548 in October 2023. A decisive close below the level may crash the price toward the 0.236 Fib line near $0.00003069 in November 2023, down 20% from the current price levels.
Conversely, the price may break above the current resistance level of $0.00004027 to pursue a run-up toward $0.00004078.
Almost all memecoins have underperformed top-ranking cryptocurrencies like Bitcoin so far in 2023, with some even returning year-to-date (YTD) losses.
For instance, top memecoin Dogecoin (DOGE) has rallied over 30% since the Grayscale Bitcoin ETF announcement on Oct. 19. Nonetheless, its YTD returns as of Oct. 27 are a mere 1.3%, compared to BTC's 105% gains in the same period.
Similarly, Shiba Inu (SHIB) is down 2.75% YTD despite rallying nearly 25% in the last seven days.
The only exceptions are Pepecoin (PEPE). A memecoin that debuted in April 2023 and has risen over 500% since. Then there's FLOKI, whose YTD returns are around 435% as of Oct. 27.
Related: Is Bitcoin overheated? Some believe the answer is hiding in PEPE
Speculators hunt memecoins for maximum returns in minimum time, typically when risk sentiment is strong across the crypto space. For instance, the 2020-2021 crypto bull market saw Dogecoin surging up to 67,475% versus Bitcoin's 1,700% gains.
Nonetheless, memecoins can fall as drastically when risk sentiment exhausts.
DOGE, for instance, has crashed 90% from its 2020-2021 bull market top. Therefore, whether or not memecoins will continue their rally in the future largely depends on the ETF update and its impact on the BTC price.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin and select cryptocurrencies are trying to start a rebound following the CPI data release but bulls may find it difficult to continue the recovery at higher levels.
The United States consumer price index rose 4.9% annually, which was slightly less than estimates of a 5% increase. The CPI’s monthly rise of 0.4% in April was in line with expectations.
Although inflation remains stubbornly higher than the Federal Reserve’s 2% target range, traders will take comfort from the slower pace of increase. That suggests the Fed rate hikes are having their effect and further rate hikes may not be necessary.
If the Fed pivots and starts to cut rates as the FedWatch Tool projects, that may be positive for risky assets such as equities and cryptocurrencies. Bitcoin (BTC) has responded positively to the CPI data and has risen above $28,000 on May 10.
While the downside looks limited, the bulls may not have it easy at higher levels because of the high risk of a recession and the possibility of the banking crisis erupting again. That may keep the price stuck inside a range, which may act as a base for the next leg of the rally when that happens.
What are the important support and resistance levels to watch out for on Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke below the moving averages on May 7 and nosedived to the support line of the symmetrical triangle pattern on May 8. The bulls are trying to defend this level with vigor but the recovery may face difficulties at higher levels.
The bears will try to aggressively defend the zone between the moving averages and the resistance line. If the price turns down and breaks below the support line, the BTC/USDT pair could descend to the breakout level of $25,250.
This is an important level to keep an eye on because if it cracks, the selling could intensify and BTC price can plunge to the psychologically important level of $20,000.
Conversely, if bulls thrust the price above the resistance line, it will suggest that the corrective phase may be over. The pair could first rally to $30,000 and then attempt an up-move to $32,400.
Ether (ETH) has been stuck between the 20-day EMA ($1,887) and the support line for the past two days but this tight-range trading is unlikely to continue for long.
If the price clears the hurdle at the moving averages, it will indicate strong buying at lower levels. The ETH/USDT pair will then try to climb to the psychological resistance at $2,000. The bears are expected to fiercely defend this level but if bulls overcome this barrier, ETH price may soar to $2,200.
Contrarily, if the price fails to sustain above the moving averages, it will suggest that bears are pouncing on every minor rally. A break below the support line could start a down move that may reach the 61.8% Fibonacci retracement level of $1,663.
BNB (BNB) broke below the triangle on May 7, indicating that the uncertainty resolved in favor of the bears.
The selling intensified on May 8 and the BNB/USDT pair started its journey toward psychological support at $300. This level may attract buying, which could start a recovery to the 20-day EMA ($322).
If the price turns down from this level, it will enhance the prospects of a break below $300. The next support is at $280.
If bulls want to prevent the decline, they will have to push BNB price back above the 20-day EMA. If they are successful, the pair may reach the overhead resistance at $338.
XRP (XRP) crashed below the $0.43 support on May 8 but the long tail on the candlestick shows strong buying at lower levels.
The XRP/USDT pair is witnessing a tough battle near the breakdown level of $0.43. The bears are trying to flip the level into resistance while the bulls are attempting to push the price above it.
If XRP price turns down from the current level and breaks below $0.40, the bearish momentum may pick up and the pair could drop to $0.36. This negative view will be invalidated in the short term if bulls kick the price above the resistance line.
Cardano (ADA) plummeted below the $0.37 support on May 8, indicating that bears are trying to seize control.
The bulls are trying to stall the decline near the uptrend line but they are likely to face stiff resistance at the breakdown level of $0.37. If the price turns down from this level, it will suggest that the bears have flipped $0.37 into resistance.
That will enhance the prospects of a break below the uptrend line. The ADA/USDT pair may then start its decline to $0.33 and later to $0.30. The first sign of strength will be a break and close above the moving averages. That will open the doors for a rally to $0.42.
Dogecoin (DOGE) continued its downward journey and touched the solid support at $0.07 on May 8. The bulls are trying to achieve a bounce off this level.
The relief rally is likely to reach the downtrend line where the bears are expected to mount a strong defense. If the price turns down from this level, the bears will again try to sink the DOGE/USDT pair below the support at $0.07. If they succeed, the pair may plunge to $0.06, which is not major support. If this level gives way, the pair may collapse to $0.05.
Conversely, if buyers thrust the price above the downtrend line, it will signal the start of a stronger recovery. DOGE pric may then rise to the overhead resistance zone of $0.10 to $0.11.
Polygon (MATIC) nosedived below the vital support at $0.94 on May 8, indicating that the bears are in command.
The sharp fall of the past few days pulled the RSI into the oversold territory, suggesting that a recovery is possible. The sellers will try to pounce on any relief rally and keep the price below the $0.94 level. If they do that, the MATIC/USDT pair could start its journey toward the strong support at $0.69.
Contrarily, a break and close above the 20-day EMA ($0.98) will suggest that lower levels are attracting solid buying. That may trap several aggressive bears and propel MATIC price toward the resistance line.
Related: Pepe vs. Doge: How memecoins performed first time hitting $1B market cap
Solana (SOL) turned down from the downtrend line on May 6 and fell to the strong support at $19.85 on May 8.
The bulls are trying to start a recovery but the rebound lacks conviction. If Solana price turns down from the current level and plunges below $19.85, the SOL/USDT pair may fall to $18.70. This level may again act as a strong support.
If bulls want to prevent a decline, they will have to quickly drive the price above the downtrend line. If they manage to do that, SOL price could rise to $24 and subsequently to the overhead resistance at $27.12.
The bulls are trying to protect the strong support at $5.15 as seen from the long tail on Polkadot’s (DOT) May 8 candlestick.
The recovery is likely to face stiff resistance at the 20-day EMA ($5.77) as the bears have been guarding this level with vigor. If the price turns down from the current level or the 20-day EMA, the bears will make another attempt to sink the DOT/USDT pair below $5.15. If they can pull it off, Polkadot price risks a drop to $4.50.
Contrarily, if the relief rally pierces the 20-day EMA, DOT price may rise to the 50-day SMA ($6.10) and later reach the downtrend line. A break and close above this level will suggest that the bulls are on a comeback.
Litecoin (LTC) rebounded off the crucial support at $75 on May 8, indicating that the bulls are trying to arrest the decline at this level.
The downsloping 20-day EMA ($86) and the RSI in the negative territory indicate that bears are in command. Any recovery attempt is likely to face selling at the 20-day EMA. If Litecoin price turns down from this level, it will increase the likelihood of a break below $75. If that happens, the LTC/USDT pair could tumble to $65.
Contrary to this assumption, if bulls drive LTC price above the 20-day EMA, it will suggest that bearish pressure is reducing. The pair may first recover to the 50-day SMA ($90) and thereafter dash toward $96.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin and most major altcoins are witnessing aggressive selling at higher levels, indicating that the bears are trying to make a comeback.
JPMorgan Chase emerged as the winner in the auction to acquire the deposits and a “substantial majority of assets” of the troubled bank First Republic. This marked the failure of the third regional bank in the United States since March and laid open the vulnerabilities in the legacy banking system.
Meanwhile, Bitcoin (BTC) has risen for four consecutive months from January through April, a feat it last achieved in 2013. Will the recovery extend in May?
Historical data does not give a clear advantage either to the bulls or the bears in May. The performance is split right in the middle with five positive and five negative monthly closes in May, according to Coinglass data.
The recovery in Bitcoin is facing a stiff hurdle above $30,000, indicating that the bulls are wary of buying at higher levels. That could be because of the upcoming Fed’s meeting on May 2 and 3, which is known to cause an increase in short-term volatility.
What are the levels that the bulls need to defend on Bitcoin and select altcoins if they want to keep the chances alive for the continuation of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.
The S&P 500 index (SPX) bounced off the 50-day simple moving average (4,035) on April 26 and has reached the overhead resistance of 4,200 on May 1.
The bears are expected to mount a strong defense in the zone between 4,200 and 4,325. If the price turns down from the overhead zone but does not fall below the moving averages, it will suggest that the sentiment is turning positive and traders are buying the dips.
That will increase the likelihood of a break above 4,325. If that happens, the index could accelerate toward 4,500 and then 4,650.
If bears want to gain the upper hand, they will have to quickly yank the price below the 50-day SMA. That could sink the index to the uptrend line.
After trading between the 100.82 support and the 20-day exponential moving average (101.93) for the past few days, the U.S. dollar index (DXY) is trying to break out of the range.
The relative strength index (RSI) has been gradually rising toward the center, indicating that the selling pressure is reducing. If buyers sustain the price above the 20-day EMA, the index could rally to the 50-day SMA (103.05).
Such a move will suggest that the index may extend its stay inside the 100.82 to 106 range for a few more days.
If bears want to strengthen their position further, they will have to tug the price below 100.82. That will complete a bearish head and shoulders pattern, starting a possible downtrend toward 97.50.
The long wick on Bitcoin’s April 30 candlestick shows that the bears are aggressively defending the overhead resistance at $30,000.
The price turned down and slumped on May 1 but a minor positive is that the bulls are fiercely protecting the 50-day SMA ($28,146). This suggests that the BTC/USDT pair may swing between $26,942 and $30,000 for a while.
Usually, a tight-range trading is followed by a range expansion. If the price continues lower and plunges below $26,942, the pair may decline to the crucial support at $25,250.
On the contrary, if the range expands above $30,000, the pair is likely to rise to $31,000 and thereafter to $32,400. A break above this level will signal a pick-up in momentum.
The bulls are struggling to push and sustain the price above the 20-day EMA ($1,896), indicating that the bears are trying to flip this level into resistance.
The 20-day EMA has started to turn down gradually and the RSI has dipped below 45, indicating that bears have a slight edge. If bears sink and sustain the price below $1,785, the ETH/USDT pair could drop to the 61.8% Fibonacci retracement level of $1,663.
Contrary to this assumption, if the price turns up from the current level, the bulls will again try to propel the pair above the psychological level of $2,000. If they succeed, the pair can rally to the stiff overhead resistance of $2,200.
BNB (BNB) rebounded off the 50-day SMA ($323) on April 30, indicating that the bulls continue to guard this level with full force.
The price action of the past few days has formed a symmetrical triangle pattern, indicating indecision among the buyers and sellers. The 20-day EMA ($328) is sloping up gradually and the RSI is just above the midpoint, indicating a minor advantage to the bulls.
If buyers drive the price above the triangle, it will signal the start of a new up-move. The BNB/USDT pair could then rally to the pattern target of $380 and subsequently to $400.
The bears are likely to have other plans. They will try to sink the pair below the support line of the triangle and deepen the correction to $280.
XRP’s (XRP) recovery hit a wall at the 20-day EMA ($0.47) on April 29, which suggests that the sentiment is negative and traders are selling on rallies.
The bears will try to pull the price to the strong support at $0.43. This is an important level to keep an eye on because if it cracks, the XRP/USDT pair may collapse to the next major support at $0.36.
The first sign of strength will be a break and close above the 20-day EMA. Such a move will suggest that the bears are losing their grip. That could open the doors for a possible rally to the resistance line. If bulls overcome this barrier, the pair could surge toward $0.56.
Buyers are finding it difficult to push Cardano (ADA) above the neckline, indicating that the bears are fiercely protecting the level.
A minor positive in favor of the bulls is that they have not allowed the price to slip below the 50-day SMA ($0.38). The RSI is in the negative territory and the 20-day EMA ($0.40) is flattening out, indicating that bears are trying to gain the upper hand.
If ADA price plunges below $0.37, the selling could intensify and the ADA/USDT pair may descend to the next support at $0.33.
On the upside, the bulls will have to cross the obstacle at the neckline to set up a retest of $0.46. A break above this level will signal the start of a new uptrend.
Related: Meta SEC filing reveals debt securities offering plans
Polygon (MATIC) is facing selling by the bears on relief rallies while the bulls are trying to defend the support at $0.94.
This tight-range trading is unlikely to continue for long. The downsloping 20-day EMA ($1.03) and the RSI in the negative territory indicate that the path of least resistance is to the downside. If bears tug the price below $0.94, the MATIC/USDT pair could nosedive toward $0.69.
On the contrary, if the price turns up from the current level and breaks above the 20-day EMA, it will suggest the start of a stronger recovery. The pair may then rise to the resistance line where the bulls will again face stiff resistance from the bears.
Dogecoin (DOGE) turned down from the 20-day EMA ($0.08) on April 30, indicating that the sentiment is negative and bears are using the rallies to sell.
The price has reached the support near $0.08. If this level gives way, it will suggest that bears have seized control. Sellers will then try to build upon their advantage and pull the DOGE/USDT pair to the next support at $0.07. The bulls are expected to defend the zone between $0.07 and $0.06 with all their might.
Contrarily, if the price bounces off the current level and rises above the 20-day EMA, it will suggest that the bulls are accumulating at lower levels. The upside momentum could pick up after buyers pierce the downtrend line. Dogecoin's price may then climb to $0.11.
Solana (SOL) turned down from $24 on April 30, indicating that bears are active at higher levels. The price has reached the 50-day SMA ($21.74), which is an important level to keep an eye on.
The short-term advantage will tilt in favor of the bears if they manage to sink the price below the 50-day SMA. The SOL/USDT pair could then slump to the strong support at $18.70. Buyers are likely to guard this level with force. If the price rebounds off $18.70, the bulls will again try to clear the hurdle at $24.
If they can pull it off, the pair will attempt a rally to $27.12. A downturn from this level may result in rangebound price action between $27.12 and $18.70 for some time. Alternatively, if the bulls catapult the price above $27.12, the next stop could be as high as $39.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Dogecoin's 2021 and 2023 price rallies have largely been sparked by Elon Musk but the latter still has much more room to run if history repeats.
The price of Dogecoin (DOGE) has almost doubled after bottoming out at $0.0491 in June 2022, alongside a similar recovery across the cryptocurrency market.
On April 20, DOGE is trading for as high as $0.0942, up around 94% versus the last year's bottom. But, despite its impressive rebound, its price is still 88% below its all-time high of $0.76 set in May 2021. Thus, the DOGE/USD pair remains far from establishing a decisive bullish reversal on longer timeframes.
Dogecoin price soared over 23,000% in 2021 primarily due to Elon Musk's vocal support. Ironically, DOGE/USD topped after Musk called it a "hustle" during his Saturday Night Live appearance in May 2021.
DOGE price entered a prolonged long bearish cycle, furthered by the prospects of the Fed tightening (leading to actual interest rate cuts in 2022 and 2023). Also, the collapse of multiple leading crypto firms, such as Terra (LUNA), Three Arrow Capital, FTX, etc., exacerbated the DOGE selloff.
October 2022 saw a 100% price rebound despite the multi-month downtrend. The recovery coincided with Musk's shaky takeover of Twitter amid hopes that DOGE would become the social media platform's official payment token.
As of April 2023, Musk has not added a DOGE payment option on Twitter. Though, he briefly replaced the platform's iconic bluebird logo with Dogecoin's official mascot, the Shiba Inu meme, earlier in the month. DOGE rallied by up to 40% on the news.
From a fundamental perspective, speculation can help Dogecoin sustain its year-to-date gains. But the all-time high price is still 700% away, which is likely to happen only it receives wider adoption, such as for Twitter payments.
In fractal analysis terms, Dogecoin's bullish reversal prospects depend on holding above its two key weekly exponential moving averages (EMA).
Related: Is Dogecoin coming to Twitter? Watch The Market Report
Notably, DOGE price has attempted to close above its 50-week (the red wave) near $0.0917 and 200-week EMA (the blue wave) near $0.0895. That is similar to its sideways action and breakout attempts in April-November 2020 that preceded a 30,000% price rally.
DOGE may not undergo a similar 30,000% price rally in 2023 due to conflicting fundamentals. But in the event of the Fed's interest rate pivot or addition of Dogecoin payments to Twitter, the meme-coin could eye a run-up toward its record high of $0.76 in 2023.
Conversely, a reversal from the aforementioned EMAs risks triggering a classic continuation setup called the ascending triangle.
The pattern appears on a chart when the price fluctuates between rising trendline support and horizontal trendline resistance. It typically resolves after the price breaks out in the direction of its previous trend.
As a result of its previous downtrend, DOGE's ascending triangle appears to favor the bears, eyeing downside targets at lengths equal to the pattern's maximum height from the potential breakout point.
That puts DOGE's yearend price target inside the $0.0363-0.0469 range, down 45-60% from the current price levels, respectively.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Dogecoin price hits a four-month high after rallying 30% in a day with Elon Musk and Twitter playing a central role in the DOGE craze once again.
Dogecoin (DOGE) pared a portion of its massive daily gains on April 4 as investors speculated on the meaning behind Elon Musk's latest cryptic stunt.
In what appears to be a late April Fool's joke, Musk-owned Twitter changed its official blue bird logo to mimic Dogecoin's symbol — a Shiba Inu dog featured in viral memes. Later, Musk tweeted a meme recognizing the change.
— Elon Musk (@elonmusk) April 3, 2023
Over the years, Musk has historically influenced the Dogecoin market with his cryptic tweets. The billionaire investor calls himself "Dogefather" and has earlier discussed the prospects of adding a DOGE payment option for Twitter subscription services.
His other ventures, Tesla and SpaceX, already accept DOGE for its merchandise products.
Dogecoin rose nearly 33% after Musk's tweet on April 3, reaching $0.104, its highest level since December 2022. DOGE price has pared a portion of its gains since, dropping to lows of $0.092.
Interestingly, DOGE's ongoing run-up came after the news of Musk's lawyers seeking to end a $258 billion lawsuit against him for allegedly pumping Dogecoin prices.
In July 2022, the plaintiff had accused Musk of manipulating DOGE prices using his broad social media presence — including an appearance on Saturday Night Live, which helped Dogecoin price rally "by more than 36,000% in two years" and crash afterward.
From a technical perspective, Dogecoin eyes a short-term pullback after testing a strong selling area (purple) as resistance, as shown below. Also, the DOGE's daily relative strength index (RSI) has entered its overbought zone, which boosts its correction prospects in the coming days.
As a result, a DOGE pullback scenario could have it drop toward $0.89 as its next downside target in April, down 10% from the current prices. This target level has served as resistance during the January-February uptrend earlier this year.
Related: Bitcoin price bounces after CZ arrest rumors as traders eye $30K next
Moreover, a decisive close below $0.89 could have the market eye $0.80 as their next downside target by April or May. This level, down about 20% from current prices, acted as support during the February-March correction phase and coincided with DOGE's multi-month ascending trendline support.
Conversely, independent analyst Crypto Kaleo sees Dogecoin rallying nearly 125% in the long term as it nears a breakout above a long-standing descending trendline resistance.
"When DOGE breaks out above the HTF downtrend here, I think $0.25 is a reasonable target," he said.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Credit Suisse has pulled the U.S. equities markets lower, but a positive sign is that Bitcoin and select altcoins are holding near their local highs.
The United States equities markets tumbled on March 15 after Saudi National Bank, Swiss Bank Credit Suisse’s largest investor, said it will not be able to provide any more funding to Credit Suisse due to regulatory limitations.
Investors are nervous because Credit Suisse, which has large U.S. and global operations, warned on March 14 that it had found “certain material weaknesses” in its financial reporting processes for 2021 and 2022. Shares of Credit Suisse plummeted to an all-time low on March 15.
After the events of the past few days, the S&P 500 has given back all its gains for the year and is trading flat. In comparison, Bitcoin (BTC) is holding on to a large part of its gains and is up nearly 47% in 2023.
Trezor Bitcoin analyst Josef Tětek believes the banking crisis could be positive for Bitcoin as it could emerge as a safe haven asset.
Capriole CEO and founder Charles Edwards said that Bitcoin has formed a “bump and run reversal pattern,” which has a target objective of $100,000 and higher. However, Edwards cautioned traders that the pattern could fail, hence it should not be used for building a trading or investment plan.
Could Bitcoin and the altcoins rise above their overhead resistance levels and start the next leg of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls propelled Bitcoin above the overhead resistance of $25,250 on March 14 but the long wick on the candlestick shows that bears are not ready to surrender without a fight. Strong selling pulled the price back below $25,250.
The 20-day exponential moving average ($23,012) has started to turn up and the relative strength index (RSI) is in the positive territory, indicating advantage to buyers.
If the bulls do not give up much ground from the current level, the possibility of a break and close above $25,250 increases. If that happens, the BTC/USDT pair will complete a bullish inverse head and shoulders (H&S) pattern. That will signal a potential trend change. The pair may then sprint toward $32,000.
If bears want to slow down the bullish momentum, they will have to quickly pull the price back below the moving averages.
Ether (ETH) soared above the overhead resistance at $1,743 on March 14 but the bulls could not sustain the higher levels. This suggests that the bears are trying to protect the level.
If the price consolidates between $1,743 and the 20-day EMA ($1,588), it will suggest that the sentiment has turned positive and traders are buying on dips. That will improve the prospects of a break and close above $1,743. The ETH/USDT pair is then well-positioned for a strong rally toward the psychological level of $2,000.
Contrary to this assumption, if the price turns down and breaks below the moving averages, it will indicate that the ETH/USDT pair may consolidate in a large range between $1,743 and $1,352 for some time.
BNB (BNB) turned down from the strong resistance near $318. This suggests that the bears are trying to defend the zone between $318 and $338.
A minor positive in favor of the buyers is that they have not allowed the price to break back below the 50-day simple moving average ($306). The shallow pullback shows that every minor dip is being purchased.
The bulls will make one more attempt to catapult the price above the overhead zone. If they do that, the BNB/USDT pair can soar toward $400. Contrarily, if the price breaks below the 50-day SMA, the pair may slide to the 20-day EMA ($296). A break below this level will signal advantage to bears.
XRP (XRP) turned down from the 50-day SMA ($0.38) and formed a Doji candlestick pattern on March 14, indicating indecision among the bulls and the bears.
The uncertainty resolved to the downside on March 15 and the price has slipped to the strong support at $0.36. If this level is taken out, the XRP/USDT pair could decline to the support line of the channel near $0.32.
On the other hand, if the price stays above $0.36, the bulls will again try to overcome the obstacle at the 50-day SMA and $0.40. If they can pull it off, the pair may pick up momentum and climb to $0.43.
Cardano (ADA) accelerated on March 14 and reached the 50-day SMA ($0.36) but the long wick on the day’s candlestick shows that the bears are aggressively selling on rallies.
The bears have tugged the price back below the 20-day EMA ($0.34) on March 15, which has cleared the path for a possible retest of $0.30. Buyers are likely to protect this level with all their might because the next support is way lower at $0.27.
Alternatively, if the price rebounds from the current level or $0.30, it will suggest that traders are buying on dips. That may keep the ADA/USDT pair range-bound between the 50-day SMA and $0.50 for a few days.
Dogecoin’s (DOGE) recovery has reached the downtrend line where the bears are mounting a strong resistance.
The downsloping 20-day EMA ($0.07) and the RSI in the negative territory indicate that bears are in control. Sellers are trying to yank the price below the immediate support at $0.07. If this support collapses, the DOGE/USDT pair may descend to $0.06.
On the contrary, if the price rebounds off the current level, it will suggest that lower levels are attracting buyers. The downtrend line remains the key level on the upside because a break above it could start a relief rally to $0.10.
Polygon’s (MATIC) relief rally is facing stiff resistance at the 50-day SMA ($1.22). That has pulled the price below the 20-day EMA ($1.16) on March 15.
The MATIC/USDT pair could plummet to the strong support at $1.05. This is an important level to watch out for because if it cracks, the pair may retest the $0.94 support. A break below this level will open the gates for a potential drop to $0.69.
Another possibility is that the price rebounds off the $1.05 support. If that happens, the bulls will again try to drive the price above the 50-day SMA. If they succeed, the likelihood of a break above $1.30 increases.
Related: 4 signs the Bitcoin price rally could top out at $26K for now
The bears are trying to halt Solana’s (SOL) rally at the 50-day SMA ($22.40) but the bulls are trying to keep the price above the immediate support at $19.68.
This suggests that the bulls will again try to push the price to the downtrend line. This is a vital resistance to keep an eye on because a break and close above it will signal a potential trend change. There is a minor resistance at $28 but it is likely to be crossed. The SOL/USDT pair may then surge toward $39.
Instead, if the price continues lower and falls below $19.68, it will suggest that the bears have not yet given up. The pair may then slump to the strong support at $15.28.
Buyers tried to drive Polkadot (DOT) above the 50-day SMA ($6.42) on March 14 but the bears did not relent. This suggests that higher levels are attracting sellers.
Both moving averages have flattened out and the RSI is just below the midpoint indicating a status of equilibrium between the bulls and the bears. If the price breaks and sustains below the 20-day EMA ($6.07), the DOT/USDT pair may swing between the 50-day SMA and $5 for a few days.
If buyers kick the price above the 50-day SMA, the pair could pick up momentum and soar toward the neckline of the inverse H&S pattern. On the downside, the bears will have to sink the pair below $5 to indicate a comeback.
Shiba Inu (SHIB) is trading inside a descending channel pattern. The bulls tried to push the price above the channel but the bears held their ground.
The bears will again try to pull the price below the psychological support at $0.000010. If they manage to do that, the SHIB/USDT pair could fall toward the support line of the channel. The bulls are likely to defend the $0.000008 to $0.000007 zone with all their might.
If the price rebounds off this level, it will suggest that the pair may consolidate inside the large range between $0.000018 and $0.000007 for some more time.
In the near term, a break above the 50-day SMA ($0.000012) will tilt the advantage in favor of the bulls. The pair could then attempt a rally to $0.000014 and then to $0.000016.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
SHIB price technicals hint at another possible 40% rally for Shiba Inu versus Dogecoin as Shibarium comes into focus.
Shiba Inu (SHIB) price was at the lowest versus its top rival Dogecoin (DOGE) in November 2022. Three months later, the dynamics have flipped.
On Feb. 4, 2023, the SHIB/DOGE pair reached 0.00001638 DOGE, up almost 100% three months after bottoming out at 0.00000993 DOGE, its lowest level on record.
The sharp recovery came as investors' focus shifted to the impending launch of Shibarium, a Shiba Inu-backed layer-2 blockchain built on the Ethereum mainnet, announced on Jan. 16.
As Cointelegraph reported, the SHIB price rebound gained momentum amid reports that Shibarium will go live on Feb. 14.
In comparison, Dogecoin's fundamentals looked pale, with Elon Musk suspending a DOGE tipping bot for violating Twitter's rules.
Hey @elonmusk
— DogeDesigner (@cb_doge) February 1, 2023
Our Tipping bot @MyDogeTip got suspended for no reason. It was a good bot used to spread Dogecoin across the community. pic.twitter.com/4PTa1siOA7
Nonetheless, both memecoins have had a great start to 2023. SHIB/USD is up almost 85% while DOGE/USD is up 36% year-to-date.
The SHIB/DOGE recovery trend is set to continue in the coming weeks, according to several technical indicators.
Namely, the pair could climb to 0.00002181 by March 2023 based on historic cycles, up around 40% from current price levels, as shown in the chart below.
But while SHIB appears to be in a better position to outperform DOGE, both memecoins face headwinds against the dollar in February.
For instance, Dogecoin risks a small correction versus the dollar in coming days as it paints a potential rising wedge pattern.
Rising wedges are bearish reversal patterns showing the price rising inside two converging, ascending trendlines. They resolve after the price breaks below the lower trendline and falls by as much as the wedge's maximum height.
Applying the scenario on the daily DOGE price chart brings its downside target to $0.0850, down 10% from current price levels
Meanwhile, SHIB/USD also looks overstretched on its daily chart, based on its relative strength index of 81 — higher than 70 is considered "overbought."
In addition, it's now facing a strong resistance zone at around $0.00001517 where a pullback is likely. If this is the case, February could see SHIB price drop to $0.00001300-$0.000013000 — its most voluminous area in recent months, down 13%-20% from current price levels.
Conversely, a break above the $0.00001517-resistance would position SHIB for a run to $0.00001651, the upside target of its prevailing bull pennant setup.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
ShibaSwap is a decentralized exchange platform launched to expand the utility and capabilities of the SHIB token ecosystem.
ShibaSwap is a DeFi platform featuring decentralized exchange (DEX) and passive income-generating services like staking, liquidity pools, and yield farming in its ecosystem.
Launched in July 2021, ShibaSwap is a fork of SushiSwap, a popular DEX tweaked from Uniswap (UNI), the world's leading DEX by volume. But unlike its rivals, ShibaSwap's core purpose has been mostly about boosting the utility of Shiba Inu tokens.
ShibaSwap uses three main tokens, namel Shiba Inu (SHIB), Doge Killer (LEASH), and Bone (BONE). Let's discuss them in detail as follows.
Shiba Inu (SHIB) is a Dogecoin-inspired meme-coin created in August 2020 by the pseudonymous "Ryoshi."
During its ICO, the founder(s) distributed one quadrillion SHIB, with half allocated to Ethereum co-founder Vitalik Buterin. Later, Buterin donated 50 trillion SHIB to an Indian Covid-19 relief fund while sending the rest 450 trillion tokens to a dead wallet.
Meanwhile, the remaining 500 trillion SHIB were locked in Uniswap; the authors discarded the private keys.
As the name suggests, Doge Killer (LEASH) came out as a part of Shiba Inu's effort to take over Dogecoin (DOGE), the top meme-coin by market capitalization. In its earlier days, the token saw a failed 1:1000 peg to the price of DOGE.
LEASH functions as an ERC-20 token with a fixed supply of 107,647 tokens.
Bone (BONE) serves as a governance token within the ShibaSwap ecosystem. In other words, holding BONE enables users to propose and vote on changes to the ShibaSwap protocol through the Shiba Inu Doggy DAO.
BONE's maximum supply is 250 million coins.
ShibaSwap enables users to trade supported ERC-20 tokens directly with one another. The DEX's most liquid tokens are Shiba Inu ecosystem coins with data showing that BONE and LEASH have the highest trading volumes and order book depths.
Owners of SHIB, LEASH and BONE can stake or BURY their coins into ShibaSwap pools for a specific timeframe to earn pre-determined annual percentage yields (APY). These yields get paid in the wrapped version of the staked tokens. For instance, staking 1 LEASH yields users 1 xLEASH.
The pools distribute rewards every week, albeit users can claim one-third of the amount. The rest of the staked capital gets vested for six months.
ShibaSwap grants users trading fee rewards (0.3% per trade) proportional to the liquidity they provide to its coin pairs. The rewards are handed out as Shiba Swap Liquidity Provider (SSLP) tokens; they are redeemable for BONE tokens whenever the liquidity provider wants.
SSLP holders can deposit these tokens to ShibaSwap's yield farm pools to earn BONE rewards. This reward mechanism is similar to BURY, where users redeem one-third of the rewards instantly but need to lock the rest for six months.
What's the price in your national currency? Check out our new cryptocurrency calculator
Some ShibaSwap yield farming pools grant rewards directly in Ether (ETH), Wrapped Bitcoin (WBTC), DAI, Tether (USDT), and USD Coin (USDC), according to the DEX's documentation.
ShibaSwap allows users to voluntarily burn their SHIB holdings, i.e., sending the tokens to a dead address. In return, the platform rewards the users in RYOSHI, an ERC-20 token created specifically as a burn reward.
ShibaSwap also enables the minting, customization, and trading of native nonfungible tokens (NFTs) called Shiboshis. These 10,000 digital collectibles of the Shiba Inu mascot cartoons will likely be a part of the gaming project called the Shiboshi Game.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Excitement is taking over for Binance Coin and Dogecoin as market participants see strength continuing.
Binance Coin (BNB) has hit new all-time highs against Bitcoin (BTC) as excitement grows over the crypto’s future role on Twitter.
Data from Cointelegraph Markets Pro and TradingView confirms that BNB/BTC briefly spiked above 0.15 BTC to a record 0.15267 BTC on Oct. 30.
The in-house token of Binance, the largest crypto exchange by volume, has gained around 10% in the past 72 hours.
The strong performance came on the back of reports that Binance was preparing to assist Twitter eradicate bots as part of its new direction under Elon Musk.
Binance had contributed $500 million to Musk’s takeover of the social media platform.
“Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter,” CEO Changpeng Zhao wrote in a cryptic tweet referencing comments to crypto media outlet Decrypt.
Further posts stated, “Let’s unleash the bird” and “crypto Twitter,” the former appearing to be referencing Musk’s own tweet, “The bird is freed.”
In U.S. dollar terms, meanwhile, BNB hit highs of $318.80 on the day, its best performance since mid-August.
Musk was also responsible for outperformance of another popular cryptocurrency in recent days — Dogecoin (DOGE).
Related: Dogecoin price rallies 150% in 4 days, but DOGE now most 'overbought' since April 2021
A familiar setup, actions by Musk linked to Twitter sent DOGE price action into a frenzy, with DOGE/USD hitting its highest levels since April.
Long a pet favorite of Musk, DOGE is still waiting for its shot at a wider use application, possibly with his involvement.
In the meantime, popular analyst Tree of Alpha suggests, retail traders may do the work, helped by both the Twitter and Binance ecosystems.
“Another ATH in complete silence as the dog coin longers rejoice,” he wrote about BNB.
“Imagine the smell when launchpads become a thing again and retail is back to turbo buying garbage on BSC. Are you actually fading the token that backs the biggest exchange & the most degenerate evm chain by far?”
Analytics account Stockmoney Lizards meanwhile noted uncanny similarities in DOGE price action and relative strength index (RSI) still being repeated this year.
"Dogecoin copies itself," it summarized.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
