Altcoins

Dogecoin Price: Eyes are on the Key Inflation Data

Published

1 week ago

September 13, 2023

Crispus

Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8^th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.

Economic Concerns

Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.

Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central Bank (ECB) is slated to meet on Thursday with expectations of another 0.25 basis point hike to 4.00% amid the persistently high inflation.

Investors are closely watching the key Consumer Price Index (CPI) data for August set to be published later Wednesday. The Producer Price Index (PPI) data will follow on Thursday. According to members of the central bank, the economic data will guide the Federal Reserve on the next steps in its monetary policy decision. A series of stronger-than-expected economic data released last week renewed worries about further interest rate hikes by the central bank this year.

Investors will be eyeing the US Federal Reserve’s two-day policy meeting scheduled for the 19^th and 20^th of September, hunting for clues about the bank’s interest path. Statistics by the CME FedWatch Tool show that markets are pricing in a 93% chance of a pause in the Fed’s interest rate hike campaign in its September meeting. However, there are wide expectations for another hike in November.

Dogecoin Price Outlook

The daily chart shows that the Dogecoin price has been on a strong bearish trajectory over the past few weeks. The digital asset has failed to flip the major hurdle at the 50-day EMA. Dogecoin remains below the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. Its Relative Strength Index (RSI), as well as the Moving Average Convergence Divergence (MACD) indicator, is below the signal line.

Therefore, the Dogecoin price is likely to remain bearish in the immediate term amid global macroeconomic concerns. A move below the immediate support level at $0.05930 might push the price lower to find support at $0.05575. However, a flip above the major hurdle at the 50-day EMA at $0.06615 might pave the way for further gains, invalidating the bearish thesis.

DOGE Price Chart

Altcoins

Cardano Price Needs to Clear Major Hurdle at $0.2785 for a Bullish Breakout

Published

38 mins ago

September 22, 2023

Crispus

Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.

Fundamentals

Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.

The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.

Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…

Altcoins

XRP Price Dips Further in the Wake of Regulatory Challenges

Published

2 weeks ago

September 6, 2023

Crispus

XRP price has been under intense pressure for the past few weeks, moving in tandem with the general crypto market movements. The asset has crashed by more than 20% in the month to date and 7% in the past week. XRP’s total market cap has plunged to $26 billion over the past few weeks, with the total volume of the asset traded over the last day down by 11%.

Regulatory Concerns

XRP price has posted significant losses over the past few weeks amid the bearish crypto market sentiment and regulatory concerns in the sector. The global crypto market cap has been under immense pressure over the past few weeks, with the overall crypto market cap inching lower to $1.04 trillion. The premier cryptocurrency, Bitcoin, has been struggling below the crucial level of $26,000 over the past few days, weakening the crypto market outlook.

Major altcoins, including Ethereum, Solana, Dogecoin, and Cardano, among others, have also succumbed to the general market outlook, dipping by more than 3% each. The Crypto Fear and Greed Index, which measures the key emotions driving the crypto market, is currently at a fear level of 35, pointing to an increase in selling pressure.

The legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has also been weighing on the XRP price. The XRP price jumped by more than 70% in July after a federal judge ruled…

Altcoins

Toncoin Price Surges: Defying the Bearish Crypto Market Sentiment

Published

3 weeks ago

September 4, 2023

Crispus

Toncoin price has recorded significant gains over the past few weeks despite the decline in crypto market sentiment. The asset has jumped by more than 57% in the year to date and nearly 26% in the past week. Even so, Toncoin remains 13% lower in the year to date. Toncoin’s total market cap has climbed over the past few days to $6.5 billion, ranking it 11^th in the cryptocurrency market.

What is Toncoin?

Toncoin is a decentralized layer-1 blockchain created by brothers Nikolai and Pavel Durov and later developed by the encrypted messaging platform Telegram in 2018. The project was taken over by the TON Foundation which was later renamed from “Telegram Open Network” to “The Open Network”. Toncoin utilizes the proof-of-stake consensus model network for reliability and scalability, and to validate transactions.

The developers focus on scalability, efficiency, and mass adoption. The network provides ultra-fast transactions, verifying and processing a massive number of transactions per second. The TON network offers several services, including the TON wallet, a built-in wallet function designed to transfer funds and interact with platform services. According to the TON website, the platform provides its customers with fast, transparent, and secure payment services.

TON’s Performance

The crypto market has been moving slowly over the past few days, with the premier cryptocurrency Bitcoin, struggling below the crucial level of $26,000. On the other hand, Toncoin price continues to defy current market movements, posting significant…