Crypto

Dogecoin Price Slides Further Within Descending Triangle

Published

6 months ago

October 9, 2023

Crispus

Dogecoin price has been among the worst-performing cryptocurrencies this year, recording significant losses over the period. The memecoin has crashed by more than 30% over the past week and nearly 17% in the year to date. At the time of writing, Dogecoin was trading 3.82% lower at $0.05863, adding to previous losses. Dogecoin’s total market cap has dipped by 4% over the past 24 hours to $8.3 billion, while the total volume of the asset traded over the same period increased by 124%.

Fundamental Analysis

Dogecoin price was in the red on Monday as the cryptocurrency market continues to weather poor conditions. The cryptocurrency remained unchanged on Friday despite news of Elon Musk facing a SEC investigation. Elon Musk – often referred to as DogeFather, is under investigation for alleged violation of federal securities laws. Last week on Thursday, the Wall Street regulator filed a subpoena seeking Musk’s compliance with its investigation.

The decline in the cryptocurrency market sentiment on the back of a decline in risk appetite has been weighing on crypto prices over the past few sessions. The Crypto Fear and Greed Index is currently at a fear level of 45, suggesting investors’ lack of confidence in the sector.

The global crypto market cap has decreased by nearly 2% over the last day to $1.07 trillion, while the total crypto market volume increased by 38%. Crypto bigwigs, Bitcoin and Ethereum, have crashed by more than 1.50% over the last day, contributing to the poor market conditions and decline in other crypto prices due to their close correlation. At press time, Bitcoin and Ethereum were trading lower at $27,458.75 and $1,589.27, respectively.

Global macroeconomic concerns have also played a key role in the dull crypto market. Investors are following remarks by members of the Federal Open Market Committee (FOMC), hunting for clues on the Fed’s future monetary policy path. Several Fed members, including San Francisco Federal Reserve President Mary Daly, have reiterated that the interest rate hike cycle could halt if the labor market and inflation continue to cool or financial conditions remain tight.

The focus will be on a string of key economic data slated to be published this week, including the Producer Price Index (PPI) data and the key inflation data, the Consumer Price Index (CPI). Notably, the FOMC meeting minutes for September are scheduled to be published later on Wednesday.

Dogecoin Price Prediction

The daily chart shows that the Dogecoin price has been on a steep decline for the past few weeks amid an ongoing bear market. The DOGE price has been trading in a descending triangle (shown in yellow) since August. The memecoin 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 has been hovering below 50 since August and is currently at 32, suggesting an increase in selling pressure. The momentum indicator, as well as the Moving Average Convergence Divergence (MACD) indicator, is signaling a sell rating.

Therefore, the Dogecoin price is likely to continue falling in the ensuing sessions as bears eye the immediate support of $0.05575. A drop below this level could prompt a further decline to the psychological support of $0.05. However, a flip above the resistance level at $0.06355 could push the price higher to $0.06880, invalidating my bearish thesis.

DOGE Price Chart

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

4 months ago

December 29, 2023

Crispus

BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…