Altcoins
Dogecoin Price Slowly Forms a Rising Wedge Pattern
Dogecoin price rose on Tuesday as investors cheered the new reports on Elon Musk’s ambitions on payments. The coin jumped to a high of $0.095, the highest point since December 11 of last year. It has jumped by more than 39% from the lowest point in 2022.
Elon Musk’s Twitter ambitions
Dogecoin is associated with Elon Musk, the second-richest person on earth with a net worth of over $150 billion. Before he endorsed the coin, it was languishing as one of the many cryptocurrencies in the industry. Today, DOGE is a multi-billion dollar cryptocurrency that is owned by millions of people.
DOGE price rose after the Financial Times reported about Elon Musk’s plans for Twitter. He wants to make Twitter a leading payments provider. For example, he could build a product that makes it possible for people to send money to each other. Also, the payment platform could have features that enable people to pay to companies.
According to the FT, Musk will also seek to introduce crypto in Twitter’s ecosystem. If this happens, he will likely introduce Dogecoin, which is his most favorite’s cryptocurrency. Tesla, his main company, has already started accepting DOGE for its accessories business.
But there are two main unknowns. First, it is unclear when the new payment service will be launched. Second, it is still unclear whether users will embrace using Dogecoin in Twitter. With Tesla’s accessories, it is estimated that only a tiny percentage of users pay using the coin.
Therefore, Dogecoin price rose not because of anything major but because of this enthusiasm. In most periods, such rallies don’t last for a long time.
Dogecoin price prediction
Turning to the 4H chart, we see that the DOGE price has been in a bullish trend in the past few weeks. This price action is in line with that of other cryptocurrencies like ETH and BTC. The coin has moved above all moving averages. It has also moved slightly below the 61.8% Fibonacci Retracement level.
A closer look also shows that the coin is in the process of forming a rising wedge pattern, which is usually a bearish sign. But the wedge is yet to reach its confluence level. Therefore, there is a likelihood that the coin will continue consolidating and then have a bearish breakout. If this happens, the key level to watch will be at $0.085.
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
Ethereum price staged a strong recovery over the weekend, wiping out its previous losses after jumping by more than 11%. ETH has moved past the crucial level of $1,500 and is currently trading at 1,588.98. The altcoin’s total market cap has jumped by more than 8% over the past 24 hours, while the total volume of the coin traded increased by nearly 37%.
Fundamentals
Ethereum price staged a strong comeback during the weekend, breaking its 5-day consecutive downtrend. Ethereum’s recovery is in line with the overall recovery in the crypto market. The global crypto market cap has jumped past the $1 trillion level and currently sits at $1.02 trillion. The total crypto market volume has increased by more than 31% over the last day.
Last week was a tough week for the crypto community. The Silvergate crisis, as well as fears about potential further interest rate hikes, had been weighing on the crypto market in the past week. Silvergate recently announced its plans to wind down its operations and liquidate its bank, staging the biggest hit on the crypto market after FTX’s collapse and Terra’s LUNA crash.
Notably, Fed chair Jerome Powell warned that the US central bank is likely to impose further interest rate hikes to higher levels than previously anticipated. The raising of interest rates over the past year has heavily weighed on risk assets such as cryptocurrencies and stocks.
Binance, the…
Cardano price has been under intense pressure for the past few days as Silvergate poses for a potential bankruptcy. ADA has slipped by more than 7% in the past week but remains 32% higher in the year to date. At the time of writing, ADA was 2.54% lower at $0.3221, while its total market cap inched nearly 1% lower. Cardano ranks as the 7th largest cryptocurrency by market cap after XRP and above Polygon.
Fundamental Analysis
Cardano price has recorded a sharp decline for the past few days as Silvergate’s crisis continues to weigh on cryptocurrencies. Silvergate Capital is a Californian bank that pioneered money transactions between cryptocurrencies and hard cash. The Silvergate crisis looks to be the next big failure after the collapse of FTX and Terra’s LUNA meltdown.
Data by Coinmarketcap show that the global crypto market cap has continued to move lower to $1.01 trillion, pointing to a bearish outlook in the crypto market. Bitcoin’s dominance has also inched lower as the digital asset remains at the $22,000 level.
Fears of higher interest rates by the US Federal Reserve have been gnawing at the markets, following Powell’s hawkish tone. Fed chair Jerome Powell announced on Tuesday that the Federal Reserve is prepared to return to bigger interest rate hikes in a bid to fight inflation.
The US central bank has been struggling to cool the economy despite a year-long campaign of…
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