Two weeks ago, Dogecoin (DOGE) price was $0.13, driving speculation that the meme coins could be circling back to its yearly high. But in the last seven days, Dogecoin’s ambitions of hitting that value have been waning as its price decreased by 8.86%. 

This shift raises concerns among DOGE investors who had initially thought the uptrend would erase the losses they have endured for months. Contrary to those expectations, this analysis reveals that the cryptocurrency may keep swinging lower before any major breakout.

Dogecoin Investors Ditch the Coin for Now

On Monday, October 7, Dogecoin’s Open Interest was $1.35 billion. Open Interest refers to the total sum of all open positions or contracts in the market. Technically, the OI, as it is commonly called, measures speculative activity. 

When the OI increases, buyers are aggressive and are pumping more money into the contracts. A decrease implies that sellers have the advantage and are increasingly closing existing positions.

Today, DOGE’s OI has plummeted to 801.99 million, indicating that traders removed about 458 million from contracts related to the cryptocurrency within the last 24 hours. From a price perspective, this massive decline suggests that Dogecoin’s price is likely to dump into the underlying support.

Read more: Dogecoin vs. Bitcoin: An Ultimate Comparison

This development contradicts the recent bullish forecast, which saw crypto whales purchase DOGE to prepare for a potential breakout. However, data from IntoTheBlock reveals that things have also changed at that end.

At press time, Dogecoin’s Large Holders Netflow has significantly fallen after rising to an impressive height on October 4. This netflow measures the percentage difference between the value of coins whales bought and sold.

When it rises, it means crypto whales have bought more coins within a certain period. A notable decline in DOGE’s situation suggests that most large investors sold and put downward pressure on Dogecoin’s price. 

DOGE Price Prediction: Bullish Narrative Fades

A look at the daily DOGE/USD chart shows that the coin has formed a head-and-shoulders pattern. This pattern indicates that an upward trend is nearing its end and is a notable bullish-to-bearish reversal.

As seen below, Dogecoin’s price is $0.10, exactly at the neckline of the pattern. The trading volume also shows fluctuations, but notably, selling activity outpaces buying pressure. Due to this position, Dogecoin’s price is likely to drop to $0.093. If the price breaks below this level, it could decline to $0.080. 

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

If investors hold onto their DOGE instead of selling, the coin could gradually rise, provided buying pressure increases. In this scenario, Dogecoin may see a price jump to $0.15.

Ripple (XRP) price has been under significant pressure following a series of bearish technical signals and legal developments. After the SEC filed an appeal against Ripple, XRP experienced a sharp decline.

Despite this, the RSI has moved from deeply oversold levels. That indicates that the selling pressure may be easing, though the overall trend remains bearish.

XRP RSI Is Currently Neutral

XRP’s RSI is currently sitting at 41.60, a notable jump from its deeply oversold level of 19.79 on October 3. This increase signals that the intense selling pressure seen earlier in the month has eased, and some buyers have stepped in.

However, the upward shift in RSI doesn’t necessarily point at reversal of the downtrend. It suggests that the asset has moved out of extremely oversold territory and is experiencing a potential relief rally.

The Relative Strength Index (RSI) is a momentum oscillator used in technical analysis to measure the speed and magnitude of recent price changes. It ranges from 0 to 100, with key thresholds at 30 and 70. When the RSI falls below 30, it indicates that the asset is oversold and may be due for a rebound. On the other hand, an RSI above 70 means the asset is overbought.

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

An RSI of 41.60 means that XRP, while still in a downtrend, is seeing some stabilization as the market has cooled off from extreme selling. This level indicates that the bearish momentum is weakening.

However, it seems the buyers haven’t gained enough strength to reverse the trend fully. In the context of XRP’s ongoing downtrend, an RSI around 40 suggests that while the asset isn’t in oversold territory anymore, it is still under selling pressure.

Traders typically view RSI levels in this range as neutral or slightly bearish, meaning there may still be room for downward movement unless significant buying pressure emerges to push the RSI toward 50 or higher. For XRP price to break out of its downtrend, stronger bullish signals and an RSI above 50 would be needed to confirm a potential trend reversal.

Ripple’s DMI Shows Downtrend is Strong

The XRP DMI chart shows that the current market sentiment is dominated by bearish momentum. The blue line, which represents the Positive Directional Index (+DI), is sitting at 11.16. That indicates that the buying pressure is quite weak.

In contrast, the red line, or Negative Directional Index (-DI), is higher at 24.55, suggesting that selling pressure is stronger. This imbalance between buyers and sellers reflects a clear downtrend in XRP’s price movement.

The Directional Movement Index (DMI) is a technical indicator used to assess the strength of a trend. It consists of the +DI and -DI, which measure the strength of upward and downward movements, respectively, and the Average Directional Index (ADX), which measures the overall trend strength regardless of direction.

In this case, the ADX, represented by the yellow line, is currently at 38.29. That signals that the bearish trend is relatively strong. While the ADX doesn’t specify whether the trend is bullish or bearish, when paired with a higher -DI, it confirms that XRP is in a fairly strong downtrend.

For a potential trend reversal, we would need to see the +DI crossing above the -DI and the ADX continuing to rise, signaling a shift in momentum.

XRP Price Prediction: A 17% Decline Soon?

On October 2, XRP’s EMA lines formed a death cross, a significant bearish signal that occurs when a short-term EMA crosses below a long-term EMA. This event often signals a shift in market sentiment, indicating that bearish momentum is taking control.

Since the death cross, XRP’s price has dropped by 13%. That reinforces the downtrend that has been dominating the market after the SEC filed an appeal against Ripple.

EMA, or Exponential Moving Average, is a key technical indicator used to smooth price data while giving more weight to recent prices. Compared to the simple moving average, it is more responsive to short-term movements. Traders often rely on the interplay between short-term and long-term EMA lines to gauge market trends and potential reversals.

Read More: Everything You Need To Know About Ripple vs SEC

When a death cross forms, it’s generally viewed as a warning that a prolonged downtrend could be on the horizon. If XRP continues to follow this negative trend, the price could drop further. It could potentially reach $0.43, which would represent a 17% decline from the current levels.

However, if XRP price manages to reverse the bearish momentum, it could retest the resistance at $0.61. If this resistance is broken, it may create room for a further rally, pushing XRP price toward the next resistance at $0.66. That would represent a potential 26% upside from the current price level.

In a few hours, the world may finally learn the true identity of Satoshi Nakamoto, the enigmatic creator of Bitcoin (BTC).

In the run-up to the big reveal, speculation has run wild, with theories ranging from NSA involvement to various individuals like Nick Szabo and Adam Back.

10X Says Nick Szabo Is Satoshi

The crypto community remains divided over the true identity of Bitcoin’s creator, Satoshi Nakamoto, with debates reigniting ahead of an upcoming HBO documentary that promises to unveil their candidate. This ongoing speculation plays into two main theories: that Satoshi is either a single individual or part of a larger group. The principle of Occam’s Razor — favoring the simplest explanation — supports the idea of a sole inventor, but some argue that Bitcoin’s creation could be more complex.

A strong contender for Satoshi’s identity is Nick Szabo, a computer scientist and cryptographer. 10X Research, a well-regarded source for cryptocurrency insights, has pointed to Szabo as the likely figure behind Bitcoin, citing his early work on decentralized currencies and cryptographic techniques as key indicators. 

“The most likely inventor of Bitcoin appears to be Nick Szabo, who developed the phrase and concept of smart contracts in the ’90s and designed a mechanism in 1998 for a decentralized currency called Bit Gold,” an excerpt in the research reads.

Read more: What Is a Satoshi? Everything About Bitcoin’s Smallest Unit

Szabo is a visionary who developed the concept of smart contracts in the 1990s. He constructed a decentralized currency mechanism known as Bit Gold, using his ideas combined with Glenn M. Lilly’s hashing algorithms. In the early 2000s, he assisted the US National Security Agency (NSA) in laying the groundwork for what eventually became the backbone of Bitcoin.

Interestingly, Szabo’s history has sparked further debate around his potential connection to Satoshi Nakamoto. He worked on digital cash initiatives and wrote prescient blog posts discussing the fundamental principles of currency and trust. Szabo also altered the dates of his writings to align with key moments in Bitcoin’s development timeline.

Taken together, these add an intriguing layer to the mystery surrounding the true identity of the anonymous and elusive Bitcoin creator.

More Satoshi Nakamoto Theories Demystified

Meanwhile, another potential candidate for Satoshi Nakamoto, Adam Back, has actively distanced himself from the speculation. After a user on X (formerly Twitter) asked him to explain beyond a reasonable doubt why he is not the anonymous Bitcoin creator, Back responded by clearly stating that he is not Satoshi. 

“In 2013 I went on Bitcoin-wizards IRC and asked lots of questions to catch up with bitcoin details. For example, address holding balance vs utxo coin, etc. here are logs of that IRC channel, so developers who were in the channel are confident it’s not me,” Back explained.

Another individual stricken from the list is Len Sassaman, who was previously a favored candidate for Satoshi Nakamoto according to Polymarket bettors. As of Monday, Sassaman led the odds, but his likelihood dropped after his widow, Meredith L. Patterson, denied the speculation.

“Meredith L Patterson, Len Sassaman’s widow, denied the speculation that Len Sassaman was Satoshi Nakamoto in an interview. HBO never contacted her when making the documentary,” WuBlockchain reported.

Amidst ongoing speculation, the latest Polymarket data shows bettors increasingly backing Nick Szabo, supported by 10X Research as a leading candidate for Satoshi Nakamoto.

Read more: What Is Bitcoin? A Guide to the Original Cryptocurrency

With HBO’s upcoming documentary expected to potentially reveal Bitcoin’s creator, some, like Adam Back, continue to argue that maintaining Satoshi’s anonymity is beneficial. They believe that Bitcoin’s decentralized nature should stay free from sovereign control, a principle that aligns with the cryptocurrency’s foundational ideals of freedom and autonomy.

Whether Satoshi’s identity will be unveiled or the mystery deepens further remains uncertain, but the debate highlights the core values that have driven Bitcoin’s success.