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Is There More Room for Gains?

Published

7 hours ago

October 18, 2024

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Dogecoin (DOGE) price is up 10% in the last 24 hours, catching the eye of traders with increased activity. The recent surge in trading volume and trend indicators like ADX reflect growing interest in the market. This bullish momentum is further supported by the positioning of DOGE’s EMA lines, pointing to a potential continuation of the uptrend.

If this strength holds, DOGE could soon test key resistance levels, with room for further gains. However, a reversal could lead to a retest of support zones, making it an important time to watch for trend changes.

DOGE Daily Volume Recently Crossed $ 2 Billion

DOGE’s daily trading volume recently spiked to $2.27 billion, the highest since August 5. It has since settled slightly, now sitting at $2.12 billion. Such a surge in volume indicates heightened activity, drawing the attention of traders and investors alike.

This uptick in volume can signal potential shifts in the market trend, making it a key metric for assessing buying or selling pressure.

Tracking trading volume is crucial because it provides insight into the strength behind price movements. The recent surge in DOGE’s volume appears to correlate with its price increase, from $0.10 to $0.134 between October 10 and October 18.

Higher trading volumes often indicate a stronger market conviction, and in this case, it suggests that the price rise has significant backing. The increase in activity supports the notion that investors have confidence in the current trend, potentially pushing DOGE towards further gains.

Dogecoin’s Current Uptrend Is Strong

DOGE’s ADX currently sits at 34.12, climbing from just 13 just four days ago. This substantial increase indicates that DOGE’s market trend is gaining significant strength. The ADX, or Average Directional Index, helps measure the intensity of a trend, whether bullish or bearish, without considering its direction.

The sharp rise in DOGE’s ADX suggests that the market is experiencing a period of strong conviction, with the trend picking up substantial momentum. Such a rapid shift implies that investor sentiment has shifted notably, creating an environment ripe for further price action.

The ADX is a powerful tool for identifying the strength of trends. It ranges from 0 to 100, with values below 20 typically signaling a weak or non-existent trend, while values above 25 indicate a well-defined and strengthening trend.

DOGE’s current ADX value of 34 places it comfortably in the “strong trend” territory, signaling that recent price action is not just a brief spike but part of a sustained movement. Considering that DOGE’s price has already surged by 10% in the last 24 hours, the growing ADX adds credibility to the rally, suggesting that there is considerable momentum supporting the price action.

Although the current ADX is strong, it remains well below the levels seen during recent price spikes, such as between September 26 and September 28, when DOGE’s price surged by 30% and ADX reached almost 45. This suggests that there is still room for further strengthening and that the ADX could continue to rise if the uptrend persists.

If the current momentum continues, the ADX could easily climb higher, further validating the strength of the current trend and opening the door for more potential gains.

DOGE Price Prediction: Back To $0.17 In October?

DOGE’s EMA lines are currently in an uptrend, with the short-term EMAs positioned above the long-term EMAs and a considerable gap between them. This setup indicates a strong and healthy upward momentum.

Exponential Moving Averages (EMAs) are a type of moving average that gives more weight to recent price data, making them highly responsive to the latest market conditions.

They are used to identify trends, with shorter-term EMAs reacting quickly to price changes while longer-term EMAs move more gradually. When short-term EMAs are above the long-term ones, it typically signals an uptrend, suggesting that buyers have the upper hand and that momentum is building.

DOGE Price Analysis. Source: TradingView

If DOGE’s current uptrend continues and strengthens, DOGE price could potentially test the $0.14 level and even challenge the resistance at $0.175—its highest price since May. This movement would represent a roughly 30% increase from current levels, showing the strength of the upward trend indicated by the EMA lines.

The significant distance between the short-term and long-term EMAs suggests that the bullish momentum has been building steadily, supporting the case for a continued push higher.

However, if the uptrend were to falter and reverse, DOGE would likely revisit key support zones at $0.12 and possibly even dip to $0.098, representing a potential 26% correction. The gap between the EMA lines would begin to narrow, signaling a weakening trend, and such a scenario could indicate a shift in market sentiment towards the bearish side.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Grayscale Altcoins, Tesla’s Bitcoin, and More

Published

2 hours ago

October 19, 2024

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This week in the crypto market, Bitcoin’s price surpassed $68,000, and the market capitalization returned to over $2.28 trillion.

BeInCrypto noted special investor interest in events such as Grayscale’s review of 35 altcoins for potential investment products and investors’ expectations of an altcoin season ahead of the US elections.

Additionally, Miles Deutscher has suggested several altcoins, claiming they might have a strong growth potential. The community is also paying attention to Craig Wright’s legal plans and Tesla’s Bitcoin movements.

Grayscale Unveils 35 Potential Altcoins

Earlier this week, Grayscale announced a list of 35 altcoins under consideration for future investment products. Following the announcement, many of these altcoins experienced significant price increases over the week. The top 10 altcoins on the list saw gains ranging from 13% to 49%.

The top 10 best-performing altcoins of the week are part of Grayscale's potential candidates. — The Top 10 Best-Performing Altcoins of the Week are part of Grayscale’s Potential Candidates. Source: Dropstab

Thirty of the 35 altcoins enjoyed a green week, with only Kaspa (KAS) and Helium (HNT) facing notable declines of -4% and -7.4%, respectively.

“Assets Under Consideration lists digital assets not currently included in a Grayscale investment product but identified by our team as possible candidates for inclusion in a future product,” Grayscale explained.

Additionally, Grayscale filed with the SEC to convert its Digital Large Cap Fund into an ETF, following the success of transforming Bitcoin Trust and Ethereum Trust into spot ETFs.

Miles Deutscher Highlights 4 Altcoins

Investor Miles Deutscher introduced four altcoins that he believes could deliver 10x returns. These altcoins focus on GameFi, artificial intelligence (AI), Decentralized Physical Infrastructure Network (DePIN), and real-world assets (RWA) sectors, including:

SuperVerse (SUPER)
Bittensor (TAO)
Mantra (OM)
Render (RNDR)

Miles Deutscher Reveals 4 Altcoins for Up to 10X Gains. — Price Performance of Altcoins Suggested by Deutscher. Source: TradingView

Since his announcement, the prices of these altcoins have slightly declined, which occurred as Bitcoin Dominance reached a three-year high. Deutscher also commented on meme coins, suggesting they are at a crossroads and may face a short-term correction.

Craig Wright Plans to Sue Bitcoin Core

On October 11, a tracker from the UK High Court revealed that Craig Wright is taking legal action against Bitcoin Core and Square.

Wright, representing himself in the case as a “direct claimant,” is seeking £911 billion ( ~$1.18 trillion) from Bitcoin Core and Square, alleging they misrepresented Bitcoin (BTC) as the true version of the digital asset created by Satoshi Nakamoto.

Additionally, Wright threatened to sue MicroStrategy CEO Michael Saylor for allegedly misrepresenting Bitcoin. The Australian computer scientist is also filing three other legal appeals in the UK, two against the Crypto Open Patent Alliance (COPA) and one targeting Peter McCormack.

Altcoin Season Ahead of US Presidential Election?

Throughout the week, several crypto industry experts expressed optimism for altcoin’s price ahead of the US presidential election. Ki Young Ju, CEO of CryptoQuant, suggested that a Trump victory could spur regulatory changes that would trigger an altcoin season.

“If Trump wins, expect regulatory changes, including fee switches enabling token burns for revenue-generating projects,” Ki Young Ju said.

Technical analysts Michaël van de Poppe and CRG also predicted that the altcoin season could begin next month. Echoing these views, Crypto Rover forecasted an impending altcoin season by monitoring Bitcoin Dominance’s movements. Bitcoin Dominance (BTC.D) represents Bitcoin’s share of total market capitalization. Its adjustments often signal an altcoin rally.

Bitcoin Dominance fluctuations. Source: Crypto Rover.

Tesla Moves Bitcoin Worth Up to $760 Million

This week, Elon Musk’s Tesla unexpectedly moved nearly all of the Bitcoin it had held for the past three years to new wallet addresses. Initially, investors feared Tesla might be preparing to sell the BTC through OTC, but those concerns quickly dissipated as Bitcoin’s price remained unaffected.

“No proof it’s an OTC deal yet. Even if it was, that means someone else bought it so it’s not entirely bearish. Who knows,” Sir Doge of the Coin said.

Read more: Who Owns the Most Bitcoin in 2024?

Many now believe the move was a simple reallocation. In 2021, Musk had stated that Bitcoin payments made to Tesla would be held as Bitcoin, not converted into fiat.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Why Solana Price May Not Break Its All-Time High in 2024

Published

3 hours ago

October 19, 2024

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Despite a strong performance and increasing adoption, Solana’s (SOL) price might fail to break its all-time high this year. This prediction is based on several key indicators that have been crucial in determining the altcoin’s direction.

At the beginning of 2024, SOL’s value was less than $100. Three months later, the altcoin broke the $200 mark. However, since then, it has struggled to reach the milestone, and investors might have to wait until 2025 before seeing the token surpass $260.

Investors Reduce Exposure to Solana

One reason SOL reached $208 was its Open Interest (OI), which is an indicator of speculative activity. At that time, the OI climbed to $2.65 billion. Open Interest refers to the sum of the value of all open contracts in the market.

An increase in open interest, coupled with rising prices, typically signals the buildup of long positions. In most cases, this suggests that the upward trend is likely to continue. However, as of this writing, open interest has dropped by nearly $1 billion, indicating that many traders have reduced their exposure to the cryptocurrency.

From a price perspective, the declining OI, combined with the recent price surge over the past seven days, indicates that the uptrend may be losing momentum. If this trend continues, Solana’s price could struggle to retest the $200 mark before the end of 2024.

Solana price analysis — Solana Open Interest. Source: Santiment

Besides that, one deciding factor has been the $180 supply zone. On several occasions, wherever SOL’s price hits $180, it becomes challenging to rise above the level without substantial buying pressure.

For instance, on April 9, the token hit $180. But a few days later, it lost 23% of its value. Fast-forward to July 30, and a similar thing happened as the altcoin declined by a similar ratio. Therefore, even if SOL tries to hit that point again, it might experience a double-digit decline.

SOL Price Prediction: Sub-130 Still Possible

From a short-term perspective, the Chaikin Money Flow (CMF) has fallen into negative territory. The CMF is a technical oscillator that gauges the level of accumulation or distribution.

When the CMF rises, it signals a high level of accumulation, which can lead to a price increase if sustained. Conversely, a decline in the CMF indicates a higher level of distribution, which could signal potential bearish pressure.

Due to the CMF’s current condition, Solana’s price might decrease to $127.75. But If the OI increases massively before this quarter ends, the prediction might not come to pass. Instead, SOL could rally above $200.

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Why Maker (MKR) Price May Extend Its Fall

Published

4 hours ago

October 18, 2024

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MKR, the governance token of the leading stablecoin lender MakerDAO, has experienced a sharp decline in recent weeks. It currently trades at $1,206, noting an 11% price drop over the past week.

The altcoin now trades at its lowest price since September 2023. If the downward trend continues, MKR’s price could fall below $1,000 for the first time since 2023. This analysis explains why.

Maker Holders May Be in Trouble

Since August, MKR has traded below its Ichimoku Cloud. This indicator tracks the momentum of its market trends and identifies potential support/resistance levels.

When an asset’s price falls below it, it signals a shift from a bullish to a bearish trend. If the price consistently stays beneath this cloud, it strengthens the downtrend. It suggests that a recovery above the cloud may be challenging unless driven by a significant increase in new demand.

However, such new demand has been lacking in the MKR market for several weeks, as evidenced by its plummeting Chaikin Money Flow (CMF). This indicator, which measures how money flows into and out of an asset, is at -0.40, MKR’s lowest since August 2022.

MKR Chaikin Money Flow. Source: TradingView

When an asset’s CMF drops along with its price, it indicates weakening buying pressure and growing selling momentum. This alignment between price decline and a falling CMF reinforces the bearish outlook in the market. It signals that capital is flowing out of the asset, making a recovery less likely without a shift in market sentiment.

MKR Price Prediction: Sentiment Has To Shift

As of this writing, MKR is trading at $1,206. Based on readings from the altcoin’s Fibonacci Retracement tool, with the increasing selling pressure, MKR’s price could fall toward $511, marking its lowest level since May 2023.

However, this downward projection could be invalidated if market sentiment shifts from bearish to bullish. In that case, MKR’s price may attempt to break through the resistance levels formed by its Ichimoku Cloud at $1,954 and $2,632. A successful breakout could set the stage for a potential rally toward a six-month high of $4,118.

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