Altcoin
Dogecoin Price Fluctuates In Ascending Triangle, Why This Is Very Dangerous
Dogecoin’s price action is on a correction path in the weekly timeframe, with the cryptocurrency currently down by about 13% in the past seven days. Although the broader crypto market sentiment appears positive, the king of meme coins is yet to take advantage of this and push above the $0.4 mark.
Technical analysis of the DOGE price chart shows that the cryptocurrency is fluctuating in an ascending triangle, which could be dangerous for the price trajectory moving forward.
DOGE’s Ascending Triangle Pattern: Opportunity Or Risk?
Andrew Griffiths, a crypto analyst on social media platform X, noted that Dogecoin is currently fluctuating up and down in an ascending triangle pattern. This pattern has been in play since the middle of December, and Dogecoin has repeatedly bounced off both the upper and lower trendlines of this pattern.
In his analysis, Griffiths noted that the ascending triangle currently shaping DOGE’s price movement holds both promise and danger. Historically, this pattern is mostly known to eventually lead to a breakout to higher levels, but it also has the likelihood of sharp declines if the price breaches key support zones within the pattern.
Naturally, the bullish trajectory should be the case, but Dogecoin’s lingering flunctuation within the pattern suggests that the meme coin might initially trend downwards, even if it were to eventually go on another rally. Griffiths mentioned that optimism following Donald Trump’s election has created a positive broader market sentiment, which could support Dogecoin’s upward momentum. However, he emphasized that this optimism might not shield the meme coin from the potential volatility tied to its lingering price action within this setup.
Can Dogecoin Rebound Upwards From Here?
At the time of writing, DOGE is trading at $0.36, reflecting a 2.6% gain in the past 24 hours after rebounding from $0.34. However, this daily recovery has done little to offset its broader performance, as Dogecoin remains down 13.2% over the past week. Analysis of recent price movements reveals that the meme coin has faced repeated rejections at a downward-sloping trendline in the past seven days.
As it stands, DOGE is now looking to break above this downward sloping trendline again. Another rejection here will prolong the downward price movement. The opinion in this case is that Dogecoin may have already topped this cycle, which would lead to another prolonged correction towards the $0.22 mark.
The other outcome is that Dogecoin breaks out of the trend line and go on an upward move from here. This is the more bullish option. According to technical analysis by crypto analyst Kevin (@Kev_Capital_TA), this is the more likely scenario for Dogecoin. He noted that despite the downtrend, DOGE is still trading above the macro golden pocket. However, he did note that this scenario would depend mostly on Bitcoin making the bullish move first.
Featured image from Unsplash, chart from Tradingview.com
Onyxcoin (XCN) crypto token price saw a massive 800% rally in two weeks, extending the monthly rally to nearly 2000%. Onyx is a fully decentralized protocol powered by the governance and utility token Onyxcoin (XCN). The primary reason behind this massive uptrend is the resolution of the long-standing issue with HTX Global and Justin Sun.
Onyxcoin (XCN) Price Sees No Signs of Stopping
Onyxcoin (XCN) has extended its rally to nearly 2000% in a month after an 800% surge in its price in just two weeks. XCN price is currently trading at $0.0467, up over 70% in the last 24 hours. The 24-hour low and high are $0.0263 and $0.04839, respectively.
The trading volume has jumped immensely over the last week, with a 98% further jump in the past 24 hours. Notably, the trading volume increased to $1.60 billion today from just $100 million a week ago.
XCN has even taken over XRP, SOL and even BTC in trading volume on Coinbase crypto exchange in the last 24 hours. Coinbase tops other crypto exchanges for XCN trading volumes, recording 38% of market share in terms of volumes.
Furthermore, Onyxcoin (XCN) futures open interest also saw a 45% massive jump over the last 24 hours. As per Coinglass data, Bybit saw 46% increase in XCN futures open interest and signals a price rise further.
Reasons Why Onyxcoin Saw Massive Gains
For clarity, Onyxcoin or Onyx has no relation to banking giant JPMorgan. Onyx blockchain by JPMorgan was rebranded to Kinexys to distinguish it from unrelated entities and protocols in the crypto market.
The massive pump recently in Onycoin (XCN) price came from the resolution of a dispute from the year 2022 related to XCN with Justin Sun and HTX Global. OIP-51 proposal was deployed passing which makes Sun and HTX part of the DAO, with XCN locked for 2 years and a public acknowledgment of the major news by Justin Sun.
Moreover, Onyx has partnered with several platforms including blockchain infrastructure platform Chain. They announced a 30% discount for Chain clients who utilize Onyxcoin (XCN) for payments towards products.
The decentralized Web3 platform also announced incentivizing running Onyx Core node operators with a proposal due early February. It said, “Preference will be given to those already running nodes at the time of the OIP and technical enough to operate a node with high uptime.”
Onyxcoin (XCN) price also rallied as the platform offers gas refunds on staking, voting and rewards. OnyxDAO is on a major marketing push and an incoming proposal on a community burn initiative.
The @onyxDAO is looking for feedback on a community burn initiative. Monthly, the DAO would analyse the burn wallet with AI and randomly choose a burn wallet, skewed by its tokens burned. An OIP would then grant directly to the chosen wallet $10k in $XCN 👇 pic.twitter.com/8GAnqImeyw
— Onyx (@OnyxDAO) January 25, 2025
Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space.
At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting.
Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP Lawsuit: A US Court of Appeals has issued a time schedule order for appeals filed in the long-running Ripple lawsuit. The appeals court has asked both parties to comply with the schedule order, failing which may result in the dismissal of the appeal. Ripple Labs and CEO Brad Garlinghouse by April 7, 2025.
US Appeals Court Sets Schedule in XRP Lawsuit
In the latest court filing, the US Court of Appeals for the Ninth Circuit issued a docketing notice for appeals related to In re Ripple Labs Inc Litigation rulings by the district court. In addition, the court issued a scheduling order with the Sostack v. Ripple Labs case title.
The appellant filed an individual claim against Ripple, XRP II and CEO Brad Garlinghouse in the XRP lawsuit regarding violations of securities laws. Notably, the district court has ruled in favor of Ripple and CEO Brad Garlinghouse, but it is now challenged in the appeals court.
Furthermore, the court asked parties to file any motions seeking relief from this court separately. The motions filed along with the notice of appeal in the district court are not automatically transferred to this court for filing.
Time Schedule Order in Ripple Lawsuit
As per the scheduling order by the appeals court, appellant Bradley Sostack needs to file the Mediation Questionnaire due by January 29.
Also, the court has given the March 6 deadline for submitting the appeal opening brief. This provides exact arguments against Ripple Labs, XRP II and CEO Brad Garlinghouse in the XRP lawsuit. The ruling in this case may create a binding precedent for the Ripple vs SEC lawsuit.
Ripple Labs, XRP II and CEO Brad Garlinghouse will submit an appeals answering brief by April 7, 2025. Notably, the company will file its brief in Ripple vs SEC case by April 16, as per a filing in the 2nd Circuit Court of Appeals.
Also, the optional reply may be filed within 21 days from the submission of the answering brief, as per the time schedule order.
Latest Developments in XRP Lawsuit
Meanwhile, Ripple and CEO Garlinghouse are pushing to end the lawsuit, urging Sostack and the plaintiff class to pay for expenses incurred in the irrational arguments. The crypto company submitted the ‘bill of costs’ after the district court ruled in favor, seeking funds for time wasted and expenses incurred in the lawsuit for securities violations.
In the latest court filing in the United States Court of Appeals for the Ninth Circuit, lead plaintiff Bradley Sostack has appealed against costs taxed in the amount of $210,591.52 against class plaintiffs.
Meanwhile, lawyers believe crypto lawsuits will see settlement or dismissal in April or May as the Trump administration will decide not to pursue appeals.
Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space.
At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting.
Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Dogecoin price has experienced significant growth, maintaining a steady climb within a well-defined “Channel Up” pattern since December 2024. Recent technical indicators and price action suggest that Dogecoin may be getting ready for a major price rally. A crypto analyst has confirmed this bullish outlook, forecasting Dogecoin’s rise to its first target of $0.432.
Double Bottom Confirms Dogecoin Price Bullish Set-Up
‘TradingShot,’ a crypto analyst on TradingView, has forecasted a new bullish target for Dogecoin, expecting the meme coin to rally above the $0.4325 target. According to the market expert, the Dogecoin price has bounced off the higher lows trendline of its Channel Up pattern, forming a distinct Double Bottom pattern.
The analyst shared a price chart, highlighting that the meme coin was initially trading within the Channel Up pattern since it hit a price bottom on December 20, 2024. Typically, a double bottom pattern forms near the higher lows trendline, signaling a potential for upward reversals.
The TradingView analyst also revealed that a unique buy signal always emerges whenever the Dogecoin price makes a Double Bottom near the higher lows trendline of the pattern. Furthermore, each time this Double Bottom pattern occurs, the 4-hour Moving Average Convergence Divergence (MACD) displays two consecutive bullish crosses.
Previously, Dogecoin formed two Double Bottom and MACDs, triggering a significant price rally in both cases. At the time, the price of the meme coin skyrocketed to the 2.618 Fibonacci extension level, marking new highs. Based on this past trend, the analyst believes that the meme coin could experience a similar rally as its price action appears to repeat the same pattern for the third time.
The TradingView expert’s technical analysis also highlights the role of other moving averages, underscoring that the 4-hour MA50 acts as a crucial support area while the MA200 underscores a broader trend. Currently, the Dogecoin price is rebounding off the Double Bottom near the trend line, and the analyst projects a short-term rally toward $0.4325, aligning with the 2.618 Fibonacci extension level.
Historical Patterns To Trigger Price Rally Above $20
In another X post, crypto analyst Trader Tardigrade projected a massive price surge for Dogecoin in this bull market. The analyst has based his optimistic forecast on historical trends where DOGE experienced bull rallies after surpassing a previous “candle body high” in 2017 and 2021. At the time, the meme coin had jumped by over 3,000% and 8,000% respectively.
Drawing from historical trends, Trader Tardigrade predicts that if Dogecoin follows a similar trend pattern, its price could rally to $8.32 before skyrocketing to an ultimate target of $20.68. As of writing, the price of DOGE is trading at $0.34 after declining by over 12% in the past week. A surge to the analyst’s projected targets would require the meme coin to rally by 2,347% and 5,982%, respectively.
Featured image from Unsplash, chart from Tradingview.com
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