Dogecoin is on a notable decline of 11.8% and 20% in the past 24 hours and seven days, respectively, and could retest support at the $0.30 price level soon. Despite this decline, Trader Tardigrade, a well-known technical analyst on social media platform X, has managed to note a symmetrical triangle forming on DOGE’s daily candlestick chart. This classic technical pattern is often a precursor to significant price movements, and a breakout could prompt the resumption of an uptrend.

Dogecoin Forming A Symmetrical Triangle

According to Trader Tardigrade, Dogecoin looks like it has been trading within a symmetrical triangle within the past seven days. This symmetrical triangle formation arose as a result of Dogecoin’s price correction, which started after it reached $0.43 on January 18. 

According to the daily candlestick chart, the majority of candlestick bodies have stayed within the confines of this triangle since January 20. The initial two days of the pattern’s formation saw a few wicks temporarily breaking above the upper trendline, but Dogecoin’s price quickly retreated back into the pattern. Since then, the price has shown a sequence of lower daily highs and higher daily lows, a behavior indicative of waning selling pressure and an equilibrium between buyers and sellers.

The price action has managed to push towards the apex of the triangle, and Trader Tardigrade suggests that a breakout could favor the bulls, pushing the price significantly higher.

What Happens If DOGE Breaks Out of the Triangle?

If Dogecoin manages to break above the upper trendline of the symmetrical triangle, it could signal a resumption of the bullish trend. Trader Tardigrade predicted that this breakout could lead Dogecoin to a price target of at least $0.45.

However, instead of moving upward, Dogecoin has recently broken below the lower trendline of the symmetrical triangle, shifting its trajectory downward toward support at $0.31. This level has proven to be a significant liquidity zone over the 30 days. In fact, $0.31 has served as a reliable support point, with Dogecoin rebounding from this price three times during recent declines. The most notable recovery occurred on January 13, when Dogecoin bounced off the $0.31 level and subsequently surged upward, eventually reaching a high of $0.4318.

Now, the next step is whether DOGE can repeat this pattern by rebounding once again at $0.31. A successful rebound at this critical support level would indicate that buyers are stepping in to defend and give Dogecoin the strength it needs to resume its upward trajectory. If the rebound gains sufficient momentum, it could reestablish confidence in DOGE’s bullish outlook and set the stage for a renewed attempt at breaking the $0.45 price target. Until then, $0.31 remains a key level to watch as the meme coin tests the resolve of buyers.

Featured image from Unsplash, chart from Tradingview.com

Top Ethereum Layer-2 networks (L2s), including Base, Optimism, and Arbitrum, are ready to give up millions of dollars in revenue to make the ecosystem more interconnected.

Fragmentation has been a long-standing issue with Ethereum. There are too many L2s that don’t interact smoothly (if at all) and are overly centralized.

‘Based’ and ‘native’ rollups could fix this.

In light of the anticipated upgrade, whales have been accumulating $ETH at an unprecedented rate – over $3.8B in two days.

Let’s unpack how this news may impact the ecosystem.

The Cost of Security: What Are Based & Native Rollups?

Core Ethereum developer Justin Drake proposed the concept of based rollups in 2023. Currently, L2s like Arbitrum and Optimism rely on siloed sequencers to process transactions faster at the cost of decentralization.

Based rollups would return transaction processing to the Ethereum mainnet, which means they would be validated by all nodes instead of a single sequencer.

Likewise, native rollups create optimized environments within the Ethereum base layer as opposed to processing data off-chain and submitting results to the mainnet.

These improvements, however, would compromise transaction speeds – decentralized sequencing will increase block times to roughly 12 seconds versus its current 1 second.

On top of that, L2s would lose a substantial part of the revenue they generate from gas fees. Still, it appears that L2 executives don’t mind these trade-offs for the sake of the ecosystem’s security and unity.

While Ethereum struggled with scalability and decentralization lately, whales are hopeful about the ecosystem’s future.

In the past two days, whales bought $3.8B worth of $ETH. This includes Trump’s family venture World Liberty Financial, which spent $20M on Saturday and brought its $ETH portfolio to $193M.

Interestingly, the Ethereum Foundation went against the trend and sold $14M worth of $ETH since January 2, including $308K a few hours ago.

Wall Street Pepe ($WEPE) Could Lead Ethereum Altcoin Bull Run

Ethereum’s upgrade may benefit the price of $ETH and all altcoins in the ecosystem.

One new Ethereum-based project that’s been rapidly gaining traction is Wall Street Pepe ($WEPE), a worthy contender to the original $PEPE (which recently lost ground to Trump’s official meme coin and has shown it isn’t that hard to beat).

The $WEPE presale launched in late 2024 and raised over $61M. WEPE’s relatable mission is the most likely reason for such early success.

Whales like governments, banks, and wealthy individuals can manipulate the market to their advantage due to the sheer amount of funds they hold. Even worse, they may conspire with insider groups to amplify their influence.

$WEPE assembles an army of ‘thirsty degens’ – retail investors who want to level the playing field. Together, $WEPE followers will share tested trading strategies and market insights to crush the bull run.

Only 20 days remain to buy $WEPE and join the frog battalion. One $WEPE now costs $0.0003665, which is the final price before the presale ends, and early adopters will claim their tokens.

The project sets the bar high with CEX listings in sight, so $WEPE might soar to $0.0013 if it maintains the momentum.

Final Remarks

Achieving efficiency, decentralization, and interoperability all at once is no easy task. Ethereum now prioritizes the latter two, and only time will tell whether it’s the right decision.

Still, whale activity shows that the community approves of this strategy.

Positive developments are likely to benefit the entire ecosystem, including early-stage altcoins like $WEPE.

Meanwhile, we remind you to do your due diligence. Don’t fall victim to FOMO and FUD – keep a cool head and diversify your investments.

Price action in the past 24 hours has seen XRP break below the $3 mark again. XRP initially managed to cross above the $3 mark on January 15, a move that marked a notable milestone in trading above this level for the first time in seven years. However, this level has failed and the altcoin has fallen below it again in the past trading day.

Nonetheless, XRP’s foray above the $3 mark again shows its potential to return above this level, especially after years of being labeled dead by some crypto analysts. Interestingly, an analysis on the TradingView platform suggests that the cryptocurrency may be preparing for another significant breakout, not only to reclaim the $3 mark but also to exceed $3.5 very soon.

XRP Holds Steady In The Equilibrium Zone

Technical analysis of the XRP price action on the 3-hour candlestick chart shows that the cryptocurrency has managed to maintain a stable position within an equilibrium zone despite the intense volatility witnessed among cryptocurrencies in the past few days before and after Donald Trump’s inauguration. 

According to the analysis, XRP is currently trading within a wedge pattern, which has historically been a precursor to decisive price movements. Interestingly, this pattern has been developing since January 16, when the asset reached a peak of $3.38 before beginning a corrective phase. The cryptocurrency has exhibited a progressively tightening range within this range, which is a delicate balance between buying and selling pressures that could break out in either direction.

Notably, the consolidation within the wedge pattern appears to be reaching its climax, and the analyst highlighted this as a key indicator of XRP’s readiness to embark on its next leg up. As such, the analyst predicted that the next move would be a bullish return above the $3 mark, with a particular target at $3.5 before any other correction. 

Potential Risks: Bearish Divergence On The Weekly RSI

Although the outlook for XRP remains bullish, the technical analysis also pointed to a possible bearish divergence forming on the weekly RSI. This divergence occurs when the price of an asset moves higher while the RSI indicates weakening momentum. 

Although this presents a risk, the analyst expressed confidence that the current wedge pattern and its steady performance could outweigh this bearish signal. Its continued trading within the accumulation zone is another encouraging factor. If a significant decline were in the picture, it likely would have occurred already. The fact that XRP has held firm in this zone suggests strong support from buyers, with selling pressure being effectively offset by steady buyer interest.

Should the altcoin achieve the projected $3.5 target, it would mark an 18.5% increase from the current price and represent a breakout above its previous all-time high of $3.40. However, this could be considered a short-term price target. Long-term projections for XRP are far more ambitious, with targets ranging from $7 to as high as $20.

Featured image from Adobe Stock, chart from Tradingview.com