Altcoin
Dogecoin Price Momentum Oscillator Just Had Its 3rd Crossover After 2017 And 2021, Here’s What Happened Last Time
Dogecoin is still yet to recoup its price decline from last week, which saw it breaking below $0.3. Nonetheless, a key technical signal has emerged on DOGE’s price chart that could send the meme coin on a bullish path for the rest of the year.
According to crypto analyst KrissPax, who highlighted this key technical signal on social media platform X, the Dogecoin Price Momentum Oscillator (PMO) suggests that the meme coin could be on the verge of another major price surge.
Dogecoin Price Momentum Crossover
Technical analysis of the Dogecoin price shows that the Price Momentum Oscillator (PMO), a tool used to measure trend shifts and momentum strength, has just recorded a crossover on the 2-week candlestick timeframe. A PMO crossover occurs when the PMO line crosses above or below its signal line, which is typically a moving average of the PMO.
When the PMO line crosses above the signal line, it suggests that momentum is shifting in favor of buyers. This phenomenon is particularly significant, as it has happened only twice in Dogecoin’s history, in 2017 and 2021. Interestingly, each crossover has led to an interesting price action.
Looking at past instances, Dogecoin’s PMO crossovers have preceded some of its most explosive rallies. The first of such PMO crossovers was in 2017 when the market was about to enter its first significant bull market. After the 2017 crossover, DOGE’s price surged by over 6,000% till it reached a peak of $0.0175. Similarly, the second crossover occurred just before Dogecoin’s historic rally in the 2021 bull market. Back then, the meme coin went on a 36,400% run to reach its current all-time high of $0.73 after the bullish crossover.
DOGE’s Next Move: Analyst Targets $4 Price Level
With history as a reference, KrissPax predicted that Dogecoin’s latest PMO crossover could lead to another significant breakout. Interestingly, the recent PMO crossover had already pushed Dogecoin to multi-year highs, but recent corrections have stalled the bullish momentum.
However, many crypto analysts agree that the Dogecoin rally is set to resume anytime from now. As such, Krisspax predicted that the four-year cycle of bullish PMO crossovers is still in play, and we could be looking at a big move up for DOGE. In terms of a price target, the analyst has set a price target of $4.
Achieving the $4 price target would represent an increase of about 4,110% from its 2024 low, which was recorded immediately before the current market cycle began.
At the time of writing, Dogecoin is trading at $0.2619, up 0.18% in the past 24 hours. Reaching the $4 price target would also represent a 1,427% increase from the current price point. However, the first step in achieving this $4 price target would be to break and hold above the $0.3 price level again. Successive short-term price resistance levels to note are $0.4 and finally $0.5.
Featured image from Pexels, chart from Tradingview.com
Crypto prices today (February 19): Bitcoin (BTC) and leading altcoins prices again encountered a severe waning action recently, generating investor apprehensiveness across the broader landscape. BTC price dipped to touch a $93K low intraday, whereas Ethereum (ETH), Solana (SOL), and XRP prices cracked 1%-6% during the same period. Notably, the bearish momentum in the market is primarily attributable to a couple of risk factors, encompassing macroeconomic heat and other market statistics that are reducing investor appetite.
Here’s a brief report on some of the most buzzworthy coins for the day and the latest updates within the market that rationalize a bearish movement.
Crypto Prices Today Wane Alarmingly: Here’s Why
According to a recent CoinGape report, trade war speculations continue to rise as Donald Trump eyes new import tariffs. As a result, global markets took a hit, with risk assets like crypto facing severe heat amid investor uncertainty surrounding the sector’s outlook ahead.
Moreover, the U.S. Fed’s hawkish stance on monetary policies, signaling no rate cuts any time soon, has added to market concerns. Reportedly, traders anticipate only one Fed rate cut this year, further bringing heat to cryptocurrency prices. It’s worth mentioning that the digital assets sector recorded $348.88 million liquidated in the past 24 hours, per Coinglass data, aligning with the abovementioned factors causing market turmoil.
BTC Price Hits $93K Low Amid Crypto Market Heat
As of press time, BTC price traded at $95,659, down by 1% over the past day. The flagship coin swooped to a $93K low in the past 24 hours. This dipping trajectory aligns with $100.46 million worth of liquidations in the Bitcoin market, per Coinglass data. However, the coin’s dominance remained up by 0.47% from yesterday to 60.30%, signaling altcoins took more blows.
ETH Price Slips 1%
ETH price saw a slight fall of 1% over the past day, reaching $2,688. The coin’s 24-hour low and high were $2,606.90 and $2,730.28, respectively. Ethereum recorded $50.84 million worth of liquidations over the past 24 hours. Nevertheless, the crypto’s market dominance remained at 10.3%.
XRP Price Drops 4%
Ripple Labs-backed XRP price tanked by 4% intraday and is currently sitting at $2.55. The coin’s 24-hour low and high were $2.47 and $2.66, respectively. XRP’s fall aligns with $11.51 million worth of liquidations in the Ripple market intraday. However, it’s also worth mentioning that the U.S. SEC acknowledged Bitwise’s XRP ETF recently, glimmering hope for future prospects.
Solana Price Slumps 6%
SOL price crashed 6% from yesterday to reach $167, aligning with the broader market trend. Its bottom and peak in the last 24 hours were $161.31 and $177.94, respectively. Solana recorded a notable $36.77 million liquidated over the past day.
Meme Crypto Prices Today Mimic Broader Trend
Simultaneously, DOGE price was down over 2% today, trading at $0.2516. The meme coin saw $9.08 million liquidated over the past day, rationalizing a waning movement in sync with the broader market.
Similarly, SHIB price plunged by over 3% intraday and stood at $0.0000152. Also, PEPE and TRUMP prices cracked nearly 6%, closing in at $0.000009283 and $16.29, respectively.
Top Gainer Crypto Prices Today
However, some tokens have defied the broader market downtrend and hovered into the green zone on February 19.
Maker (MKR)
Price: $1,186.27
24-Hour Gains: +12%
Notably, MKR defies the broader market sentiment, seeing heightened investor interest, as flagged by a 33.72% spike in its futures OI to $93.07 million today.
Berachain (BERA)
Price: $6.44
24-Hour Gains: +8%
Similarly, BERA’s futures OI jumped over 2% to reach $146.53 million despite the recent investor uncertainty surrounding risk assets.
Litecoin (LTC)
Price: $133.09
24-Hour Gains: +7%
LTC saw a nearly 13% spike in its futures OI to $851.41 million, underscoring rising market interest amid soaring bets of a Litecoin ETF launch shortly ahead.
Top Loser Crypto Prices Today
Virtuals Protocol (VIRTUAL)
Price: $0.9898
24-Hour Loss: -14%
Ethena (ENA)
Price: $0.4196
24-Hour Loss: -11%
Raydium (RAY)
Price: $4.20
24-Hour Loss: -10%
Despite the broader waning price actions today, market watchers eagerly await a bounce back to previous levels. Meanwhile, BTC price gained by 0.02% within the hourly time frame, whereas ETH slipped by 0.01% within the same duration, indicating that further volatility may be expected as the day longs.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Dogecoin’s latest price movement has stalled at a critical resistance level, preventing a bullish breakout above $0.28. As such, the meme coin is now back to battling to hold above support at $0.25. Interestingly, technical analysis shows that this recent rejection at $0.28 has caused a failed predicted breakout above technical indicators.
Particularly, crypto analyst Kevin (@Kev_Capital_TA) pointed out on social media platform X that Dogecoin has failed to reclaim the macro golden pocket and the weekly bull market support band, leading to bearish developments.
Dogecoin Rejected At Macro Resistance, Weakens Bullish Outlook
Dogecoin has been on an extended retracement from $0.48 for the past eight weeks. This extended retracement was further highlighted by a break below $0.3 at the beginning of February until it reached a low around $0.22 on February 3. Despite this heavy retracement, there were still bullish outlooks, especially as Dogecoin started to trend upwards immediately after.
However, recent price action in the past three days has seen Dogecoin rejecting again and failing to break above technical indicators to cause a bullish sentiment. According to technical analysis by Kevin (@Kev_Capital_TA), the Dogecoin price has rejected on the 3-day candlestick timeframe chart. This rejection caused DOGE’s failure to reclaim the macro golden pocket and the weekly bull market support band.
The golden pocket is a notable Fibonacci retracement zone that often dictates whether an asset continues higher or faces rejection. In this case, Dogecoin’s failure to hold above this level suggests that buying momentum is currently weak.
Without a clear breakout above the macro golden pocket and the weekly bull market support band, Dogecoin could continue to range between $0.22 and $0.28 without any clear upward breakout.
Bitcoin Holds The Key As Altcoins Struggle
Kevin warned that altcoin charts can be misleading, even when they look promising. Rather than fixating on Dogecoin’s isolated movements, it’ll be better to monitor Bitcoin closely, as any significant price shift in the Bitcoin price will likely dictate the next move for Dogecoin and other altcoins. If Bitcoin manages to hold above $95,000 and push higher above $100,000, it could provide the boost Dogecoin needs to finally break above the macro golden pocket and the weekly bull market support band.
Bitcoin is currently trading without a clear bullish trajectory below $100,000, which has flowed into other cryptocurrencies. At the time of writing, Bitcoin is trading at $95,208, down by 1% in the past 24 hours. DOGE is trading at $0.251, down by 4.65% in the past 24 hours and 24% since the beginning of February. The next task right now is not to lose the support at $0.25 because a break below $0.25 could cascade into more declines up until $0.22.
Featured image from iStock, chart from Tradingview.com
The XRP community is abuzz with excitement as the Securities and Exchange Commission (SEC) acknowledges the third XRP ETF. Recently, the SEC acknowledged Bitwise’s XRP ETF, sparking hopes of a major breakthrough in the XRP price. Despite XRP’s current bearish trend, analysts and market experts remain bullish about the price’s potential ascendance into a new high.
Analysts Predict XRP Price’s Surge to $5
Aligning with the overall crypto market trend, the XRP price is currently hovering in a bearish zone. However, analysts remain optimistic about XRP’s future trends. For instance, Dark Defender, a prominent crypto analyst, forecasted XRP’s next significant Fibonacci level at $5.85.
According to the analyst’s X post, the XRP price has successfully broken through two white resistances, targeting the significant $5.85 mark. If XRP realizes Dark Defender’s prediction, the token will see a staggering uptick of 261.80%.
Another crucial Fibonacci level of XRP is at an ambitious $18.23 point, marking an aggressive surge of 361.80%. Thus, the analyst stays confident about XRP’s potential uptrend.
SEC Acknowledges Bitwise’s XRP ETF
In an astounding development, the Securities and Exchange Commission (SEC) acknowledged Bitwise’s XRP exchange-traded fund (ETF). The crypto space widely celebrates the move, expecting it as a bullish sign for the XRP price.
This marks the third XRP ETF to receive SEC acknowledgement, with Grayscale and 21Shares’ XRP ETFs having received acknowledgments earlier. Last week, the SEC acknowledged the XRP ETF application submitted by 21Shares.
Increasing Institutional Adoption Impacts XRP Price
XRP is experiencing heightened institutional demand, with several major players making moves to capitalize on its potential. Grayscale has filed to convert its XRP Trust into an ETF, while CBOE and Nasdaq have submitted 19b-4 filings for XRP ETF listings.
In addition, stock exchange MEMX submitted a filing to the SEC to list an XRP ETF, designating it as a commodity-based trust. This classification aligns with previously approved Bitcoin and Ethereum ETFs. Despite these positive moves, the SEC’s approval of the XRP ETFs remain uncertain.
Market Trend Signals New Highs Ahead
As of press time, XRP is trading at $2.50, with a daily decline of 5.18%. However, over the past week, the XRP price has experienced a 4.5% surge despite a 21% monthly dip. With a 4.2% increase in its 24-hour trading volume, currently at $5.08 billion, XRP continues to attract investors.
Strengthening Dark Defender’s analysis, experts like Solberg Invest posit that XRP is “on the verge on something big.” According to his analysis, the XRP price could hit $4.4 in near future.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
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