Altcoin
Dogecoin Deviates From Established Bullish Trends, Is It Headed For Another Red Month?
Dogecoin has deviated from established bullish trends in the previous bull cycle, having started this year with significant price crashes. With this bearish trend, the foremost meme coin looks to be headed for another red month, which would further raise concerns about DOGE’s bull run this year.
Dogecoin Deviates From Established Bullish Trends
CryptoRank data shows that Dogecoin is deviating from the historical bullish trend in the 2021 bull run. The foremost meme coin has started the year with a bearish trend, having suffered significant crashes since January. In January, the meme coin closed the month with a meager 4% gain. However, its price has nosedived since the start of February, with a 20% loss since this month began.
This is nothing compared to the bullish run that Dogecoin enjoyed at the start of the year during the 2021 bull run. Back then, DOGE recorded a 711% gain in January and then followed it up with a 26% gain in February. In fact, the foremost meme coin closed the first four months of 2021 in the green, recording gains of 11% and 546% in March and April, respectively.
However, this 2025 bull run is playing out differently, especially with Dogecoin suffering a 20% crash this month and looks likely to end this month in the red. A monthly close in the red could invalidate similarities between the 2021 and 2025 bull run and raise concerns about how this market cycle could play out.
However, the historical trend in the 2017 bull run provides some optimism amid Dogecoin’s current price action in this bull run. In 2017, the foremost started the year in the red, with a monthly loss of 7% and 2% in January and February, respectively. DOGE then went on a bull run the following three months, recording a gain of 59%, 124%, and 256% in March, April, and May, respectively.
DOGE Still At Risk Of Further Crashes In The Short Term
Crypto analyst Ali Martinez suggested that Dogecoin is still at risk of further price crashes in the short term. In an X post, the analyst revealed that DOGE just saw a death cross between the market value to realized value (MVRV) and its 200-day moving average (MA). He further remarked that prices dropped 26% and 44% the last two times this happened.
At the time of writing, the Dogecoin price is trading at around $0.26, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
Shiba Inu price remains bullishly eyed by traders and investors despite the broader market volatility as its burning chronicles constantly kill supply. The latest burn metrics indicated that nearly 128 million SHIB was burnt over the past week. In turn, market sentiments about the dog-themed meme coin’s future outlook remain bullish, with technicals further highlighting that a potential 300% breakout looms.
Can Shiba Inu Price Leverage SHIB Burn Impact?
Shiba Inu price has been trading sluggishly against the backdrop of broader crypto market trends for quite a while now. The meme coin was down 2.5% to $0.00001522 as of press time, whilst its weekly and monthly losses totaled 9% and 24%, respectively. It’s noteworthy that this waning action primarily aligns with broader trends, such as macroeconomic heat over the past month and the recent Bybit hack.
Nevertheless, current burn metrics underscored a significant blow to the asset’s circulating supply, sparking investor bullishness. As per Shibburn’s X post on February 22, a whopping 128.22 million coins were burnt in the last week. Per this data, the supply reduction resulted in a 120.3% uptick in the weekly SHIB burn rate.
Market watchers weigh substantial optimism in light of this burn rate surge, aligning with the law of supply of supply and demand. For context, the meme coin’s burn mechanism sends tokens to a null address, thereby permanently removing them from the circulating supply by making retrieval impossible.
How Much SHIB Burnt To Date?
Upon further investigation, CoinGape found that 410.72 trillion Shiba Inu coins were burnt to date, which is bullish news for the leading meme coin‘s price watchers. The circulating supply at the time of reporting was evaluated as 584.30 trillion tokens.
Meanwhile, the community registered 180.59 million tokens burnt this month (February), with approximately 90 burn transactions recorded. Besides, the previous month saw a whopping 1.16 billion tokens removed from the supply via 124 burn transactions. Altogether, the massive blow to the supply has pushed investors to be optimistic about Shiba Inu price despite its sluggish performance.
Is SHIB Eyeing 300% Breakout?
A recent SHIB price analysis by CoinGape Media further revealed that the meme coin could surge nearly 300% ahead amid strong market technicals. As the token sees heightened active addresses and whale activity, on-chain metrics reflect rising market optimism.
Further, the asset’s MVRV ratio also aligns with bullish historical trends, entering the opportunity zone. Back then, the same scenario resulted in a 55% pump, per the analysis. However, traders and investors exercise some caution as past trends do not always guarantee future performances.
Also, Shiba Inu price recently showcased signs of forming a bullish inverse head-and-shoulders pattern. Given that the crypto market recovers ahead, SHIB could take charge and lead, per the analysis. Key resistance for the token lies near $0.0000326, a sustained hold above which bolsters the path for 300% gains.
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.
Crypto market today (February 22): Bitcoin (BTC), Ethereum (ETH), and other altcoins reflect an alarmingly waning price action as the week comes to a close. Primarily against Bybit’s recent $1.4 billion hack, over $566 million was liquidated across the broader market in the last 24 hours. As a result, BTC price price lost nearly 2% and slipped back to the $96K level on Saturday. Further, ETH and other leading altcoins have also followed the waning trajectory.
Crypto Market Today: BTC, ETH & Altcoins Suffer Amid Bybit’s Hack & Massive Liquidations
Notably, the crypto exchange behemoth Bybit recently suffered an exploitation attack, resulting in the theft of $1.4 billion ETH from the platform. CoinGape reported that the mastermind behind this hack was ‘The Lazarus Group,’ a North Korean cybercriminal organization.
As a response to the hack, the crypto market saw $566.64 liquidated in the last 24 hours, per Coinglass data. The massive liquidations, underscoring panic selling, in turn brought significant heat to cryptocurrency prices. Further, the global cryptocurrency market cap slipped 1.98% from yesterday to reach $3.17 trillion.
BTC Price Backtracks To $96K
In sync with the colossal liquidations, BTC price witnessed a 2% loss in value over the past 24 hours, resting at $96,170. The flagship coin’s intraday bottom and peak were $94,852.96 and $99,497.97, respectively. Coinglass data showed that Bitcoin recorded $199.44 million worth of liquidations in the past 24 hours. Simultaneously, its market dominance slipped marginally by 0.01% to 60.29%.
ETH Price Takes Heat Amid Crypto Market’s New Hack
ETH price tanked nearly 3% in the past 24 hours and is currently trading at $2,674. The coin’s 24-hour low and high were $2,616.92 and $2,842.83, respectively. Ethereum recorded liquidations worth $141.76 million in the past 24 hours. Meanwhile, market watchers remain cautious about the coin’s future movements in light of the massive Bybit hack. Given that the hackers decide to sell the stolen funds ahead, heightened selling pressure could pull the price further down.
XRP Price Cracks 3%
XRP price fell by 3% intraday and is now sitting at $2.57. The coin hit a bottom and peak of $2.51 and $2.71 in the last 24 hours. Notably, the Ripple-backed asset saw liquidations worth $14.95 million over the past day and followed the broader market trend to dip in the red zone.
SOL Price Slips 2%
SOL price saw a 2% decline in the past 24 hours and is now trading at $170. The coin swooped to a low of $167.31 and a high of $180.43 in the last 24 hours. Solana recorded liquidations worth $22.24 million intraday, aligning with the market trend.
Meme Crypto Market Also Tumbles
Dogecoin: DOGE price saw a 4% drop to $0.2417 amid $14.03 million liquidated in the Dogecoin market.
Shiba Inu: SHIB price waned by 2% in the past 24 hours and is currently trading at $0.00001516, mirroring the market trend.
Even Pepe Coin (PEPE) and Official Trump (TRUMP) prices cracked 2%-5%, reaching $0.000009188 and $16.08, respectively. The meme coin market has primarily mirrored the broader market trend as the week comes to a close.
Top Crypto Market Gainers Today
Ethena (ENA)
Price: $0.4544
24-Hour Gains: +11%
ENA price soared as the crypto project reassured users that its stablecoin USDe remains solvent despite the recent Bybit hack.
Bitget Token (BGB)
Price: $5.05
24-Hour Gains: +8%
Bitget’s BGB token soars amid its rival exchange’s hack saga, and the Bitget wallet launching a limited-time BGB on-chain staking program.
Jito (JTO)
Price: $2.84
24-Hour Gains: +5%
JTO price gains alongside S. Korean cryptocurrency exchange Upbit’s announcement to list the token in the KRW market.
Top Crypto Market Losers Today
Mantle (MNT)
Price: $0.883
24-Hour Loss: -15%
Berachain (BERA)
Price: $7.16
24-Hour Loss: -12%
Sonic (S)
Price: $0.8546
24-Hour Loss: -10%
Overall, the current investor sentiment remains highly uncertain surrounding the crypto sector’s future, with prices taking heat amid Bybit’s hack and massive liquidations.
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.
Crypto analyst Ali Martinez has noted key support levels for Cardano (ADA) price between $0.67 and $0.80. He emphasized their role in sustaining the current bullish trend. According to Martinez’s analysis, these levels have historically acted as both resistance and support for the altcoin. The repeated interaction with this range indicates its significance in determining ADA price direction.
Key Support Levels for Cardano Price Stability
In a post on X, Ali Martinez highlighted that Cardano price has repeatedly tested the $0.67–$0.80 range. This zone has provided stability for ADA, preventing further declines and acting as a foundation for bullish movements.
Historical price movements suggest that this support area has been critical during both uptrends and corrections. The ability of ADA to hold above this range signals strong buying interest.
Recent market data indicates that ADA remains within this support range, maintaining its position despite market fluctuations. If buying pressure persists, Cardano price could establish a stronger footing and attempt an upward breakout.
Meanwhile, Grok 3 AI highlighted Cardano’s strong decentralization as a driving force behind its potential rally to $5-$6 in this bull cycle. If Cardano price can break key resistance levels, it may gain the bullish momentum needed to reach these ambitious price targets.
Technical Indicators Suggest Growing Buying Pressure
Cardano price is about to cross the 20-day Exponential Moving Average, a significant indicator for short-term trend identification. The 20 EMA acts as a support level and a breakout above it may indicate a rally for the altcoin.
Supporting the bullish sentiments, the 1-day Moving Average Convergence Divergence indicates Cardano price is holding above key support levels, providing a foundation for a altcoin rally.
More so, the MACD line is above the signal line, signaling a bullish crossover. If ADA maintains its position above $0.75 and builds on this momentum, it will break the $0.80 resistance and push higher in the short term.
Furthermore, there is the Parabolic Stop and Reverse (SAR) indicator whose dotted lines are placed below Cardano price, which is common in an upward trend. This suggests that ADA price has found a strong support base, further reinforcing the likelihood of an upward move.
ADA Price To $1?
If Cardano price remains above the key support range of $0.67–$0.80 and manages to break above resistance levels, analysts project a potential rally toward $0.94. A successful test of this price point could pave the way for ADA to revisit the $1 mark.
Conversely, if ADA fails to sustain support above $0.67, selling pressure could increase, driving the price lower. In such a scenario, the next key support level would be around $0.54, where buyers might re-enter the market.
Moreover, another analyst shared the bullish sentiments, emphasizing that ADA price movements suggest a potential breakout. The expert highlighted that if Cardano surpasses the critical resistance at $0.9837, it could pave the way for a rally toward $1.35.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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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