Market
Dogecoin (DOGE) Nosedives Toward $0.20—More Pain Ahead?
Dogecoin started a fresh decline below the $0.250 zone against the US Dollar. DOGE tested $0.2050 is now consolidating below the $0.2250 resistance.
- DOGE price started a fresh decline below the $0.260 and $0.250 levels.
- The price is trading below the $0.2380 level and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $0.2180 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a recovery if it clears the $0.2180 and $0.2200 resistance levels.
Dogecoin Price Dips Over 5%
Dogecoin price started a fresh decline below the $0.2650 zone, unlike Bitcoin and Ethereum. DOGE dipped below the $0.260 and $0.250 support levels. It even spiked below $0.2150.
A low was formed at $0.2052 and the price is now consolidating losses. There was a move above the $0.2080 level, but the price remained below the 23.6% Fib retracement level of the downward move from the $0.2609 swing high to the $0.2052 low.
Dogecoin price is now trading below the $0.2250 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2150 level. The first major resistance for the bulls could be near the $0.2180 level.
There is also a connecting bearish trend line forming with resistance at $0.2180 on the hourly chart of the DOGE/USD pair. The next major resistance is near the $0.2250 level.
A close above the $0.2250 resistance might send the price toward the $0.2330 resistance and the 50% Fib retracement level of the downward move from the $0.2609 swing high to the $0.2052 low. Any more gains might send the price toward the $0.250 level. The next major stop for the bulls might be $0.2620.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.2180 level, it could start another decline. Initial support on the downside is near the $0.2065 level. The next major support is near the $0.2050 level.
The main support sits at $0.20. If there is a downside break below the $0.20 support, the price could decline further. In the stated case, the price might decline toward the $0.1880 level or even $0.1740 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.2050 and $0.2000.
Major Resistance Levels – $0.2180 and $0.2250.
The crypto market is no stranger to turbulence, and Chainlink (LINK) is currently caught in the eye of the storm. As bearish forces tighten their grip, prices are perilously close to testing the crucial $12.5 support level a threshold that could determine its fate in the coming days. Several factors like mounting selling pressure and broader market weakness threaten to derail its recovery prospects.
LINK’s recent downturn comes after a period of consolidation, during which the asset struggled to gain upward momentum. Now, with the price breaking down and eyeing the $12.5 support, the stakes have never been higher. For investors, this level represents a critical battleground that could serve as a springboard for a rebound or further losses.
Market Pressure Mounts: Can LINK Avoid A Breakdown?
Chainlink’s price action tells a concerning story. After a period of consolidation, LINK has broken out of its range to the downside, signaling a shift in market sentiment. The token is now hovering near the $12.5 support level, a critical zone that has historically acted as a range for recoveries. However, the current breakdown suggests that this level may not hold, especially in the face of relentless selling pressure.
One of the key concerns is the weakening market structure, as LINK has been consistently trading below key moving averages, particularly the 100-day Simple Moving Average (SMA). This indicates a growing bearish dominance, making it more difficult for bulls to stage a meaningful recovery.
Moreover, trading volume has surged significantly during periods of price decline, indicating intensified selling pressure. Notably, the volume has spiked by over 200%, pushing the total cryptocurrency trading activity beyond the $1 billion mark. This sharp increase in volume during a downturn further underscores the dominance of sellers in the market, reinforcing bearish momentum.
Finally, the emergence of the Market Structure Break and Order Block indicator implies a critical shift in trend dynamics. In other words, the market structure has transitioned from a bullish phase to a bearish one. A break in market structure often indicates weakening buyer control, allowing sellers to gain the upper hand.
A Defining Moment For Chainlink
Chainlink finds itself at a defining moment, with the $12.5 support level serving as the last line of defense against a deeper correction. While the bearish signals are hard to ignore, the token’s strong fundamentals and resilience offer a glimmer of hope. Whether LINK can avoid a breakdown will depend on its ability to hold this key level and attract renewed buying interest in the face of mounting market pressure.
Should the $12.5 support fail to hold, the altcoin might be vulnerable to further declines, triggering a deeper correction to other support levels such as $11.1. However, if bulls step in to defend this level, the likelihood of a rebound increases, providing the token a chance to regain lost ground.
Nasdaq has submitted a 19b-4 filing with the US Securities and Exchange Commission (SEC) for the Grayscale Polkadot ETF today, signaling a potential new investment vehicle for institutional and retail investors.
This development follows Grayscale’s long-term plan of converting its crypto trusts into ETFs, reflecting the growing demand for regulated crypto investment products.
Grayscale’s Expanding ETF Strategy
According to the filing, Nasdaq is proposing the listing and trading of shares of the Grayscale Polkadot Trust (DOT) under its Commodity-Based Trust Shares rule.
Eric Balchunas, a senior ETF analyst at Bloomberg, shared a screenshot of the SEC filing on social media.
“Grayscale just filed for a Polkadot ETF,” the analyst wrote on Twitter.
Grayscale launched the Grayscale Polkadot Trust in 2021, providing private investors with exposure to DOT. The recent Nasdaq filing marks a significant step toward making this product publicly tradable on regulated exchanges. If the Grayscale Polkadot ETF gains approval, it could bring more liquidity and institutional adoption to the DOT ecosystem.
Moreover, the news comes as the SEC recently acknowledged filings for both the Grayscale XRP and Grayscale Dogecoin (DOGE) ETFs.
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- Crypto prices traded within a range last week as crypto takes is relegated to the back burner in the wake of economic uncertainties.
- ETF inflows were negative as Bitcoin ETFs logged net outflows of $62.9Mn while Ethereum ETFs logged $8.9Mn in outflows.
Bitcoin
Bitcoin’s price action continued trading rangebound, with weekly highs and lows of $99,509 and $93,331, as uncertainty looms around inflation, Trump’s policies, and geopolitical events.
Zooming out, we see that price action has ranged at the daily support level for the last three weeks as current market conditions lack sufficient catalyst to push prices to new highs.
Open interest mimics price action as the week began with a reduction in the volume of open contracts which picked up on Wednesday, Feb. 19, congruent with price action.
Outlook
Bitcoin must remain above the daily support of $90,673 to remain in bullish territory. A close below this level on the daily time frame could trigger a fall to the $84,000 level.
Meanwhile, market sentiment has cooled significantly over the last month and is in neutral territory.
Bitcoin trades at $87,900 as of publishing.
Ethereum
Ethereum’s price action ranged last week logging a weekly high and low of $2,848 and $2,604 despite last week’s news of the Bybit hack.
Zooming out, we see a bleaker picture as ETH has been trending lower since Dec. 09 after failing to break above its March 2024 high.
Open interest data shows a steady rise in contract volume throughout the week though price traded rangebound.
Outlook
We reckon the next major support zone for ETH is the $2,500 level which has proven to be a strong liquidity level in the past.
ETH trades at $2,384 as of publishing.
Solana
Like Ethereum, Solana’s price has been declining since it failed to swing higher and form new candles above the last all-time high on the daily time frame.
Unlike Ethereum, last week’s price action was bearish as the price fell from a weekly open around $194 to a close around $171.
Open interest charts show topsy-turvy movement in open contract volumes as price falls.
Outlook
The next major support zone for Solana is at the $129 level. However, we may see smaller rallies as price trends lower overall.
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