Connect with us

Altcoin

Dogecoin Price Registers Deviation From Macro Channel, Analyst Sets $6 Target

Published

on


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin has faced continued selling pressure, losing the $0.17 support level in the past 24 hours. This price decline comes amid broader market decline, which has seen the meme coin also struggling to regain momentum. Despite this setback, a new technical analysis from Trader Tardigrade shows that DOGE remains within a historically significant macro channel. If the price holds within this range, it could indicate that the bottom has already formed, setting the stage for a significant breakout in the coming months.

Dogecoin’s Price Action And The Macro Channel

According to a detailed technical analysis of Dogecoin’s price action on the monthly candlestick timeframe, shared on social media platform X by crypto analyst Trader Tardigrade, Dogecoin has maintained a well-defined uptrend macro channel that has shaped its long-term price trajectory since its inception. However, the analyst pointed out that there have been instances where the meme coin briefly deviated above or below the upper and lower boundaries of this macro channel before reverting back inside.

The current price action of steady declines since January has seen DOGE now testing the lower trendline level within this macro structure. The question is now whether Dogecoin can rebound from the lower trendline without a deviation or whether it deviates again and trades below the trendline for a few months.

Dogecoin
Source: Trader Tardigrade on X

As highlighted by Trader Tardigrade, should DOGE remain within the macro channel without breaking below the lower trendline, it would indicate that the cryptocurrency has already reached its bottom. This scenario mirrors a similar pattern observed in 2017, when Dogecoin’s price respected the lower boundary without deviation. This, in turn, caused a strong rebound and sustained uptrend in the months that followed.

However, past price behavior from 2020 suggests that a deviation remains a possibility, meaning DOGE could temporarily fall below this trendline and spend the next few months trading beneath it. At the time of writing, this lower trendline is positioned around $0.15.

DOGE $6 Price Target And How To Get There

Despite the recent weakness in Dogecoin’s buying pressure, Trader Tardigrade is optimistic about Dogecoin’s long-term trajectory. Notably, the analyst projected a possible Dogecoin price surge toward $6. This ambitious price target hinges on the meme coin maintaining its macro structure without deviating and repeating the previous 2017 growth.

At the time of writing, Dogecoin is trading at $0.1687 after slipping below the crucial $0.17 support level in the past 24 hours. The loss of this support has intensified bearish sentiment, and there’s now a better likelihood of further downside movement in the short term. 

Technical indicators suggest that Dogecoin still has room to decline before finding solid footing, and $0.15 is now the next important level to watch. A confluence of factors, including technical indicators such as the Relative Strength Index (RSI), could be pivotal in determining when DOGE might reach oversold levels and bottom out at $0.15.

Dogecoin
DOGE trading at $0.17 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Featured image from Unsplash, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

Altcoin

Analyst Sets $100 As “Realistic” Target For XRP Price In This Bull Run

Published

on


Crypto analyst XRP Captain has provided an ultra bullish outlook for the XRP price. He suggested that the crypto could reach triple digits in this market cycle while asserting that such an ambitious price target is realistic.

Analyst Sets “Realistic” Target Of $100 For The XRP Price

In an X post, XRP Captain stated that $100 is a realistic target for the XRP price in this bull run. However, the analyst failed to mention when exactly XRP could reach this ambitious target or what could spark the parabolic rally to this price target.

This prediction comes just as crypto Egrag Crypto stated that XRP will reach double digits in this market cycle and then triple digits in the next cycle. Meanwhile, crypto analyst Dark Defender has provided an even more bullish outlook for the coin than XRP Captain.

Dark Defender recently predicted that the XRP price could rally to $333 if it mirrors its performance in the 2017 bull run. Analysts like Egrag Crypto have also alluded to the coin’s historical performance in 2017 as the reason it could enjoy massive gains in this bull run.

Insight Into The Crypto’s Current Price Action

In an X post, Dark Defender stated that the XRP price is forming Wave 1 on the daily chart. He remarked that he expects the crypto to move towards $2.42 first. The analyst affirmed that the real momentum will start after XRP stands above the Ichimoku clouds.

The analyst then highlighted $2.22 and $2.04 as the support levels to watch out for while the targets are $4.2932 and $5.8563. As CoinGape reported, crypto analyst Rose Premium also predicted that XRP could soon reach $5 as BlackRock gears up for ETF filing.

Egrag Crypto stated that XRP’s dominance is showing tremendous strength. He noted that the dominance is on the verge of closing above the 2021 high of 6%, surpassing Fib 0.6, which he considers a critical level and a super bullish sign once this close happens.

ImageImage

The analyst further remarked that if the dominance successfully closes above Fib 0.5, it could surge straight to Fib 0.888, which is his target of 15 to 20%. He added that this would align with the highs from 2015. It is worth mentioning that the Egrag Crypto previously asserted that XRP will flip Ethereum to become the second-largest crypto by market cap.

In another X post, the analyst stated that XRP’s Relative Strength Index (RSI) is steadily ticking upwards and that it is just a matter of time before market participants witness a celestial move.

ImageImage

Egrag Crypto also highlighted key RSI targets. He stated that 70 is for bullish confirmation, 77 is for bullish momentum, 85 is for bullish continuation, and 89 is for a parabolic rally for the XRP price.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

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.





Source link

Continue Reading

Altcoin

21Shares To Liquidate Bitcoin and Ethereum Futures ETFs, Here’s All

Published

on


21Shares has announced that it is bringing down the curtain on its Bitcoin and Ethereum futures exchange-traded funds (ETFs). The issuer is eyeing March 28 as a tentative date for the liquidation of both ETFs amid a wave of new filings in the US.

21Shares Set To Liquidate Bitcoin and Ethereum ETFs

According to an announcement, crypto ETF issuer 21Shares has disclosed plans to ditch its Bitcoin and Ethereum futures ETFs. Per the announcement, the affected ETFs are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF.

While the press release did not give clear reasons for the liquidations, it hinged its decision on a periodic review of its offerings. The statement cited a need to align existing product lineups with market dynamics and clients’ needs in a changing landscape.

However, pundits say the liquidations are a result of jarring ETF outflows in recent months.

Shareholders can sell their holdings up until March 27, a date touted as the last trading day for both ETFs. 21Shares plans to put the final nail in the coffin for both ETFs on March 28, liquidating all remaining assets.

“Shareholders who continue to hold shares of a Fund on the Fund’s Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund,” read the press release.

Increased ETF Activity In The Cryptoverse

Despite the wave of outflows, the ETF space is sizzling with frenetic activity. Buoyed by impressive returns, 21Shares slashed fees to 0.49% for its Bitcoin Ethereum Core ETPs.

Bitwise has rolled out its OWNB ETF to track companies holding Bitcoin on their balance sheets. Bitcoin ETF investors continue to put their faith in offerings in the face of price amid Rex Shares launching the first Bitcoin Corporate Bond Convertible ETF

Outside of Bitcoin, several issuers have filed for XRP, HBAR, DOGE, and AVAX ETFs with the US SEC. For Ethereum investors, CBOE has applied to the SEC to approve staking in Fidelity’s ETH ETF.

 

 

✓ Share:

Aliyu Pokima

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.





Source link

Continue Reading

Altcoin

21Shares To Liquidate Bitcoin and Ethereum Futures ETFs, Here’s All

Published

on


21Shares has announced that it is bringing down the curtain on its Bitcoin and Ethereum futures exchange-traded funds (ETFs). The issuer is eyeing March 28 as a tentative date for the liquidation of both ETFs amid a wave of new filings in the US.

21Shares Set To Liquidate Bitcoin and Ethereum ETFs

According to an announcement, crypto ETF issuer 21Shares has disclosed plans to ditch its Bitcoin and Ethereum futures ETFs. Per the announcement, the affected ETFs are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF.

While the press release did not give clear reasons for the liquidations, it hinged its decision on a periodic review of its offerings. The statement cited a need to align existing product lineups with market dynamics and clients’ needs in a changing landscape.

However, pundits say the liquidations are a result of jarring ETF outflows in recent months.

Shareholders can sell their holdings up until March 27, a date touted as the last trading day for both ETFs. 21Shares plans to put the final nail in the coffin for both ETFs on March 28, liquidating all remaining assets.

“Shareholders who continue to hold shares of a Fund on the Fund’s Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund,” read the press release.

Increased ETF Activity In The Cryptoverse

Despite the wave of outflows, the ETF space is sizzling with frenetic activity. Buoyed by impressive returns, 21Shares slashed fees to 0.49% for its Bitcoin Ethereum Core ETPs.

Bitwise has rolled out its OWNB ETF to track companies holding Bitcoin on their balance sheets. Bitcoin ETF investors continue to put their faith in offerings in the face of price amid Rex Shares launching the first Bitcoin Corporate Bond Convertible ETF

Outside of Bitcoin, several issuers have filed for XRP, HBAR, DOGE, and AVAX ETFs with the US SEC. For Ethereum investors, CBOE has applied to the SEC to approve staking in Fidelity’s ETH ETF.

 

 

✓ Share:

Aliyu Pokima

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.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io