Altcoin
Dogecoin Price Eyes Rally to $1 As One Million DOGE Wallets Rising
Amid the broader crypto market uncertainty, Dogecoin price has been showing strength flirting above the crucial support of $0.16 with increased address activity and heavy accumulation by DOGE whales. On-chain indicators and technical charts have both shown strength that could help the meme coin achieve new heights from here onwards.
Dogecoin Price Rally to $1 Begins?
Prominent crypto analyst Trader Tardigrade has highlighted a significant development in Dogecoin’s weekly chart. The latest candle closed as a doji, a pattern often interpreted as a signal of potential trend reversals.
As shown in the above image, the trend reversal can lead to a Dogecoin price recovery all the way to $1 and beyond. Drawing comparisons to historical patterns, Trader Tardigrade noted that a similar doji formation preceded the last major surge in DOGE price.
The current chart formations in DOGE have led to growing trader optimism. As long the meme coin holds the support at $0.16, the chances of the uptrend remain intact. As of press time, the Dogecoin price is trading 3.05% up at $0.1675 with daily trading volumes jumping 13% to more than $1.06 billion. Also, as per the Coinglass data, the options trading volume has surged 31% to more than $96 billion. Some market analysts have also been predicting a parabolic DOGE rally to more than $20.
DOGE Address Activity Sees Huge Spike
Amid the strong correction in the meme coin sector over the past two months, the Dogecoin price has also been subject to 37% value erosion on the monthly chart. However, at the current support levels, DOGE is seeing a huge spike in address activity. Blockchain analytics platform Santiment highlights a promising trend: the number of wallets holding at least 1 million DOGE has been on the rise, even as prices declined.
Additionally, Dogecoin’s active addresses have surged, reaching their highest levels in four months. This uptick in activity suggests a renewed interest among holders and traders, signaling potential resilience for the meme coin in a challenging market environment.
Note that DOGE will need a boost from the overall crypto market in order to support the uptrend. Also, any positive development around Dogecoin ETF could serve as an additional catalyst for further momentum.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
The Cardano price is showing bullish signals as analysts identify a potential double-bottom pattern on its weekly chart. After a prolonged downtrend, the cryptocurrency has entered an accumulation phase, suggesting that selling pressure is easing while buyers begin stepping in. Analysts highlight $0.70 as a key support level, which, if maintained, could drive the altcoin price toward the $1.00 mark.
Cardano Price Forms Double Bottom Pattern, What’s Next?
According to analysts Crypto Lycus, the Cardano price is exhibiting signs of forming a double bottom pattern on the weekly chart. This technical formation typically indicates strong support and suggests a potential reversal from the prolonged bearish trend. The pattern reflects a period where the price has tested a lower boundary twice, signaling that buyers are stepping in at key support levels.
A breakout above $0.70 is crucial for ADA, as sustaining this level could provide the momentum needed for further upward movement. If buying pressure continues to build, the next target for the top altcoin would be the resistance at $1.00.
If ADA fails to hold above the support level, a retest of lower price zones between $0.50 and $0.40 remains a possibility. However, analysts suggest that the overall sentiment remains optimistic, with accumulation taking place at current levels.
ADA Breaks Out of Descending Wedge
Additionally, analyst AMCryptoAlex has identified a descending wedge breakout on the Cardano price chart, reinforcing bullish momentum. This pattern is often associated with a reversal, where a downward-sloping trendline meets a narrowing support base before an eventual breakout to the upside.
Following a prolonged consolidation, Cardano has successfully breached resistance, confirming a potential trend shift. The breakout has been accompanied by increased trading volume, further validating the move. Investors are closely watching whether the price can sustain this newfound strength or encounter resistance at higher levels.
If bullish momentum continues, the top altcoin may establish a new support base, paving the way for higher price targets.
Market Sentiment Remains Optimistic
Although most other cryptos are trading in a bearish territory dragged by changes in market trends Cardano has been relatively stable. Some of the altcoins have reversed lower in their gains, but ADA has remained rather resilient which signal massive investor interest.
Analysts note that the absence of heavy selling at the current prices indicates that buyers are holding on to their positions. Backing the bulls’ argument, ADA whales have remained confident by holding 40 million ADA. This large-scale purchase indicates that institutional investors are beginning to invest; this could indeed take the Cardano price to the $1 level that many expect.
Traders are watching $ 0.70 as the pivotal support level. Reaching and maintaining above it might comprise the Cardano price reaching the $1 mark. Further upward movement may be signified by a successful breach of this level, which will give conformation of a trend reversal.
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.
Crypto analyst Amonyx has predicted that the XRP price could reach as high as $20. The analyst alluded to the XRP ETFs, which could launch soon as the fundamentals that will spark such a parabolic rally for XRP.
XRP Price To Reach $20 With 18 ETFs On The Horizon
In an X post, Amonyx predicted that the XRP price could reach $20 while noting that eighteen XRP ETF filings have now been submitted to the US SEC. These include filings from asset managers such as Bitwise, Grayscale, 21Shares, Canary Capital, and WisdomTree, all of whom have filed to offer a Spot XRP ETF.
These XRP ETFs undoubtedly provide a bullish outlook for XRP, considering that these funds will drive institutional funds into the crypto’s ecosystem and ultimately spark a parabolic price surge, as Amonyx predicts.
A recent CoinGape market analysis also suggested that the Ripple price could rally to $20 if the US SEC approves the altcoin ETFs this year. The analysis indicated that approval of the ETFs could be a catalyst for XRP to break above the resistance levels at $5 and $10 as it rallies to this price target.
It is worth mentioning that crypto analyst Steph also recently predicted that XRP could reach $30. The analyst made this prediction based on historical patterns and technical indicators. He also revealed that the altcoin has broken above the neckline resistance, confirming a bullish double-bottom breakout.
Price Correction Is Over
In an X post, crypto analyst Dark Defender stated that the primary correction on the weekly, daily frame, and 4-hour structure is over for the XRP price. He warned that there would be more minor ups and downs but suggested that the worst was over. The analyst added that XRP has started Wave 1 with an aim of $5.85, which will mark a new all-time high (ATH) for the altcoin.
The analyst stated that the support levels are $2.30 and $2.22, while the major resistance levels are $3.39 and $5.85. He affirmed that the upcoming week would be fantastic, suggesting a price breakout could happen this week.
Crypto analyst CasiTrades highlighted $2.70 and $3.05 as resistance levels to watch. She remarked that the XRP price would need to break above these targets for confirmation of the next wave up.
Meanwhile, although the analyst admitted that the altcoin is holding strong at the $2.25 support level, she warned that a break below could cause XRP to touch the lower support at $1.90 or even drop further to as low as $1.54.
Despite this bullish outlook for XRP, legal expert Bill Morgan recently warned that the Ripple SEC case could still negatively impact the altcoin’s price. Without a settlement in place, the case could still create uncertainty, which would dampen investors’ confidence.
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.
Barely days after disclosing that TRX will reach a new all-time high, Justin Sun is setting things in motion. The Tron founder has hinted at an incoming integration of TRX on Solana, sparking industry-wide speculation over the mode of deployment.
TRX Is Coming To Solana
In an X post, Justin Sun announced that TRX will be coming to Solana’s blockchain in the coming weeks. While the statement did not contain a timeline or clear details, TRX and Solana communities are lapping up the announcement with glee.
“TRX will be soon on Solana. Ready to buy and collaborate,” wrote Sun on X.
Pundits are predicting a cross-chain bridge to bring TRX to Solana, leaning on a custom solution or existing offerings. Another cross-section of analysts is tipping the use of a wrapped TRX into a SOL-native token as an alternative.
While other options are in play, a cross-chain bridge is considered the most viable option for Justin Sun. The move follows Solana’s bridged assets from Ethereum, surpassing $314 million in the last 30 days.
For both communities, the integration is seen as a win given their individual capabilities. For starters, Solana’s performance can bring Tron closer to the goal of eliminating fees for stablecoin transactions while Solana will record a spike in activity from TRX’s deep user pool.
Both Ecosystems Are Sizzling With Activity
While the announcement did not trigger a rally for both SOL and TRX, both ecosystems are a beehive of activity. Justin Sun previously expressed confidence of TRX hitting an ATH in the future with active addresses reaching 3 million.
Solana, on the other hand, is reeling from the ripples of its fifth anniversary as it moves on from the failure of the SIMD-228 proposal. In more dour ecosystem news, Solana took down an advertisement over gender identity themes, sparking widespread criticisms.
Despite the outrage, SOL price is staging a recovery following CME Group’s launch of SOL futures while Tron continues to rack up network fee revenues.
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.
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