Altcoin
Binance Extends RedStone Backing; RED Price To Hit New ATH?
Cryptocurrency exchange Binance issued a vital announcement surrounding RedStone (RED) on Wednesday, capturing noteworthy market attention globally. The crypto exchange behemoth revealed that it is ending ‘pre-market trading and opening spot trading’ for the token shortly ahead. Further, another CEX giant MEXC revealed plans to list the same token. As an upshot, traders and investors now anticipate the coin’s price to scale new highs amid strong market support.
Here’s What Binance’s Announcement On RedStone Revealed
According to an official Binance release dated March 5, the crypto exchange will end pre-market trading for RedStone on March 6 at 09:00 UTC. Subsequently, the exchange will commence spot trading for the token on the same day, starting at 13:00 UTC.
Overall, the spot trading launch paves the way for regular buy and sell orders, offering heightened liquidity to the token with elevated investor interaction with the asset. As a response, market watchers await an upswing amid burgeoning money influx into the coin’s ecosystem.
What Spot Trading Pairs Will Be Available?
Mentioned below are the spot trading pairs that will be available for traders on Binance shortly ahead.
- RED/BTC
- RED/USDT
- RED/USDC
- RED/FDUSD
- RED/TRY
Here’s What Users Should Know
Further, the platform’s users can also start depositing RED, gearing up for spot trading as it commences. Withdrawals for the same are to begin on March 7 starting at 13:00 UTC. Also, the listing fee is set at 0 BNB, underscoring the top crypto exchange‘s support to the project.
Notably, Binance revealed that it will also apply a ‘seed tag’ to the token, signaling high trading risk amid broader crypto market volatility. In line with the spot trading announcement, ‘pre-market orders’ are to be automatically removed after trading ceases for the pre-market pair.
Additionally, ‘Spot Algo’ orders for the abovementioned trading pairs will also commence starting March 6 at 13:00 UTC. “Trading Bots & Spot Copy Trading will be enabled within 24 hours of it being listed on Spot,” the exchange added. Altogether, the support offered by a leading CEX sparked market optimism as this saga paved the way for enhanced market exposure.
Another Crypto Exchange Joins The Fray
Simultaneously, cryptocurrency exchange MEXC revealed on X that RedStone is coming to the ‘Innovation Zone & Convert zone.’ Deposits for the token are opened, whilst trading will be available once liquidity requirements are met on March 6 between 12:45 and 13:00 (UTC).
RED Price Eyes New Highs?
Usual market sentiments remain highly bullish in the wake of enhanced market support on top exchanges. Nevertheless, RED price dipped 6.5% to $0.7988, sparking market speculations.
Notably, CoinMarketCap revealed that the coin’s circulating supply as of Binance’s pre-market era was 40 million tokens. However, upon spot listing, this amount will increase to 280 million, which may bring short-term price volatility as investors witness rising supply.
Nevertheless, sustained demand for the asset with enhanced market support on leading CEXs could propel a new ATH. Crypto market participants continue to monitor the token for further price action shifts.
Meanwhile, it’s also worth mentioning that the Richard Teng-led crypto exchange recently halted support for all non-MiCA-compliant stablecoin trading pairs. Although this measure only impacted EEA (European Economic Region) users, market participants continue to eye such announcements to capitalise on emerging market opportunities.
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.
Market data shows that Dogecoin’s (DOGE) price has consolidated in the last few days. Amid the sustained price outlook, analysts forecast a significant price rally for the memecoin if key conditions are met. These conditions hinge on the broader crypto industry’s macro trend and a potential Dogecoin ETF approval.
Dogecoin price and Analyst Forecast
On Wednesday, crypto analyst Ali Martinez shared in an X post that DOGE trades within an ascending parallel channel. He also hinted that as long as the $0.16 support level holds, a breakout toward $2.74 or even $6.24 remains a possibility.
According to CoinMarketCap data, Dogecoin is ranked 9th in the global digital assets market. The coin is trading at $0.2039, gaining 2.47% in the past 24 hours.
Since its introduction to the market, the memecoin has sustained a strong market presence. This is because it is backed by a loyal community and increasing whale interest.
Furthermore, Ali Martinez’s technical analysis reveals that DOGE price trades within a well-defined parallel channel. Historically, when Dogecoin consolidates in such a pattern, it often experiences significant breakouts.
If the DOGE price maintains support above $0.16, it could target $2.74 in the mid-channel and reach $6.24 at the upper boundary.
DOGE Price Trend and Expectations
DOGE has followed a pattern of steep price increases during bull market cycles.
In 2021, it surged from under $0.01 to an all-time high of $0.739, primarily fueled by retail hype and endorsements from Elon Musk. Currently, DOGE is up 2.47% daily, showing signs of renewed interest in short timeframes.
Furthermore, technical indicators support the bullish outlook. For instance, the Relative Strength Index is recovering from oversold levels, while the Average Directional Index at 27.95 signals a forming bullish trend.
It could trigger further gains if the DOGE price breaks above $0.26 and $0.30. In an earlier DOGE price analysis, the increasing wallet address count and other positive network metrics also raises the breakout expectations for the coin.
Will Dogecoin ETF Make the Difference?
The crypto market is buzzing with excitement over a potential Dogecoin ETF. Firms like Grayscale, CoinShares, and WisdomTree have already submitted ETF applications to the U.S. SEC.
A DOGE ETF approval could attract institutional investments and increase liquidity and stability in the long term. With regulatory sentiment shifting and Dogecoin’s strong market presence, the $6.24 target is becoming a more realistic possibility.
However, investors must watch for Bitcoin trends, regulatory updates, and key support levels that can shift the coin’s trend. If DOGE remains above $0.16, barring any stock market offset, the chances of a significant breakout remain strong.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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.
After Dogecoin wallet addresses reached a new all-time high, analysts are tapping the memecoin to embark on a rally. Dogecoin price could spike in the coming days, buoyed by a streak of positive fundamentals and on-chain data.
Dogecoin Wallet Addresses Reaches 83.48 million
Community members are expecting Dogecoin price to surge in the coming days following a raft of positives for the memecoin. On March 4, the number of Dogecoin addresses reached an all-time high of 83.48 million, signaling strong ecosystem activity.
On-chain analyst Ali Martinez broke the milestone on X, fuelling a buzz among the community’s bulls. Rising wallet addresses are typically indicative of a spike in the number of users or new speculative interest among investors.
For now, pundits are pinning the new highs on a slew of integrations including a proposal by Cardano founder Charles Hoskinson to integrate DOGE for X payments. The proposal may have triggered the march to 83 million addresses setting the stage for a push to $1.
Whale Activity Indicates New Dogecoin Price Action
On-chain data confirms heightened Dogecoin whale activity in recent days. In the last 24 hours, whales have accumulated 180 million Dogecoins, building on a weeklong buying spree.
At the start of the week, Dogecoin whales gobbled up 910 million coins at critical levels for the memecoin, indicative of a rally for the memecoin. Dogecoin price is hovering around the $0.2 mark, rising by nearly 2% over 24 hours. Weekly charts show that Dogecoin has canceled its gains from the altcoin-themed Crypto Strategic Reserve.
Despite the all-time high for wallet addresses, Dogecoin’s daily trading volumes are down by 41.38% in what experts are terming as the lull before the storm.
Onchain analytics reveals that Dogecoin closed with a DragonFly Doji, suggestive of the reversal of its recent downtrend. Analysts say the accumulation of technicals points to a 5-fold increase in Dogecoin price in the coming months.
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.
Cardano price is drawing attention from analysts, with recent forecasts indicating the potential for a strong upward movement. Crypto analysts Javon Marks and Ali Martinez have identified key resistance levels that could determine ADA price trajectory.
While Martinez emphasizes the importance of a breakout above $1.14 to trigger a rally toward $2, Marks presents a highly bullish scenario, suggesting that Cardano price could experience an 8X surge if historical patterns repeat.
Cardano Price Consolidates Within a Bullish Pattern
According to Ali Martinez, Cardano price is consolidating within a right-angled descending broadening wedge, a pattern often associated with bullish reversals. The price has been fluctuating inside this structure, forming lower lows and stable resistance levels. This suggests a phase of accumulation before a potential breakout.
Martinez has identified $1.14 as a key resistance level. If Cardano price breaks above this threshold, it could initiate strong upward momentum, pushing ADA toward the $2 mark. The pattern indicates that ADA is at a crucial point, with traders watching for a decisive move that confirms the next trend direction.
If Cardano price surpasses $1.14, it could gain strong buying interest, leading to a price rally. Historical price movements suggest that breakouts from similar wedge patterns have resulted in extended bullish rallies. This could contribute to a broader altcoin rally, benefiting the market as a whole.
Failure to break resistance could lead to further consolidation. Similarly, ADA network activities have experienced a notable surge, driven by increased whale transactions and heightened investor interest. This growing momentum suggests a potential price breakout, especially as the token’s circulation rises.
Javon Marks Predicts an 8X Surge
Javon Marks has provided a more optimistic outlook for Cardano price, predicting a potential 8X increase if ADA follows previous breakout patterns. He notes that ADA has already gained nearly 300% since its last breakout, reinforcing its strength in the current market cycle.
Based on past performance, Marks identifies key price targets at $2.7709, $5.2962, and $7.8215. These levels reflect historical trends where Cardano price surged after a breakout confirmation. He also points out that the altcoin rally in this cycle appears stronger than before, increasing the likelihood of ADA reaching these targets.
Technical Patterns Indicate Further Gains
Technical analysis suggests that ADA’s descending broadening wedge pattern aligns with previous setups that led to substantial price increases. The broader altcoin rally could also influence ADA price trajectory. If market conditions remain favorable, ADA could extend its gains and approach the levels predicted by Marks.
More so, the 24-hour moving average divergence (MACD) supports the altcoin rally, with the MACD line crossing above the signal line, indicating bullish momentum. The histogram bars have flipped to positive, showing increasing buying pressure as momentum strengthens.
More so, these Cardano price predictions align with recent whale movements, as CoinGape Media reported that ADA whales have accumulated 420 million coins. This surge in large-scale buying reflects growing confidence in ADA’s long-term value, reinforcing analyst forecasts of a rally to $12.
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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