Altcoin
Dogecoin Price Eyes $3 Target As DOGE Bounces From Crucial Support
Dogecoin price is showing upside momentum, gaining 5.38% after reversing the trajectory from a crucial support level and eyeing further rally to $3. Additionally, the DOGE network has been expanding very fast with new addresses doubling over the past month. This shows that the ecosystem is making a strong base for a big upside ahead.
Dogecoin Price Eyeing A Parabolic Rally to $3?
Crypto analyst Ali Martinez has highlighted Dogecoin’s critical positioning within a key price channel. According to Martinez, DOGE is currently holding at a significant support level that could determine its next move.
“If this support holds, we might see a rebound toward the mid or upper boundary of the channel,” Martinez noted, suggesting the possibility of a bullish recovery to $3 and beyond.
Also, based on the stock RSI, the Dogecoin price could go parabolic moving ahead. During two previous instances of October 2023 and February 2024, when the stock RSI made a bullish crossover, DOGE price surged by 88% and 187% respectively. On the weekly chart, the stock RSI is once again setting up a bullish crossover, said Martinez. Thus, there could be a big rally ahead in the making.
Dogecoin Network Sees Significant Growth in New Addresses
Furthermore, analyst Marinez explained that the Dogecoin network has been expanding over the past month. The total number of new DOGE addresses has doubled over the past month, surging from 16,400 to 34,600. This increase highlights growing interest and adoption of the Dogecoin network, reflecting its continued prominence in the cryptocurrency market.
A DOGE Bull Run Is In the Making
Crypto trader Tardigrade has identified a recurring pattern in Dogecoin price action, suggesting a potential bullish trend. According to the trader, DOGE typically forms an initial low as the Relative Strength Index (RSI) enters the oversold zone. This is followed by a second, lower low with the RSI maintaining a similar oversold reading. Tardigrade notes that if this historical pattern holds, Dogecoin could be on the verge of a significant DOGE bull run.
As of press time, the Dogecoin price is trading 5.7% up at $0.172 levels with the DOGE futures open interest surging more than 4% to $1.40 billion. and 24-hour liquidations soaring past $7.24 million. On the other hand, asset managers like Bitwise are pushing ahead for a Dogecoin ETF, which could trigger major activity for the meme coin.
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.
As the crypto community holds its breath, anticipation is building around the imminent settlement of the XRP lawsuit. Recent insights from legal expert Fred Rispoli suggest that the resolution may be closer than expected. As the market eagerly awaits the resolution of the Ripple-SEC case, Rispoli’s comments have sparked widespread speculation regarding the potential outcomes.
XRP Lawsuit: Why the SEC’s Delay Isn’t a Pivotal Issue?
Lawyer Fred Rispoli is downplaying the role of the US Securities and Exchange Commission’s (SEC) delay in resolving the XRP lawsuit. Despite many considering the delay a major obstacle, Rispoli believes the case’s resolution is simpler than anticipated. Rispoli stated, “I just don’t see this being the big issue some are making it out to be…it’s unorthodox, but not difficult.”
Significantly, Rispoli’s comments suggest that the SEC’s delay may not be a critical factor in the XRP lawsuit as many believe. He urges the community to shift the focus from the delay to the potential outcomes and implications of the lawsuit’s resolution.
Previously, Rispoli dismissed discussions surrounding the SEC’s delay, deeming them unnecessary. He also addressed the SEC’s excuses as cowardly.
Key Considerations Regarding Torres’ Order: Lawyer’s Insights
According to lawyer Fred Rispoli, the delay in the Ripple-SEC case isn’t a significant issue. This sentiment is echoed in his statement that the SEC will handle Judge Torres’ enforcement order, not the judge herself.
In addition, Rispoli shared insights on the Ripple and SEC’s possible move to jointly file a motion to vacate the judgment. The lawyer deems this as the “cleanest way” to dismiss the XRP lawsuit. This approach involves the SEC and Ripple agreeing to vacate the judgment in exchange for Ripple dropping its appeal.
Recently, an XRP advocacy platform, All Things XRP, shared five possible outcomes of the Ripple lawsuit. The potential outcomes include withdrawal of the SEC’s appeal, reduction of Ripple’s penalty, reversal of the court decision, lifting of the injunction, and complete closure of the case by the SEC.
SEC’s Flexibility in Resolving Ripple Case
Further, Rispoli shed light on the SEC’s flexibility to resolve the XRP lawsuit without vacating the order. The regulator can bypass vacating the order by drafting a settlement agreement with Ripple, agreeing not to enforce the judgment in exchange for Ripple dropping its appeal.
Interestingly, the SEC Enforcement Manual prioritizes cooperation and settlement over litigation. This provides a framework for the regulator’s actions. However, the agency has historically exercised its discretion, sometimes bypassing due process. In this case, the agency’s flexibility could facilitate a fair outcome for the Ripple lawsuit, stated Rispoli.
Rispoli’s comment comes in response to Fox Business journalist Eleanor Terrett’s report on an imminent XRP lawsuit settlement.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
Hyperliquid’s native cryptocurrency HYPE has tanked by another 9% slipping to $12.54, as the network faces massive $160 million in outflows following the liquidation of the massive ETH long positions on the platform. The ETH whale liquidation event triggered a $4 million loss in the platform’s HLP Vault, triggering huge seeling pressure in HYPE price.
HYPE Price Drops As Hyperliquid Records $166M AUM Outflow
Following the liquidation of the ETH long positions, HYPE price has come under severe selling pressure in the last 24 hours. The recent 8% drop comes along with a 51% surge in daily trading volumes, shooting past $207 million. This shows that there’s a growing bearish sentiment around the altcoin as of now.
Hyperliquid experienced a significant net outflow of $166 million in assets under management (AUM) on March 12, marking the platform’s second-largest single-day outflow on record. The substantial outflow is believed to have been driven primarily by withdrawals from HLP Vault depositors in response to the losses.
Whale’s $340M ETH Long Position Triggers Liquidation
A high-leverage whale trade involving 175,000 ETH, valued at approximately $340 million, has led to significant market movements. The trader initially secured a floating profit of $8 million and closed 15,000 ETH before transferring 17.09 million USDC in margin back to their address.
However, following the margin withdrawal, the remaining 160,000 ETH long position was liquidated. The large liquidation size forced Hyperliquid HLP to assume the position at $1,915. The platform is now gradually unwinding the position to mitigate market disruption and manage associated risks.
In order to avoid the massive outflows and user panic, Hyperliquid stated that this wasn’t a part of the protocol vulnerability or a hacking incident. Instead, the user withdrew margin while holding unrealized profits, lowering their margin ratio and triggering liquidation. Despite a $4 million loss in the past 24 hours, Hyperliquid’s HLP maintains a total historical profit of approximately $60 million.
Is It Right Time to Buy the HYPE Dips?
Prominent crypto analyst CryptoGod John has expressed bullish sentiments for HYPE price, highlighting the current market conditions as a potential buying opportunity.
John noted that the token has retraced significantly since its earlier listing pump, entering what he describes as a strong support zone.
“Seen some drama on the timeline about it — but think this is a good area to scoop some while most hypetards who were loud at $20+ have now become very quiet,” John remarked.
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.
A Chainlink whale sent shockwaves across the crypto market on Thursday, selling massive amounts despite a price relief. On-chain data indicated that 356,665 coins were sold recently, a converse action to the current market cool-down. In response, traders and investors speculate whether it is possible for LINK price to hit $45 ahead, as the coin is already up 2% in the past 24 hours despite the selloff.
Chainlink Whale Selloff: 356K Token Dump Ignites Caution
According to an X post by Onchain Lens on March 13, a Chainlink whale sold 356,665 coins for $4.59 million USDC at an average price of $12.88. Per the data, the whale address ‘0xc6f7f’ was recorded as making the selloff transaction.
For context, colossal selloffs by whales signal a loss of confidence in an asset’s potential for gains. In turn, traders and investors reckon a poor market performance ahead.
Besides, it’s also noteworthy that the sell order may be due to a panic-selling sentiment prevailing across the market at present. Traders and investors reflect a cautious approach to risk assets amid severe macro heat.
Nevertheless, the Chainlink whale still holds 7,693 LINK tokens, worth $101,533. The undermined existing holding indicates that the trader may not be confident about gains ahead but still hopes for a best-case scenario wherein the price recovers from the broader volatility.
Crypto Market Today
However, the crypto market appears to be easing pressure as the latest U.S. CPI data revealed cooling inflation. In turn, BTC and major-league altcoins prevented further downside price risk today. Simultaneously, LINK price also eased up, witnessing slight intraday gains and reflecting resilience.
Yet, market participants remain uncertain over future movements as the selloff indicates a dip while broader developments could conversely uplift the market sentiment.
LINK Price Soars Despite Whale Selloff
As of press time, LINK price witnessed gains worth 2% intraday and closed at $13.15. It bottomed and peaked at $12.82 and $13.77 over the past day. The coin is currently rising in sync with today’s broader crypto market trend.
Top Analyst Weighs Bullish Remarks On Chainlink
Simultaneously, renowned market analyst ‘Bitcoin Buddha’ took to X, projecting bullishness over future movements despite the massive selloff. As per the analyst’s post and price chart, Chainlink “seems to be recovering after testing support near $12.” This paves the way for further gains and thus, a new ATH if recovery sustains, per the analyst.
On the other hand, a LINK price prediction by CoinGape revealed that the technical chart on the token’s weekly time frame shows a bullish engulfing pattern. This formation suggests a strong momentum that favors buyers. Overall, the abovementioned dynamics indicated that the coin could pump ahead despite the massive selloff.
On the other hand, another report revealed that a $45 price target remains possible as long as Chainlink holds a key support zone between $6 and $9. Crypto market traders and investors continue to thoroughly monitor the token amid broader trends impacting the market.
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.
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