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Can It Break Above $65K?

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Bitcoin price gained over 10% and broke the $64,000 resistance level. BTC is showing positive signs and might attempt to move above the $65,000 level.

  • Bitcoin gained bullish momentum above the $63,500 resistance zone.
  • The price is trading above $63,500 and the 100 hourly Simple moving average.
  • There is a major bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might continue to move up if it breaks the $65,000 resistance.

Bitcoin Price Jumps 10%

Bitcoin price started a major increase above the $61,500 and $62,000 resistance levels. BTC even cleared the $63,500 resistance to move further into a positive zone. The bulls pushed the price toward the $65,000 zone.

A high was formed at $64,900 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $62,320 swing low to the $64,900 high. There is also a major bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $64,000 and the 100 hourly Simple moving average. If there is an upside continuation, the price could face resistance near the $64,800 level. The first key resistance is near the $65,000 level.

Bitcoin Price
Source: BTCUSD on TradingView.com

A clear move above the $65,000 resistance might start a decent increase in the coming sessions. The next key resistance could be $66,200. The next major hurdle sits at $66,500. A close above the $66,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $67,000 resistance.

Are Dips Limited In BTC?

If Bitcoin fails to climb above the $65,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $64,250 level.

The first major support is $63,650 and the 50% Fib retracement level of the upward move from the $62,320 swing low to the $64,900 high. The next support is now near $62,500. Any more losses might send the price toward the $61,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $64,250, followed by $63,650.

Major Resistance Levels – $65,000, and $66,200.



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Market

Dogecoin Holding Time and Whale Activity Spikes

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Dogecoin (DOGE), a leading meme coin, is signaling a potential breakout from its narrow trading range.

If this momentum continues, it could reclaim its multi-year high of $0.48, fueled by extended holding periods and increased accumulation by large holders.

Dogecoin Investors Reduce Distribution

The on-chain assessment of DOGE’s performance has revealed a significant spike in the holding time of all its coins transacted in the past seven days. According to IntoTheBlock, this has climbed by 302% during the review period. 

The holding time of an asset’s transacted coins represents the average duration tokens are kept in wallets before being sold or transferred. 

Longer holding periods like this reduce selling pressure in the DOGE market. This reflects stronger investor conviction, as investors choose to keep their coins rather than sell them. 

Dogecoin Holding Time
Dogecoin Holding Time. Source: IntoTheBlock

In addition to reducing selling activity, DOGE whales have increased their holdings over the past week. This is reflected by the 112% uptick in its large holders’ netflow during that period.

An asset’s large holders’ netflow metric tracks the movement of coins into and out of wallets controlled by whales or institutional investors. When this metric spikes, it suggests that these large holders are accumulating more of the asset, signaling increased confidence in its future price movement.

Dogecoin Large Holders Netflow
Dogecoin Large Holders Netflow. Source: IntoTheBlock

DOGE Price Prediction: Bullish Run Could Continue

If this bullish momentum is maintained, DOGE will extend its weekly 3% spike. As buying pressure strengthens, the meme coin could revisit its four-year high of $0.48.

Dogecoin Price Analysis
Dogecoin Price Analysis. Source: TradingView

However, this bullish outlook will be invalidated if accumulation stalls and selling activity recommences. In that scenario, DOGE’s price could slip to $0.29.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Base DEX Volume Approaches $3 Billion Amid Growing Adoption

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Base, Coinbase’s Layer-2 (L2) blockchain solution, has reached new heights, setting an all-time high daily decentralized exchange (DEX) trading volume near $3 billion.

This milestone reflects Base’s growing prominence in the L2 space and its role in scaling on-chain transactions for Coinbase users.

Base Hits New Milestone in DEX Volume

Blockchain analyst Dan Smith highlighted Base L2’s record-breaking volume of $2.9 billion, including $1.3 billion in ETH-USD trading, which also hit an all-time high. Other trading pairs, such as ETH-cbBTC and BTC-USD, were close to breaking their own records.

Base DEX Volume By Pair Type
Base DEX Volume By Pair Type. Source: Blockworks Research

The $2.9 billion DEX volume reflects Base’s growing appeal among traders, particularly in ETH-USD pairs, which benefited from recent price volatility. Alexander, another blockchain enthusiast, noted that this milestone marked the first time Base nearly tagged $3 billion in daily volume, alluding to the development as evidence of L2’s growing adoption.

AerodromeFi, a liquidity-focused decentralized protocol on Base, also recorded an all-time high of $1.68 billion in volume, further emphasizing the ecosystem’s momentum.

“This is the first time Base nearly passed $3 billion and AerodromeFi set a new ATH of $1.68 billion in volume,” Alexander commented.

Base’s success is particularly notable because it operates without a native token. Coinbase explicitly ruled out launching a token for Base, prioritizing ecosystem growth and user adoption instead. This approach has likely contributed to its traction by focusing on utility and reducing speculative risks that could deter long-term users.

“There are no plans for a Base network token. We are focused on building, and we want to solve real problems that let you build better,” Base lead developer Jesse Pollak stated recently.

Consistent Growth in Transactions and TVL

The recent achievement follows Base’s earlier milestones, including reaching one billion transactions two months ago and surpassing six million daily transactions in October. More closely, the network recently outpaced Ethereum in user growth amid growing crypto markets.

Additionally, Base’s Total Value Locked (TVL) has seen consistent growth, indicating increased user participation, asset inflows, and liquidity within its ecosystem. A rising TVL signals greater confidence in the platform, fostering a stronger and more sustainable DeFi environment.

Base TVL and DEX Volume
Base TVL and DEX Volume. Source: DefiLlama

Despite its impressive growth, Base has faced some criticism. The network was accused of copying aspects of an NFT project, sparking concerns over originality and intellectual property. While this controversy did not deter adoption, it highlights the challenges of rapid innovation in the competitive blockchain space.

Base’s trajectory positions it as a serious contender in the L2 space, competing with established players like Arbitrum (ARB) and Optimism (OP). Its emphasis on utility, combined with rising user participation and liquidity, paints a promising picture for its future.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Is a Drop Below $0.92 Inevitable?

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Cardano’s recent sideways price action has led to a surge in demand for short positions among futures traders.

As the coin’s momentum slows, traders are increasingly betting on a price decline, signaling a bearish sentiment toward ADA.

Cardano Traders Bet on a Price Decline

According to Coinglass, ADA’s Long/Short Ratio is at a monthly low of 0.82, indicating a high demand for short positions.

An asset’s Long/Short Ratio compares the number of its long (buy) positions to short (sell) positions in a market. As with ADA, when the ratio is below one, more traders are betting on the price falling (shorting) rather than rising. If short sellers continue to dominate, this can increase the downward pressure on the asset’s price.

ADA Long/Short Ratio
ADA Long/Short Ratio. Source: Coinglass

Additionally, ADA’s Weighted Sentiment remains negative, currently standing at -0.074, reinforcing the bearish outlook for the altcoin.

Weighted Sentiment gauges the overall market bias by analyzing the volume and tone of social media mentions. A negative value signals growing skepticism among investors, often leading to reduced trading activity and downward pressure on the asset’s price.

ADA Weighted Sentiment.
ADA Weighted Sentiment. Source: Santiment

Notably, ADA whales have reduced their trading activity over the past week, with the coin’s large holders’ netflow dropping by 90.29%, according to IntoTheBlock.

Large holders, defined as addresses holding more than 0.1% of an asset’s circulating supply, play a significant role in market movements. A decline in their netflow indicates reduced buying activity, adding to the downward pressure on ADA’s price.

ADA Large Holders Netflow.
ADA Large Holders Netflow. Source: IntoTheBlock

ADA Price Prediction: Recovery to $1 or Decline to $0.80?

ADA is currently trading at $0.98, hovering just above its support level of $0.90. If bearish pressure intensifies, the price may test this support. A failure to hold at $0.90 could see ADA’s decline extend further, potentially dropping to $0.80.

ADA Price Analysis.
ADA Price Analysis. Source: TradingView

Conversely, if buying activity resurges, ADA’s price could stabilize above the $1 mark.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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