Connect with us

Market

DOGE Price Struggles to Recover as Volume Declines 36%

Published

on


Dogecoin (DOGE) price has shown little movement in the last 24 hours, down about 3%. Its trading volume has dropped 36% to $1.65 billion despite Neptune Digital Assets buying $370,000 DOGE. The price has been stuck below $0.33 for nearly a week, struggling to gain bullish momentum.

Technical indicators continue to show a bearish setup, with the Ichimoku Cloud and EMA lines reinforcing downside risks. Unless DOGE can break key resistance levels, the trend remains weak, leaving room for further declines.

Ichimoku Cloud Shows a Bearish Outlook for DOGE

Dogecoin Ichimoku Cloud chart presents a bearish outlook, with the price trading below the cloud. The future cloud remains red, signaling continued downward pressure and indicating that resistance levels could remain strong in the near term.

The conversion line (blue) is currently moving sideways near the baseline (red), suggesting a period of consolidation rather than an immediate trend reversal.

However, with the price failing to gain momentum above these lines, bearish sentiment remains dominant, despite Canadian crypto company Neptune Digital Assets announcing that it had purchased $350,000 worth of DOGE in December.

DOGE Ichimoku Cloud.
DOGE Ichimoku Cloud. Source: TradingView.

Additionally, the lagging span (green) is positioned below the price action, confirming that DOGE price is still in a downtrend. The cloud ahead is sloping downward, reinforcing the possibility that bearish momentum could persist.

If the baseline flattens while the conversion line moves upward, it could indicate a potential trend shift, but for now, DOGE remains in a weak position with no clear signs of recovery.

Dogecoin BBTrend Is Still Negative, But Going Up

Dogecoin BBTrend is currently at -21.7, having remained negative for the past two days. It peaked at -26.1 yesterday before beginning to lose strength, signaling that the bearish momentum is still present but slightly weakening.

BBTrend is an indicator that measures trend strength based on Bollinger Bands. Positive values indicate bullish momentum and negative values suggest a bearish trend. The further the value is from zero, the stronger the trend in either direction.

DOGE BBTrend.
DOGE BBTrend. Source: TradingView.

With DOGE’s BBTrend now at -21.7, down from -26.1 yesterday, it suggests that while the downtrend remains intact, selling pressure is starting to ease. A continued move upward in BBTrend could indicate that bearish momentum is fading, potentially leading to consolidation or a relief bounce.

However, as long as the BBTrend remains negative, the overall trend is still bearish, meaning DOGE price could struggle to gain significant upside traction unless a stronger shift in momentum occurs.

DOGE Price Prediction: Will DOGE Surge and Break the $0.36 Resistance This Time?

Dogecoin EMA lines indicate a bearish outlook, with short-term EMAs positioned below long-term ones. This alignment suggests that the current downtrend remains strong, and if the negative momentum continues, DOGE could test the $0.20 level.

A breakdown below this support could push Dogecoin price further down to $0.14, marking its lowest point since December 10, 2024.

DOGE Price Analysis.
DOGE Price Analysis. Source: TradingView.

On the other hand, if the trend reverses, DOGE could attempt to reclaim $0.30 as resistance. A successful breakout above this level could lead to a retest of $0.36, a key level that DOGE failed to surpass at the end of January.

If bullish momentum strengthens further, DOGE price could climb as high as $0.40, representing a potential 54% upside. However, until the EMAs shift to a more bullish formation, the overall trend remains bearish.

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.



Source link

Market

Kaspersky Finds SparkCat Malware Targeting Crypto Wallets

Published

on



Kaspersky just revealed a giant malware operation dubbed SparkCat. The malware was placed on innocuous-seeming apps and searched users’ phones for crypto recovery phrases.

These apps could have successfully infected up to 242,000 people, but it’s not clear how much money SparkCat actually stole.

Kaspersky Reveals SparkCat

Kaspersky, one of the leading security firms, just identified a new data-stealing malware scheme called ‘SparkCat.’ The company has identified several similar malware attacks and security weaknesses over the last few years, building up a strong reputation.

Today, the firm found a new trojan targetting crypto users.

“Our experts have discovered a new data-stealing Trojan, SparkCat, active in the App Store and Google Play since at least March 2024. SparkCat leverages machine learning to scan image galleries, stealing cryptocurrency wallet recovery phrases, passwords, and other sensitive data hidden in screenshots,” the firm claimed.

According to Kaspersky, apps infested with the SparkCat malware were downloaded 242,000 times. These scammers used several fronts to attract new victims, hiding the malware in food delivery apps, AI chat clients, and other seemingly harmless programs.

These apps would access a user’s photo gallery, attempting to find their crypto wallet recovery phrases.

Kaspersky didn’t indicate how much money or crypto was stolen through SparkCat, but it was a highly sophisticated operation. It primarily targeted users in Europe and Asia, and the source code’s language led Kaspersky to conclude the perpetrators were Chinese.

The infected programs have subsequently been removed from app stores.

This incident is particularly noteworthy as crypto-related malware attacks were reportedly on the decline. Social media scams, particularly those involving meme coins, have netted huge returns using bold and well-constructed tactics.

However, Kaspersky’s research suggests that SparkCat ran a profoundly different operation.

As of now, it’s difficult to determine if SparkCat will be part of a new trend, as its efficiency is still being investigated. It managed to bypass an impressive amount of security and oversight protocols, but it nonetheless had a very indirect way of getting a payout.

The most insidious scams today use fake projects to prey upon investors’ greed. They don’t need this secrecy.

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.



Source link

Continue Reading

Market

Ethereum Price Stuck in Slow Gear: Will a Breakout Come Soon?

Published

on


Ethereum price started a recovery wave above the $2,650 zone. ETH is now struggling to clear the $2,880 and $2,920 resistance levels.

  • Ethereum started a decent upward move above the $2,620 zone.
  • The price is trading below $2,750 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $2,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh decline if it stays below the $2,800 level.

Ethereum Price Recovery Could Soon Fade

Ethereum price started a recovery wave above the $2,550 level, like Bitcoin. ETH was able to surpass the $2,600 and $2,620 resistance levels to move into a short-term positive zone.

The price was able to surpass the 50% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. However, the bears seem to be active below the $2,880 and $2,920 resistance levels. The price is again moving lower.

There was a break below a key bullish trend line with support at $2,800 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,800 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $2,770 level and the 100-hourly Simple Moving Average. The first major resistance is near the $2,800 level. The main resistance is now forming near $2,920 or the 61.8% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. A clear move above the $2,920 resistance might send the price toward the $3,000 resistance.

Ethereum Price

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,050 resistance zone or even $3,120 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $2,800 resistance, it could start another decline. Initial support on the downside is near the $2,630 level. The first major support sits near the $2,600 zone.

A clear move below the $2,600 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,630

Major Resistance Level – $2,800



Source link

Continue Reading

Market

House Committee Starts Hearing on Operation Choke Point 2.0

Published

on



The House Committee on Financial Services held a hearing today on Operation Choke Point 2.0. The FDIC’s newly-released tranche of incriminating documents was discussed at length.

Representative Alexander Green fervently denied all debanking allegations within the first five minutes, but overwhelming evidence came to light. Crypto still has vocal opponents in the US government, but their position is weakening.

Committee Hearing Begins With Hostility

The House Committee on Financial Services conducted a hearing on debanking and Operation Choke Point 2.0 today, and it serves as a reflection on US crypto policy. The fact that this hearing even exists and is broadly sympathetic is a triumph in itself.

However, old institutions die hard, and Representative Al Green began with a very critical opening statement:

“Yes, the title of this hearing is ‘Operation Choke Point 2.0: The Biden Administration’s Effort to Put Crypto in the Crosshairs.’ However, a better title for this hearing would is ‘How President Trump’s Self-Dealing Deregulation will Put Investors at Risk.’ Operation Choke Point 2.0 is a fake program never initiated by the Biden Administration,” Green said.

Green went on to tell the Committee about the failures of crypto-related banks and said these failures bore no evidence of Operation Choke Point 2.0’s existence.

Specifically, he alluded to Silvergate Bank, which collapsed in 2023 and sent cascading effects all over the industry. Green said that it had over 98% of its assets in crypto, proving that crypto is unstable.

Evidence of Operation Choke Point 2.0

However, as journalist Eleanor Terrett pointed out, Silvergate did not fall on its own. The bank came under repeated attack from industry opponents like Senator Elizabeth Warren, and regulators imposed a 15% cap on crypto-related bank deposits upon it.

After this, continued business became untenable, and the bank voluntarily liquidated.

“Is it kind of ironic that Congresswoman Rashida and Nikema Williams said they’re more concerned about their own constituents getting debanked or lacking access to basic financial services at a hearing about crypto, which was created to solve those very problems?,” wrote Eleanor Terrett.

Although Green’s comments began the hearing with a hostile tone, the facts quickly came to light. The Committee’s first witness was Austin Campbell, Acting CEO of WSPN, who showed proof of Operation Choke Point 2.0.

Specifically, he referred to the FDIC, which released a tranche of 175 relevant and incriminating documents yesterday.

Paul Grewal, Chief Legal Officer at Coinbase, was the next witness. He notified the community that he would testify. Grewal told the Committee about his own experience with Operation Choke Point 2.0, based on his years of advocating for Coinbase. He also talked about the exchange’s campaign to expose incriminating FDIC documents.

In other words, Grewal did not focus on direct attacks against Coinbase but rather on his fight to expose attacks on the entire industry.

This combination of a focused narrative with factual analysis of a wide problem seemed quite rhetorically effective. The Committee also heard other witnesses, including one who also denied the existence of Operation Choke Point 2.0.

Ultimately, this hearing won’t change much alone. After all, the House Oversight Committee recently launched its own investigation of Operation Choke Point 2.0, which is unrelated to this one.

What this hearing demonstrates, however, is a strong momentum in bringing justice to crypto. The tides are turning, and crypto oppositions are likely weakening in the US.

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.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io