Market
Dogecoin Major Metrics Fire Bullish Signals, Can Price Cross $0.5
Dogecoin has shown a remarkable recovery over the past five days after a significant downturn triggered by a broader market sell-off. During the first five days of August, the cryptocurrency experienced a sharp decline, plummeting by 38%, dropping from $0.1348 to a low of $0.0831. However, DOGE has demonstrated resilience in the face of these challenges. After hitting the $0.0831 mark, the cryptocurrency began to stage a notable comeback.
Over the last five days, DOGE has rebounded by approximately 25%, a recovery that has lifted its price significantly from its recent lows. Although this upward movement has not yet been sufficient for holders to fully recoup the losses incurred earlier in the month, it shows the return of positive momentum for DOGE.
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This partial price recovery has been accompanied by a resurgence in key market metrics, suggesting that investor sentiment towards Dogecoin is beginning to turn bullish once again. Trading volumes have increased, indicating renewed interest and participation in the market.
Dogecoin Major Metrics Fire Bullish Signals
According to data from IntoTheBlock, this recovery has been accompanied by a surge in daily trading volume, with majority of them being accumulations which have increased the buying pressure. At the time of writing, the volume of large transactions for DOGE in USD stands at an impressive $1.01 billion. This represents a substantial 54% increase from the seven-day low of $654.96 million recorded on August 3, right before it kickstarted its sharp decline.
Interestingly, the large transaction trading volume reached a peak of $1.52 billion on August 5, coinciding with when the recovery began. This correlation strongly suggests that large holders, often referred to as “whales,” have been actively participating in the DOGE market during this recovery phase and are driving the upward momentum.
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Although the large transaction volume metric does not show whether they are accumulations or selloffs, the large holders netflow to exchange netflow ratio suggests the former is the case. This metric tracks the balance between large holder accumulation and inflows into exchanges, offering valuable insights into the behavior of both retail investors and whales. Currently, the ratio is tipping towards large holder accumulation, standing at 3.49%, compared to a negative 1.85% recorded on Monday, August 5.
Still on whale activity, IntoTheBlock’s Bulls and Bears metric suggests the scale is starting to tip to the side of the bulls. This metric tracks addresses that have either bought or sold more than 1% of the total trading volume in the last 24 hours, classifying them as bulls or bears, respectively. Over the past two days, there has been a noticeable increase in bullish activity, with 14 bulls compared to 13 bears in the most recent 24-hour period. Although the margin might be narrow, the presence of more bulls than bears indicates that buying interest is starting to outweigh selling pressure.
At the time of writing, DOGE is trading at $0.1045. A successful breakout above $0.11 could reignite retail interest, which in turn could contribute to a surge toward the well-anticipated $0.5 price level.
Featured image from iStock, chart from Tradingview.com
Market
ADA Sights More Growth After Breaking $0.8119
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Market
PNUT Price Nears Oversold Zone After 20% 24-Hour Decline
PNUT price has dropped more than 20% in the last 24 hours, following its recent surge after being listed on major exchanges, where it reached $2.28. This sharp decline highlights weakening momentum, as indicators like ADX and RSI suggest that the uptrend is fading.
Despite this, PNUT still has the potential for a strong recovery if buyers return. However, if bearish pressure continues, PNUT could face a significant correction, testing key support levels and potentially losing more ground.
PNUT Current Uptrend Is Fading Away
PNUT currently has an ADX of 18.76, significantly down from above 50 just a few days ago. This consistent decline in ADX indicates that the strength of PNUT’s uptrend has been steadily weakening.
Despite still being in an uptrend, the sharp drop in price over the last 24 hours highlights the growing vulnerability of maintaining upward momentum. The ADX suggests a potential reversal could be on the horizon.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend.
PNUT’s ADX dropping below 20 reflects a weakening trend, even though the current directional movement still leans bullish. If this trend strength continues to deteriorate, PNUT may struggle to sustain its uptrend. That would leave PNUT price vulnerable to a more significant reversal in the near term.
PNUT Is Almost Reaching The Oversold Zone
PNUT currently has an RSI of 32.6, marking its lowest level since being listed on Binance.
The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels.
The consistent decline in PNUT’s RSI over the past few days highlights weakening momentum, with the asset now approaching oversold levels.
If the RSI falls below 30, it could signal that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep the price under pressure, delaying any recovery.
PNUT Price Prediction: A 72% Correction Ahead?
If PNUT price experiences a reversal and a strong downtrend emerges, it could test the support at $0.749. Should this level fail to hold, the price may drop further to $0.41 and even $0.32, marking a significant potential correction of up to 72%. This would make PNUT be surpassed by other meme coins such as MOG, GOAT, and MEW in terms of market cap.
Such a scenario would indicate increased bearish pressure, with traders potentially continuing to exit positions after the surges following the listing on major exchanges.
On the other hand, if PNUT uptrend regains strength, the price could rise to test the resistances at $1.87 and $2.21.
Breaking through these levels could allow PNUT to retest its previous all-time high of $2.50. That would offer a potential 111% upside and establish PNUT as a top 10 meme coin in the market.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
How PNUT, GOAT, BONK Fared
In this weekly analysis of meme coins, BeInCrypto observed that these tokens experienced mixed results. While some tokens saw gains, others grappled with significant losses.
Peanut the Squirrel (PNUT) and AI-created Goatseus Maximus (GOAT) were among the week’s underperformers, both experiencing significant price drops. In contrast, Bonk (BONK) defied market trends, securing its place as one of the top-performing cryptocurrencies. Here’s a detailed recap of the week’s developments.
Peanut the Squirrel (PNUT)
At the beginning of the week, PNUT’s price was $1.94. However, the meme coin’s value has since decreased by 33%. This significant decline could be attributed to selling pressure from those who held the token until it reached an all-time high.
PNUT’s price is currently $1.17. However, the one-hour chart shows that the Relative Strength Index (RSI) has dropped to 31.66. When the RSI climbs to 70.00, it means that the asset is overbought.
On the other hand, if it is below 30.00, it means that it is oversold. Therefore, while the RSI reading indicates bearish momentum, it indicates that PNUT is oversold.
As such, the meme coin’s price could be in line for a rebound. If validated, then PNUT’s price could bounce toward $1.40. In a highly bullish scenario, the meme coin could rally toward $1.72. However, if selling pressure increases again, the price could decrease below $1.15 when we publish the next meme coins weekly update.
Goatseus Maximus (GOAT)
Similar to PNUT, GOAT, another meme coin, faced a sharp decline this week, with its price dropping by 22%.
The price of GOAT has fallen to $0.87, possibly due to waning interest in AI-themed meme coins. The shifting narrative in the meme coin market suggests that some traders may be moving on from the AI buzz, seeking opportunities elsewhere.
Adding to the bearish sentiment, GOAT’s 4-hour chart has revealed a head and shoulders pattern, a classic bullish-to-bearish reversal indicator. This formation suggests that the meme coin could face further downside.
If the pattern plays out, coupled with the negative Moving Average Convergence Divergence (MACD), GOAT’s price could decrease to $0.66. However, a surge in buying pressure could invalidate this bias. If that happens, the value could jump to $1.37.
Bonk (BONK)
Contrary to GOAT and PNUT’s performance, Bonk’s price experienced a 28% hike. This price increase happened because the project disclosed that it would burn 1 trillion tokens by December 25 at the latest.
As a result, this disclosure sent euphoria around the Solana meme coin’s community, driving demand and a higher value for the token. However, BONK faces resistance at $0.000050, which has made it challenging for the cryptocurrency to rise much higher.
Despite that, the Bull Bear Power (BBP) shows that bears do not still have control. If sustained, then BONK’s price could move toward $0.000060.
On the flip side, if bears outpace bulls’ dominance, that might not happen, as the next meme coins weekly analysis could see it decline to $0.000043.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
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