Market
Why These Altcoins Are Trending Today — February 18
The crypto market is showing mixed signals, causing some altcoins to climb while others experience declines. However, certain altcoins are catching investors’ attention due to recent developments surrounding the tokens.
BeInCrypto has analyzed three trending altcoins and their potential price movements moving forward.
Solana (SOL)
Solana has been one of the biggest trending tokens today, according to data from Santiment. The attention comes as the Solana-based token LIBRA makes headlines, capturing the interest of investors. However, the attention has been mostly negative, owing to the suspicion that the LIBRA token is a pump-and-dump scheme, which led to significant losses for its investors.
Due to this negative attention, Solana’s price has suffered, falling by 10.5% over the last 24 hours. This price action invalidated the ascending wedge pattern, with SOL currently trading at $168. The altcoin’s failure to maintain upward momentum suggests that short-term bearish pressure may persist.
If the drawdown continues, SOL could face further declines, potentially dropping to $156. Such a drop would extend investors’ losses and may signal prolonged weakness for Solana. However, reclaiming $169 as a support level would help SOL reverse the bearish trend, pushing it toward $175 or $183. This shift would invalidate the current bearish outlook.
Pepe (PEPE)
PEPE’s price recently gained attention as new meme coins attempt to steal its limelight. The rise of these tokens is creating additional competition, potentially impacting PEPE’s demand and traction. Despite this, PEPE continues to hold its ground as one of the top meme coins in the market.
Amid the rising competition from new meme coins, PEPE’s price has remained resilient. Trading at $0.00000995, it is holding above the downtrend support line, signaling stability. This could position PEPE to breach the next resistance at $0.00001146, initiating a recovery towards its previous high of $0.00001369.
However, if PEPE loses the support of $0.00000951, the price could decline to $0.00000839. A drop below this level would invalidate the bullish outlook and increase the risk of extended losses. Investors should monitor key support levels to assess potential price movements.
Chainlink (LINK)
Another one of the trending altcoins, LINK’s price is holding above the downtrend line, which has acted as support since the beginning of the year. Trading at $18.20, the altcoin is positioned to make a potential rebound. If LINK breaches $19.23, it could gain upward momentum and head toward its next resistance levels.
Successfully flipping $19.23 into a support level would signal further bullish momentum for LINK. This would enable the altcoin to target $22.03, a crucial resistance point. A breach of this level would help recover a significant portion of the recent losses, boosting investor sentiment and confidence.
However, if LINK loses the support of the downtrend line, it could fall through the $17.31 support level. In such a scenario, LINK may test $15.62 as the next support, invalidating the bullish thesis and prolonging the ongoing downtrend.
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.
Dogecoin has faced a series of setbacks recently, including a failed breakout attempt that led to a decline in its price. This downward movement was further exacerbated by a recent comment from Elon Musk, which cast doubt on Dogecoin’s future.
However, despite these challenges, the altcoin is showing some signs of recovery, largely driven by long-term holders (LTHs) who accumulate more DOGE at current low prices.
Dogecoin Is Facing Mixed Signals
Dogecoin’s Network Value to Transaction (NVT) ratio has spiked significantly, reaching a three-month high. This suggests that the network’s value does not match the number of transactions, pointing to a possible lack of investor confidence.
Elon Musk’s recent comment regarding DOGE further fueled the discourse surrounding the cryptocurrency. He clarified that the US government does not intend to use Dogecoin in any form, which led to some negative sentiment. This statement dampened expectations for the coin, although it hasn’t completely derailed its market standing.
The macro momentum of Dogecoin shows signs of stabilizing, as evidenced by the recent spike in the HODLer Net Position Change. LTHs have been actively accumulating DOGE during the recent dip, which indicates strong conviction among these holders.
This accumulation provides a level of support, potentially helping the coin recover and preventing further price declines. The increased position change suggests that LTHs are confident in the long-term viability of Dogecoin despite recent market turbulence and Musk’s controversial comment.
This continued accumulation by LTHs could lead to a floor forming under Dogecoin’s price, providing a buffer against further bearish pressures. As the market stabilizes and sentiment shifts, these holders could become a driving force that will trigger the next upward movement.
DOGE Price Stumbles, But Can It Recover?
Dogecoin is currently trading at $0.163, with the price just below the support level of $0.164. Over the last five days, the coin has experienced a 16% decline following a failed attempt to break through the $0.198 resistance level. This failure to breach key resistance levels indicates that DOGE may not experience immediate price gains without external catalysts.
Given the current market conditions, it’s likely that Dogecoin will not experience significant declines in the near future. The coin may reclaim $0.164 as support and continue consolidating just below the $0.198 resistance. However, this consolidation could persist until stronger market cues emerge to push the price higher.
The only scenario in which this bullish-neutral outlook would be invalidated is if Musk’s comment causes further damage to DOGE’s price. In that case, the meme coin could dip to $0.147, extending its recent losses. A sustained downturn would signal more negative sentiment in the market and potentially halt Dogecoin’s recovery.
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.
Bitcoin’s recent price action has shown some concerning signs. The crypto king has failed to break through key resistance levels, leaving it vulnerable to further declines.
As Bitcoin inches closer to testing the $80,000 support level, the potential for a Death Cross looms, increasing bearish sentiment in the market.
Bitcoin Investors Are Skeptical
Short-Term Holders (STHs), who buy at higher prices, are primarily responsible for the ongoing losses. These investors have been actively noting losses in response to Bitcoin’s volatile market conditions, reflecting the unpredictable environment that has made it difficult for new investors to navigate.
Meanwhile, Long-Term Holders (LTHs) continue to realize profits, benefiting from their extended market presence. However, the current market conditions show stagnation in new capital inflows, with LTH profits offset by STH losses. This creates weaker demand and resistance, signaling a potential slowdown in price momentum.
Maintaining bullishness in the market typically requires consistent capital inflows, but the market now seems to be lacking that crucial support. The overall sentiment reflects a neutral stance, with both profit-taking and loss-realization balancing out.
The crypto king’s macro momentum is showing additional signs of bearish pressure, particularly with the Exponential Moving Averages (EMAs). The 200-day EMA is less than 3% away from crossing the 50-day EMA, which would result in a Death Cross. This technical pattern has historically signaled significant corrections in price, marking a potential end to Bitcoin’s 18-month-long Golden Cross.
As the EMAs approach this critical point, traders and investors are closely watching for any signs of a correction. The fear of a Death Cross brings further concern to Bitcoin’s price stability. If the 50-day EMA crosses below the 200-day EMA, it could trigger more sell-offs, intensifying the bearish sentiment in the market.
Is BTC Price Primed For Further Decline?
Bitcoin is currently trading at $82,248, nearing the key psychological support level of $80,000. Despite attempts at a breakout, Bitcoin has failed to move beyond the two-month-long broadening descending wedge pattern. This pattern suggests that Bitcoin could be on the brink of further decline.
If the downward momentum persists, Bitcoin is likely to fall through the $80,000 support level and approach $76,741. This scenario would reinforce the bearish outlook, especially considering the technical indicators and the lack of strong buying support. A breakdown below these levels could signal a deeper correction, with the potential for further declines.
However, this short-term bearish thesis can be invalidated if Bitcoin’s price manages to reclaim $82,761 as support. If Bitcoin breaks through the $85,000 barrier, it could break out of the current pattern, signaling a potential reversal. A strong rally above $86,822 would suggest a resumption of the bullish trend, invalidating the bearish momentum that currently dominates 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.
Dogecoin started a fresh decline from the $0.1880 zone against the US Dollar. DOGE is declining and might test the $0.150 support zone.
- DOGE price started a fresh decline below the $0.1850 and $0.1750 levels.
- The price is trading below the $0.1750 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could extend losses if it breaks the $0.1620 support zone.
Dogecoin Price Dips Further
Dogecoin price started a fresh decline after it failed to clear $0.200, like Bitcoin and Ethereum. DOGE dipped below the $0.1880 and $0.1820 support levels.
The bears were able to push the price below the $0.1750 support level. It even traded close to the $0.1620 support. A low was formed at $0.1628 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $0.2057 swing high to the $0.1628 low.
Dogecoin price is now trading below the $0.1750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.170 level. There is also a key bearish trend line forming with resistance at $0.170 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.1730 level. The next major resistance is near the $0.1770 level. A close above the $0.1770 resistance might send the price toward the $0.1850 resistance.
The 50% Fib retracement level of the downward move from the $0.2057 swing high to the $0.1628 low is also near the $0.1850 zone. Any more gains might send the price toward the $0.1880 level. The next major stop for the bulls might be $0.1950.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1770 level, it could start another decline. Initial support on the downside is near the $0.1635 level. The next major support is near the $0.1620 level.
The main support sits at $0.1550. If there is a downside break below the $0.1550 support, the price could decline further. In the stated case, the price might decline toward the $0.1320 level or even $0.120 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1620 and $0.1550.
Major Resistance Levels – $0.1720 and $0.1770.
This Is How Dogecoin Price Reacted To Elon Musk’s Comment
Ethereum Is ‘Completely Dead’ As An Investment: Hedge Fund
Bitcoin Price Nears $80,000; Fuels Death Cross Potential
Dogecoin (DOGE) Bulls In Trouble—Can They Prevent a Drop Below $0.15?
XRP Price Fate Hangs on $2.00—Major Move Incoming?
Ethereum Price Weakens—Can Bulls Prevent a Major Breakdown?
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum19 hours agoWhales Accumulate 470,000 Ethereum In One Week – Bullish Momentum Ahead?
-
Market23 hours agoWhale Leverages $27.5 Million PEPE Long on Hyperliquid
-
Ethereum20 hours agoEthereum Analyst Eyes $1,200-$1,300 Level As Potential Acquisition Zone – Details
-
Bitcoin20 hours agoGold Keeps Outperforming Bitcoin Amid Trump’s Trade War Chaos
-
Ethereum21 hours agoEthereum May Have Hit Cycle Bottom, But Pricing Bands Signal Strong Resistance At $2,300
-
Altcoin20 hours agoAnalyst Reveals Why The XRP Price Can Hit ATH In The Next 90 To 120 Days
-
Market19 hours ago3 Token Unlocks for April: Parcl, deBridge, Scroll
-
Ethereum24 hours agoEthereum Playing Catch-Up? Bloomberg Examines ETH’s Struggles In New Report
