Market
Will Elon Musk Dogecoin Influence Lead the Price Toward $0.20?
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Dogecoin (DOGE) has surged by 10% in the past 24 hours, emerging as the top performer among the top 10 cryptocurrencies. This rally follows the November 2 Doge Day celebration, which honored Kabosu, the Shiba Inu behind the original meme and a nod to Elon Musk’s influence on Dogecoin.
This price spike echoes last year’s Doge Day rally, though the celebration alone isn’t driving DOGE’s recent gains. This analysis examines the key catalysts behind Dogecoin’s upward trend and explores what may lie ahead for the popular cryptocurrency.
Dogecoin Has Elon Musk and Doge Day to Thank
A month ago, Dogecoin was priced at $0.10, but today, it trades at $0.17 — a 55% increase over the past 30 days. Several factors contribute to this notable surge.
The primary catalyst appears to be the traditional Doge Day celebration pump, with the Dogecoin community recently adopting a second Doge Day celebration in Q4 since 2023. Additionally, Elon Musk’s vocal support for US Republican candidate Donald Trump has likely bolstered interest in DOGE, aligning it with the influence Musk holds within the community.
Weeks after the celebration last year, the cryptocurrency’s price went from $0.076 to $0.10. Since the price is increasing now and decoupling from the market, it appears that DOGE could be following a similar pattern.
Meanwhile, Musk’s posts about the proposed Department of Government Efficiency (D.O.G.E) have also positively impacted the price.
On-Chain Metrics Remain Bullish
Following the development, the adjusted price Daily Active Addresses (DAA) divergence has consistently remained positive. This metric measures whether user engagement is solid enough to keep the price going up.
When it is negative, it means the uptrend is weak, and the price can retrace. But since it is positive, Dogecoin’s price might continue to climb.
Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?
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Regarding Elon Musk’s Dogecoin influence and Donald Trump’s potential win, analyst CryptoGodJohn suggests that the meme coin could gain from these developments
In addition, data from IntoTheBlock indicates that Dogecoin has experienced a rise in the number of short-term holders.
“If Trump wins, it seems like DOGE likely is one of the easiest plays if they form the “ Department of Government Efficiency,” the analyst wrote on X.
The “Balance By Time Held” metric revealed that the count of investors holding DOGE within the past 30 days has increased compared to those who have held the asset over the past year. This shift suggests heightened interest and trading activity among newer market participants, potentially contributing to the recent price hike.
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DOGE Price Prediction: Higher Highs
Similar to BeInCrypto’s earlier analysis, Dogecoin has been forming a bullish flag pattern. This technical pattern often signals a continuation of an upward trend after a brief consolidation phase.
If confirmed, the bullish flag could indicate that DOGE’s price is preparing for another surge, potentially driven by the recent catalysts mentioned above. Should that be the case, Dogecoin’s price might increase by 30% and hit $0.19 from the recent local bottom at $0.15.
Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030
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On the other hand, external factors like a loss for Donald Trump could trigger a sell-off as Elon Musk’s Dogecoin impact might not be able to help the coin keep its strength. In that scenario, the price might drop to $0.17.
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
Top 5 Made in USA Cryptos to Watch – Late February Picks
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Story, Ondo Finance (ONDO), OFFICIAL TRUMP, Solana (SOL), and Uniswap (UNI) are five Made in USA cryptos to watch closely in the last week of February. Story has gained massive attention as a top AI crypto, despite a recent short-term correction.
ONDO continues to lead in the Real-World Assets sector but faces downward pressure, while TRUMP hovers near all-time lows with high volatility due to news sensitivity. Meanwhile, SOL struggles after a sharp decline, and UNI shows potential for a breakout with the launch of Unichain, sparking renewed interest.
Story (IP)
Story has quickly become one of the most successful Made in USA cryptos recently launched, securing a spot in the top 10 artificial intelligence cryptos within its first days.
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Story’s market cap is around $1 billion, and its price has risen nearly 160% in the last seven days, showing strong bullish momentum. However, it’s been down more than 6% in the last 24 hours, suggesting a short-term correction as investors take profits.
If this correction continues, Story (IP) could test the support at $3.65, and losing this level could lead to a drop to $2.12. Conversely, if momentum recovers, it could challenge the resistance at $5.32 and, if broken, target $5.88 next.
Ondo Finance (ONDO)
ONDO remains one of the most relevant and largest players in the Real-World Assets (RWA) sector, maintaining its strong presence despite recent price declines.
Its market cap is currently at $3.55 billion, but the price has corrected by over 25% in the last 30 days.
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If the current downtrend continues, ONDO could test the support at $1.09, and losing this level could push the price down to $1. However, if ONDO manages to reverse this trend, it could challenge the resistance at $1.25.
Breaking this resistance could lead to a rise to $1.44, and if the uptrend gains strong momentum, ONDO could test $1.66. This would mark the first time ONDO goes above $1.5 since the end of January, signaling a potential bullish breakout.
OFFICIAL TRUMP (TRUMP)
TRUMP, the most hyped meme coin ever launched, is now trading close to all-time lows, staying below $20 since February 15. After reaching highs above $70 in its early days, TRUMP is now hovering around $16, reflecting a significant decline.
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Donald Trump’s unpredictable nature makes TRUMP coin highly sensitive to news or statements related to him. Any impactful news could trigger sudden price movements.
If TRUMP can regain positive momentum, it could test the $17.4 resistance, with the potential to rise to $20.7 or even $24.5 if broken. However, if the downtrend continues, it could test support at $14.4 and possibly fall below $10 for the first time since its launch.
Solana (SOL)
SOL has faced significant selling pressure in recent weeks, dropping over 36% in the last 30 days. It has fallen from $268 to around $170 and has remained below $200 since February 15, reflecting a sharp correction.
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Despite this downturn, Solana remains a leader across various metrics, including coins launched, trading volume, and dex trades. However, growing concerns about the chain’s extractive ecosystem have sparked debate among users. Sentiment worsened following the launch of the LIBRA meme coin, adding further uncertainty to SOL’s outlook.
If SOL can regain upward momentum, it could test the $180 resistance, and breaking through this level could lead to $188. A strong uptrend would be needed to challenge $205.
Conversely, if selling pressure continues, SOL could test the support at $160, risking further downside.
Uniswap (UNI)
Uniswap remains one of the most influential DeFi applications, and the recent launch of Unichain could attract a new wave of users and capital. UNI has also been one of the most important altcoins in the DEX ecosystem for years.
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If UNI can establish an uptrend, it could test the resistance at $9.68, with the potential to reach $10.24 if momentum continues. A strong rally could push UNI to $12.8, its highest level since February 1, signaling renewed bullish sentiment.
However, UNI is currently down over 7%, and if the correction continues, it could test the support at $8.59. Losing this level could lead to a drop as low as $7, falling below $8 for the first time since November 2024.
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
BNB Faces Bearish Pressure Despite Booming Ecosystem
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BNB has been in the spotlight in the last few weeks, with rising trading volume and growing interest in its ecosystem, including meme coins like TST. Despite the hype, BNB’s price is down more than 3% in the last seven days, reflecting continued market uncertainty.
Its DMI shows weak trend strength and growing selling pressure, while the Ichimoku Cloud indicates a bearish setup. With EMA lines showing no clear direction, BNB faces a critical moment as it could either regain momentum or drop below $600 if the downtrend continues.
BNB DMI Shows Buyers Tried to Gain Control, But Sellers Are Rising Again
BNB’s DMI chart shows its ADX at 14, reflecting weak trend strength after touching a low of 11.1 yesterday and briefly rising to nearly 16 a few hours ago.
ADX, or the Average Directional Index, measures the strength of a trend without indicating its direction. It ranges from 0 to 100, with values above 25 indicating a strong trend and values below 20 suggesting a weak or undefined trend.
With ADX at 14, BNB is currently in a low-momentum phase, indicating that the market lacks a clear directional trend.
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+DI is at 22.5, up from 15.2 yesterday but down from 30.3 a few hours ago, suggesting that buying pressure increased but then weakened. Meanwhile, -DI is at 23.5, rising from 14.2 one day ago, indicating growing selling pressure.
The proximity of +DI and -DI shows a tug-of-war between buyers and sellers, reflecting market indecision. With ADX low and +DI and -DI close to each other, BNB price is likely to remain range-bound until a stronger trend emerges.
If +DI crosses above -DI, it could signal a bullish reversal, while -DI maintaining dominance could lead to further downside.
Ichimoku Cloud Shows a Bearish Setup
The Ichimoku Cloud for BNB shows a bearish outlook. The price is currently trading below the cloud, indicating downward momentum. The red cloud ahead suggests resistance, making it challenging for BNB to break above current levels.
The Tenkan-sen (blue line) is below the Kijun-sen (orange line), confirming a bearish crossover, which typically signals continued selling pressure.
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Additionally, the Chikou Span (green line) is below the price action, supporting the bearish sentiment. If this downtrend continues, BNB could test lower support levels.
However, a breakout above the red cloud would be needed to shift to a bullish outlook. For now, the bearish structure remains intact, suggesting further downside risks.
BNB Could Drop Below $600
BNB’s EMA lines are currently very close to each other, indicating a lack of clear trend direction. This consolidation suggests market indecision, with neither bulls nor bears taking control.
Despite this, BNB has been in the spotlight recently, with its trading volume surpassing Solana and meme coins like TST gaining attention within the BNB ecosystem.
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If it can regain positive momentum, it could test the resistance at $685, and breaking this level could push the price up to $731.
However, if a downtrend emerges, BNB price could test support at $629. Losing this level could lead to a decline to $589, marking its first drop below $600 since February 8.
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
3 Token Unlocks for the Last Week of February: PORTAL, ALT, NFP
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Token unlocks are events when blockchain projects release previously restricted tokens to the market. These events are carefully planned to manage market impact and volatility.
Often, these token unlocks lead to notable price movements. Here are three major token unlocks scheduled for the upcoming week:
1. Portal (PORTAL)
- Unlock Date: February 28
- Number of Tokens to be Unlocked: 25.61 million PORTAL (2.56% of max supply)
- Current Circulating Supply: 167.1 million PORTAL
- Total Supply: 1 billion PORTAL
Portal is the native utility token for a cross‑chain Web3 gaming platform that unites gamers and developers across multiple blockchain networks. The upcoming unlock will release tokens from several rounds of allocation.
For instance, the Team & Advisors allocation will increase by approximately 920,000 tokens, while the Treasury allocation will add around 3.31 million tokens.
With three rounds still pending, this unlock could inject fresh liquidity into the market, potentially affecting price dynamics and incentivizing further ecosystem development.
2. AltLayer (ALT)
- Unlock Date: February 25
- Number of Tokens to be Unlocked: 240.80 million ALT (2.41% of total supply)
- Current Circulating Supply: 2.55 billion ALT
- Total Supply: 10 billion ALT
AltLayer is a decentralized protocol designed to help blockchain developers launch and optimize Layer‑2 rollups via its “restaked rollup” mechanism. The ALT token plays a vital role in staking, governance, and protocol fee payments.
This unlock is distributed across several allocations: Foundation/Treasury, Protocol Development, Ecosystem & Community, Team, Seed Round, Strategic Round, and Strategic Partners. The significant token release will likely enhance liquidity and further support AltLayer’s scaling and security initiatives.
Previously in 2024, ALT saw a significant drop in price ahead of its $100 million token unlock. However, the upcoming unlock is significantly smaller, but market volatility should be expected.
3. NFPrompt (NFP)
- Unlock Date: February 27
- Number of Tokens to be Unlocked: 14.51 million NFP (1.45% of max supply)
- Current Circulating Supply: 395.3 million NFP
- Total Supply: 1 billion NFP
NFPrompt is an AI‑powered content creation platform for Web3, empowering users to generate and monetize digital art and NFTs using advanced AI tools. The native NFP token is used for staking, payments, contest participation, and governance.
In this unlock, allocations will come from the Short-Term Growth Fund, Long-Term Treasury Fund, Team, and Investors. This release will add fresh tokens to the circulating supply, potentially impacting the token’s liquidity and market sentiment.
Overall, these unlocks represent nearly $17.71 million worth of tokens entering the market this week.
With fresh liquidity and increased participation in governance and staking, investors and community members should watch for potential price volatility and strategic shifts in each project’s roadmap.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
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