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Key takeaways

• Dogecoin is attempting to recover after two consecutive sessions of roughly 3% losses.
• Bitwise will end trading in its BWOW Dogecoin ETF on October 14.
• A break below $0.0801 could send DOGE toward $0.0745 and potentially $0.0673.
• Dogecoin must reclaim the $0.0845–$0.0904 resistance region to improve its outlook.

Dogecoin (DOGE) edged higher on Friday following two consecutive sessions of losses of approximately 3%.

Despite the modest recovery, DOGE retains a bearish near-term outlook as institutional demand weakens and momentum indicators point to sustained selling pressure. 

The $0.0800 region is now critical, with a breakdown potentially exposing the meme coin to significantly lower support levels.

Bitwise announces closure of Dogecoin ETF

Bitwise announced Thursday that it will liquidate its Dogecoin exchange-traded fund, BWOW, as part of an effort to streamline its product lineup and respond to changing investor demand.

The fund’s final trading day is scheduled for October 14, after which it will cease operations and begin converting its DOGE holdings into cash.

Bitwise expects to complete the liquidation on October 22 and distribute the remaining cash to shareholders.

BWOW held approximately $687,730 in net assets as of Thursday, according to SoSoValue.

The conversion of its holdings during the liquidation process could add modest selling pressure to Dogecoin, although the fund is considerably smaller than other DOGE-focused investment products.

Grayscale’s GDOG ETF holds approximately $8.61 million, while the 21Shares TDOG fund manages around $2.53 million.

The difference highlights BWOW’s relatively limited scale and may explain Bitwise’s decision to remove the fund from its product range.

Dogecoin trades below key moving averages

Dogecoin traded slightly above $0.0800 at the time of writing on Friday but remained below several important technical indicators.

DOGE sits beneath its 100-period EMA at $0.0857 and its 50-period EMA at $0.0870 on the four-hour chart. Trading below both indicators reinforces the token’s bearish short-term structure.

The meme coin is also testing its 200-period EMA near $0.0827, which currently acts as immediate dynamic support.

A confirmed move below the 200-period EMA could push Dogecoin toward the recent low at $0.0801.

If buyers fail to defend that psychological support zone, the next downside target would be the 127.2% Fibonacci extension at $0.0745. A more substantial correction could bring the 161.8% extension near $0.0673 into focus.

A decline from $0.0801 to $0.0673 would represent a drop of approximately 16%.

Dogecoin’s Relative Strength Index stands near 35 on the four-hour chart, placing it just above oversold territory.

The low reading reflects significant bearish momentum but also suggests that selling may be approaching exhaustion. Still, the indicator has not produced a confirmed reversal signal.

The Moving Average Convergence Divergence indicator continues to decline below its zero line, reinforcing the view that downside pressure remains dominant.

For Dogecoin to begin a meaningful recovery, it must first break above the 78.6% Fibonacci retracement at $0.0845.

The next resistance levels sit at the 100-period EMA near $0.0857 and the 50-period EMA at $0.0870. A stronger barrier awaits around $0.0904, which aligns with the 50% Fibonacci retracement.

A sustained close above $0.0904 would weaken the bearish outlook. Until then, DOGE remains vulnerable to a breakdown below $0.0800.

The post Dogecoin risks breakdown below $0.08 as Bitwise shuts DOGE ETF appeared first on CoinJournal.

Key takeaways

• Ethereum fell 0.7% as annual US producer inflation accelerated to 5.4%.
• Polymarket traders assigned a 62% probability to a rate hike at the next Fed meeting.
• ETH is testing support at $2,431 and $2,405, with resistance near $2,545.

Ethereum (ETH) traded 0.7% lower on Friday as it attempted to recover from selling pressure triggered by stronger US producer inflation data.

The hotter annual inflation reading increased expectations of tighter Federal Reserve policy, creating a challenging environment for risk assets. Although Ethereum remains above its major moving averages, retail selling, hesitant derivatives traders, and slowing institutional demand could limit its near-term recovery.

US producer inflation rises to 5.4%

The US Producer Price Index for final demand increased 0.4% in August, matching market expectations after a revised 0.1% gain in July.

On an annual basis, producer inflation accelerated to 5.4% from 4.8%. Energy prices contributed significantly to the increase, rising 4.2% amid higher oil prices. Core producer prices, which exclude food and energy, also advanced 0.4% during the month.

The data preceded Friday’s Consumer Price Index report, another potential catalyst for expectations surrounding the Federal Reserve’s September 15–16 meeting.

Prediction-market data from Polymarket showed traders assigning a 62% probability to an interest-rate increase at the Fed’s next meeting. The estimated likelihood of a hike by October stood at 71%.

Markets also increasingly expect Fed Chair Kevin Warsh to begin his tenure with a rate increase, marking a sharp shift from earlier policy expectations.

Higher rates could pressure Ethereum by tightening financial conditions and increasing the appeal of interest-bearing assets. They could also discourage the leveraged trading and speculative activity that often support cryptocurrency rallies.

Despite the difficult macroeconomic backdrop, US spot Ethereum exchange-traded funds registered $34.75 million in net inflows on Wednesday.

The positive result offset the $24 million withdrawn on Tuesday and indicated that some institutional investors continued accumulating ETH during its two-week consolidation.

However, weekly ETF demand has slowed. The products attracted $218.4 million last week, down sharply from the yearly high of $824 million recorded during the preceding week.

This slowdown suggests institutional interest remains positive but has lost momentum.

Retail investors sold a combined 307,000 ETH last week, significantly exceeding the 82,000 ETH accumulated by whales.

The imbalance shows that smaller holders have taken a more cautious approach following Ethereum’s recovery in late August. Persistent retail distribution could increase the available supply and limit attempts to push the price higher.

Ethereum’s price has also risen faster than futures open interest. The divergence suggests leveraged long traders remain reluctant to commit substantial fresh capital to the recovery.

Ethereum tests 20-day EMA and $2,431 support

Ethereum is testing horizontal support near $2,431 and its 20-day exponential moving average around $2,405.

Despite the pullback, ETH remains comfortably above its 50-, 100-, and 200-day EMAs, which are clustered between approximately $2,223 and $2,256. This positioning keeps the broader uptrend intact.

The Relative Strength Index stands near 59, maintaining a modest bullish tilt while showing that momentum has cooled. The Stochastic Oscillator is also moving toward its midpoint, indicating moderation rather than a confirmed bearish reversal.

If Ethereum rebounds, its first major resistance sits near $2,545. A decisive close above this level could expose the next barriers at $2,626 and $2,787.

On the downside, losing $2,405 and $2,431 would shift attention to the moving-average support cluster between $2,223 and $2,256. Further support lies at $2,172, followed by the broader trend floors at $1,961 and $1,810.

A sequence of daily closes above the overhead resistance levels would restore stronger bullish momentum and reopen the path toward new local highs.

The post Ethereum tests the $2,431 support as hot US inflation pressures crypto market appeared first on CoinJournal.

Key takeaways

• PEPE trades near $0.00000348 after rejection at its 200-day EMA.
• Whales holding 10 million to 100 million PEPE have sold 80 billion tokens since August 25.
• A break below $0.00000313 could trigger a correction toward $0.00000230.

Pepe (PEPE) remained under pressure on Thursday, trading near $0.00000348 after failing to overcome a crucial resistance level.

On-chain data shows that large holders have been reducing their positions, potentially increasing near-term selling pressure. Meanwhile, conflicting derivatives signals and weakening technical momentum leave PEPE exposed to a deeper price correction.

PEPE whales take profits after August rally

Santiment’s Supply Distribution data shows that some of PEPE’s largest holders have been selling tokens following the meme coin’s strong gains in mid-August.

Wallets holding between 10 million and 100 million PEPE have collectively offloaded approximately 80 billion tokens since August 25. This substantial distribution suggests that larger investors are taking profits after the recent rally.

Over the same period, smaller and mid-sized wallets holding between 100,000 and 10 million PEPE accumulated a combined 5.06 billion tokens.

However, buying from these smaller investors represents only a fraction of the amount sold by whales. The imbalance could limit PEPE’s recovery and maintain downward pressure in the short term.

PEPE’s derivatives market presents a mixed outlook. The token’s long-to-short ratio stood at 1.05 on Thursday, close to its highest level in more than a month. A reading above 1 indicates that long positions outnumber shorts, suggesting that slightly more traders expect PEPE to rally.

However, funding-rate data points to a more cautious market. PEPE’s open-interest-weighted funding rate turned negative on Wednesday and fell to -0.0067% on Thursday.

A negative funding rate means short-position holders are paying traders with long positions. This typically reflects stronger bearish positioning and contradicts the optimism shown by the long-to-short ratio.

PEPE rejected at 200-day EMA resistance

PEPE traded around $0.00000348 on Thursday after facing rejection at its 200-day exponential moving average near $0.00000364 during the previous session.

The failed breakout highlights the 200-day EMA as an important barrier that bulls must overcome to regain control.

Momentum indicators also show that buying pressure is weakening. The Relative Strength Index is moving lower toward the neutral level of 50, suggesting the earlier bullish momentum is fading.

The Moving Average Convergence Divergence indicator produced a bearish crossover last week, which remains in place and reinforces the risk of further losses.

PEPE’s 50-day and 100-day EMAs provide an initial support zone near $0.00000320. The next important horizontal support sits around $0.00000313.

A daily close below this area could confirm a deeper correction and expose PEPE to its next major support near $0.00000230. Such a move would represent a decline of approximately 34% from its current price.

Conversely, PEPE must close above the 200-day EMA at $0.00000364 to weaken the bearish outlook. A successful breakout could open the door to a recovery toward the next daily resistance at approximately $0.00000442.

The post PEPE risks a deeper correction as whales sell 80 billion tokens appeared first on CoinJournal.

Key takeaways

• XRP has dipped more than 2% over the past few days. 
• On-chain data shows sell-side dominance in XRP’s market. 
• XRP’s long-to-short ratio of 0.83 and negative funding rate reflect bearish positioning.
• XRP is approaching critical support at its 200-day EMA near $1.354.

Ripple (XRP) remains under pressure on Thursday after falling more than 2% this week. The cryptocurrency is approaching an important support zone that could determine its next directional moves. However, a combination of sell-side activity, cautious on-chain signals, and mixed derivatives positioning suggests that its near-term upside may remain limited.

XRP on-chain data tilts bearish

CryptoQuant’s market summary indicates a cautious outlook for both altcoins. XRP’s futures market is showing signs of overheating and sell-side dominance, while retail traders account for some of the current activity. Similar overheating conditions are emerging in the spot market, although several other indicators remain neutral.

Together, these signals point to cautious and moderately bearish sentiment among XRP traders.

Derivatives positioning shows conflicting sentiment between XRP and Stellar traders. XRP’s long-to-short ratio fell to 0.83 on Tuesday, approaching its lowest level in a month. 

A reading below 1 means short positions outnumber long positions, indicating that more traders expect XRP’s price to decline.

The XRP funding rate also turned negative on Wednesday and stood at -0.0012% on Thursday. Negative funding means traders holding short positions are paying those with long positions, reinforcing the bearish tone surrounding the token.

XRP approaches the critical 200-day EMA

XRP traded around $1.392 on Thursday after declining more than 2% this week. Despite the pullback, the token remains above its 50-day, 100-day, and 200-day exponential moving averages. These indicators are clustered between approximately $1.244 and $1.354, maintaining XRP’s constructive underlying structure while they continue to hold.

The Relative Strength Index sits in the mid-50s, indicating that bullish momentum has moderated without completely disappearing. Meanwhile, the Moving Average Convergence Divergence line remains below zero, signaling weakening upside momentum.

XRP’s first major support is the 200-day EMA near $1.354. A break below this level could expose the horizontal support at $1.300, followed by the 50-day and 100-day EMAs. The next significant downside target would sit around $1.000.

On the upside, XRP faces major resistance near $1.900. A daily close above this level would be required to restore stronger bullish momentum and support a more substantial price recovery.

Until that happens, weakening derivatives demand and fading momentum could keep XRP under pressure near its moving-average support zone.

The post XRP slide as bearish derivatives data limits recovery appeared first on CoinJournal.