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Elon Musk’s Dogecoin tweet fails to stop the decline: can DOGE recover?

  • Dogecoin continues to drop despite Musk’s tweet supporting it over other cryptos.
  • Key support at $0.2220 with risks of a further drop if the support does not hold.
  • Recovery is possible if DOGE breaks $0.2350 resistance.

Dogecoin (DOGE), the popular meme-based cryptocurrency, has once again found itself at the centre of the crypto spotlight.

This time, however, not even Elon Musk’s vocal support seems enough to stop its current price dip.

Despite Musk’s latest remarks affirming his fondness for Dogecoin, saying “I like dogs and memes” while dismissing other cryptocurrencies, DOGE continued its downward trend, dropping 6% today.

Dogecoin price continues to slide bullish technical patterns

Dogecoin had surged an impressive 38% over the past month, buoyed by strong technical patterns and massive whale accumulation.

Earlier, a popular analyst had identified a Livermore Cylinder pattern on the charts, a formation often associated with parabolic rallies.

This pattern led many to believe DOGE could break through resistance levels and potentially reach $1.50 in the coming months.

Moreover, on-chain data shows that over $250 million worth of DOGE was scooped up by large holders in just 48 hours.

Trading volume has also spiked by 77%, indicating heightened interest and aggressive buying pressure.

These developments signalled to many that a significant breakout was on the horizon.

However, following a recent decline from the $0.250 mark, Dogecoin began to underperform compared to Bitcoin and Ethereum.

The memecoin has dropped below several support zones, and now trades under both the $0.2320 level and its 100-hourly simple moving average, leaving many traders cautious.

Bear pressure mounts

Technically, Dogecoin is now facing resistance at $0.2280 and $0.2350.

A bearish trend line has formed on the hourly chart, suggesting further downward pressure unless bulls reclaim these critical levels.

In addition, the hourly MACD is gaining strength in the red zone, while the Relative Strength Index (RSI) remains below the neutral 50 level.

A key support has formed at $0.2220, and a drop below this could expose DOGE to further declines toward $0.2120 and possibly even $0.2054.

If DOGE breaks below the $0.2054 level, the next downside targets could be $0.1980 or $0.1947, according to CoinLore. Momentum indicators also reflect this bearish turn.

Nevertheless, there is still a chance for a recovery. If Dogecoin climbs above $0.2280 and sustains a move past $0.2350, it could attempt to retest the $0.250 level.

A strong close above $0.2420 might shift momentum back in favour of the bulls.

The post Elon Musk’s Dogecoin tweet fails to stop the decline: can DOGE recover? appeared first on CoinJournal.

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FARTCOIN price dips 20% as top whale takes profit

  • A large-scale holder has just offloaded 3 million FARTCOIN.
  • The meme token’s price has dropped 20% on the 24-hour chart.
  • Meme cryptos have plunged after the latest criticisms from Solana’s co-founder.

Digital tokens recorded mixed performances in the past 24 hours, with most coins plunging.

The meme token space witnessed multiple activities.

While Gemini announced DOGE and SHIB as collaterals, a dramatic move shocked the Fartcoin community.

According to Lookonchain, address 24BLFj has dumped a massive 3 million FARTCOIN tokens, pocketing $3.65 million.

The investor sold at $1.22 as Fartcoin plunged from the intraday high of $1.4017.

The meme cryptocurrency fell to $1.1253, a 19.71% decline from the daily peak.

While Solana co-founder’s latest criticism of meme assets contributes to FARTCOIN’s weakness, the whale sell-off adds to the selling pressure.

Anatoly Yakovenko said NFTs and meme cryptocurrencies lack intrinsic value.

Meanwhile, this whale has invested in Fartcoin since late February, accumulating 8.89 million coins at discounted prices.

Notably, the whale spent $0.26 on average to purchase the assets between 26 February and 21 March.

The strategic investment, worth only $2.31 million, has grown to a massive profit of $8.07 million, a 349% ROI.

While the large-scale offload has impacted the markets, it also shows that the investor played a long game with FARTCOIN.

Most importantly, the sale could indicate dwindling confidence in FARTCOIN’s short-term performance.

Is the meme token set for further declines?

Fartcoin has plummeted continuously from $1.6843 on 23 July.

Nevertheless, the whale has not dumped all his stash.

They still hold FARTCOIN worth approximately $2.15 million (1.89 million coins).

Thus, the offload signals a potential strategy change, not a complete exit. The investor could be bracing for more returns in a rebound.

Most importantly, the sale reflects a calculated move.

While panic sellers dump all their assets at once, the smart whale takes partial profits while waiting for any future rally.

FARTCOIN price outlook

The meme coin trades at $1.18 with a bearish structure.

The 50% increase in daily trading volume signals intensified trader activity in FARTCOIN.

That signals players seeking opportunities in the prevailing volatility or exiting their positions.

The prevailing broad market sentiments support continued struggle for Fartcoin.

Meme coin market overview

The meme cryptocurrency space endured a bloodbath on Tuesday, with Dogecoin, Shiba Inu, and PEPE losing up to 10% on their daily charts.

The seven-day timeframe also confirms bearish dominance.

Only PENGU (+8.5%) and SPX (+18%) exhibit 7D days among the top meme coins by value.

CoinGecko data shows the meme coins’ market cap plunged 4.6% the previous day to $79.55 billion.

The substantial daily trading volume dip indicates dwindling interest in themed digital coins.

The latest critique by Solana co-founder Anatoly Yakovenko magnified bearish sentiments in the meme crypto space.

While meme activity has fueled Solana’s growth, Yakovenko blasted the asset class.

He boldly said that “memecoins and NFTs are digital slop and have no intrinsic value.”

Nevertheless, meme cryptocurrencies have proven crucial for the digital assets economy, often used as a proxy for broad market sentiments.

The post FARTCOIN price dips 20% as top whale takes profit appeared first on CoinJournal.

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Ether tops $3,800 after consolidating below $3,780; check forecast

Key takeaways

  • ETH dropped below the $3,750 mark on Monday as the broader crypto market undergoes a correction.
  • It is now trading above $3,800 despite the net outflows.

Ether bounces back above $3,800

Ether, the second-largest cryptocurrency by market cap, lost 3% of its value on Monday and temporarily dropped below $3,750. However, it has recovered nicely and now trades above $3,800 per coin. 

The bearish performance comes amid net outflows for the cryptocurrency. According to data from July 29, Ethereum recorded a net outflow of $52.36 million from spot exchanges. 

The outflow highlights the growing Ether withdrawals this month as long-term investors take profit. However, the profit-taking hasn’t halted Ether’s performance as the coin looks set to hit the $4k psychological level soon.

Ether continues to see growing volume thanks to the ongoing NFT boom. While speaking to Coinjournal, Evan Kuhn, President of DeLorean Labs, the Web3 division of the DeLorean brand, revealed that legacy NFTs are seeing increased volumes. He stated that,

“Renewed volume around legacy NFT collections like CryptoPunks shows that digital ownership still has speculative appeal, but the more important shift is how NFTs are evolving into infrastructure. We’re seeing a transition from collectibles to utility. NFTs are now being used to manage access, automate rules, and assign roles within on-chain ecosystems.

While Ethereum’s price rebound has contributed to rising volume, the deeper story is about maturation. As NFTs become tools for real utility, they will move from novelty to necessity.”

Ether targets $4k as bulls remain in control

The ETH/USD 4-hour chart is bearish following Ether’s underperformance on Monday. However, the technical indicators on the lower timeframe have switched bullish, suggesting that buyers are regaining control.

The MACD lines have entered the positive region, indicating that the bias has switched bullish. Furthermore, the RSI of 61 shows that ETH could face buying pressure soon. If the recovery continues, Ether could break past the TLQ and resistance at $3,938 and hit the $4k psychological mark.

ETH/USD 4H chart

An extended bullish run would allow ETH to target the $4,200 level for the first time since December. The all-time high price remains $4,891, and it remains Ether’s medium-term target.

However, if the bearish trend returns, ETH could retest the low below $3,500 in the coming hours or days.

The post Ether tops $3,800 after consolidating below $3,780; check forecast appeared first on CoinJournal.

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Why did Conflux price spike 38% today?

  • Conflux price rose 38% amid multiple key integrations.
  • Bulls could push CFX price to $0.50 and target $1 in the short term.
  • Most cryptocurrencies are trading at key support levels, with Conflux set to ride on overall bullish sentiment.

Conflux (CFX) price rose 38% in 24 hours to hit highs of $0.27 and lead top gainers in early trading on July 29.

The gains came amid several strategic integrations and partnerships for Conflux, with daily volume also rising as CFX jumped to prices last seen in mid-April.

A technical outlook suggests a retest of the $0.50 level is possible as Conflux continues to attract attention as a decentralised finance and artificial intelligence ecosystem.

Conflux price: CFX gains amid major network integrations

Conflux Network’s native token has benefited from fresh upside momentum as the ecosystem sees a series of high-profile collaborations.

Both in DeFi and AI, these integrations are set to enhance the utility and market appeal of CFX.

Among the pivotal developments is the partnership with OrcaMind.AI, which brings AI-driven payment solutions to the Conflux Network.

Set to amplify upside momentum is the announcement that Conflux Network has joined forces with Fufuture, a decentralised perpetuals platform, a move set to integrate advanced trading capabilities and expand CFX adoption.

These efforts add to recent momentum fueled by Conflux’s partnership with AnchorX and Eastcompeace Technology to unveil an offshore yuan-pegged stablecoin.

“We have joined forces with AnchorX and Eastcompeace Technology for offshore RMB stablecoin (AxCNH) projects, cross-border settlement, and RWA initiatives across Belt and Road countries,” Conflux posted on X.

Also crucial is Conflux’s mainnet upgrade, with transactions boost adding to scalability as the network looks to expand its footprint across real-world assets tokenisation and cross-border payments.

Support in China is a major factor for CFX.

CFX price outlook

Bullish sentiment has indeed catalysed a 34% uptick this past week and over 250% in the past month.

However, Conflux price remains well off the all-time high of $1.70 reached in 2021.

Conflux price chart by CoinMarketCap

What’s next for CFX is therefore a key sentiment factor for analysts and investors, who might look at the 24-hour spike of 38% and 250% in 30 days as a pointer to where prices might go next.

The integrations and partnerships could drive more gains, albeit with market volatility and the overall crypto outlook a significant consideration.

But should the network continue to leverage AI integration and cross-chain capabilities, a bounce in altcoins will solidify CFX’s upward potential.

A breakout to $0.50 in the short term will allow bulls to target $1 and higher. Meanwhile, a downward flip may bring $0.20 and 0.15 into play as support levels.

The post Why did Conflux price spike 38% today? appeared first on CoinJournal.