Kategorie: Crypto Analysis

Dogecoin (DOGE) is surging today. The coin has had a mixed 2022 and had recently bottomed at $0.109. However, it seems the fortunes of this popular meme coin are starting to turn, and we could see some sustained gains in the weeks to come. Here is what you need to know:

• DOGE coin has now surged past its demand zone of between $0.109 and $0.124.

• The coin is likely to hit $0.2 before any major correction

• DOGE has added nearly 30% in value over the last 24 hours alone.

Data Source: Tradingview 

Dogecoin (DOGE) – What is the upward potential?

Dogecoin, like other meme coins in the market, has had a very difficult 2022. The coin had shown some bullish signs at the end of March. But this did not last long; instead, the meme coin bottomed in April. However, things are starting to turn around.

After Elon Musk acquired Twitter, there has been speculation that DOGE could be integrated as part of the payment ecosystem for the social media platform. As a result, the coin has added 30% in value over the last 24 hours.

Despite this, we still think there is more upside left for Dogecoin. In fact, the coin is likely to continue surging towards $0.2 before we see any possibility of a major price correction. This will represent gains of an additional 30% from the current price.

Dogecoin’s future and long-term outlook

It’s unlikely that DOGE will reclaim its previous all-time high of around $0.7. The coin will have to grow by at least 4x to achieve that from the current price. However, if Elon Musk follows through on his desire to make the meme coin part of Twitter’s payment ecosystem, then DOGE will become huge.

Nonetheless, the meme coin still has a positive outlook for the remainder of 2022. Conservative estimates show that the meme coin has the potential to offer 2x growth before the end of the year.

The post Dogecoin (DOGE) surges after hitting lows in recent dip appeared first on Coin Journal.

The ApeCoin price remarkable rally is continuing as the ecosystem growth continues. The APE token is trading at $18.18, which is close to its all-time high of $19.50. It has risen by more than 147% from its lowest level on March 17th, bringing its total market cap to over $5.2 billion. So, is ApeCoin a good buy?

Why is APE rising?

ApeCoin is one of the newest cryptocurrencies around. It is the native token for the Bored Ape Yacht Club (BAYC), one of the biggest NFT ecosystems in the industry. According to CoinMarketCap, it has a total market value of 1.35 million ETH that are currently worth more than $3 billion. Its Mutant Ape Yacht has also risen.

The ApeCoin price has risen sharply as the ecosystem growth has accelerated. The developers are hoping that a metaverse platform will spur growth of the ecosystem. Investors believe that the ecosystem will lead to more growth of the metaverse and NFT industry. Its metaverse platform will be known as Otherside. 

Still, there are concerns about the coin’s consolidation considering that over 52% of the coins are held by its insiders. And, most of the NFT purchases will go back to these insiders, who raised $450 million from investors last month. Indeed, in a note, The Verge said:

“Self-dealing founders and investors; a hype machine in overdrive; and a growing disconnect between the web3 we were promised and the one that’s being traded on the crypto exchanges. And when it does, I wouldn’t be surprised to see that decentralization is its first casualty.”

ApeCoin price prediction

The four-hour chart shows that the APE price has been in a strong bullish trend recently. The coin has managed to move above the important resistance level at $15.50, which was the highest level on March 28th. It has also moved above the 25-day and 50-day moving average while the Relative Strength Index (RSI) has moved slightly below the overbought level.

Therefore, there is a likelihood that the ApeCoin price will keep rising in the near term as bulls target the key resistance at $20. 

The post ApeCoin price prediction: Will APE Soar Above $20? appeared first on Coin Journal.

The broader cryptocurrency market has been performing well so far this week, but Dogecoin is currently leading the gains.

The cryptocurrency market is erasing the losses recorded over the weekend. The total market cap has increased by more than 3.5% over the past 24 hours and currently stands above $1.8 billion.

Bitcoin is trading around the $40k psychological level again, while Ether also rallied by 5% in the last 24 hours to reach the $3,00 mark.

However, DOGE, the native token of the Dogecoin ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap over the past few hours. DOGE is up by more than 20% over the past 24 hours.

The rally has DOGE overtake Avalanche and now occupies the tenth place in the market in terms of market cap.

DOGE’s ongoing rally is fueled by the news that Twitter’s board has accepted Elon Musk’s offer to acquire the company.

Musk is a huge fan of Dogecoin and investors are optimistic he will rollout DOGE payment options on the social media platform.

Key levels to watch

The DOGE/USD 4-hour chart is currently bullish as Dogecoin has outperformed the other major cryptocurrencies in the last 24 hours. The technical indicators show that DOGE has overcome its latest bearish trend.

The MACD line is above the neutral zone, indicating a bullish momentum for Dogecoin. The 14-day relative strength index of 67 indicates that Dogecoin could soon enter the overbought region if the momentum is sustained.

At press time, DOGE is trading at $0.158 per coin. If the bulls remain in charge, DOGE could surpass the first major resistance level at $0.165 before the end of the day.

However, with the support of the broader cryptocurrency market, DOGE could trade above the $0.175 level for the first time in months. 

The post Here is why DOGE is up by more than 24% in the last 24 hours appeared first on Coin Journal.

Cryptocurrency prices crashed on Monday as fear in the market escalated. Bitcoin dropped below $40,000 while the total market capitalization dropped to over $1.87 trillion. Some of the worst-performing coins were Near Protocol, Mina Protocol, Zilliqa, Moonbeam, and Axie Infinity, which have dropped by more than 10% in the past 24 hours. 

Investors are  getting fearful

Cryptocurrencies dropped as the mood in the market rose sharply. Indeed, a closer look across various asset classes are deeply in the red. For example, in the commodities market, the price of crude oil crashed by more than 4% while gold and silver dropped by over 2%. This makes it one of the worst days in the commodities index this year. The Bloomberg Commodity Index (BCOM) dropped by over 1.9%. 

The stock market also crashed. For example, in Europe, the CAC 40, DAX index, and FTSE 100 indices crashed by over 2%. In the United States, the Dow Jones dropped by more than 1,000 points. It has lost over 200 points in the futures market.

Therefore, cryptocurrencies are falling as investors react to the ongoing fear that the Federal Reserve and other central banks. In a statement last week, Jerome Powell warned that the bank will embrace a more hawkish policy in the coming months. As a result, the fear and greed index has moved to the extreme fear zone of 23.

Zilliqa price prediction

The daily chart shows that the ZIL price has been in a strong bearish trend in the past few days. The coin has moved below the important level at $0.1285, which was the highest point on October 21st. It has crashed by over 57% from its highest level this month. 

It has fallen to about $1.3 billion while the MACD indicator has moved below the neutral level. Therefore, there is a likelihood that the coin will continue falling as bears target the next key support level at $0.08.

Near Protocol price prediction

On the 1D chart, the Near Protocol price has dropped in the past 6 straight days. A closer look shows that the downward trend has been actually gaining momentum. It has also managed to move below the 25-day moving average while the MACD is close to falling below the neutral level. 

The coin has also formed what looks like a handle of its cup and handle pattern. Therefore, there is a likelihood that the shares will resume the bullish trend.

The post Top crypto price predictions: Zilliqa and Near Protocol appeared first on Coin Journal.

The cryptocurrency market underperformed over the weekend, and Bitcoin could record further losses soon.

The broader cryptocurrency market has been in a bearish trend over the weekend. In the last 24 hours, the total cryptocurrency market cap has dipped by more than 4% and currently stands above $1.7 trillion.

Over the past seven days, the broader crypto market has lost more than $200 billion. Bitcoin remains the number one cryptocurrency by market cap but has recorded losses over the past few days.

At press time, Bitcoin is trading above $38k per coin, down by more than 2% over the last 24 hours. If the market momentum is maintained, Bitcoin could face further selling pressure and could slip towards the $35k psychological level before the end of the week.

Key levels to watch

The BTC/USD 4-hour chart is bearish at the moment as the bearish sentiment in the market thickens. The technical indicators show that BTC could suffer further losses over the coming hours and days. 

The MACD line is below the neutral zone, indicating strong bearish momentum for Bitcoin. The 14-day relative strength index of 48 shows that Bitcoin could soon enter the oversold region if the current market condition persists.

If the bears remain in control, Bitcoin could slip below the first major support level at $37,102 before the end of the day. This would be the first time Bitcoin will trade below $38 since the start of the month.

In the event of an extended bearish run, Bitcoin could be forced to defend the second major resistance level at $35,289. Bitcoin hasn’t tested the $35k psychological level since February.

However, if the bulls regain control, Bitcoin could test the $40k resistance level over the next few hours. The second major resistance level at $42,154 should cap any further upward movement in the short term.

The post Bitcoin risks dropping towards $35k as the bearish trend thickens appeared first on Coin Journal.