Kategorie: Crypto Analysis

The Dogecoin price has recoiled sharply as investors raise doughts about Elon Musk’s acquisition of Twitter. After soaring to a multi-week high of $0.1715 on Tuesday, the coin has crashed by 20% and is trading at $0.1381, bringing its total market cap to about $18 billion.

Doubts about Elon Musk Twitter purchase

On Monday, Twitter announced that it had accepted to be acquired by Elon Musk, the CEO of Tesla and SpaceX. The agreed price of the deal was $54 per share, which would value the compay at more than $44 billion. 

However, there are concerns about whether the deal will go through. For one, the Twitter stock price is trading at $49, which is lower than the acquisition price. The company is currently valued at about $37 billion, which is over $7 billion below its acquisition price.

There is a belief that Elon Musk will exit the deal and pay the $1 billion break-up fee. This is simply because acquiring Twitter will have unintended consequences for Tesla and other companies owned by Musk. 

For one, Tesla’s biggest market is China, where it also owns a large plant. The company also buys most of its input from China. Now, China is a country known for its crackdown of free speech. Therefore, there is a likelihood that it will work to punish Musk in case of any unfavourable tweets.

Therefore, the Dogecoin price has crashed because of the rising fear that Musk will not buy Twitter at all. Most investors believe that if the acquisition closes, it will be a good thing for Dogecoin because Musk has vowed to add it as a payment option.

Dogecoin price prediction

The daily chart shows that the DOGE price has formed a double-top pattern at $0.1725. A double-top is usually a bearish sign. It has now moved to the 25-day and 50-day moving average while the Stochastic Oscillator has moved above the oversold level. Therefore, the coin will likely keep falling as bears target the next key support level at $0.1100. A move above the resistance at $0.15 will invalidate the bearish view. Here’s how to buy Dogecoin.

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The cryptocurrency market has been underperforming over the past 24 hours and could record further losses soon.

The broader crypto market has entered a bearish trend again despite a good start to the week. The market has lost nearly 5% of its value in the last 24 hours and currently has a total market cap of $1.77 trillion. 

Bitcoin is down by more than 5% so far today and now trades around $38 per coin. Ether has also lost more than 5% of its value in the last 24 hours and currently trades at $2,847 per coin.

ZRX, the native token of the 0x Protocol, is the best performer amongst the top 100 cryptocurrencies by market cap. ZRX, alongside STEPN, are the only cryptocurrencies trading in the green zone amongst the top 100.

ZRX has added more than 9% to its value in the last 24 hours, making it the best performer amongst the leading 100 cryptocurrencies. 

The ongoing rally is fueled by the news that 0x Labs raised $70 million in a recent Series B funding round. The funding round was led by Greylock and other investors, including Pantera, Sound Ventures, A.Capital, Jump Crypto, OpenSea, Coinbase, Brevan Howard, IOSG Ventures, Reid Hoffman and Jared Leto.

Key levels to watch

The XRZ/USD 4-hour chart is currently positive as 0x has been performing well in the last 24 hours. The technical indicators show that the coin’s performance has been positive in the past few days.

The MACD line remains below the neutral zone but could soon be out of the negative region if the rally is sustained. The 14-day RSI of 55 shows that ZRX is no longer in the oversold region. 

At press time, ZRX is trading at $0.83750. If the bulls remain in control, ZRX could rally past the first major resistance level at $0.9149 before the end of the day.

However, the broader market is bearish at the moment, and that could impact ZRX’s performance in the short term. ZRX could slip below the first major support level at $0.7341. 

Despite the bearish trend in the market, ZRX should comfortably defend its position above the $0.6810 support level in the short term.

The post Here is why ZRX is up by nearly 10% today appeared first on Coin Journal.

After facing strong downward pressure over the last weekend, Bitcoin (BTC) has rebounded. The mega-cap coin has in fact reclaimed $40,000 and is looking to consolidate further in the coming days. Here are the key facts to note:

• The recent upswing is largely fueled by dip-buying BTC whales

• $38,000 has proved to be a popular dip price for large wallets.

• BTC is likely to maintain an upward trajectory and test $45,000.

Data Source: Tradingview 

Bitcoin (BTC) – Price Analysis and prediction

For the best part of 2022, Bitcoin has been trading at a very stable range. After bottoming at around $32,000 in February, BTC has rebounded and is now sitting slightly above $40,000. The downside risk also appears to be capped at $35,000. In fact, for the last two months or so, the coin has not fallen below that price. 

This is probably because of the dip-buying Bitcoin whales who have been scooping up the coin at around $38,000. In fact, every time Bitcoin has dropped below $40,000, we have seen it bounce back almost immediately. 

At the moment, the coin will try and consolidate gains above $40,000. After that, it will retest at $45,000. Whether Bitcoin bulls can create enough momentum to surge past $45,000 remains to be seen. But so far, the coin has struggled to clear its 200-day SMA of around $49,000. We don’t expect this to change and as such, upward potential right now is capped at $49,000.

Should you follow Bitcoin Whales?

It’s always a good idea to follow large wallets when making investments in crypto. Besides, BTC whales appear to be getting it right. 

The $38,000 whale entry price has gone on to deliver superb returns in the last few weeks and as such, it would make sense for any investor to follow whale money when trading this coin.

The post Dip buying whales push Bitcoin (BTC) above $40,000 once again appeared first on Coin Journal.

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.