Schlagwort: crypto analysis

• Dogecoin failed at $0.1 resistance in 2023 and made new lows
• A double bottom might already be in place
• If Dogecoin breaks above resistance, more buying should follow

Financial market participants await the Federal Reserve’s monetary policy decision later in the North American session. The Fed is expected to raise the funds rate again by another 25bp. 

Therefore, it will be interesting to see the message regarding future decisions. Most likely, the Fed’s Chair, Jerome Powell, will offer some hints during the press conference to follow the FOMC Statement, and so the dollar’s volatility is poised to increase. 

The Fed’s decision interests all market participants, regardless of the market traded. Cryptocurrency traders speculating on US dollar pairs get ready for a sharp increase in volatility too. 

Dogecoin, for instance, looks interesting. It rallied in 2023 together with other major cryptocurrencies, only to be rejected at the $0.1 resistance area. 

The rejection was so powerful that Dogecoin gave up all of its gains and made a new lower low. However, other cryptocurrencies, such as Bitcoin, did not give up their gains, making it even more difficult for Dogecoin bulls to hold their positions. 

The good news is that Dogecoin bounced from the lows, and a double bottom pattern might already be in place. As such, one should not be surprised to see the cryptocurrency trying again to break the $0.1 resistance area. 

Dogecoin chart by TradingView

Dogecoin should rally some more if it overcomes the horizontal resistance

A double bottom is a bullish reversal pattern forming at the end of bearish trends. The $0.06 area provided support, and now the path of least resistance leads to another attempt at the $0.1 area. 

A daily close above resistance should open the gates for more upside. The pattern’s measured move points to much higher levels, as even the neckline lies way higher. 

Summing up, Dogecoin bulls should welcome the recent price action, as the rally in July might just be the start of a meaningful bullish trend. 

The post Dogecoin rallies in July, as a double bottom might already be in place appeared first on CoinJournal.

• Shiba Memu token has raised over $1.1 million in the past few weeks.

• The token will likely do well as the Fed delivers the last rate hike.

The Artificial Intelligence (AI) industry is doing well as adoption and investments rise. On Tuesday, companies like Microsoft and Alphabet said that their AI tools were gaining momentum as demand jumped. 

At the same time, top AI cryptocurrencies like SingularityNET and Fetch.ai have held quite well recently. Worldcoin, the coin launched by ChatGPT’s founder has jumped by almost 50% in the past three days. So, is Shiba Memu the next big thing in crypto?

Fed to end rate hike

There were three main news this week. First, the earning season continued in the United States as over 150 companies in the S&P 500 index published their results. Microsoft and Alphabet, two of the biggest companies in the US published strong financial results. Most importantly, the said that the development and adoption of their AI tools was gaining momentum.

The other big news was the launch of Worldcoin, a new cryptocurrency founded by Sam Altman, the founder of ChatGPT. Worldcoin is a cryptocurrency that is made up of a privacy-preserving digital identity known as World ID. WLD is a cryptocurrency that can be used internationally, as we wrote here. It also has some AI features.

The strong performance of Worldcoin is a testament that there is still demand for unique cryptocurrencies and technologies.

Finally, the Federal Reserve will deliver its interest rate decision on Wednesday. This will be an important decision since it could be the final hike of the year. Analysts believe that the bank will hike by 25 basis points and push rates to the highest point in 22 years. But with inflation falling, there is a likelihood that this will be the final increase.

A decision to pause interest rates will be necessary since inflation has fallen while there are signs that the economy is slowing down. Such a move will be positive for cryptocurrencies and other assets.

Shiba Memu token sale continues

The other important crypto news during the week was the strength of Shiba Memu, a new cryptocurrency that incorporates AI and meme coin features. The hype surrounding the token has continued rising, which has helped it raise over $1.18 million in the past two weeks. The creators have sold over 40 million tokens in the first phase of the process.

Shiba Memu’s goal is to leverage the strength of two important themes in the market: meme coins and AI. This year, we have seen the strength of several new meme coins like Pepe and Milady Meme Coin do well. At the same time, AI tokens like Fetch.ai and SingularityNET have jumped by more than 500%.

Therefore, there is a likelihood that the Shiba Memu coin will continue doing well when it is finally released in exchanges like Uniswap and Binance. You can read the Shiba Memu white paper here and buy the token here. 

Still, you should be aware of the risks of investing in presale tokens. It is a high-risk and high-reward way to make money. As such, you should only invest a small portion of your money.

The post Shiba Memu could be the next big thing as Fed prepares last hike appeared first on CoinJournal.

• Avalanche has underperformed the crypto market in the past few weeks.

• Avalanche is now targeting the $30 trillion tokenization industry.

Avalanche price remained under pressure as cryptocurrencies retreated. The AVAX coin retreated to a low of $12.84, the lowest level since July 13th. It has dropped by more than 16% from the highest point this month.

Avalanche focuses on tokenization

Avalanche crypto price has been under intense pressure in the past few months as activity in its ecosystem continues. A closer look at its DeFi platform shows that the total value locked (TVL) in its ecosystem stands at over $1.76 billion. 

At its peak, Avalanche had a TVL of over $21 billion. Some of the most popular dApps in its ecosystem are Wonderland, Aave, Benqi, GMX, and Trader Joe among others. These dApps have seen their activity retreat. For example, the trading volume of GMX in Arbitrum is much bigger than that in Avalanche.

Avalanche is now focusing on tokenization. In a statement, the Avalanche Foundation said that it willl purchase tokenized assets minted in its ecosystem worth over $50 million. This program has been christened as Avalanche Vista.

Most analysts believe that tokenization is the future of the crypto industry. For example, Franklin Templeton, one of the biggest companies in finance, announced that its OnChain US Government Money Market Fund (FOBXX) was now in Polygon. In a report, Boston Consulting Group has estimated that tokenized assets could jump to over $30 trillion.

Avalanche is now entering an industry that is highly competitive. Some of the top players in the industry are Ethereum, Zilliqa, Solana, and Polygon. In a note, the CEO of Intain said:

“Moving parts of the asset administration process on-chain allows issuers to have one workflow and one system of record, enabling a better, more seamless user experience for service providers and investors.”

Avalanche price prediction

The daily chart shows that the AVAX price has been under pressure in the past few days. It has moved below the 25-day and 50-day exponential moving averages (EMA). The token has moved slightly above the lower side of the ascending channel shown in black. Further, the MACD is nearing the neutral point.

Therefore, the AVAX token will likely continue falling as sellers target the key support at $11.10, the lowest level on June 18th. 

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Key takeaways

• DOGE is outperforming the other major cryptocurrencies, up by 4% in the last 24 hours.

• The positive performance comes as speculations return that DOGE could become a payment option on X (Twitter).

DOGE outperforms the broader market

DOGE, the native coin of the Dogecoin ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap today. The coin has added 4% to its value in the last 24 hours, outperforming Bitcoin and other major cryptocurrencies.

At press time, the price of Dogecoin stands at $0.0771. The positive performance comes as speculations returned that DOGE could be used for payments on Twitter, which was rebranded to X by Elon Musk earlier this week.

Market analysts believe that DOGE’s price could soar higher thanks to this speculation. Kryptomon Chief Marketing Officer Tomer Nuni told CoinDesk that;

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter. We saw the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.”

Dogecoin is currently the seventh-largest cryptocurrency by market cap, behind Circle’s USDC stablecoin.

Twitter is reportedly designing a system that would allow users to make payments via the social media platform. However, Elon Musk wants fiat currencies to be supported before Twitter will include cryptocurrencies as payment options. 

Bitcoin drops to the $29k level

While Dogecoin was rallying, Bitcoin was tanking. Bitcoin is down by more than 2% in the last 24 hours, briefly dropping below the $29k level late on Monday.

At press time, the price of Bitcoin stands at $29,255. The poor performance came following the Wall Street Journal’s report on Monday, alleging possible wash trading activities by the world’s largest cryptocurrency exchange. 

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