Schlagwort: crypto market

Key takeaways

• DOGE is up by nearly 1% and is now trading above $0.10.
• The rally comes as memecoins recorded gains amid the broader crypto market recovery.

Memecoins surge higher as market rebounds

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are extending their recovery on Thursday following recent corrections.

The positive performance comes as market sentiment helps lift major meme coins. Renewed optimism around a potential peace agreement between the United States and Iran has also contributed to the broader rebound across crypto markets.

Dogecoin is showing a very strong technical structure after rebounding from a key support zone. The coin is now approaching a major moving average level that could determine its next directional move.

Dogecoin price outlook: DOGE rebounds from key support zone

The DOGE/USD 4-hour chart is bearish and efficient despite Dogecoin adding 1% to its value. The leading memecoin faced rejection at the weekly resistance level of $0.119 last week, triggering a decline of more than 11% through Tuesday.

However, it has now bounced back above $0.10 after retesting a key support area around the previous trendline breakout zone, which aligns with the daily support at $0.102,

At the moment, DOGE is approaching the 200-day Exponential Moving Average (EMA) at $0.106.

If the memecoin closes the daily candle above the 200-day EMA, it could strengthen its bullish momentum and open the path toward a retest of the $0.119 weekly resistance.

The momentum indicators suggest that the buyers are stepping in. The Relative Strength Index (RSI) is hovering near 43, indicating neutral conditions after the recent pullback. 

Meanwhile, the Moving Average Convergence Divergence (MACD) remains in negative territory, suggesting that upside momentum is still fragile and could face resistance from overhead moving averages.

However, if the sellers return and DOGE drops below the $0.102 support, the bearish trend could push the price below the psychological level of $0.100.

Currently, DOGE remains in a short-term recovery phase, but traders are closely watching whether it can reclaim key technical levels to confirm a stronger bullish continuation.

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Key takeaways

• ZEC is up 12% in the last 24 hours, making it the second-best performer in the top 10.
• The coin could rally past the $700 mark in the near term. 

ZEC rallies as broader crypto market underperforms

ZEC, the native coin of the Zcash ecosystem, is up 12% in the last 24 hours, making it the second-best performer among the top 20 cryptocurrencies by market cap.

The rally allowed ZEC to hit the $692 mark earlier today, adding 26% to its market cap so far this week.

ZEC’s rally over the past few days comes as regulatory clarity for ZCash has improved following the U.S. Securities and Exchange Commission’s announcement closing its investigation into the Zcash Foundation. 

The Zcash Foundation also reported holding approximately $36.7 million in liquid assets, mostly in ZEC, according to its Q1 update. Core technical development continues on the Zcash protocol despite organizational changes at the Electric Coin Company.

Zcash technical outlook: ZEC targets higher resistance levels above $700

The ZEC/USD 4-hour chart is extremely bullish as Zcash has only been outperformed by Hyperliquid over the last seven days. 

At press time, ZEC is trading at $655 after hitting the $692 level. The momentum indicators are extremely bullish, suggesting that the buyers are in full control. 

The RSI of 70 means that ZEC is now in the overbought region. The coin could undergo a correction, but the current momentum remains bullish. The MACD lines are also within the overbought territory.

If the rally continues, ZEC could extend its gains past $700 and hit the $745 resistance level for the first time since November. An extended rally would allow ZEC to target the $800 psychological level.

However, if the market undergoes a correction, ZEC could retest the $580 low created on Wednesday. 

Failure to defend this support level could expose ZEC to lower demand zones around $485.

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Key takeaways

• BTC remains around the $77k level after rejecting the 200-day moving average.
• The bearish performance comes as rising inflation and Treasury yields weigh on risk sentiment.

Bitcoin slipped below $77,000 earlier on Wednesday after failing to break above the 200-day moving average near $82,000, as rising inflation and tighter macroeconomic conditions weighed heavily on risk assets.

The decline comes after hotter-than-expected U.S. inflation data showed Consumer Price Index (CPI) growth accelerating to 3.8% year-over-year. At the same time, rising oil prices and a surge in the 10-year Treasury yield have reduced expectations for Federal Reserve rate cuts, with markets increasingly pricing in the possibility of a rate hike by December.

Bears continue to dominate the market

According to a report from K33 Research, Bitcoin’s rejection at the 200-day moving average mirrors patterns seen during previous market cycles in 2014, 2018, and 2022, when rapid rebounds were followed by sharp deleveraging-driven sell-offs.

K33 noted that those historical recoveries rebuilt trader confidence and leverage quickly, leaving markets vulnerable to aggressive corrections once momentum faded.

“A core ingredient in the ensuing legs lower was the unwind of positions built up during the rally itself,” the report stated.

However, analysts emphasized that the current cycle differs in several important ways. Bitcoin took significantly longer to revisit the 200-day moving average after breaking below it, spending 189 days before retesting the level in May. That compares with 96 days in 2014, 132 days in 2018, and 85 days in 2022.

Derivatives data suggest traders remain cautious rather than excessively bullish. Funding rates have stayed negative for 81 consecutive days, while options market skews are hovering near yearly highs, indicating persistent defensive positioning.

Institutional flows have presented a mixed picture. Global Bitcoin exchange-traded products (ETPs) recorded their largest weekly outflow of the year last week, totaling 24,303 BTC. The figure marked the ninth-largest five-day outflow since the launch of U.S. spot Bitcoin ETFs.

K33 noted that selling pressure intensified as Bitcoin approached the average ETF cost basis, a level that has historically triggered elevated outflows.

Bitcoin technical outlook: BTC consolidates around $77,000

At the time of writing, Bitcoin is hovering near $77200, slightly above the 50-day EMA at $76,743 and the 100-day EMA at $76,867. 

However, the broader trend remains constrained by the 200-day EMA at $81,845, which continues to act as a strong overhead resistance level.

This positioning suggests that while short-term buyers are attempting to stabilize price action, longer-term trend signals have yet to confirm a bullish reversal.

Technical indicators point to declining bullish momentum. The Relative Strength Index (RSI) is drifting toward the mid-40s, indicating weakening buying pressure without yet reaching oversold conditions.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains firmly in negative territory, reinforcing the view that recent upward moves have lost strength following the prior rally attempt.

If the rally resumes, immediate resistance is located at the 50% Fibonacci retracement level of the recent rally around $78,962. A breakout above this zone would be needed to challenge higher levels.

However, if the selloff continues, initial support is anchored by the 50-day EMA at $76,743. A break below this level could expose Bitcoin to further losses toward the 38.2% Fibonacci retracement at $74,487.

Deeper support lies near the reclaimed trendline around $70,785, with the 23.6% retracement level at $68,950 acting as a final key cushion for the current structure.

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Key takeaways

• PI has reclaimed the $0.1500 level after dropping below this critical area on Tuesday.
• The positive performance comes following the mainnet upgrade. 

Pi Network has reversed its downward trend on Wednesday, climbing above the $0.1500 level following a major infrastructure upgrade to its mainnet nodes. 

At press time, PI traded around $0.1518, extending recent losses while technical indicators hinted at the possibility of a short-term rebound.

Pi Core team completes major mainnet upgrade

The Pi Core Team announced that major mainnet nodes have successfully upgraded to Stellar protocol version 23, reflecting the project’s reliance on the Stellar blockchain infrastructure.

The update also included several backend improvements, such as migrating the operating system from Ubuntu 20 to Ubuntu 24 and upgrading the database engine from PostgreSQL 12 to PostgreSQL 16.

The latest upgrade is aimed at improving network performance, security, and long-term scalability as the ecosystem continues to evolve.

PI price outlook: Technical indicators suggest a possible recovery

The PI/USD 4-hour chart is still bearish and efficient as PI has underperformed over the past few days.

The bearish performance comes despite the infrastructure progress. The token is currently trading below both the 50-period Exponential Moving Average (EMA) near $0.1605 and the 200-period EMA around $0.1709, maintaining a broader bearish outlook.

However, momentum indicators suggest selling pressure may be weakening. The Relative Strength Index (RSI) has dropped to near 29, signaling oversold conditions while also forming a positive divergence as price approaches Tuesday’s low of $0.1463.

This type of divergence often points to a potential reversal or short-term bounce. If buying momentum increases, PI could attempt to retest a descending trendline resistance near $0.1519.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains flat below the zero line, indicating fading bearish momentum but not yet confirming a bullish recovery.

A successful breakout above the $0.1519 resistance level could open the door for a stronger recovery toward the 50-EMA at $0.1605, followed by the 200-EMA near $0.1709.

On the downside, the recent low at $0.1463 remains a critical support zone. A daily close below that level could invalidate rebound expectations and potentially trigger additional downside pressure for Pi Network.

The post Pi Network tops $0.1500 following mainnet upgrade appeared first on CoinJournal.

Key takeaways

• PI is up by nearly 2% as bulls attempt to push the price above $0.1500.
• The ongoing token unlock could still put further pressure on the coin. 

Bulls look to push PI above $0.1500

Pi Network (PI) has been one of the worst performers among the leading cryptocurrencies in recent days. 

The coin is down 12% in the last seven days, underperforming compared to the broader crypto market. However, it has slightly bounced back after adding 2% to its value since Monday.

PI is now trading at $0.1507 on Tuesday, thanks to the outflows from Centralized Exchanges (CEXs). 

Despite that, PI could continue to face selling pressure as the mainnet migration surpasses CEX withdrawals.

Data obtained from PiScan reveals that 2.55 million PI tokens left exchanges over the last 24 hours, a figure that typically signals a surge in buying activity. 

While the outflow to CEXs will reduce selling pressure on PI, it is still not enough to absorb the migration tokens. 

Migration statistics reveal that 4.36 million PI tokens were transferred from testnet to mainnet on Tuesday, enabling holders to deposit this unlocked supply on CEXs. 

This latest development comes after 7.65 million PI tokens were migrated on the previous day.

Will the $0.1500 support level hold?

The PI/USD 4-hour chart remains bearish and efficient despite PI adding 2% to its value in the last 24 hours. 

The short-term recovery might not hold as the selling pressure is currently outweighing the demand. 

Momentum indicators reinforce this pressure, with the Relative Strength Index (RSI) hovering just above oversold territory near 34. 

PI’s Moving Average Convergence Divergence (MACD) line on the 4-hour chart also remains slightly negative below the zero line, adding further confluence to the bearish narrative. 

If the sellers continue to dominate, PI could drop below the $0.1500 and test the support levels at $0.1440 and $0.1345 in the near term. 

However, if the bulls regain control and push the price above the $0.1605 resistance level, it could allow PI to extend its rally towards the 100-period EMA at roughly $0.1684.

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