Blockchain

Dogecoin has been in the spotlight lately after a notable uptick in the usage of its network over the last month. However, this adoption has not translated to any notable increase in the asset’s price, prompting speculations of a delayed breakout for the meme coin.

Crypto Analyst Says Dogecoin Could Breakout Soon

Even as Dogecoin continues to put on a lackluster performance, it has not shaken the bullishness of investors. One of the analysts who believe that the DOGE price is destined for great things is crypto analyst Ali Martinez, popularly known as Ali_Charts on X (formerly Twitter).

According to an analysis shared by Ali on X, the meme coin may be looking to stage a repeat of the parabolic breakouts seen over the years. The crypto analyst points out that Dogecoin is mirroring past performance, and the patterns are beginning to line up to the months leading to the previous breakouts.

The first instance of this breakout happened between 2017 and 2018 when there was an enormous rally after 97 bars and 679 days, as outlined by the analyst. During this time, the price of DOGE would rise by more than 8,000% before the rally was over.

The next time a similar rally would occur was between 2020 and 2021. In the same vein, there were 97 bars and 679 days between the previous rally and the next one. This time around, DOGE would go on to stage an even larger rally, rising more than 23,000% to reach its current all-time high of $0.7.

Now, the analyst points out that Dogecoin has almost reached the infamous 97 bars and 679 days once more, which could end in a massive rally. If this holds, then the DOGE price could break out in April when this pattern would complete, and the DOGE price could rise over the $3.5 level as a result.

DOGE Price Could Rally As High As $10

This is not the first that the crypto analyst is pointing out the possibility of a Dogecoin parabolic rally. In an analysis that was posted last week, the analyst also pointed out that the DOGE price was following patterns similar to what was seen back in 2020 before the infamous rally.

He points out a descending triangle that forms over two years, appearing once more. This same descending triangle was also seen before the DOGE price had risen from less than $0.003 to over $0.7 in a matter of months.

In this analysis, Ali points out that if Dogecoin were to go on a similar rally, then the price of the meme coin could rise as high as $10. “Having broken out of a descending triangle, it’s now in a consolidation phase, potentially setting the stage for another significant bull run,” the crypto analyst said.

An analyst has explained that the XRP price has formed a buy signal that may lead to the cryptocurrency surging up to this target.

XRP Weekly Price Has Formed A TD Sequential Buy Setup

In a new post on X, analyst Ali discussed how the weekly price of XRP has recently shown a TD Sequential buy signal. The “Tom Demark (TD) Sequential” refers to an indicator in technical analysis that’s generally used for pinpointing locations of probable tops and bottoms for any commodity’s price.

The TD Sequential has two phases. In the first phase, called the setup, candles of the same polarity are counted up to nine. Once these nine candles are in, the indicator gives a signal of reversal for the asset. Naturally, the direction in which such a reversal would go depends on the type of candles that lead to the setup’s completion.

If green candles resulted in the setup’s formation (that is, the prevailing trend was to the upside), the price could be assumed to have run into a probable top. Similarly, red candles would imply a likely bottom may have now been hit by the asset.

The second phase, the countdown, begins once the setup is done. It works very much like the setup, except for the fact that it lasts for thirteen candles instead of nine. Once the countdown is also over, the price could be considered to have attained another point of probable reversal. This time around, the XRP 7-day price has formed a TD Sequential pattern similar to the former.

Below is the chart shared by Ali that shows this setup that has appeared for the asset:

As displayed in the graph, the XRP weekly price finished the TD Sequential setup with nine red candles recently. This would imply that the indicator has given a buy signal for the coin.

It would also appear that the indicator’s effect might already be in action, as the cryptocurrency has been heading up overall since it completed the buy setup.

“If XRP manages a sustained weekly close above $0.57, it could be the catalyst for a push toward $0.63 or even higher, reaching $0.65,” says the analyst. From the current price of the asset, such a potential run towards $0.65 would mean an increase of more than 22% for the coin.

XRP Price

XRP has had a poor last week as the asset is down 5% over the period, with its price dropping to the $0.53 level. This means that the asset is still far from the $0.57 threshold the analyst pointed out as a possible bullish catalyst.

The chart below displays how the cryptocurrency has performed recently:

Michaël van de Poppe, a renowned crypto analyst and the CEO of MN Trading Consultancy, recently took to X (formerly Twitter) to share his insights on a perennial challenge in the cryptocurrency market: how to strategically enter the altcoin market without falling prey to the pitfalls of FOMO and market hype. His guide, dubbed “The Ultimate Strategy to Step into Altcoins,” aims to arm investors with the knowledge to make informed decisions.

Crypto Guide: When To Buy Altcoins

Van de Poppe opens his discussion by framing the issue as a “Million Dollar question,” emphasizing the difficulty many face when trying to navigate the highly volatile altcoin market. “How do you position yourself into an Altcoin running upwards? How do you avoid chasing FOMO and hype?” he queries, setting the stage for a deep dive into the complexities of market timing and investment strategies.

He starkly highlights a common misstep among investors, pointing out, “Between 80-90% of buyers who purchase an asset do that in the last 10% of the price movements.” This statistic underlines the herd mentality prevalent in the investment world, where many are drawn to an asset only after witnessing significant gains, often too late to realize similar returns.

A crucial piece of advice from van de Poppe centers around the deceptive nature of market hype, especially as it manifests on social media platforms. “Once you start to see the hype increase on social media, it means that you’re probably still relatively late to the party,” he states, cautioning investors against making decisions based on the heightened visibility of an asset, which often signals it is nearing its peak.

Van de Poppe argues for a contrarian approach to investing, suggesting that the greatest opportunities lie in moments of widespread doubt or negativity. He offers a compelling comparison, “After the collapse of FTX, Bitcoin’s price was swimming around a value of $15,500 per Bitcoin.

During this period, almost no one was interested in getting into a position.” He contrasts this with the period leading up to the ETF approval when Bitcoin was trading at significantly higher prices, to illustrate the heightened risks associated with entering the market during periods of optimism.

One of the most emphatic pieces of advice from van de Poppe is to avoid the temptation of chasing rallies. “The risks are just not worth it to chase a rally. It’s always better to wait for a correction,” he advises. He elaborates on this point by recommending that investors wait for an altcoin to correct by 25-60% from its recent peak before considering an entry.

“This means buyers are likely to take over and the risk/reward is more positive,” van de Poppe explains, highlighting the strategic benefit of patience and timing in maximizing investment returns.

Another option is to examine the total market capitalization of the altcoins, either with Ethereum (“TOTAL2”) or without ETH (“TOTAL3”) on TradingView.com. The two metrics can give an indication of what stage the market is currently in – a Bitcoin dominance phase or an emerging altcoin season. At press time, TOTAL3 stood at $546 billion after surpassing the crucial resistance at the 0.236 Fibonacci retracement level.

Crypto analyst Egrag Crypto has put out an ultra-bullish price prediction for VeChain (VET), which the analyst predicts will achieve significant gains soon enough. 

VeChain To See A 140x Gain

Egrag mentioned in an X (formerly Twitter) post that the VeChain token could see a 50x or 140x gain. He further highlighted how the crypto token could achieve any of this move to the upside. Analysing the chart, he stated that a 50x move could be in play if VET sees a similar percentage increase to the one that occurred around 2019. 

Back then, VET is said to have seen a 5,892% increase. Egrag predicts that the crypto token could rise to $0.9 if this move is indeed in play. Meanwhile, for the 140x gain, the analyst claimed that this move could be in play if the market eventually witnesses a similar percentage increase to the one around 2021 when VET’s price increased by 14,638%.

Related Reading: Pro-Ripple Lawyer Tags Poor XRP Price Performance As Unnatural, Rally Imminent?

That was when the crypto token hit its all-time high (ATH) of $0.27. Egrag predicts that VET could rise to as high as $2 if this is the move that ends up materializing. This prediction also means that VET will likely see a new ATH in the next bull run. 

This is not the first time Egrag has offered a bullish price prediction for the VET token. Last year, the analyst predicted that VET could rise to $1.6 based on historical patterns. This prediction came after the crypto token made an impressive surge of 77%, hitting price levels unseen since May 2022. 

Big Moves Still Lie Ahead For VET

IEgrag isn’t the only analyst who has recently laid out a bullish narrative for the VeChain token. Crypto analyst and YouTuber Crypto ZX also gave an analysis where he predicted that the crypto token could hit new ATHs if it succeeded in breaking certain resistance levels. One level he highlighted then was the $0.033 mark.

The analyst had also suggested that VET was currently in a period of consolidation as it gears up for another move to the upside. On the next leg up, Crypto ZX predicted that the crypto token was going to surge above the $0.033 resistance level. The analyst further revealed that a move above that level would be vital to unlocking new highs. 

Interestingly, VeChain has since risen above that level. At the time of writing, the crypto token is trading at $0.0474, up over 5% in the last 24 hours, according to data from CoinMarketCap. 

The cryptocurrency community is abuzz with speculation after a series of large Ethereum (ETH) purchases attributed to a wallet potentially linked to Justin Sun, founder of the TRON blockchain and CEO of BitTorrent.

Justin Sun On An Alleged Massive Buying Spree

According to a tweet by blockchain analytics firm Lookonchain, the suspected wallet recently acquired another 13,780 ETH, valued at approximately $41.24 million. This latest purchase adds to a total of 168,369 ETH, worth roughly $487 million, accumulated in just two weeks from both centralized exchanges like Binance and decentralized exchanges (DEXs).

The buying spree began accelerating this week, with significant purchases almost daily. The largest single transaction, recorded on February 19th, saw the suspected Sun wallet acquire a staggering 54,721 ETH, amounting to $154.4 million.

The suspected #JustinSun wallet bought 13,780 $ETH($41.24M) from #Binance again 12 hours ago.

He bought 168,369 $ETH($487M) at $2,894 from #Binance and #DEX in less than 13 days!https://t.co/HOLrbULDJB pic.twitter.com/zhJMQJGgq9

— Lookonchain (@lookonchain) February 25, 2024

Motives And Market Impact Remain Unclear

While Justin Sun has not confirmed ownership of the wallet, the size and frequency of the transactions point towards a high-profile investor. However, Sun’s intentions and the potential impact on the market remain open to interpretation.

The suspected #JustinSun wallet bought 13,780 $ETH($41.24M) from #Binance again 12 hours ago.

He bought 168,369 $ETH($487M) at $2,894 from #Binance and #DEX in less than 13 days!https://t.co/HOLrbULDJB pic.twitter.com/zhJMQJGgq9

— Lookonchain (@lookonchain) February 25, 2024

Analysts Offer Speculative Explanations For Sun’s Actions

Some analysts suggest these large-scale purchases could be a bullish signal for Ethereum, indicating a strong belief in the platform’s long-term potential. This interpretation aligns with Ethereum’s recent price surge – reaching a high of $3,000 before dipping slightly on the day the news broke.

Others speculate that Sun’s actions may be part of a broader strategy, potentially linked to the ongoing discussions surrounding an Ethereum ETF (exchange-traded fund). The possibility of an ETF approval has already been seen to positively influence the price of Bitcoin, and similar effects could be anticipated for Ethereum.

Maintaining A Critical Perspective Essential in Volatile Market

It is crucial to remember that the cryptocurrency market is inherently volatile. While Sun’s buying spree has undoubtedly generated significant interest, it is important to maintain a critical perspective and consider the limitations of the available information.

Reports emphasize that the wallet is only suspected to belong to Sun. The connection between these alleged purchases and Ethereum’s recent price movements remains unconfirmed. Additionally, motivations behind such large-scale acquisitions are often unclear, leaving room for various interpretations and speculations.

Featured image from Pixabay, chart from TradingView

The Dogecoin price has been trending sideways on low timeframes, but the cryptocurrency might be gearing up for a massive rally. The bull run across the nascent sector has been unkind to the king of the memecoins, but an analyst pointed at a potential change in direction towards a fresh all-time high.

As of this writing, DOGE has stalled at its current levels with a 2% loss over the past 24 hours. Over the previous seven days, the token has recorded similar performance, but it remains green on the 2-week and 30-day horizon.

Dogecoin Price Aims For The Moon? 23,000% Rally Possible

According to analyst Ali Martinez, the Dogecoin price is moving with previous bullish trends. Despite the low timeframe bearish momentum, the king of the memecoins could record a new massive rally above its current all-time high near the $0.80 level.

As seen in the chart below, the Dogecoin price experiences a sideways trend, which can extend to 679 days before exploding into a new all-time high. On DOGE’s weekly chart, the token records profits of 8,000% and 23,000% each time this happens.

In late 2017, when the price of Bitcoin rose to $20,000, the Dogecoin price followed and broke the 679-day sideways trend with an 8,700% rally. In 2021, the memecoin experienced a similar breakout but with an even bigger rally.

As the chart shows, Dogecoin might see an even bigger rally above $1 and $3 if this potential rally materializes. This price action is supported by DOGE’s capacity to move more aggressively to the upside every time it breaks the long sideways trend.

The analyst stated:

The price action of #Dogecoin appears to mirror patterns observed in its past bull markets. If history repeats itself, we could see $DOGE enter a parabolic breakout around April!

DOGE Price On The Short-Term

On low timeframes, the $0.10 level is critical resistance for the token to fulfill its bullish potential. NewsBTC reported that the cryptocurrency hints at a potential breakout, but DOGE must recover the $0.0914 area before scoring further gains.

This week, the crypto market might see opposition from macroeconomic developments, which could spark volatility. If the Dogecoin price can hold its ground, the possibility of a bull run will gain further momentum.

Cover image from Dall-E, chart from Tradingview

Outflows from Grayscale’s Bitcoin Trust (GBTC) seem to be slowing down, as shown by the trading activity of Bitcoin ETFs. This comes as investor anxiety over Grayscale’s Spot ETF seems to finally be subsiding, with the entire ETF cohort continuing to attract huge trading volumes and rapid growth in assets under management. As a result, the GBTC saw daily outflows drop steadily over the course of the week to just $44.2 million on Friday, the lowest since spot Bitcoin ETFs went live.

Outflows Drop As Grayscale’s BTC ETF Stabilizes

After several weeks of elevated outflows totaling over $7.44 billion, investors pulled just $436.2 million of Grayscale’s Bitcoin Trust last week. Notably, the lowest daily outflow of $44.2 million came on the last day of the week.

Grayscale’s GBTC is undoubtedly the biggest Bitcoin ETF among its cohort. This is because GBTC was launched in 2013 as a Bitcoin trust available only in OTC markets., allowing it to grow over the years as it was the only go-to for investors looking to dive into the crypto industry.

However, after a lengthy regulatory procedure, the SEC finally approved GBTC’s conversion into a Spot Bitcoin ETF. Consequently, Grayscale’s new Bitcoin ETF went live on January 11, along with nine other recently approved ETFs. 

GBTC held around $27 billion worth of BTC assets when it first began trading as an exchange-traded fund (ETF). Surprisingly, Grayscale’s conversion into an ETF came along with a vast amount of withdrawals from investors, and by the end of January, GBTC had witnessed $5.55 billion worth of withdrawals. 

Many analysts have attributed Grayscale’s high management fees (1.5%) to the outflows. During this period, other Bitcoin ETFs continued to attract new money. BlackRock’s iShares Bitcoin Trust (IBIT) now has over $6.64 billion worth of BTC in its ETF, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) with $4.73 billion.

What’s Next For Grayscale’s Bitcoin ETF?

While last week’s outflow data is an encouraging sign for Grayscale and the wider ETF market, outflows could continue in the coming weeks. Bankrupt crypto lending firm Genesis recently received court approval to sell its $1.3 billion worth of GBTC in order to repay its creditors. 

The prospect of a liquidation of such gravity has propelled concerns amongst investors of the potential downward implications on the price of BTC. However, many others remain optimistic. According to a report by crypto exchange Coinbase, full liquidation would have a neutral impact on the market as the majority of funds are expected to remain in the crypto ecosystem.

At the time of writing, Bitcoin was trading at $51,300, while Grayscale’s GBTC now had $22.7 billion worth of assets under management.

In the ever-uncertain world of cryptocurrency, Solana (SOL) is generating renewed interest among analysts, with some predicting a potential comeback in the near future. However, the road to recovery might be bumpy, as bullish signals are countered by lingering resistance levels and a cautious market sentiment.

Technical Analysis Points Towards Bullish Reversal

Analyst Ali Martinez has garnered attention with his recent analysis suggesting a bullish reversal for Solana. Based on the Tom DeMark (TD) Sequential indicator, Martinez believes a four-candle rally for SOL/USDT is imminent. This optimism is further bolstered by the Moving Average Convergence Divergence (MACD) indicator, which currently sits in positive territory, often interpreted as a sign of bullish momentum.

The TD Sequential is a leading trend reversal indicator, and its recent buy signal is a significant development, explains Martinez. This, combined with the positive MACD, suggests that buyers might overpower the market and push SOL above the current resistance level, he pointed out.

The TD Sequential indicator presents a buy signal on the #Solana daily chart, suggesting a potential upswing that could span one to four daily candlesticks for $SOL. pic.twitter.com/LR0I9Y2diu

— Ali (@ali_charts) February 24, 2024

Support Levels And Resistance Hurdles

Despite the positive indicators, Martinez acknowledges the presence of hurdles. The price of SOL has faced resistance at $104.67 in recent attempts to climb higher. Additionally, a drop below the crucial support level of $102.08 could trigger a decline to $99.81.

Adding another layer of complexity is the current market sentiment. The Relative Strength Index (RSI), which measures market momentum, currently sits below 50, indicating a bearish sentiment. This suggests that despite technical indicators pointing towards a potential upswing, investors might still be hesitant to jump in.

Solana Founder’s Tweet Sparks Speculation

Further adding to the intrigue surrounding Solana is a recent tweet by its founder, Anatoly Yakovenko. The tweet, referencing Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has left the crypto community scratching their heads. While the exact meaning of the tweet remains unclear, it has sparked speculation and could potentially impact investor sentiment.

Satoshi also invented solana. She just did a much better job covering up her tracks this time. The truth is out there https://t.co/bjfcGsHqOl

— toly (@aeyakovenko) February 24, 2024

Solana’s Future Hinges On Multiple Factors

Solana’s future trajectory will likely depend on a confluence of factors. The success of its ongoing development projects, its ability to overcome technical hurdles, and the overall performance of the broader cryptocurrency market will all play a significant role in determining its price movements.

At the time of writing, SOL was trading at $101.59 down .0% and 9.2% in the 24-hour and weekly timeframes, data from Coingecko shows.

As analysts closely monitor the cryptocurrency market, optimism surrounds Solana, indicating a potential major comeback on the horizon. The positive signals have led experts to suggest the possibility of a significant breach, with expectations pointing towards the coveted $103 threshold.

Featured image from Pexels, chart from TradingView

In spite of a slight adverse trend in the crypto market, XRP has been gradually rising in recent days, fueling positive and bullish predictions from market analysts to unprecedented heights.

XRP Might Rally To New All-Time High Sooner Than Expected

Javon Marks, a cryptocurrency expert and internet personality, has revealed his optimism towards XRP, sharing a daring prediction regarding the crypto asset’s future with the community on the social media platform X (formerly Twitter).

According to the crypto expert, XRP might be poised to undergo a significant movement that will send prices to unprecedented heights, where he highlighted that there is a possibility that XRP can rally beyond the $200 price mark.

Marks noted that the digital asset is presently experiencing “another set of higher lows” that are holding. In addition, he pointed out that “another breakout” has taken place in the XRP chart.

As a result of this, XRP could witness “a massive upward movement” to New All-Time highs (ATHs), which Javon Marks expects to commence soon.

The post read:

A $200+ XRP (Ripple) can be possible. Another set of Higher Lows are holding and another breakout has taken place, meaning that a massive upside move to new All Time Highs can be commencing soon.

The crypto analyst’s analysis aligns with a historical trend that had previously occurred in 2018, sending XRP’s price to its current ATH of $3.3. Prior to the surge, the token fell from the December 2013 high of $0.06, creating a bearish declining trendline.

For several years, XRP was below this declining trendline, with two unsuccessful breakout trials during that timeframe. Nonetheless, after failing to break out twice, the coin persisted and managed to break out in 2017.

After this breakout, it increased by over 63,000% to its present all-time high price of $3.3. Based on Mark’s predictions, it indicates that this precise trend is manifesting right now.

However, some community members have expressed their displeasure with the analyst’s projections. A pseudonymous X user disagreed with Marks saying “It does not make any sense” given the “basic tokenomics” of the crypto asset.

The Crypto Asset Poised For A Move Above $0.60

Cryptocurrency analyst Ali Martinez has underscored the potential for XRP to move past the $0.60 price mark. According to his post, Martinez’s position was influenced by the observation made by the Tom DeMark (TD) Sequential.

He stated that the TD Sequential indicator has formed a buying signal on the token’s chart. Consequently, this indicates a possible bullish momentum for XRP to move higher. 

He further asserted that if it manages to maintain its weekly close above $0.57, it could serve as a catalyst for an upswing to $0.63 or even further, setting his target at $0.65 

As of the time of writing, XRP was trading at $0.538, demonstrating a decline of 1.39% in the past day. Its market cap is down by 1.42%, while its daily trading volume is up by over 4%, according to CoinMarketCap.

After a prolonged period of weakness for a year and a half against the Bitcoin price, the Ethereum price is currently showing strength again and could be set for an explosive move, according to several renowned analysts.

Ethereum/BTC Chart Is A ‘Stunner’

In an analysis of the ETH/BTC trading pair, renowned financial expert Raoul Pal has brought to light a compelling dual-chart pattern. The formation of both a “mega wedge” and an inner descending channel is setting the stage for what might be a significant breakout for Ethereum when priced in Bitcoin. Pal stated:

The ETH/BTC chart is an absolute stunner…and ready for the next big move, the break of the mega wedge…let’s see how it pans out….

The “mega wedge” pattern, discernible on the weekly ETH/BTC chart, showcases a contraction of price movement between two converging trend lines over an extended time frame. The upper trend line, acting as a dynamic resistance, has repeatedly pushed back ascending price attempts. Conversely, the lower trend line has provided a sturdy support base.

Within the boundaries of this one and a half year wedge, a more immediate descending channel has taken shape. This channel, characterized by a downward trajectory with price action making lower highs and lower lows, indicates a bearish sentiment within the overarching consolidation phase of the mega wedge.

However, Ethereum’s current positioning, slightly above the upper boundary of this descending channel, implies that a breakout could be on the cards (if confirmed). As of press time, Ethereum was trading at an equivalent value of over $3,059, which translates to roughly 0.06037 BTC.

The intersection of these two patterns, particularly if the breakout from the descending channel is confirmed, could be a harbinger of increased volatility and a potential trend reversal for ETH against BTC. A potential retest of the channel could catalyze a rally towards the mega wedge’s upper trend line, challenging the longer-term resistance. A successful breakout from the mega wedge could then ensue, signaling a massive bullish phase for Ethereum against Bitcoin.

More Bullish Voices On ETH

Remarkably, Raoul Pal is not the only seasoned analyst observing this major trend. Christopher Inks, founder of Texas West Capital stated via X:

The monthly ETH/ BTC chart looks crazy bullish off the lows. Bullish SFP, volume expansion at the lows, rally into descending resistance. An impulsive break out above that descending resistance will have me looking for price to target the top of the range and, likely, new ATHs.

Renowned analyst Will Clemente has also weighed in on the unfolding situation with his expert commentary, echoing the significance of the patterns observed by Raoul Pal. Clemente accentuates the breaking of a multi-year downtrend on the weekly chart, a technical milestone that carries substantial weight for market sentiment.

Clemente’s analysis further deepens the plot by highlighting several key factors currently at play in the Ethereum ecosystem. First, Ethereum’s price action has revisited and swept the lows of May 2022, a move often associated with shaking out weak hands before a potential trend reversal.

Second, the recent talk of “Ethereum obituaries” on social media timelines suggests a sentiment extreme, often seen at major turning points. Moreover, there is currently a new narrative for ETH shaping, the emergence of “restaking”.

Probably the strongest catalyst for the ETH price in the coming months could be the potential approval of an spot Ethereum ETF in the United States. Similar to the Bitcoin ETF euphoria, Clemente speculates that the approval has not yet been priced in.

Lastly, Uniswap’s governance proposal to switch on fees could redirect significant value to token holders, potentially adding further bullish momentum to ETH’s valuation. Clemente caps his commentary with a forecast that resonates with the sentiments of many observers: “ETH & ETH shitcoin rotation is probably upon us.”

At press time, ETH traded at $3,059.