Blockchain

‘Dogecoin to the moon’ is a saying that anyone in the crypto community is familiar with. This is usually said figuratively in relation to the DOGE price actually surging. But Dogecoin is now actually headed to the moon – literally – after the official account confirmed the first DOGE space mission.

Strap In: Dogecoin Is Headed To The Moon

On Thursday, November 16, the official Dogecoin account on X (formerly Twitter, confirmed that a mission that will be taking the meme coin to the moon has now been confirmed. The mission is being orchestrated by Astrobotic Technology, a robotics company headquartered in Pennsylvania.

The details of the mission included in the post include the fact that a physical Dogecoin is being included in the DHL Moonbox via ULA’s Vulcan Centaur Rocket which is set to take off on December 24, 2023. The DHL Moonbox is a memento box that carries different keepsakes to take to the moon.

More info, with the physical dogecoin travelling in the “MoonBox” https://t.co/aS1zGvb0if pic.twitter.com/L7WUhg3aIj

— Dogecoin (@dogecoin) November 16, 2023

According to data from Astrobotic Technology, the DHL Moonbox headed to the moon in December has been filled with items from all around the world, including the United States, Germany, Canada, etc. Upon the completion of the mission, DOGE will be the first cryptocurrency to be sent to the moon, marking an important milestone for the meme coin.

DOGE Price Ready To Double

The Dogecoin price is already in a position where it is expected to surge. But the confirmation of the Dogecoin on the moon mission has added fuel to the fire. Following the announcement, the DOGE price jumped above $0.83 for the first time in four years.

Crypto analyst Crypto Kaleo earlier shared an analysis of the Dogecoin price that puts it above $0.15. According to Kaleo, DOGE is expected to move very fast and will hit $0.09 to $0.1 first, before continuing on to the $0.15 target.

Kaleo bases his analysis on the DOGE/BTC chart where he says; “I’m just looking for a touch of HTF resistance on the BTC pair around 550 sats.” This is apparently the confirmation of the rally that the crypto analyst thinks could possibly push the price to $0.2.

Here’s my playbook for $DOGE:

Sometime in the next week or two, Dogecoin finally starts to move.

When DOGE starts moving higher, it usually moves pretty fast. I wouldn’t be surprised to see a daily from here to somewhere in the 9 – 10 cents range, chop there for a bit, then… pic.twitter.com/BN1AqSe8d2

— K A L E O (@CryptoKaleo) November 9, 2023

Dogeocoin’s daily volume is already up more than 50% in the last day alone, suggesting a higher level of interest from investors. Once sellers’ fatigue kicks in and demand rises, DOGE could clear the $0.09 level before the end of the day.

At the time of this writing, the DOGE price is sitting at $0.0804, with 7.86% gains in the last day. It is the 9th-largest cryptocurrency in the market with a market cap of $11.4 billion.

Ripple Labs has announced plans to integrate Automated Market Makers (AMMs) into the XRP ledger. The decision has left the XRP community feeling uneasy, as they ponder the potential long-term effects of AMMs on the XRP price. 

AMMs To Be Integrated Into XRP Ledger

Ripple, a global payments network provider has stated its intentions to incorporate AMMs into the XRP Ledger to help improve liquidity. The introduction of AMMs into the XRP Ledger is expected to further develop the Ripple ecosystem by providing enhanced trading efficiency and liquidity. The initiative also aligns with Ripple’s efforts to continue to optimize and innovate its blockchain infrastructure and network. 

Although the announcement has been met with skepticism by the XRP community and the broader crypto space, Ripple has stated its desire to push forward its plans, looking at the bigger picture and potential success of AMMs in the ecosystem. 

Many crypto community members have expressed their concerns about the impacts of AMMs integrated into XRPL. Some members believe that the XRP price may be affected and cause the token to become stable. Other members have welcomed the announcement with enthusiasm, anticipating the positive effects the initiative would have on the Ripple ecosystem. 

An XRP community member and co-founder of Anodos Finance, Panos addressed concerns regarding the potential effect of AMMs on XRP’s price. He stated that AMMs could increase buying pressure and liquidity on XRP while also improving its efficiency and adoption. 

“XRPL AMM will potentially add buying pressure on XRP as a significant number is expected to be locked on the AMM, which will also increase the liquidity of XRP and will attract even more traders and will make XRP more efficient for more use cases,” Panos stated. 

Community Probes Impact Of AMMs On XRP Price

Following the announcement of AMMs being introduced into the XRP Ledger, an X (formerly Twitter) influencer, Digital Perspectives PermaBull sparked a series of heated discussions in the XRP community regarding the effects of an AMM on XRP’s value.

The X influencer asked a series of controversial questions to the crypto community. One of the questions was if the introduction of AMMs and regulations established by the Bank for International Settlements (BIS) would end up transforming XRP into a stablecoin in the future. 

“Are we watching XRP become a Stablecoin with the introduction of AMMs and the Prudential Treatment requirements from the BIS?” the X influencer stated. 

He added, “XLS-30D passes and AMMs become an integral part of the XRPL, will it change the Characteristics of XRP and qualify as a Group 1b Asset for BIS and other Banks?”

In response to the growing concerns, XRPL advocate Panos reassured community members who had begun worrying about the potential impacts of AMMs on XRP. Panos affirmed that the fundamental characteristics of XRP would never change even with the inclusion of an AMM. 

“The characteristics of XRP can NEVER change. It will always remain the native coin of the XRP Ledger, a decentralized digital asset that anyone can trade freely. XRP can never become a stablecoin for that reason, it’s technically not possible and makes no sense whatsoever,” Panos stated.

The Bitcoin open interest can often be an indication of where the BTC price might be headed next depending on whether or not the metric is rising or falling. This time around, the Bitcoin open interest has risen drastically, hitting 19-month highs in the process. Using historical data, it is possible to extrapolate what this means for the crypto’s price, especially as investors remain very bullish.

Bitcoin Open Interest Surges To $17.04 Billion

In an interesting turn of events, the Bitcoin open interest has been rising quickly across various exchanges. In the last 24 hours alone, this metric rose by a cumulative 7.89% across all exchanges in the space, bringing the total open interest to 454,150 BTC worth a staggering $17.04 billion.

For now, most of the Bitcoin open interest is concentrated across the CME, Binance, and ByBit exchanges. But perhaps what is even more interesting is that these open interest levels represent a 19-month high.

According to the data presented on the CoinGlass website, the last time that the Bitcoin open interest moved in this fashion and to this high was back in March 2022, before the historical Terra LUNA crash that sent the market into a prolonged bear market stretch.

This means that the last time that the Bitcoin open interest rose this much was during a time when investors were still very much in the throes of bull run euphoria. As such, the historical performance of the BTC price back then in relation to the open interest could serve as a guide to what might happen to the digital asset’s price next.

Historical Data Says BTC Price Will Surge

Similar to the current trend, the Bitcoin open interest had surged from around 38,000 BTC to over 44,000 BTC in the space of a month, and the BTC price followed quickly. This trend saw the price rise in March 2022 from $38,700 to over $47,000 before the month was over.

Going by this historical performance and assuming Bitcoin sticks to this trend, the rally may be far from over. The BTC price is also sitting at a similar price point at $37,500 and a similar surge could bring its price toward $45,000 before the month is over.

However, there is also the possibility that the open interest could peak at this level and begin to decline. Once this happens, then in the same fashion as in April 2022, the BTC price could begin to decline as the open interest drops. A similar crash would send the price back down toward $27,000.

Dogecoin holders are howling for the popular meme cryptocurrency to reach “the moon” and they just might get it. That’s because a parabolic technical signal is back that last appeared prior to a stunning 23,000% rally.

Keep reading to learn more about the signal and what this could mean for DOGE.

Dogecoin Tags Parabolic SAR: Another 23,000% Surge Ahead?

During the last crypto bull market, Dogecoin was on of the standout stars, outperforming Bitcoin, Ethereum, and most other altcoins. Driven by meme mania, stimulation checks, and Elon Musk tweets, DOGE made a lot of people a lot of money.

Prior to the bull run in 2020, the Doge-inspired meme coin spent over three years in a downtrend. Right before the breakout that sent Dogecoin soaring DOGEUSD price action had tapped the 1M Parabolic SAR.

Not even one year after the monthly Parabolic SAR was tagged on the USD trading pair, Dogecoin put in over a 23,000% rally before reaching a peak in 2021.

Can The Parabolic SAR Revive Meme Coin Season Once Again?

The Parabolic SAR is a technical indicator designed by J. Welles Wilder, Jr. responsible for creating other popular tools like the Relative Strength Index, Average Directional Index, and Average True Range.

The acronym SAR stands for Stop and Reverse, and the tool’s intention is to tell an analyst when a trend has potentially stopped and reversed.

In 2020, the signal in Dogecoin indeed was the final point before the downtrend stopped and reversed up to new highs. Now that the signal has been triggered again, what type of move might we be able to expect from the meme coin?

As stated, the last time it was tagged DOGEUSD rallied more than 23,000%. The Parabolic SAR was also hit on the 1M timeframe in April 2017 just before another 6,200% rally. An average of the two major rallies suggests a possible 14,600% surge.

However, Elliott Wave Principle points to the first wave of any cycle being similar in magnitude as the final wave – hinting at another 6,200% ROI if an uptrend does materialize from here.

This dog is ready to bite #Dogecoin tags 1M Parabolic SAR

Last signal produced a $DOGE 23,000% rally pic.twitter.com/ZGr9eFCaea

— Tony “The Bull” (@tonythebullBTC) November 16, 2023

The king of the memecoins, Dogecoin (DOGE), has been following the general sentiment in the crypto market as it breaks out from a critical level. The token experienced selling pressure on low timeframes but seems poised for further profits.

As of this writing, Dogecoin (DOGE) trades at $0.078 with a 1% loss in the last 24 hours. Over the previous seven days, the memecoin held 6% in profits, operating as a top performer in the top 10 by market capitalization.

Dogecoin On Route For $0.10? Analyst Makes Bullish Case

As mentioned, the Dogecoin rally has found hurdles over today’s trading session, with the price returning below the critical level at $0.08. Crypto trader Rekt Capital claims that the recent price action confirmed a bullish trajectory for the token.

The chart below shows that Dogecoin completed a path from its yearly lows at $0.052 across October and November. As the bulls pushed upwards, the cryptocurrency broke its descending channel, setting a path towards the area above $0.11, last seen in 2022.

DOGE Price Likely To Return To All-Time High

A separate report from another crypto trader looks at Dogecoin over high timeframes. The token is close to completing a bigger breakout over its Bitcoin (BTC) trading pair on this horizon.

The analyst cites a series of positive fundamentals for Dogecoin, including its scalability and “low energy consumption” transactions. On the chart above and pointing to the moving average convergence/divergence (MACD) indicator, the analyst stated:

In the $DOGE / $BTC trading pair, bullish patterns and indicators have been observed in the higher timeframes. Notably, a falling wedge pattern is evident in the 4-day timeframe, accompanied by a bullish crossover in the MACD indicator.

It remains to be seen if DOGE can return to its 2022 and 2021 high against its Bitcoin and USDT trading pairs. The bullish momentum in the crypto market is holding, albeit with an increase in selling pressure, possibly triggered by speculators taking profit at current levels.

Cover image from Unsplash, chart from Tradingview

It’s been a relatively quiet period of price action for Polygon (MATIC) in the past few weeks. On this day last month, MATIC was trading around its October bottom of $0.5154 before the inflows into the crypto market. 

Although the cryptocurrency has performed reasonably well and has increased by 82% since then, its rise has mostly been overshadowed by inflows into Bitcoin and alternative cryptocurrencies such as Solana, which has seen an 188% increase in the same period.

After briefly falling below $0.9 many times this week due to consolidations, MATIC has now blasted off minor support at the $0.91 level. On-chain metrics like transaction count addresses making a profit and open interest on futures contracts all point to a continued surge for MATIC. 

Polygon Network Metrics Explode

Data from various market analytics platforms have shown a spike in transactions on the polygon network. Cryptoquant puts the total transaction count at its highest levels since September. At the same time, data from IntoTheBlock shows that large transaction volume (transactions of over $100,000) reached $636 million in the past 24 hours, an increase of more than 387% from yesterday. According to the analytics website, this is a surge of more than 3,800% compared to 30 days ago.

The volume of MATIC futures trading has also increased in the past week, as shown by the amount of open interest. According to chart data from Coinalyze, open interest on various MATIC futures markets has jumped by 120% this month. 

As shown by the chart below, the total open interest is now at $260 million from $118 million on November 1. This dramatic increase shows that more traders are betting on MATIC’s price rising significantly in the future.

MATIC currently has one of the highest percentages of addresses who bought around the current price in profit. Data from IntoTheBlock’s “In/Out of the Money Around Price” metric show that 71.23% of MATIC addresses that bought between $0.800122 and $1.08 are making a profit at the moment. In comparison, around 66.99% of Bitcoin addresses who bought around the current price are making a profit.

MATIC Price To Reach $2?

Technical analysis of MATIC’s price chart shows the token could be gearing up for over $1 or higher in the coming weeks. MATIC has already bounced off a support level around $0.86 more than four times this week, indicating that the bulls are not willing to give up momentum yet. 

MATIC is trading at $0.94 at the time of writing, and the next resistance is around a bearish order block proving resistant at $9.8. A break over this resistance could see MATIC reach above $1, and a move above $1 would confirm the uptrend and open the door for a run toward $2 or higher.

According to Dave The Wave, Polygon is set to enter an uptrend against Bitcoin. The crypto analyst’s technical analysis points to a 200% increase from its current value to approximately 0.0000618 BTC, equivalent to $2.25.

Popular cryptocurrency market analyst Captain Faibik has recently shed more light on his predictions toward the price of Shiba Inu (SHIB) and revealed where the cryptocurrency ought to be by mid-December. 

Crypto Analyst Optimism On Shiba Inu

The crypto analyst took to his official X (formerly Twitter) handle to share his projections on the price movement of Shiba Inu. According to the analyst’s post and token chart, SHIB has crossed a trendline near the $0.00000839 price level.

Due to this data, the analyst believes the crypto asset is going through a significant retest. Captain further highlighted that if the retest is prosperous, the token might experience a bullish rally of up to 2X by mid-December.

SHIB has broken out of a Major Trendline and is currently undergoing a Retest. If the retest is successful, we might witness a Bullish Rally up to 2x by mid-December. 

Additionally, the analyst highlighted that the 2X price surge could take the token as high as $0.00001678. Nonetheless, a careful look at the chart on the X post reveals just how difficult it will be for this retest to succeed. 

So far, Shiba Inu’s price has exceeded the $0.000016 threshold just once since May 2022. This was during a brief spike that occurred in August 2022.

Also, the crypto asset price growth has not been as impressive as other altcoins. Shiba Inu’s year-to-date (YTD) price growth is up 4.97%.

However, SHIB is currently trading at $0.0000086, up by 22% over the last 24 hours, which suggests a more optimistic outlook. Its market capitalization is approximately $5.2 billion, with a trading volume of $162 million over the past 24 hours.

The crypto market analyst’s predictions were fueled by Shiba Inu’s grit, which has enabled it to regain its brilliance in the face of numerous obstacles. His predictions seem to have sparked increased confidence in the Shiba Inu community.

Algorithm Prediction Of The Crypto’s Price By December

Captain Faibik’s shared one of the other predictions for Shiba Inu’s price by December. Recently, price algorithm prediction from crypto analytics firm CoinCodex has also predicted a bullish outlook for the token by December.

According to the forecast, Shiba Inu’s price will hit $0.0000095 by December 11, indicating a 10% increase from its price as of the time of prediction. Its prediction becomes more likely to come true, given the possibility of additional whales and regular investors joining the token market.

The projections also highlighted about 4 technical analysis indicators that suggest bearish conditions, while about 24 indicate optimistic signs. Additionally, the token’s current RSI value of 63.05 is neither overbought nor oversold, according to the prediction.

Those burned by the last big Bitcoin bull run are rightfully skeptical that another one is here so soon. However, a trend strength indicator is now confirming the existence of a new bullish trend emerging.

Are bulls finally back in control over crypto? Sidelined investors and traders will want to pay attention.

How Technicals Could Confirm A New Bullish Trend In Bitcoin

Bitcoin price is pulling back after a few failed attempts to make it though $38,000 resistance. This sudden weakness after a major breakout is both reassuring for bears and confusing for bulls. Those on the sidelines still aren’t certain what to do.

But that’s what technical indicators were designed for – to eliminate noise and emotions, allowing the tools to make the decisions for you.

According to a trend strength measuring tool called the Average Directional Index, the bullish Bitcoin trend just became official as the indicator reaches above a reading of 20. The last time that BTCUSD reached above 20 while bulls were in control was back in August 2020, prior to a 450%+ rally.

For comparison sake, another 450% rally would put the price per coin around $200,000. However, each individual trend behaves differently and tops out at different ADX reading. This means anything is possible, but for now, the rise above 20 on the ADX is notable.

How To Tell Bulls Are In Control Of Crypto With The ADX

The Average Directional Index, as mentioned, is a trend strength measuring tool. It was created by J. Welles Wilder, Jr., known as the father of several technical analysis indicators. Wilder also developed the Relative Strength Index, Average True Range, and Parabolic SAR.

The ADX confirms a trend is active above a reading of 20, while anything below 20 suggests a weak trend and potential sideways price action. The tool often includes two additional indicators, the DI+ and DI-, which show which side of the market is in control of price action.

If the DI+ is above the DI- bulls are in control. Bears are in control if DI- is above DI+. The premise is simple and provides an easy way to visually see which side of the market is dominating.

Not only are bulls in control, but the DI+ is at 36, while the highest reading back in August 2020 was 32. This means that bulls are stronger now than they were back then, and look what happened.

The above chart was originally featured in Issue #27 of CoinChartist VIP: The Ethereum Issue. Check out the latest issue for free.

SOL, the native token of Solana, has demonstrated exceptional performance once again, surpassing all other prominent cryptocurrencies in the market.

The proof-of-stake blockchain platform had a notable increase of nearly 18% in value on the day after remarks made by Cathie Wood, the CEO of Ark Invest, who highlighted the robustness of the Solana network.

Solana has experienced a significant upward trend during the year, which some experts have interpreted as a price correction following a prolonged period of undervaluation.

According to Coingecko, there has been a significant increase of over 50% in the past week. The value of the token has experienced a significant increase of over 340% throughout the current year.

Speaking on Tuesday’s “Squawk Box” with CNBC, Wood praised Solana’s impressive performance. Reflecting on the past, she noted that Ether surpassed Bitcoin in speed and cost-effectiveness, leading to its prominence.

Solana Is Performing Well, ARK Invest CEO Says

Wood said that Solana is “doing a really good job,” during a televised interview on Tuesday. “If you look at ether it was faster and cheaper than bitcoin in the day. That’s how we got ether. Solana is even faster and cost effective than ether.”

She pointed out that individuals are willing to tolerate certain trade-offs for the sake of speed and cost, perhaps due to smaller transaction sizes or varying priorities. In her perspective, each network will find its niche, as different users prioritize different aspects of functionality.

Based on data source Kaiko, there has been a consistent increase in activity on Solana throughout the year, with a notable emphasis on liquid staking protocols such as Jito.

SOL Shines In Trading Volume

Solana has emerged as the leading altcoin in terms of trading volume on exchanges accessible to users in the United States, surpassing the trading activity of Dogecoin.

The native token of Solana, SOL, has seen tremendous growth over the last few months and has drawn a lot of interest from investors. It crossed $60 last week, a valuation last observed in May 2022, igniting more excitement in the community and raising expectations for an impending rally.

In my opinion, I think that @Solana is going to continue to be one of the biggest movers during this current bull market cycle and I’m going to lay out some ideas for you.

It’s possible that with the Ethereum ETF news that some of these ideas don’t play out, but it’s worth… pic.twitter.com/oii8vWs0W9

— Jacob Canfield (@JacobCanfield) November 9, 2023

One cryptocurrency speculator who holds this view is Jacob Canfield, a user of the X platform (formerly Twitter). He believes that if SOL maintains its current trend against Ethereum (ETH), it will be “the biggest mover” in the subsequent bull run cycle of cryptocurrencies.

Solana has seen its value increase by around 550% this year. When compared to other cryptocurrencies, bitcoin and ether have seen gains of approximately 125% and 70%, respectively.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Peakpx

On-chain data shows the Bitcoin Network Value to Transactions (NVT) ratio is above the bear zone, implying the recent price growth might have been healthy.

Bitcoin NVT Ratio Has Remained Outside Red Since October

According to data from the on-chain analytics firm Santiment, the NVT ratio has seen a significant improvement recently. The relevant indicator here is the “NVT ratio,” which keeps track of the ratio between the Bitcoin market cap and daily circulation.

The market cap here is naturally the total value of the asset, while circulation refers to the number of unique tokens observing some movement on the network inside a 24-hour rolling period.

Some other analytics websites use transaction volume in place of circulation, but Santiment’s version uses the latter because the volume often contains noise that’s not relevant to the market (like relay transactions of the same coins, which are counted multiple times in the volume, but only once in circulation).

When the value of the NVT ratio is high, it means that the price of the asset is high compared to the blockchain’s ability to transact coins right now. Such a trend can suggest the coin may be overvalued at the moment.

On the other hand, the metric being low implies the cryptocurrency might be underpriced currently as its transaction volume is at healthy levels compared to the market cap.

Now, here is a chart that shows the trend in the Bitcoin NVT ratio over the last few years:

As displayed in the above graph, the Bitcoin NVT ratio exited the historical bearish territory back in October and has continued to be outside it in the weeks since then.

The metric hasn’t exactly returned to the bullish zone proper yet; it has been more leaning towards neutral. However, the fact that the indicator has improved inside this period despite the cryptocurrency’s market cap also seeing a significant boost at the same time is certainly a positive development, as it suggests that the network activity growth has been outweighing the rise in the price.

At the current values of the ratio, the transaction activity of Bitcoin is justifying its market cap, so at the very least the asset may not be in immediate danger of a correction.

This naturally means that the rally should be able to continue for a while until the ratio returns back into the bearish territory (which may not even happen if the circulation continues to improve, as it has been during the price surge so far).

BTC Price

After seeing a pullback to as low as $35,000 earlier, Bitcoin has successfully recovered back above $37,000 during the past day.