Blockchain

Dogecoin is up over 25% against the US Dollar. DOGE cleared the $0.120 resistance and might continue to rise toward the $0.132 resistance.

DOGE started a strong increase after it broke the $0.0850 resistance against the US dollar.
The price is trading above the $0.120 level and the 100 simple moving average (4 hours).
There was a break above a key contracting triangle with resistance at $0.0845 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could extend its rally above the $0.1280 and $0.130 resistance levels.

Dogecoin Price Pumps Above $0.12

In the past few sessions, Dogecoin price started a strong increase from the $0.080 support zone. DOGE cleared many hurdles near $0.0850 to enter a positive zone.

There was a break above a key contracting triangle with resistance at $0.0845 on the 4-hour chart of the DOGE/USD pair. It even broke the $0.100 resistance to move further into a positive zone like Bitcoin and Ethereum.

It is up over 25% and trading above $0.120. A new multi-week high was formed near $0.1282 and the price is now correcting gains. The price is well above the 23.6% Fib retracement level of the recent surge from the $0.0845 swing low to the $0.1282 high.

Source: DOGEUSD on TradingView.com

DOGE is also trading above the $0.1220 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.1280 level. The next major resistance is near the $0.1320 level. A close above the $0.1320 resistance might send the price toward the $0.1450 resistance. The next major resistance is near $0.150. Any more gains might send the price toward the $0.1620 level.

Downside Correction in DOGE?

If DOGE’s price fails to gain pace above the $0.1280 level, it could start a downside correction. Initial support on the downside is near the $0.120 level.

The next major support is near the $0.1065 level or the 50% Fib retracement level of the recent surge from the $0.0845 swing low to the $0.1282 high. If there is a downside break below the $0.1065 support, the price could decline further. In the stated case, the price might decline toward the $0.100 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now in the overbought zone.

Major Support Levels – $0.120, $0.1065 and $0.10.

Major Resistance Levels – $0.1280, $0.1320, and $0.150.

Ethereum price climbed to a new multi-month high above $3,400. ETH is consolidating like Bitcoin and seems to be setting up for another bullish spree.

Ethereum extended its increase above the $3,400 resistance zone.
The price is trading above $3,350 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but dips might be limited below the $3,250 support zone.

Ethereum Price Extends Rally

Ethereum price remained in a bullish zone after it settled above the $3,000 pivot level. Bitcoin saw strong moves above the $60,000 resistance. It even rallied toward the $64,000 level. ETH also started a decent increase and cleared the $3,320 resistance.

It surged over 10% and even tested the $3,500 level. A new multi-month high was formed near $3,496 before there was a sharp decline. A low was formed at $3,111 and the price is now attempting a fresh increase. It is still above the 23.6% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high.

Ethereum is now trading above $3,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high.

Immediate resistance on the upside is near the $3,450 level. The first major resistance is near the $3,500 level. The next major resistance is near $3,550, above which the price might gain bullish momentum.

Source: ETHUSD on TradingView.com

If there is a move above the $3,550 resistance, Ether could even rally toward the $3,680 resistance. Any more gains might call for a test of $3,800.

Downside Correction In ETH?

If Ethereum fails to clear the $3,450 resistance, it could start a downside correction. Initial support on the downside is near the $3,380 level.

The first major support is near the $3,285 zone. The next key support could be the $3,250 zone and the trend line. A clear move below the $3,250 support might send the price toward $3,120. Any more losses might send the price toward the $3,050 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,285

Major Resistance Level – $3,450

Bitcoin price rallied further above $62,000. BTC is now consolidating gains and might soon attempt another upward move toward the $64,000 resistance.

Bitcoin price is consolidating gains below the $60,000 resistance zone.
The price is trading above $60,500 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its current rally toward the $64,000 resistance zone.

Bitcoin Price Jumps Over $5K

Bitcoin price remained strong above the $58,000 resistance zone. BTC formed a fresh support base and started another rally. It gained over 10% and broke many hurdles near $60,000 and $62,000.

The price even surged toward the $64,000 level. A new multi-week high was formed near $64,000 before there was a sharp decline after the Coinbase outage. The price dived toward the $58,000 support zone. A low was formed near $57,919 and the price started a fresh rally.

It is back above the $60,000 resistance. There was a move above the 50% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.

Bitcoin is now trading above $60,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $62,500 level. It is near the 76.4% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.

Source: BTCUSD on TradingView.com

The next key resistance could be $64,000, above which the price could rise toward the $65,000 resistance zone. If the bulls remain in action, the price could even surpass $65,000 and test $66,400. The main hurdle for them is visible near the $68,000 zone.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $62,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,800 level and the trend line.

The first major support is $60,000. If there is a close below $60,000, the price could start a decent pullback toward the $58,000 zone. Any more losses might send the price toward the $56,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $60,800, followed by $60,000.

Major Resistance Levels – $62,500, $64,000, and $65,000.

On-chain data shows the total number of addresses on the TRON network has exceeded the 95 million mark, a major milestone for the blockchain.

TRON Addresses Carrying A Balance Have Broken The 95 Million Mark

According to data from the market intelligence platform IntoTheBlock, TRON has far left behind other layer 1 networks like Cardano and Avalanche regarding its address growth.

Here, the analytics firm has used the total number of addresses on the blockchain carrying some non-zero balance to keep track of this network growth.

When these addresses with a balance go up, it means that either fresh investors are joining the network or old holders are returning. Either way, such a trend can be a positive sign for any cryptocurrency, as it suggests that some net adoption of the blockchain is going on.

On the other hand, a decline in the metric implies some investors have decided to clear out their wallets, a potential sign that they have decided to leave the network behind.

Now, here is a chart that shows the trend in the total addresses with a balance for TRON over the past few years:

As displayed in the above graph, the total number of TRON addresses with a balance has been rising for a while now and has recently hit a new record of more than 95 million.

“Quite an impressive number, considering other layer 1 networks like Cardano and Avalanche have fewer than 10 million addresses,” notes IntoTheBlock. “Layer 1” blockchains handle transactions and security independently, without being dependent on other networks.

Given the pace at which the TRON network has seen addresses open up, it would appear that users have been preferring the blockchain to some of the other layer 1 networks.

Now, what this adoption might imply for the price of TRX can be complicated. The chart shows that adoption has been up for the asset for years, but this hasn’t exactly translated into its price.

One thing that’s usually certain about adoption is that it provides a solid foundation for the network and is a good sign that the asset will be around in the long term.

TRX Price

The cryptocurrency sector as a whole has been racing up recently, with Bitcoin leading the charge with its returns of 20% over the past week. TRON, however, has lagged behind the market, mustering only 3% profits in the same period.

The chart below shows that the coin is currently trading around the $0.14 level.

Regarding the market cap, TRX is currently the eleventh-ranked cryptocurrency. However, if the coin continues to be weaker than its competitors, it might slip down the list, as Chainlink (LINK), the twelfth largest coin, is currently closing the gap with its stronger returns.

Chief Economist and Bitcoin antagonist, Peter Schiff has made another controversial statement about BTC, comparing the world’s largest cryptocurrency to gold, while expressing skepticism about BTC being lauded as the “digital gold.”

Bitcoin Is “Digital Anti-Gold”

In a February 27 post on X (formerly Twitter), Schiff publicly criticized Bitcoin’s title as the digital gold, asserting that the cryptocurrency should be seen as a bet against gold instead of a digital counterpart of the precious metal. While the renowned economist has stated that “Bitcoin is not digital gold,” he has also provided his version of a more accurate description of Bitcoin, characterizing the cryptocurrency as a “digital anti-gold.”

Earlier in November 2023, ARK Invest CEO, Cathie Woods declared Bitcoin to be a digital gold, confidently stating that she would rather wager on Bitcoin than gold. Similarly, Chief Executive Officer (CEO) of MicroStrategy, Michael Saylor and CEO of VanEck, Jan van Eck, have confirmed BTC to be the ultimate store of value. 

These sentiments and statements from renowned BTC investors and leading cryptocurrency supporters clearly contrast Schiff’s perspective on BTC. The global strategist is well known for his opposing views against BTC and other cryptocurrencies, often criticizing the value of these digital assets and informing the broader crypto community of the risks associated with cryptocurrencies while glorifying gold’s value. 

The economist has remained critical of Bitcoin’s perceived role as a digital store of value, highlighting that BTC buyers should hope for the sustained control of inflationary pressures and the ongoing strength of the United States dollar (USD) against other fiat currencies.

Crypto Community In Opposition

The crypto community has swiftly offered their personal opinions on Schiff’s statement about Bitcoin, opposing the Bitcoin antagonist’s views and showcasing their relentless support for the cryptocurrency. 

One crypto community member has asserted that Schiff’s Bitcoin remarks lack theoretical validity, stemming from a fundamental misunderstanding and fear of BTC’s value and potential. Another member has highlighted the differences between gold and Bitcoin, describing the cryptocurrency as a “tech innovation” which has nothing to do with precious metals like gold. 

The majority of crypto members have shown unwavering support for BTC, with some even stating that Bitcoin could potentially surpass the value of gold in the future.

“Bitcoin is going to consume gold. It’s not a matter of if, it’s a matter of when,” a community member stated.

In a post on X, one analyst observes that the altcoin market capitalization has broken from the Wyckoff accumulation phase. With this upswing, the trader expects altcoin prices to move higher.

This refreshing breakout coincides with Bitcoin’s (BTC) stellar performance when writing on February 28. At spot rates, the coin is trading above $60,000, a psychological round number- now supported- and is closely approaching $70,000. 

The Altcoin Breakout From Accumulation

The “Wyckoff accumulation pattern” is a concept developed by technical analysts to pick out potential buying opportunities, in this case, altcoins. Whenever prices are in this phase, it is widely believed that the so-called “smart money” or large institutional players are accumulating at low prices. 

Currently, prices consolidate at tight ranges and with low trading volumes. A signal marking the end of this accumulation is a sharp breakout, lifting prices above the defined range. Often, this upswing is with rising trading volume. 

Looking at the chart, the altcoin market cap has broken above the accumulation phase. With previous resistance and support, the altcoin market cap will likely continue floating higher. As such, top altcoins, including Ethereum (ETH), Solana (SOL), and XRP, will follow suit, posting fresh 2024 highs. 

Why Spot Bitcoin ETFs Give BTC Edge In This Bull Run

So far, Bitcoin is leading the way, posting over $10,000 in less than a week. However, with the coin trading above $60,000, its demand-side drivers differ entirely from what’s influencing altcoins. The approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) has seen billions of dollars flow to the world’s first cryptocurrency.

Therefore, while altcoins have historically outperformed BTC when crypto prices rally, there is an edge with spot Bitcoin ETFs. As such, this bull run will likely differ from 2017 and 2021. This forecast is because institutions will likely favor a regulated asset over altcoins whose status remains undefined. 

As of late February 2024, the United States SEC has not approved spot ETFs of any altcoin, including that of Ethereum. Additionally, the agency has labeled several top altcoins, including Cardano (ADA), unregistered securities. The agency even filed lawsuits against major exchanges like Binance and Coinbase, accusing them of facilitating the trading of what the commission described as “unregistered securities.”

It is not immediately clear whether the United States SEC will change their preview of leading altcoins, especially Ethereum (ETH), which has a market of over $400 billion. Wall Street heavyweights like BlackRock and Fidelity remain interested in launching spot Ethereum ETFs. 

The entire cryptocurrency space is fueled with excitement as the price of Bitcoin rallied today, demonstrating immense resilience, reaching the $59,000 threshold and even further in the past 26 months.

Bitcoin Rally Kicks Off The Strongest Pre-Bull Cycle So Far

Bitcoin is currently in the limelight as the crypto asset continues to rally, leading to several analysts identifying the surge as the start of the “biggest bull cycle ever.”

Analyst and trader Crypto Jelle has labeled the recent uptick as the “strongest start to a new cycle” as his analysis examines the strength of BTC‘s surge.

Jelle claims this resulted from Bitcoin’s latest “break out from the 0.618 Fibonacci retracement.” According to the analyst, “this marks the first time” the asset has made this kind of move “before the Bitcoin Halving event happens.”

He also claims that with the ongoing rally, it seems like the market is “in for a new regime,” he believes things will play out “differently” in the market from how they usually do.

The post read:

This is the first time Bitcoin breaks that 0.618 Fibonacci retracements before the halving event even takes place. By far the strongest start to a new cycle, ever. Looks like we are in for a new regime, where things work a little different than how they used to.

The analyst claims that a shift in the narrative is ushering in a “new era of dynamics in the cryptocurrency landscape.” As a result, “exciting moments await” the space in the future.

Crypto Jelle declared that nothing can stop Bitcoin at the moment. “With BTC rising by another 2% in the past few hours, there seems to be no stopping it right now,” he stated.

Additionally, most of yesterday’s gains occurred outside the Exchange-Traded Funds’ trading hours. However, the analyst is waiting to see if they will “force boomers to pursue price.”

BTC ETFs See Massive Inflow

Research company BitMEX reported that Bitcoin Spot ETFs have seen increased adoption, witnessing a massive surge in daily inflow. Data from the platform shows that ETFs have witnessed a significant inflow of 10,167 BTC valued at $576.8 million.

BitMEX underscored that Blackrock’s iShares BTC ETF (IBIT) made up $520 million of the total inflow. Consequently, this marks the highest inflow the company has seen since the products were approved. 

So far, Blackrock’s asset holdings have risen to over 141,000 BTC, and its net inflow sits above $6.5 billion. Currently, Bitcoin is trading at $59,254, indicating a rise of over 4% in the past 24 hours. 

In a notable development for the cryptocurrency world, Telegram, the popular social media platform, has introduced an ad revenue-sharing system for channel owners on its native blockchain TON. This move has resulted in a significant 25% price spike for TON, surpassing the $3,016 mark.

Previously known as Gram, TON is the native cryptocurrency of The Open Network (TON), a decentralized Layer 1 (L1) protocol. With the introduction of this new feature, Telegram aims to create a mutually beneficial ecosystem where channel owners can be financially rewarded for their efforts.

Telegram Introduces TON For Channel Monetization

According to Pavel Durov, CEO of Telegram, channel owners on the platform will be able to receive financial compensation starting next month. This announcement has generated considerable excitement among content creators eagerly awaiting an opportunity to monetize their channels.

With a significant one trillion monthly views generated by broadcast channels on Telegram, the potential for revenue generation is immense, Durov believes. However, only 10% of these views are monetized using Telegram Ads, a privacy-focused promotion tool.

Telegram’s ad platform will be available to advertisers in nearly one hundred new countries in March. This expansion will allow channel owners in these countries to receive 50% of the revenue generated from ads displayed on their channels, incentivizing content creators and driving the growth of Telegram’s ad ecosystem. Telegram CEO Durov further noted: 

To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels

As announced, all transactions, including payments and withdrawals, will be settled on the TON blockchain, built by the same company that created Telegram, which reported 800 million monthly users as of July 2023.

TON Bullish Momentum Points Towards Potential New ATH

When the announcement was made in the early hours of Wednesday morning, TON experienced a significant spike, sending its price as high as $3.172. This level had not been seen since November 2023, when the token hit its all-time high (ATH) of $3.215.

The current bullish sentiment surrounding TON, coupled with the potential for wider adoption and use, suggests the possibility of a new ATH shortly. This is further supported by the overall market entering an aggressive bullish phase.

Despite the volatility exhibited by TON, as seen on the weekly TON/USD chart, there are no significant resistance levels ahead. Therefore, the outcome of a potential new ATH depends on the ability to sustain the current bullish trend.

Featured image from Shutterstock, chart from TradingView.com

Shiba Inu (SHIB) is on a roll, having again broken above the crucial $0.00001 resistance level. This recent price surge from the meme coin is believed to be propelled by several factors that undoubtedly provide a bullish narrative for the crypto token. 

Burn Rate Contributes To The Shiba Inu Rise

Data from the burn tracking website Shibburn shows that SHIB’s burn rate has increased exponentially as of late, contributing to the meme coin’s latest price surge. According to Shibburn, almost 103 million SHIB tokens have burned in the last 24 hours, a 1913% increase from the previous day. 

This is a welcome development, considering that Bitcoinist reported a crash in the SHIB token burns a week ago, with only about 2 million SHIB tokens burned on February 20. As such, a spike in the token burns automatically sends a bullish signal across the ecosystem. Token burning is one of the initiatives the SHIB community has adopted to help increase SHIB’s value.

Meanwhile, the recent petition launched by the SHIB community urging Grayscale Investments to offer a Shiba Inu ETF is another factor that could be driving the meme coin’s bullish momentum. Although it seems like a reach, the possibility of launching an ETF that centres around the meme coin is one that provides optimism to SHIB investors. 

Moreover, the impact that just rumours about an ETF launch could have on the crypto token in question has become evident, having seen how Bitcoin rose significantly on the back of reports that a Spot Bitcoin ETF would be approved. 

Investors Are Betting More On SHIB

Data from Coinglass shows that the open interest for SHIB has increased in the last 24 hours. This is significant as the derivatives market is known to impact a crypto token’s price discovery. The increase in open interest also suggests that traders are likely placing more bullish leveraged bets on the meme coin.

This increased interest in the Shiba Inu ecosystem is not surprising, considering how much work the team continues to put in to ensure that the crypto token stands out as more than a meme coin. Earlier this month, they secured a strategic partnership with K9 Finance, a liquid staking derivatives (LSD) platform. 

This move will ultimately benefit SHIB as more token burns are expected to be carried out due to increased trading activity on Shibarium. More liquidity is also likely to flow into the ecosystem soon enough as K9 Finance recently announced its token generation event, which will take place on March 7. 

At the time of writing, SHIB is trading at around $0.00001075, up over 5% in the last 24 hours, according to data from CoinMarketCap. 

The crypto market seems to be going nowhere but up. Bitcoin nears $60,000, Ether has been surfing above the $3,000 wave for four days, currently sitting at the $3,330 level, and the rest of the market continues to gain momentum.

Significant developments and a strong bullish sentiment have built up over the past couple of months, and as a result, the top gainers during this bull run are coming from every sector of the market. This is the case of Dog-themed coins, which currently sit among the cryptocurrencies with the best performance over the last few days.

Dog-Themed Coins Are Soaring

Dog-inspired cryptocurrencies are some of the most popular coins among the crypto community. The trend started with the popular internet doge meme and has inspired some of the most recognizable memecoins in the market.

The largest by market capitalization in this category, Dogecoin, currently stays out of the top ten cryptocurrencies by this metric. However, it has remained close to the top with its 11th place.

The Dog-themed market cap has shown a 12.8% growth in the last 24 hours, as CoinGecko data shows. The sector’s market capitalization sits at an impressive $23.8 billion, and the dog-based coins trading volume reached over $4.25 billion in the last 24 hours.

The chart above shows that the top ten dog-inspired cryptocurrencies display positive performance, with green numbers all over the board in the last 7 days.

Impressive Performance From WIF, FLOKI And More

Dogecoin, Shiba Inu, and Bonk lead the dog-inspired market. However, none of these tokens are among the top five gainers on the last day or week.

At writing time, the coins that have seen the best performance in this category include dogwifhat (WIF), FLOKI (FLOKI), Samoyedcoin (SAMO), Myro (MYRO), and Chihuahua Chain (HUAHUA). Let’s take a look at the 3 top gainers:

Dogwifhat (WIF)

WIF’s price jumped 41.9% during the last day and now trades at $0.7765. Earlier today, the coin’s price recorded a new all-time high (ATH) after reaching $0.79.

Just last week, a crypto analyst predicted that the price of WIF was about to go “turbo parabolic” and possibly reach $1. Fans of the project have shown their excitement by suggesting that investors “keep their hats on” during this leg of the rally.

Dogwifhat’s daily trading volume of $123.5 million represents a 34.30% increase from one day ago. This hints at a recent rise in “hats being put on” after the token has shown an impressive 117.8% and 137.8% price jump in the last 7 and 30 days, respectively.

FLOKI

As previously reported, FLOKI has been soaring after DWF Labs announced its plans to strengthen its partnership with the project. The digital assets investment firm will purchase $10 million worth of FLOKI tokens directly from the project’s treasury over two years.

Since then, the token’s price has risen 37.7% in the last 24 hours. Currently trading at $0.00005973, FLOKI has maintained its gains over the week with an 85.4% price increase. Additionally, its performance recorded a 100.1% jump in the 30-day time frame.

According to CoinGecko data, FLOKI is outperforming the global crypto market with its performance in the last week. Similarly, it has increased its trading volume by 116.6% in 24 hours, with over $382 million.

Chihuahua Chain

Chihuahua Chain surprised the crypto community after becoming one of the largest global earners on the last day. Members of the ‘HUAHUA Army’ speculated if the token would break out of the downtrend seen after the token’s massive pump in December.

HUAHUA experienced a massive 48.4% price jump in the last 24 hours. The token went from its $0.00018 price to trade at $0.0003411. Its daily trading volume massively increased by 140.4% and currently sits at $1.017 million. This performance has been sustained over the last month, as the token’s price has grown 50.3%.