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Dogecoin [DOGE] Bets on Safety As Price Move Into Greener Pastures

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Dogecoin [DOGE] and its peer altcoin market’s recovery over the past week has brought in more positive sentiment for the industry and its proponents. Bitcoin’s price climb generated enough momentum for altcoins such as Ethereum [ETH] and Dogecoin [DOGE] to also jump on the rafters.

Jackson Palmer’s meme project has definitely done well for itself with the seventh-largest cryptocurrency on the charts holding a market cap of $31.5 billion. At press time, Dogecoin [DOGE] was trading for $0.23 after a 10.5 percent surge over the previous 24-hours. DOGE’s latest hike occurred post an immediate support break.

Dogecoin [DOGE] 1 hour:

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Dogecoin [DOGE] Bets on Safety As Price Move Into Greener Pastures 3

Hourly charts painted a rosy picture for the cryptocurrency with the formation of a sustained support. The current hold was at $1.69 while the immediate resistance was marked at $2.83.

The Relative Strength Index climbed towards the overbought zone after a noticeable hike in DOGE’s price. As more investors enter the ecosystem the graph is expected to touch the overbought threshold. According top the Chaikin Money Flow indicator, the capital coming into the DOGE market was not enough to outweigh the oversell.

Only the Parabolic SAR fully sided with the bull as the markers remained below the price candles. The sustained hold at the bottom signified an effective bull run.

DOGE 1 day:

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Dogecoin [DOGE] Bets on Safety As Price Move Into Greener Pastures 4

DOGE’s performance in the long term has been split since January of this year. June’s bear run has wiped out most of the gains racked up this year. The Chaikin Money Flow indicator sharply turned towards the zero line as more investors pumped money into the DOGE ecosystem.

The Relative Strength Index had capitulated near the oversold zone. It remains to be seen if the movement will be positive at market open but if the candles hold firm, the overbought zone may appear at sight. The Parabolic SAR for the long term was opposite to the earlier chart as all the markers were above the candles.

Cardano [ADA] reemerges from shallows as the crypto market tries to keep bear at bay

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The cryptocurrency market’s bleed over the past few days caused several alarm bells to go off as investors struggled to cope with the price crunch. Billions in the market cap were slashed in the last 48 hours as Bitcoin triggered the fall for the rest of its compatriots.

Altcoins such as Ethereum, XRP, and Cardano all had their 2021 gains removed during the bear crunch after which the prices stabilized. At press time, Cardano was trading for $1.26 with a total market cap of $4-.145 billion. The 20 percent drop in weekly movement brought down the daily trading volume to $6.41 billion.

Despite the crunch, many coins have recovered on the charts today. Over the last 24-hours, Cardano climbed by over 13 percent, a performance far superior than most of its peers in the top 10 crypto club.

Cardano 1 hour:
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Cardano [ADA] reemerges from shallows as the crypto market tries to keep bear at bay 7

Cardano holders heaved a sigh of relief over the previous 24 hours as the cryptocurrency settled back to its earlier price groove. As ADA settled at $1.25, the immediate support had been lowered to $1.008. The current resistance in the short term clocked in at $1.45.

The upper and lower Bollinger bands converged towards the candles, a sign of an imminent price breakout. The size of the Bollinger cloud signified the range of fluctuations that had occurred over the previous 48 hours. According to the Relative Strength Index, Cardano was holding strong in the overbought zone after it crashed below the oversold line on June 22.

The Chaikin Money Flow indicator blinked green for ADA as the graph climbed in a linear fashion. This meant that the capital influx into the Cardano market was more than the capital leaving the market.

Cardano 1 day:
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Cardano [ADA] reemerges from shallows as the crypto market tries to keep bear at bay 8

The daily charts painted the picture of a cryptocurrency stabilizing after a tumultuous start to the week. Cardano’s long term support at $0.81 was untouched in the recent bear run as the price took a turn for the better.

Cardano’s daily Bollinger bands diverged from each other after its pipeline hold on the charts during the price stabilization. The parallel movement by the bands corelated to the lack of major price movements at the start of the month.

Long term RSI indicated a bullish run after the formation of a u-turn on the chart. Analysts stated that the change may be due to more investors flooding the market. The CMF, on the other hand, sharply fell towards the bottom of the zero line.

Proponents of the market have reassured investors that bear runs where natural and that it is a prevlanet phenomenon across all mainstream trading ecosystems. Despite the losses, one phrase echoes strongly in the cryptocurrency space: “buy the dip”.

It seems like Bitcoin’s bear market is confirmed cautions Ki Young Ju

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At this point in time, there might be only a few people who are actually bullish on Bitcoin apart from Michael Saylor. Since the crash of 19th May, recovery attempts have been faced by intense selling at resistance points. While the weeks that followed also accompanied buying at dips, this trend appears to have taken a back seat.

Instead of buying the dip, the retail crowd is now in anticipation of bullish signs to emerge as selling pressure grapples the market. But the situation is getting bleaker by the day and there seems to respite in the offing. With the crypto-asset so far failing to recuperate from its 50% drawdown from the April peak, the bear market narrative for Bitcoin has never been stronger.

According to the CEO of CryptoQuant, Ki Young Ju, it seems like the Bitcoin bear market is confirmed. He backed his argument with the latest trend that has been witnessed as whales were offloading their BTC to exchanges.

While admitting that there is no a single indicator that can tell the future for sure, the exec went on to add,

“I expect my BTC bearish bias won’t last long (maybe just a few weeks) because the market looks good in terms of supply/demand in the long term (e.g., Stablecoins ratio(USD) and SSR). So don’t get me wrong, I’m not saying it’s over.”

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It seems like Bitcoin's bear market is confirmed cautions Ki Young Ju 10

Meanwhile, CoinShares‘s latest weekly report also echoed a similar sentiment. It revealed that the digital asset investment products witnessed a third consecutive week of outflows summing up to a total of $79m in what is now the longest bear run in outflows since February 2018.

Bitcoin’s tense market conditions

The choppy on-chain dynamics did little help to support the price of Bitcoin. In terms of active addresses, the figures have dropped by 24% from the generally sustained peak of 1.16 million that was witnessed from March to early May this year. Currently, the addresses, however, stood at 884,000, a figure that was last seen a year back.

In addition to that, there has been a dramatic decline with respect to the USD value settled on the Bitcoin network which currently sits at -63% compared to the recent highs established in May. According to reports, Bitcoin is settling approximately $18.3B per day, thus suggesting an equivalent volume to Q1 2021.

Binance Coin [BNB] Faces Off Against Bear as Market Dips

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As cryptocurrency prices enter a new red sector, proponents of the market remained unfazed with some urging new members to “buy the dip”. Coins such as Bitcoin [BTC], Ethereum [ETH], and Binance Coin [BNB] witnessed price slashes unseen in over 2 months.

Altcoins such as Binance Coin enjoyed a tremendous bull run last month but the current price crunch has erased all the previous accumulated gains. At press time, BNB was trading for $260.5 with a market cap of $41.1 billion. BNB prices dipped by 12.5 percent over the past 24-hours further reducing the daily trading volume to $3.08 billion. Thanks to the market-wide bear attack, BNB’s closest rival Cardano was still $5 billion behind in terms of market cap.

BNB 1 hour:

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Binance Coin [BNB] Faces Off Against Bear as Market Dips 13

Binance Coin’s short term charts painted a bearish picture with the 4th largest cryptocurrency breaking its immediate price support. The current support stands at $259 while the immediate resistance was locked in at $365. BNB’s parent company, Binance, has urged its holders and fanbase to HODL their assets for the long run.

The Relative Strength Index had fallen towards the oversold zone, a normal movement during an price dip. This was a sign of a sell off triggered by the latest crash. Since the graph is on the threshold, there remains a chance for an upturn. According to the Chaikin Money Flow, the capital leaving the BNB market was more than the influx.

Only the MACD indicated a bullish prospect with the signal line and the MACD line diverging today. Post the divergence the graphs have moved parallel to each other, which may give a reprieve for BNB’s price.

BNB 1 day:

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Binance Coin [BNB] Faces Off Against Bear as Market Dips 14

The long-term chart for BNB also pointed to a bearish hold on the market with prices heading to levels unseen since March. BNB’s long-term support was the same as that of the hourly chart ie. $259. The Relative Strength Index had fallen below the oversold zone as BNB’s buy-in patterns changed for the worse. The stabilization in the graph could mean that users had begun to redirect their capital into BNB.

The Chaikin Money Flow [CMF] crashed below the zero line after holding at a 60 day high. Massive amounts of BNB being sold could be one of the reasons for the sharp downturn. Unlike in the hourly charts, the MACD line for the long term was bearish. As the rest of the cryptocurrency market also heads for more bear attacks, BNB holders should continue to take notes from earlier price crashes.

Uniswap becomes the first DEX to surpass $0.3 Trillion in trading

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Uniswap has raked in some eye-popping numbers over the years. This week, it went on to become the first decentralized exchange [DEX] to blast past $0.3 billion in cumulative volume as per the latest chart on Dune Analytics.

As the appeal of DEXs gained traction, the platform was not only observed to be gobbling up the market share of the entire decentralized finance [DeFi] space but has also given stiff competition to its centralized peers.

Exactly, a year before, the Ethereum-based DEX recorded a volume of $1 billion. Meaning, over the past year, as the DeFi sector exploded, Uniswap’s volume grew by almost 100%.

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Uniswap becomes the first DEX to surpass $0.3 Trillion in trading 16

Uniswap V3

Despite several clones, Uniswap has maintained its dominance in the DeFi sector. The release of its third iteration in May this year has only strengthened its position. V3 is touted as a critical milestone for the ecosystem since it merges the concept of limit order books from traditional exchanges into the automated market maker [AMM], this bringing in higher levels of efficiency, flexibility, and liquidity into space.

Following the v3 launch, Uniswap went on to become the second most popular DEX on the Ethereum network and was found to be right behind the previous version v2 by trading volume. Meanwhile, it has dwarfed its rivals such as SushiSwap and Ox while facilitating significantly lower gas fees while offering greater capital efficiency for its users.

Lauding the growth and the latest version, Hayden Adams, the founder of platform, stated,

“Capital efficiency in action: The Uniswap v3 USDC/ETH 0.05% fee tier pool is doing $258m volume on just $48m TVL. On its own this pool would be the #2 DEX, with higher volume than other AMMs with billions in TVL.”

While v3 has not been able to replace its previous iteration, many analysts in the DeFi space believes that the latest one could potentially witness an increased usage by liquidity providers and retail users considering its enhanced functionality.

TSB Bank to ban crypto purchases citing cyber-crime concerns

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TSB Bank, which happens to be a retail and commercial bank in the UK is all set to is impose a ban on more than five million of its British banking customers sending money to two prominent cryptocurrency exchanges amid concerns associated with cyber-crime.

According to reports, the institution is gearing up to bar its customers from sending money to trading platforms such as Binance and Kraken on concern that fraudsters are being allowed to create e-wallets and steal user’s money because of poor security checks.

The bank views that Binance, which happens to be one of the world’s biggest cryptocurrency exchanges, as a hotbed for scammers. This is not the first time when TSB has drawn out associations between cryptocurrency and fraudulent activities. The British institution’s Head of Fraud Ashley Hart has also been vocal about crimes in the crypto sector in both newspapers as well as radio. Hart also stressed the “dramatic spike in fraud” and remarked that the existing cryptocurrency exchanges are “rife with fraudsters,” that siphoning off with massive sums as “they capitalize on the surging interest in this type of investment.”

The exec of TSB Bank was also quoted saying,

“Anyone approached to invest in crypto should be extremely wary as these approaches are overwhelmingly scams.”

TSB Bank isn’t the only British financial institution barring cryptocurrency dealings

Apart from TSB Bank, Barclays is another major bank in the United Kingdom that decided to prevent their customers from transferring money to digital currency exchanges such as Binance and SwissBor. Fintechs such as Monzo and Starling also followed the suit. While the representatives of the institutions stated that the move stemmed from bad actors in the space, they were keen on resuming services.

As per the latest stats, UK users had reportedly lost more than $82 million during the past year, most of which originated from investment scams via social media. In addition to that, almost half of 50% of such scams were linked to cryptocurrencies such as Bitcoin and Ethereum.

XRP [XRP/USD] Price Analysis: Cryptocurrency remains buoyed by strong support and resistance

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The cryptocurrency market’s relationship with the bull has been a tumultuous one of late with price fluctuations taking over. Although the price dips were not very significant, Bitcoin and a majority of the altcoins such as XRP and Ethereum mimicked the same bearish signals. At the time of writing, XRP ranked 7th on the charts with a market cap that was a billion dollars short of its nearest competitor, Dogecoin.

Clocking in at $0.852, XRP had undergone a minor 2.05 percent price reduction over the past week. XRP’s price changes have also been a result of the Ripple lawsuit and its resulting events. Back in 2020, the United States Securities and Exchanges Commission [SEC] had asked XRP’s parent to divulge details regarding its workings. Despite the pushback, XRP surged over the past couple of months to hit new all-time highs.

XRP 1 hour:

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XRP [XRP/USD] Price Analysis: Cryptocurrency remains buoyed by strong support and resistance 19

XRP’s short terms gains gave hope to investors that a bear run was impending. The candles turned green right before the immediate support which stood at $0.83. Its immediate resistance was $0.9, far crypto from its earlier all-time highs. All the indicators are taken in the technical analysis point to greener pastures for the seventh-largest cryptocurrency on the charts.

The Relative Strength Index had climbed over the zero line which meant that more people were buying XRP rather than selling it. Next in line was the Chaikin Money Flow indicator which projected a liner growth on the graph. This was in line with more investor money coming into the XRP ecosystem over the past couple of months. The MACD indicators in the short term had diverged towards the top as the histogram blinked green.

XRP 1 day:

The long-term gains enjoyed by XRP have elevated its support and resistance to levels unseen in 2020 or 2019. As it stands, the long-term support and resistance are $0.9 and $1.34 respectively. The aforementioned indicators took a more bearish stance when it came to long-term analysis.

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XRP [XRP/USD] Price Analysis: Cryptocurrency remains buoyed by strong support and resistance 20

XRP’s daily CMF indicators settled on the zero line with no major fluctuations in terms of capital coming in or leaving the market. The RSI signaled a stronger bearish signal as the indicator was much closer to the overbought zone than the oversold zone. A strong market sentiment allowed XRP to be buoyed between the overbought-oversold territory. The MACD indicator had crossed over at the start of the month, after which it continued a divergent path.

Litecoin [LTC] could be eyeing a trend reversal; LTC to $200?

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Litecoin [LTC] has always been hoarded as a lite version of Bitcoin [BTC]. With Bitcoin being digital gold, Litecoin has been regarded as digital silver over the years. However, LTC’s stay in the top ten was cut short by several coins that had entered the crypto-verse only recently. The disparity between LTC and BTC or even Ethereum [ETH] was high, both, in terms of market cap as well as price. Yet, the altcoin managed to secure notable gains during the recent crypto rally.

Just a month ago, LTC managed to push itself onto an all-time high of $412. Similar to every other coin, the asset’s gains were robbed by the bear pushing it down to $168.55, during the time of writing. The last 24-hours didn’t do the coin any good as it was seen enduring a 5.23% daily dip.

Additionally, the market cap of LTC was at $11.36 billion, at press time. LTC was seen taking over the 12th rank, not too far away from Bitcoin Cash [BCH].

Colored in red, the crypto-verse was seen losing out on all the gains acquired over the last couple of days. Bitcoin, at the time of writing, had slumped to $38K.

Litecoin [LTC] one-hour price chart on Binance

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Litecoin [LTC] could be eyeing a trend reversal; LTC to $200? 23

The short-term price chart of LTC was rather negative. The Parabolic SAR indicator did not prolong its stay in the bullish arena. The indicator laid out a dotted line over the candlesticks blocking any imminent uptrends. The MACD line sunk below the signal line further insinuating a bearish crossover.

Complimenting the ongoing trend, the Money Flow Index indicator revealed that the LTC market was exhibiting a sellers’ sentiment.

Litecoin [LTC] one-day price chart on Binance

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Litecoin [LTC] could be eyeing a trend reversal; LTC to $200? 24

Unlike its short-term chart, LTC’s one-day price chart noted the invasion of bulls. The Awesome Oscillator indicator laid out green closing bars pointing out a bullish momentum. Following this trend was the Klinger Oscillator that formed a bullish crossover. The Relative Strength Index, noted that LTC was in the sellers’ zone.

Goldman Sachs moves over Bitcoin as it steers towards Ether

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Prominent bank, Goldman Sachs revealed that it would be elevating its crypto trading service with the inclusion of Ether [ETH].

Ethereum [ETH] witnessed a prominent plunge over $1K all the way on to an all-time high of $4K. The altcoin certainly stood out during the last crypto rally overshadowing several assets. While the latest bear invasion destroyed the gains amassed by coins like Bitcoin [BTC], Binance Coin [BNB], and many others, Ethereum managed to retain itself at $2.5K.

Even though Bitcoin remains the most popular cryptocurrency, many have been eyeing Ethereum as well as other cryptocurrencies. Goldman Sachs seemed to be the latest platform expressing interest in onboarding another crypto asset apart from Bitcoin.

Goldman Sachs’ head of digital assets eyes Ether

Speaking with Bloomberg, the head of digital assets at Goldman Sachs,  Mathew McDermott revealed that the bank was looking forward to offering futures as well as options trading in Ether. While the bank had previously made news for embracing Bitcoin, its latest move comes as a plunge towards the same.

McDermott detailed,

“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point. We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.”

With volatility striking the crypto market, the price of cryptocurrencies witnessed a massive fall. This further insinuated several investors to pull out from the industry. Goldman Sachs, however, seemed to be sure about its venture into the crypto-verse. McDermott stressed how the interest in crypto would prolong without a stop despite the price change of digital assets.

He added,

“Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space.”

The bank’s crypto-friendly moves over the last couple of months have certainly lured investors into the market.

Bitcoin wades through greener pastures as investors move big money

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The past couple of days have written a positive script for the cryptocurrency market as prices began climbing again. Bitcoin and its compatriots enjoyed a surge post last weekend as the world’s largest cryptocurrency surpassed the $40,000, triggering a market-wide bull run.

At the time of writing, Bitcoin was trading for $40,086 at a market cap of $751.8 billion. Over the course of the last 7 days, BTC’s value had jumped by a whopping 22 percent. With a 24-hour trading volume of $46.37 billion, BTC was still miles ahead of its altcoin peer, Ethereum.

Bitcoin daily split

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Bitcoin wades through greener pastures as investors move big money 27

The hourly chart indicated a bullish path for Bitcoin, atleast till the close of the week. Hourly support held at $38,445 while the resistance had charted new territory at $43,289. The trend line on the hourly chart is representative of the market action right now, albeit on a smaller scale.

The MACD lines ha converged at the start of the bull run after which their movement has been largely parallel to one another. Corresponding histogram readings further added to the theory that the bull run was a fluctuating phenomenon. Bitcoin’s RSI indicator had fallen from the edges of the overbought zone and continued a mostly genial path.

This meant more and more people were buying into the Bitcoin market triggering an influx of capital as seen on the Chaikin Money Flow charts. Bitcoin’s short-term CMF stayed above the zero line, a sign that the capital coming into the market was more than the capital leaving it.

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Bitcoin wades through greener pastures as investors move big money 28

Bitcoin’s 24-hour range was slightly different with higher resistances and supports. At press time, the daily support was $32,477 while the resistance still held at Bitcoin’s ATH. The MACD lines on the daily chart were a stark contrast to the hourly charts.

Although Bitcoin needs to sustain its current price hike to make it big in the long term, all the signs were pointing to it. The Relative Strength Index metric recently climbed over the zero threshold towards the overbought zone. This was of significance because it had stayed below it for the past 30 days.

The aforementioned charts paint the picture of a cryptocurrency slowly but surely entering a bullish phase. Bitcoin’s price candles in the short term have seen more green than red for the first time in weeks and that is a definite ace in the sleeve for investors everywhere.