Exciting milestones ahead for Dogecoin

October 29, 2024

Reading time: 5 minutes

Bitcoin breaks $70,000 barrier as trading volume and ETF inflows increase

Key points:

  • Bitcoin surged to a 20-week high, exceeding $71,000.

  • Trading volume nearly doubled to $47.5 billion.

News - Bitcoin surged past the $70,000 mark on 29 October 2024, a significant milestone that has ignited optimism among traders and analysts. This 5% price increase, fueled by a 148% spike in trading volume, has propelled the cryptocurrency to a 20-week high.

The recent rally has solidified the $70,000 level as a strong support zone. However, Bitcoin still faces resistance near the $72,000 mark and the all-time high of $73,835. Analysts believe that a decisive break above $72,000 could pave the way for a new all-time high.

What’s more? Technical indicators suggest a bullish outlook, with the path of least resistance pointing upwards. The in/out of the money around price (IOMAP) metric indicates that the support levels below the current price are stronger than the resistance levels above.

The surge in Bitcoin's price has led to significant liquidations of short positions, further fueling the upward momentum. As the cryptocurrency market continues to evolve, traders and investors are closely watching Bitcoin's price action for potential opportunities ahead of the U.S. election.

Is Solana overbought? Key indicators suggest possible correction ahead

Key points:

  • Solana's price has surged to $180, its highest since July.

  • Speculation grows around a potential breakout to $200.

News - Solana has surged to $180 for the first time since July, sparking speculation about a potential breakout towards $200.

This upward movement comes alongside increased investor interest, but some analysts warn that a pullback could occur before any further gains are realized.

One critical indicator signaling a possible downturn is the Chaikin Money Flow (CMF), which assesses the buying and selling pressure on an asset. Recently, Solana's CMF reached 0.28, reflecting substantial buying volume but also hinting at overheating conditions.

Additionally, the Money Flow Index (MFI) has climbed above 80, indicating that SOL is in overbought territory.

Despite these warnings, the daily chart shows that Solana successfully retested the $180 level after breaking out of an ascending triangle, a pattern that traditionally signals bullish sentiment among traders.

Dogecoin Futures hit new highs as traders bet on Donald Trump’s win

Key points:

  • Dogecoin futures interest is rising, nearing April's record levels.

  • DOGE prices jumped 15% following Elon Musk's involvement with Trump.

News - Dogecoin futures have seen a significant surge in open interest, nearing record levels. This surge is primarily driven by speculation surrounding a potential role for DOGE in a potential Trump administration.

Elon Musk's recent interactions with Donald Trump, including a public appearance and social media posts, have fueled this speculation.

More details - Musk has publicly discussed the idea of creating a "Department of Government Efficiency," abbreviated as D.O.G.E., and has hinted at a potential connection to Dogecoin.

Traders are betting that a Trump victory in the upcoming U.S. elections could lead to increased adoption of Dogecoin, particularly if the D.O.G.E. department is established.

This bullish sentiment has translated into a significant increase in both the price of Dogecoin and the volume of futures contracts.

XRP’s rebound sparks hope, but technical indicators offer mixed signals

Key points:

  • XRP's price dropped 8% from 21 to 25 October, raising concerns of further declines.

  • Since 26 October, bulls have defended the $0.50 support, leading to a rebound.

News - XRP has recently experienced a price decline, followed by a rebound from the crucial $0.50 support level.

While this bounce has sparked optimism among XRP holders, technical analysis suggests that the altcoin’s recovery remains uncertain.

On-chain data from Santiment indicates a shift in market sentiment towards a more positive outlook for XRP. This could potentially fuel further price increases. However, sustained buying pressure will be crucial to confirm a sustained uptrend.

The 4-hour chart reveals that XRP bulls are currently outpacing selling pressure, as indicated by the Bull Bear Power (BBP) indicator. A continued positive reading of the BBP could signal further upside potential for XRP.

Nevertheless, it’s important to note that XRP has historically struggled to sustain upward momentum. If selling pressure resurfaces, the altcoin could face another downward correction.

Interesting facts

  • Bitcoin is the preferred currency of Liberland (government), a micronation proclaimed on 13 April 2015 by Czech politician Vít Jedlička. In fact, Liberland advertises itself as a ‘crypto-friendly sovereign state’ that runs fully on-chain.

  • According to reports, there is a social media post about Bitcoin every three seconds.

  • The world’s first NFT, Quantum, was minted on the Namecoin blockchain by Kevin McCoy in 2017.

Top 3 coins of the day

Ethereum (ETH)

Key points:

  • Bulls dominated ETH’s short-term movement.

  • The coin was up 4.25% over the last day.

What you should know - Ethereum, at press time, traded at $2,627, moving within a rangebound pattern between $2,400 and $2,800 after breaking out of a prolonged downtrend. This rangebound behavior suggested indecision in the market, with buyers and sellers maintaining balance. A break above $2,800 would have indicated renewed bullish momentum, potentially pushing ETH towards the $3,000 resistance. The RSI hovered around the mid-50s, reflecting neutral momentum with a slight bullish inclination. Trading volume remained relatively stable, implying that traders were waiting for a breakout from this consolidation phase. For a bullish outlook, ETH needed a decisive close above $2,800.

Tron (TRX)

Key points:

  • At the time of writing, TRX was trading at $0.1641.

  • It was up 2% over the past week.

What you should know - TRON showed a steady uptrend recently, breaking past its $0.16 resistance level. The asset's price hovered around $0.164 as it formed a symmetrical triangle pattern on the daily chart, suggesting a potential breakout. TRX's earlier momentum, particularly in mid-September, was driven by increased trading volume, pushing the price up from around $0.115 to $0.17. As it approached the end of October, the price movement was largely consolidative, hinting at indecision among traders. The MACD remained relatively flat but showed a slight bullish divergence, indicating that buying pressure might increase if the pattern breaks upward. If TRX breaches $0.17 with strong volume, it could rally further, but a fall below $0.16 might trigger a pullback toward lower support levels around $0.145.

Bitcoin Cash (BCH)

Key points:

  • At press time, BCH was trading at $380.92.

  • It was up by 6.17% over the past week.

What you should know - Bitcoin Cash experienced an upward move, breaking above the $380 mark, indicating a 4.24% rise. The recent price action formed a range between $320 and $380, with resistance near $440. Earlier in 2024, BCH's price surged to over $720 before entering a downward correction. As it approached the end of October, the price fluctuated near $365 before breaking higher. At press time, the RSI was around 61, reflecting increasing buying pressure but not yet signaling an overbought condition. Trading volume remained moderate, supporting the bullish momentum, but sustained volume was necessary to break past the immediate resistance. If BCH fails to maintain this upward trend, it can risk returning to support around $340.

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