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Price Prediction

Bears Punish Elon Musk’s Dogecoin For BTC Broken Heart Tweet

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Bears Punish Elon Musk's Dogecoin For BTC Broken Heart Tweet

Bitcoin prices plummeted Friday after Dogecoin chief promoter Elon Musk tweeted a hashtag from BTC with a heartbroken emoji. However, this move did not go down well with many in the crypto community.

Bitcoin failed to break the 40K mark after flirting with it on May 26th. Another attempt failed Thursday before Musk’s tweet sent the BTC / USD pair down nearly 9%. The pair has rebounded slightly but is still down 5.61% at the time of writing.

How did Dogecoin dealers react? Dogecoin also sold out, losing 6.71% after failed attempts to break the wall of resistance, which ranges between $ 0.39 and $ 0.43. Is there now a correlation between Dogecoin and Bitcoin? Maybe not, but this could give Dogecoin traders an early warning of what to do if Elon Musk makes bitcoin-related tweets.

Technical outlook for DOGE / USDT

Dogecoin rejection in the resistance zone eventually bottomed at the 78.6% Fibonacci retracement level (0.3459). The slight upswing now keeps the price range between 0.34 and the resistance zone (0.39-0.43). A break in support at 0.34 will cause the price to slide towards the psychological price level of 0.30, with 0.25 and 0.21 serving as additional targets in the south.

On the other hand, if bulls can break through the hard resistance zone, the zone will be converted into a retaining wall. We could then see a return move and a rebound on this support wall, initially targeting 0.45 before 0.49 and 0.54 (0.382 and 0.50 Fibonacci retracement numbers) come into the picture as bullish targets.

DOGE / USDT daily chart

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Price Prediction

Is MATIC Finally Close To The Bottom?

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Polkadot, MATIC, Uniswap price analysis

A terrible start to the month resulted in Polygon price dropping 38%. But now could be the right time to think about buying MATIC.

Polygon was last traded at $ 1.2350, $ -0.0179 (-1.37%).

It’s fair to say that MATIC has had a tough few weeks. However, if we add some perspective, the Polygon Prize had a fantastic 2021.

Polygon started the year at $ 0.0169. By May 19, it had gained over 15,000% to $ 2.8988. Of course, the entire market was valued lower last month and MATIC lost -57% from the high.

Still, a 6500% ROI is still overwhelming.

Obviously, not everyone has held since the beginning of the year, and the recent decline has left many newly minted longs underwater. This likely contributed to the magnitude of the recent sell-off.

Undoubtedly, Polygon’s price momentum is negative. However, there may be some signs that we are approaching an intermediate low.

MATIC technical outlook

The daily chart doesn’t paint a pretty picture. The price fell below the 50-day moving average (and closed) for the first time since the bull run in early May.

Second, the brutal slump between May 19 and 23 was extremely loud. So it is logical to assume that the 4 day decline forced many long positions out of their positions.

But the volume was also high during the recovery rally that followed from May 23rd to 26th. This suggests that once long positions exited, MATIC would blast back up.

Hence, I would have expected liquidation when the price fell below 200 DMA at $ 1.3165. That never came. Perhaps the length is now in the stronger hands of long-term investors.

Below the market, a rising trendline from late April offers support at $ 1.0700. This is an important level. As long as the polygon price does not fall below this threshold, it could still recover.

The stochastic RSI is on the floor. This shows how bad the price action was.

Now for the positive.

With technology as bad as it is. It wouldn’t take much to turn up and trigger some bullish signals. the first would be a closing price above the 50 DMA.

If the price can rebound from the average today, we can look at yesterday’s dip under a false breakout. This could encourage some upward momentum.

Over $ 1.5000, we could be talking about $ 2.00 again. However, the market has to do some of the work. That said, for this to happen we need to see some strength return to the cryptocurrency space.

The asset class has been pretty unloved lately. Stocks are flying, and much of the retail stake has moved to meme stocks.

However, if crypto gets popular again (hopefully soon), MATIC could be a big high-flyer.

Polygon price daily chart

Polygon price

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Price Prediction

Ethereum price finds footing along the 50-day EMA

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Ethereum price finds footing along the 50-day EMA

Ethereum is on a consolidation pattern according to US inflation data. According to the US Department of Labor, the CPI rose 5.0% yoy from a forecast 4.7%. This is the highest level since August 2008. Excluding food and energy components, the core CPI of 3.8% is above the forecast 3.4% and 3.0% of the previous month. It is the highest level since January 1992.

As far as the initial jobless claims are concerned, the 376,000 submitted represent a decrease compared to the 405,000 and the expected 370,000 of the previous week. The inflation worries in particular are still noticeable. However, as seen with Ethereum price movements and other markets, fears appear to have subsided. This is based on the Fed’s insistence that inflationary pressures are temporary and will allow it to exceed its 2% target for a while.

ETH price forecast

Ethereum is down 2.769% to 2,538.42. It is trading sideways after hitting a weekly low of 2,309.17 on Tuesday. On a two-hour chart, it is trading along the 25-day EMA and a little below the 50-day EMA. I expect the crypto will continue to trade within a tight range in the near future. The boundaries of the horizontal channel will likely be at the intraday high of 2,631.63 and the previous session’s low of 2,453.51. Exceeding these levels will invalidate this thesis.

Ethereum price chart

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Price Prediction

Ripple Price At Major Support, Make or Break Here

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Ripple Price At Major Support

Ripple price fell from above 1.50 where it made three higher lows – a sign of a reversal pattern. Whenever the technical picture shows three higher lows, it suggests a triangle as a reversal pattern that has just ended.

The problem for Ripple bulls is that such triangles form at the end of complex corrections. Hence, this means that prior to the first try, the movement was corrective, rather than impulsive, at the 2.0 level, according to the rules of Elliott Wave Theory.

Now that the market has reversed, it has found support at 0.80, a level that previously acted as resistance. A break below the support should cause more trouble for Ripple bulls as it suggests further weakness below the 0.5 mark.

What is interesting is that Ripple price has not been strong enough to rebound along with Bitcoin’s recent surge in recent days. Should Bitcoin’s weakness return, Ripple appears poised to break the support.

Technical analysis of Ripple price

Bulls may want to see a daily close above par before attempting to go long on Ripple price. If so, the disability level is 0.70 while the take profit is 1.5. On the other hand, a close below 0.7 should trigger further weaknesses – traders should consider 0.25 with a stop at 1.0. aim

Ripple price forecast

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