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Из жизни альткоинов

Ripple предупредила о росте числа криптомошенничеств на фоне бычьего ралли XRP

bits.media/ - 52 min ago
Компания Ripple предупредила подписчиков в соцсети Х о массовых случаях фишинга и мошенничества на фоне роста крипторынка, в частности, криптоактива XRP.

В Госдуме России предложили лишить майнеров льгот на электроэнергию

bits.media/ - 1 hour 18 min ago
Издание «ТАСС» сообщает, что член комитета Госдумы по энергетике Борис Гладких из фракции «Единая Россия» предложил лишить россиян, занимающихся майнингом криптовалют, льготного тарифа на электроэнергию.

Канадский регулятор оштрафовал компанию ezBtc на $18,4 млн за криптомошенничество

bits.media/ - 1 hour 43 min ago
Комиссия по ценным бумагам Британской Колумбии обязала основателя криптовалютной торговой платформы ezBtc Дэвида Смайли выплатить $18,4 млн за обман инвесторов и мошенничество с цифровыми активами.

Власти Камбоджи заблокировали веб-сайты крупнейших криптобирж

bits.media/ - 2 hours 8 min ago
Агентство по регулированию телекоммуникаций Камбоджи (TRC) заблокировало 16 веб-сайтов криптовалютных сервисов, включая крупнейшие биржи Binance, Coinbase и OKX.

Ки Янг Джу: Сезон альткоинов наступит только для избранных

bits.media/ - 3 hours 14 min ago
Генеральный директор платформы CryptoQuant Ки Янг Джу заявил, что стандартный сигнал о начале сезона альткоинов в виде перетока капиталов из биткоина в другие цифровые валюты, уже не актуален.

Власти Бразилии намерены запретить вывод стейблкоинов на некастодиальные криптокошельки

bits.media/ - 3 hours 38 min ago
Центральный банк Бразилии выступил с инициативой, запрещающей переводы стейблкоинов USDT и аналогичных им активов на некастодиальные кошельки, такие как MetaMask.

Румыния использовала блокчейн для учета голосов на президентских выборах

bits.media/ - 4 hours 3 min ago
Румыния стала первой европейской страной, применившей блокчейн для мониторинга явки и результатов общенациональных выборов.

Аналитики Bernstein назвали четыре ключевых фактора роста курса эфира

bits.media/ - 4 hours 28 min ago
Эксперты компании Bernstein заявили, что пока эфир уступает биткоину в качестве средства сбережения и сталкивается с конкуренцией со стороны блокчейнов первого уровня, таких как Solana. Однако есть несколько факторов, способных подтолкнуть котировки актива вверх и повысить его привлекательность.

Cryptocurrency Tax Postponed! South Korea Extends Breathing Room To 2027

bitcoinist.com - 9 hours 18 min ago

Cryptocurrency firms in South Korea would have some breathing room before they start paying capital gains tax as the government decided to delay its implementation by two years.

South Korean legislators agreed not to impose the crypto taxation policy next year, moving its implementation to 2027.

Delaying Cryptocurrency Tax Policy

For the second time, South Korean authorities announced that the capital gains tax on cryptocurrencies which was set to be introduced in January 2025 will not be pushed through.

The current political situation in the Asian country made it difficult to implement it next year and must be deferred until 2027.

The Democratic Party of Korea floor leader Park Chan-dae said on Sunday that they have reached an agreement to postpone the taxes on profits from cryptocurrency trades.

“We have decided to agree to a two-year moratorium on the implementation of the cryptocurrency taxation proposed by the government and ruling party,” Park said about the cryptocurrency taxation set to come into effect in January 2025.

The two-year suspension was agreed upon despite reports saying that KDP and the ruling People’s Power Party have struck a political deal that is more inclined to a looser approach to taxing crypto gains.

Earlier, the People’s Power Party proposed to delay the new crypto taxation until January 2028.

Increase Tax-Deductibles

Previously, the Democratic Party opposed the tax moratorium and offered an alternative of increasing the tax deductibles.

Under its initial proposal, the legislators suggested to hike the tax-deductible from the threshold of 2.5 million won to 50 million won, with the goal of implementing the law without any delay.

However, on Sunday, the party concurred with other South Korean lawmakers to move the implementation date.

Meanwhile, Park made it clear that their party would not agree on the government’s legislative measures on inheritance and gift tax bills that would “benefit the super wealthy.”

The South Korean government wanted to reform the country’s inheritance tax law that would impose a lower tax rate of 50% to 40% while increasing the deduction thresholds for children inheriting from parents.

Assessing The Law’s Impact

Park said that delaying the introduction of the law by two years would give the South Korean government legislators ample time to evaluate what will be the impact of imposing taxes on profits earned from digital assets.

Likewise, crypto traders will still have two more years to prepare before being charged on the income they earned from virtual currency trading.

Once implemented, South Korean cryptocurrency investors will have to pay a 20% capital gains tax from trading in digital assets.

The South Korean government aimed to implement a crypto tax in 2021 but was delayed until 2023 for fear of its adverse effect on the local cryptocurrency market.

The projected 2023 implementation was later postponed and was supposed to be imposed in January next year. But once again the timeline has been moved further to 2027.

Featured image from DALL-E, chart from TradingView

Spot XRP ETF Race Heats Up As WisdomTree Files S-1 Application With SEC

bitcoinist.com - 10 hours 48 min ago

Global exchange-traded fund (ETF) issuer and asset manager WisdomTree has officially submitted an S-1 application for a spot XRP ETF to the US Securities and Exchange Commission (SEC), becoming the fourth asset manager in the US to seek approval of the index fund. 

Growing Interest In XRP ETF

The proposed fund, named the WisdomTree XRP Fund, aims to provide investors with exposure to XRP’s price movements through shares listed on the Cboe BZX Exchange. The fund plans to utilize a cash-create method for share creation and redemption, with the possibility of adopting an in-kind model pending further approvals. 

Coinbase Global affiliates will serve as the prime execution agent and custodian for XRP, having previously collaborated with WisdomTree on its Bitcoin ETF that launched in January of this year. In its filing, WisdomTree noted the importance of Coinbase in the US spot XRP ETF ecosystem, stating:

Coinbase serves as the XRP custodian and prime execution agent for several competing exchange-traded XRP products and, as such, plays a critical role in supporting the US spot XRP exchange-traded product ecosystem.

Other firms such as Bitwise, Canary Capital, and 21Shares have also filed for spot XRP ETFs. Bitwise was the first to file in October, followed by Canary Capital on October 9 and 21Shares with its Core XRP Trust on November 1.

XRP Nears All-Time High 

The XRP ETF filing comes on the heels of a significant price surge for the token, which has recorded a 41% increase in just 24 hours and a major 430% rise over the past month, boosting its market capitalization to approximately $153 billion. 

Currently trading at $2.71, XRP has experienced a substantial 321% increase in trading volume, indicating strong investor interest. The token is now only 23% below its all-time high of $3.40, reached during the 2018 cryptocurrency boom.

This upward momentum has been partly attributed to recent political developments, particularly the election victory of President-elect Donald Trump, who has pledged to implement significant changes in cryptocurrency regulation. 

Trump’s promises have been bolstered by the resignation announcement of SEC Chair Gary Gensler, whose last day in office will coincide with Trump’s inauguration on January 20.

The SEC has been a focal point of controversy for XRP over the past three years, following a lawsuit claiming that Ripple Labs, the company behind XRP, violated securities laws by treating its tokens as unregistered securities. 

However, with shifts in leadership at the SEC and the Commodity Futures Trading Commission (CFTC), there is a growing sense of optimism regarding the potential conclusion of Ripple’s lengthy legal battle with the SEC.

Featured image from DALL-E, chart from TradingView.com 

Bitcoin And Ether ETFs Set Record $7.6 Billion Inflows Amid Trump’s Crypto Push

bitcoinist.com - 12 hours 18 min ago

Analysts said that two of the biggest cryptocurrencies in the world are riding on the waves of positive sentiments as the exchange-traded funds of Bitcoin and Ethereum reached record highs.

The pro-cryptocurrency stance of US President-elect Donald Trump continues to fuel the positive outlook, propelling BTC and ETH to attain unprecedented levels.

Bitcoin Hits $6.5 Billion In Net Inflows

Analysts showed that as of November, the firstborn cryptocurrency’s exchange-traded funds (EFT) recorded an all-time high of $6.5 billion in net inflows, a significant milestone attributed to the incoming Trump administration.

Many market commentators are predicting that Bitcoin could soon hit a record high of over $100,000 per coin; even American author Robert Kiyosaki posted on his X account that BTC would settle at around $250,000 in 2025.

Analysts mentioned that since the start of 2024, BTC’s price has already doubled, and they observed that the crypto went up by 45% after the US presidential election, noting that investors’ optimism on cryptocurrencies can be attributed to Trump’s promise to make regulations more friendly to digital assets.

As of press time, Bitcoin has been traded at $95,721, down by 1.8% in the last 24 hours and with a total market capitalization of $1.9 trillion.

BTC is moving even closer to the $100,000 mark but continues to struggle to pass this resistance level.

ETH Outperforms BTC

Crypto analysts commented that since Trump’s election, Ethereum has outmatched Bitcoin as the leading altcoin has reached new heights, riding on the overall optimism in the cryptocurrency sector.

Reports illustrated that the Ethereum ETFs hit an all-time high of $1.1 billion in net inflows, saying that ETH is keeping up with the Bitcoin surge.

Analysts noted that a net inflow of $333 million was recorded from nine Ether EFTs on November 29, adding that BlackRock led the charge wherein its ETHA had a total inflow of $2.1 billion.

In the last week of November, SosoValue revealed that Ether ETFs garnered more than $466 million while having an outflow of $71.60 million in the prior week. Moreover, its price also increased by 48% in the last seven days.

According to CoinGecko, the largest altcoin is being traded at $3,619 with a total market capitalization of more than $435 billion.

Declining Inventory

In a post, digital asset analyst Markus Thielen suggested that Bitcoin’s supply might be drying up, noting that there is a dwindling Bitcoin balance on cryptocurrency exchanges.

“Unlike late summer, when a sudden large inflow temporarily replenished exchange balances, this time, no additional inventory is appearing,” Thielen said on LinkedIn.

The analyst said that Bitfinex, Binance, and Coinbase are the only crypto exchanges with sufficient Bitcoin in their inventories.

Some reports suggested that the latest inflows into BTC are significant, and a bearish outlook might be premature.

However, he noted that the crypto’s market capitalization is growing but its dominance waning down by 60% to 56%. Could this indicate that the altcoin season has arrived?

Featured image from DALL-E, chart from TradingView

$300M Bitcoin Hack Forces Japanese Crypto Exchange to Cease Operations—Details

bitcoinist.com - 13 hours 48 min ago

Japanese cryptocurrency exchange DMM Bitcoin announced its decision to shut down operations following a severe security breach in May that resulted in more than $300 million in losses.

The latest report states that the exchange has agreed to transfer its assets to SBI VC Trade, the crypto division of Japan’s financial conglomerate SBI Group.

Key Details Revealed

The planned closure follows a tumultuous period for DMM Bitcoin, which suffered the theft of 4,502.9 BTC, valued at approximately $306 million at the time of the hack.

In response to the breach, the company secured funding amounting to 55 billion yen ($365.1 million) through a combination of loans and capital increases to address the financial shortfall.

Despite these efforts, the exchange has opted to cease operations and transfer its customer accounts and custodial assets to SBI VC Trade by March 2025.

According to a statement released by DMM Bitcoin, the asset transfer agreement with SBI VC Trade excludes open positions in leveraged trading. Customers are required to settle all leveraged trading positions before the transfer is finalized.

This measure, according to the report, ensures a “smoother transition” of custodial assets to SBI VC Trade, which is set to expand its offerings by handling spot trading for 14 cryptocurrencies currently available on DMM Bitcoin’s platform.

Notably, the asset acquisition by SBI VC Trade is part of the company’s strategy to strengthen its presence in Japan’s cryptocurrency market. This move also aligns with SBI’s larger ambitions in the digital asset sector, which include partnerships and expansions in blockchain technology and decentralized finance.

Japan Crypto Stance

Notably, the recent decision by crypto exchange DMM Bitcoin coincides with Japan’s cautious stance toward the cryptocurrency industry.

Japan’s Financial Services Agency (FSA) official recently announced plans for a comprehensive review of the country’s crypto regulations in the coming months.

The primary aim is to assess whether the current framework under the Payments Act sufficiently addresses the complexities of digital asset management.

If changes arise from this review, they could signal a major regulatory shift. One potential outcome is reducing tax rates on crypto gains—from the current 55% to 20%—bringing them in line with taxes on assets like stocks and other financial instruments.

Despite regulatory uncertainties, a recent survey by Nomura Holdings and Laser Digital Holdings highlights growing investor interest in the crypto market in Japan.

The survey, which polled 547 investment managers from sectors such as family offices and public interest corporations, revealed that 54% plan to enter the digital currency space within three years.

While only 16% see digital currencies as viable replacements for traditional currencies, 62% regard them as lucrative investment opportunities with high returns.

Featured image created with DALL-E, Chart from TradingView

Cathie Wood: Trump-Led Deregulation To Ignite Crypto And Tech Boom

bitcoinist.com - Mon, 12/02/2024 - 22:30

Now that incoming US President Donald Trump is warming up for his second administration, many in the crypto industry expect big things for tech and crypto. According to Cathie Wood of Ark Investment Management, Trump’s win will spur innovation in artificial intelligence, tech, and cryptocurrencies.

In an interview with CNN’s Inside Politics Sunday, the Ark Investment CEO shared her thoughts about Securities and Exchange Commission Chairman Gary Gensler’s restrictive policies on crypto, which, according to her, nearly knocked the country from the global cryptocurrency map.

Wood said that the US lost its footing in digital currency, and Trump’s presidency will create meaningful developments in various sectors.

US Must Focus On Top Technologies, Like Crypto And AI

Cathie Wood states that overregulation is the country’s primary enemy of tech and innovation. She argues that Gensler’s aggressive regulation policy on crypto has caused many talents to leave the country. She adds that this is about to change, with the new administration approving friendly regulations on bitcoin and generative AI.

Wood shared that five major technologies are shaping our world: cryptocurrency, energy storage, and multiomics. She explained that the US must develop and lead these technologies.

In the same CNN interview, she shared that the concentration was on a few stocks in the last four years. However, with Trump returning to office, she expects more significant gains for companies pushing innovation.

A Regulatory Reset Will Help US Tech & Crypto

According to Cathie Wood, the SEC’s overregulation has particularly damaged cryptocurrency. Gensler’s approach and public statements have stifled innovation, according to Wood. And with the possibility of loose regulations on the horizon, Wood expects that smaller players in emerging industries can have their chances.

Wood used the interview to highlight crypto’s experience under Gensler’s policies. She shared that the industry faced challenges, and the US needed to harness the technology before other countries left it out.

However, a second Trump presidency will diminish the SEC’s influence. The administration is looking to expand the role of the Commodity Futures Trading Commission (CFTC) to reverse the SEC’s overregulation.

Public Should Expect Changes Under Trump’s Second Term

Wood also discussed other possible economic issues and policies, including Trump’s tariff threats. These tariffs, while aggressive, she says, still make sense, especially if combined with tax cuts that will allow businesses to remain competitive. The combination of tariffs and tax cuts can help boost innovation in different sectors.

The market responds positively to these plans, with many investors shifting their investments to smaller, high-growth companies. On the digital currency side, Bitcoin continues to lead the market, with price testing the $100k mark.

Featured image from The Australian, chart from TradingView

Dogecoin Price Prediction: Breakout From Ascending Triangle Says DOGE Is Headed For This Next Critical Level

bitcoinist.com - Mon, 12/02/2024 - 21:00

The Dogecoin price has just broken out from a unique Ascending Triangle pattern, signaling that it could be gearing up for its next critical level. Following recent market trends, Dogecoin (DOGE) has shown resilience, aiming to hit the $1 threshold despite failing to surpass resistance levels.   

Dogecoin Price Next Critical Level At $0.56

Popular crypto trader and analyst Rekt Capital took to X (formerly Twitter) on December 20 to discuss Dogecoin’s next bullish move after it broke out of an Ascending Triangle pattern. Typically, when a cryptocurrency breaks out of an Ascending Triangle, it suggests that the price has settled above a key resistance line.   

An Ascending triangle is a unique bullish pattern often formed during a price uptrend, signaling the continuation of a cryptocurrency’s upward momentum. The pattern is formed by a horizontal resistance line, where the cryptocurrency price struggles to break out of, and an upward-sloping trend line, where the price forms higher lows over time.  

Following Rekt Capital’s Dogecoin price chart, the meme coin began forming an Ascending Triangle pattern after it witnessed a massive pump above $0.35. Dogecoin experienced varying volatility and fluctuations during the pattern as it attempted to breach and stay above the $0.4 resistance level

Now that Dogecoin has successfully surged past $0.4 and is currently trading at $0.43, Rekt Capital has suggested that the meme coin is gearing up for another pump. The analyst pinpointed the $0.569 level as Dogecoin’s next upward target, marking a 32.33% increase from its current level. 

Rekt Capital also revealed in his X post that after a break out of the Ascending Triangle, the price of a cryptocurrency often returns to its breakout level to retest it. According to the price chart, the breakout level for the current Dogecoin Ascending triangle represents the top of the pattern, which is between $0.4 and $0.45. 

Furthermore, the analyst has indicated that a post-breakout retest is also possible for Dogecoin. This means that the cryptocurrency’s price could dip back to the breakout level but will not fall below it, confirming a new support zone. While this crucial movement does not always occur, it is seen as a healthy bullish sign confirming that an Ascending Triangle’s cryptocurrency breakout is legitimate. 

Dogecoin To See Violent Upside Movement

Crypto analyst Bluntz has also commented on Dogecoin’s successful break out of its 3-week range around the $0.4 resistance level. The analyst has declared that Dogecoin’s next upside movement “will be violent,” experiencing a similar sharp price pump as it did earlier this month. 

Presenting a price chart, the analyst emphasized that Dogecoin is on track for a swift and continuous price surge to $0.9. This target edges closer to the highly anticipated $1 mark, which most analysts are projecting for the Dogecoin price. 

Bitcoin Demand Still Absorbing Sales – However Risk Of Growing Supply Remains High

bitcoinist.com - Mon, 12/02/2024 - 19:30

Bitcoin has seen unpredictable and volatile activity recently, with price action testing both psychological and technical boundaries. The cryptocurrency failed to break above the coveted $100,000 mark while showing resilience by holding firmly above the $90,000 level. This tight range has left traders and investors on edge, watching closely for a decisive move.

Amid this volatility, the broader crypto market is experiencing unprecedented demand, signaling a bullish outlook that could keep the “BTC party” alive in the coming months.

However, challenges remain, as key data from CryptoQuant indicates elevated risks of coin sales by current holders. This suggests potential headwinds, even as demand drives the market forward.

As Bitcoin consolidates, the market appears poised for its next major move. Whether BTC can break above $100K or face a deeper retracement below $90K will depend on how these dynamics play out. The coming weeks will be critical as participants navigate this volatile phase and assess BTC’s capacity to lead the market to new heights.

 Bitcoin Showing Selling Signals: What’s Different This Time?

Bitcoin has been on an impressive upward trajectory since November 5, surging by 50% as it approached key psychological levels, including the $100K mark. However, after reaching this monumental rally, BTC retraced over 8%, testing critical demand levels. Despite this pullback, the price remains exceptionally strong, supported by a solid base of new market participants.

According to CryptoQuant analyst Axel Adler, while there is a high risk of coin sales by holders—particularly those in the market for the long haul—the dynamics are different compared to similar situations in March.

At that time, the selling pressure from long-term holders outpaced demand, causing BTC’s price to retreat. Currently, however, the demand from new participants is effectively absorbing the sales of long-term holders, mitigating downward pressure and helping sustain the uptrend.

This suggests that BTC has the potential to push further, with analysts targeting $100K to sub-$110K levels in the short term. However, as prices rise, the likelihood of increased selling pressure grows, which could eventually trigger a significant correction.

In this cycle, it’s not a question of “if” but “when” Bitcoin will face its first major pullback. The combination of strong demand and mounting pressure from holders looking to cash out will likely result in a healthy correction, which could serve as a buying opportunity for those looking to capitalize on Bitcoin’s long-term potential. The key will be monitoring how demand continues to absorb these sell-offs.

Testing Demand Before A Breakout

Bitcoin is currently testing a key demand level around $95,000, which needs to hold in the coming days for BTC to continue its push toward the $100,000 mark. This price level has proven to be significant for short-term strength, and if it holds, Bitcoin could break above $100,000, signaling a continuation of the bullish trend.

The $95,000 level acts as a crucial support on the 4-hour chart, and maintaining it would suggest that there is enough buying pressure to propel Bitcoin to new highs. However, if Bitcoin fails to hold this level, the price could see further downward pressure, potentially testing demand around $90,700 or even $87,602. The latter price range aligns with the 4-hour 200 exponential moving average (EMA), a key technical indicator that often signals areas of support during pullbacks.

In the next few hours, all eyes will be on this support level, as a break below $95,000 would shift the momentum to the downside. On the other hand, holding above this level could pave the way for Bitcoin to surge past $100,000, continuing its impressive bull run. The price action around $95,000 will be critical in determining Bitcoin’s next move.

Featured image from Dall-E, chart from TradingView

Американская Coinbase отозвала заявку о выходе на турецкий крипторынок

bits.media/ - Mon, 12/02/2024 - 18:40
Американская криптобиржа Coinbase уведомила власти Турции об отзыве предварительной заявки на разрешение предлагать услуги гражданам этой страны.

Shiba Inu Power Play: Major Strength Signals Emerge For SHIB, Is A Rally Imminent?

bitcoinist.com - Mon, 12/02/2024 - 18:00

Popular dog-themed meme coin Shiba Inu is currently riding the bullish wave, attracting notable gains following the renewed momentum of the general crypto market. This recent uptrend of Shiba Inu has fueled robust optimism within the community about its potential for a significant rally in the upcoming weeks.

A Bull Run Likely For Shiba Inu Shortly?

After investigating Shiba Inu’s current price action, market expert and investor Javon Marks has highlighted that SHIB is gearing up for a notable price surge in the upcoming days as major upside strength signals have emerged for the meme coin.

Javon Marks anticipates a rally for SHIB due to strong technical and chart indicators, which could act as catalysts for more upward growth. His prediction is part of a broader trend about Shiba Inu rising closer to its current all-time high of $0.000086 this market cycle.

Following several days of creating a bull pattern expected to fuel the meme coin’s price, the market expert claims that SHIB has officially confirmed the bull pattern. With prices now displaying robust indications of major strength, he stated that SHIB is presently joining the bull show even more.

Considering the emerging major signals, Javon Marks is confident about SHIB’s path to the $0.000081 level. As a result, Shiba Inu’s price may need to increase by an additional 2.79X or 179% from its current value to hit the $0.000081 mark.

Optimism toward SHIB is gradually rising again in the crypto sector. Seasoned crypto analyst and trader, Ali Martinez, has also predicted a rally for the meme coin, fueling interest in Shiba Inu among retail and institutional investors.

Martinez has underlined a short-term upswing for SHIB to the $0.000037 price level after citing a bull flag formation on the 1-hour time frame. Even though a break out from the bull flag pattern could spark a move to the aforementioned level, Martinez noted that the meme coin must break past the $0.000025 resistance range.

SHIB Demonstrating Similar Price Performance With Dogecoin

It is worth noting the expert has also pointed out similarities between Shiba Inu’s price performance and that of Dogecoin, the largest meme coin. His charts show aligning trends with historic patterns observed during Dogecoin’s rallies.

In the event that his observations are valid, Martinez believes that the next potential target to watch out for is $0.00049, suggesting a new all-time for SHIB in the ongoing market cycle.

At the time of writing, Shiba Inu has fallen to $0.00002844 after a sharp move to $0.000033 on Sunday. This sudden drop indicates a nearly 5% decline in the past day despite rising investors’ optimism.

Although SHIB is down by 5% today, the meme coin has risen by over 7% and 61% in the weekly and monthly time frames, respectively. The current waning prices have not hindered SHIB’s trading activity as its trading volume has surged by about 37% in the past day.

Владимир Чистюхин: К сделкам с криптовалютой в России допустят только самых продвинутых

bits.media/ - Mon, 12/02/2024 - 17:41
Первый зампред Банка России заявил, что его ведомство обсуждает с правительством возможность предоставить отдельным группам инвесторов разрешение вкладываться в криптовалюты.

Центробанки мира охладевают к идее расплачиваться своими цифровыми валютами

bits.media/ - Mon, 12/02/2024 - 17:29
Институт цифровых денег, подразделение некоммерческой организации Форум официальных кредитно-денежных и финансовых институтов (OMFIF), заявил, что в мире снижается интерес к расчетам с использованием цифровых валют центральных банков.

Dogecoin Price Is Flashing Its First Sell Signal Since This Bull Run Began, Analyst Reveals What To Watch Out For

bitcoinist.com - Mon, 12/02/2024 - 16:30

Crypto analyst Kevin Capital has warned about bearish indicators for the Dogecoin price. The analyst stated that Dogecoin has flashed its first sell signal since its bull run began and revealed what to watch out for following this development. 

Dogecoin Price Flashes Sell Signal

In an X post, Kevin Capital said that something to acknowledge and not ignore is that the Dogecoin price is now printing a sell signal on the weekly time frame. He added that this development is not set in stone yet, as Dogecoin needs to print this sell signal on this coming weekly chart to confirm this bearish outlook. 

Kevin Capital further highlighted other bearish indicators for the Dogecoin price. He stated that the Moving Average Convergence/Divergence (MACD) shows that momentum to the upside is decreasing. Meanwhile, the Stochastic RSI is topped out, waiting for a bear cross. In line with this, the analyst stated that three strong indicators that currently have confluence show that a potential downside is imminent. 

However, Kevin Capital stated that the Dogecoin price action still looks bullish, and the money flow indicator is also bullish. He remarked that he tends to favor these bullish indicators over those in any market. The crypto analyst believes it is still worth alluding to the bearish indicators, as they are something to keep at the back of one’s mind. He added that there is no reason to be a permanent bull or bear. Instead, it is important to stay clear-eyed. 

The Dogecoin price is currently consolidating around the $0.4 range and just had its best monthly close this year in November, a month in which it enjoyed a gain of 161%. Thanks to that development, Dogecoin, which struggled in the middle of the year, is now up over 385% year-to-date (YTD). 

A More Bullish Perspective For The Meme Coin

Crypto analysts like Trader Tardigrade have offered a more bullish perspective on the Dogecoin price. In an X post, the crypto analyst stated that Dogecoin’s daily candle has closed with a breakout candle out of the bullish pennant. He added that DOGE is finally pushed above the resistance to break the pattern and start the next surge to the $1.3 target. 

Crypto analyst Rekt Capital highlighted an ascending triangle which the Dogecoin price confirmed a breakout from, having achieved a daily close above the pattern top at $0.43. His accompanying chart showed that Dogecoin could rally to $0.56 next after breaking out from this ascending triangle.

 

Crypto analyst The Cryptomist offered a more bullish prediction based on this bullish ascending triangle. She stated that the Dogecoin price is heading to $0.70 this upcoming week. This rally would put the foremost meme coin close to its current all-time high (ATH) of $0.73. 

At the time of writing, the Dogecoin price is trading at around $0.43, up almost 2% in the last 24 hours, according to data from CoinMarketCap. 

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