Markets
As Crypto Market Surges, Will DOGE and SHIB Tokens Lead the Meme Rally?
Following the recent price increase, the market leader, Bitcoin Priceregained momentum and successfully broke above the $63,000 market. After that, the memecoin category experienced increased price action, resulting in a bullish reversal.
However, both major memecoins have seen bearish action over the past day, resulting in leveling out all their gains from the recent pump. Furthermore, these memecoins are about to test their respective crucial support levels.
With the rising bullish sentiment in the cryptocurrency market, will memecoins Dogecoin and Shiba Inu record a strong bullish recovery and lead the next memecoin rally?
Let’s get to it, as in this article we cover in-depth market sentiment and price analysis for Dogecoin (DOGE) and Shiba Inu (SHIB) and their respective possible targets for July.
DOGE price displays consolidated price action:
The leader of memecoins, the Dogecoin Price has erased all of its gains by recording a correction of approximately 3% in the last 24 hours. Furthermore, the memecoin has added less than 1% in the last day but has lost 22.70% in value over the last 30 days.
TradingView: DOGE/USDT
TradingView: DOGE/USDT The technical indicator, RSI, continues to trade below the midpoint, highlighting a weak bullish sentiment for the memecoin in the crypto space. Furthermore, the average shows a neutral trend, suggesting uncertainty in the future price action for the Dogecoin crypto.
If the market pushes the DOGE Price above the $0.12730 resistance level, the bulls will regain momentum and prepare to test their triangle pattern resistance trendline. Furthermore, if the bulls hold the price at this level, the Dogecoin price will head towards its higher high of $0.15575.
On the other hand, if the bears dominate the bulls, the DOGE token will break its support trendline and test its market high of $0.1010. If the bears continue to dominate the market at that point, this memecoin will plunge towards its yearly low of $0.0740 during the next few weeks.
SHIB Price About to Test Its Crucial Support Level:
Despite the increased price action in the crypto space, Shiba Inu Price recorded a 1.32% decline in valuation with a trading volume of $175.63 million, a change of -2.03% over the past day. Furthermore, the memecoin has seen a neutral trading week and has lost 31.01% over the past month.
TradingView: SHIB/USDT
The SMA indicator constantly acts as a resistance to the price chart on the 1D timeframe, suggesting weak price action for the second-largest memecoin, SHIB Pricein the market.
On the other hand, the MACD displays an ascending green histogram with its averages successfully registering a bullish convergence. This highlights a mixed sentiment for the Shiba Inu token in the crypto space.
If the bulls fail to regain momentum, the SHIB price will break its crucial support level and decline towards its low of $0.0000175. However, if the bulls regain momentum, the Shiba Inu cryptocurrency will prepare to test its resistance level of $0.00002350.
This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.
Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).
The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.
Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.
Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.
Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.
Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.
Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.
U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.
Markets
Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days
Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.
Worldcoin (WLD) Price Analysis
O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.
The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.
Arweave (AR) Price Analysis
Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.
AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.
Price Analysis of Injective (INJ)
Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.
INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.
Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.
ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.
ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment
Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.
According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.
On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.
The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.
Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.
One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.
Markets
Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt
Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?
Posted on July 17, 2024 at 12:00 PM EST.
Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.
They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?
They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).
Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?
Program Highlights:
- Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
- How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
- Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
- How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
- What are the new updates about Ethereum ETFs and their expected launch?
- Why Solana Hasn’t Performed Significantly Better Since Trump News
- What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
- Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
- What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week
Hosts:
Guest:
- Jack PlattsCo-Founder and Managing Partner of Hypersphere Ventures
Jeff Booth: The Bitcoin Revolution Wall Street is hiding from you!
Bitcoin drops are setting enormous earnings – Bamper and Hoogan
Attentive to this! Here is my forecast of the Bitcoin price updated for 2025: Lyn Alden
Jack Mallers: Bitcoin is prepared for the collapse of 2025 – right?
The race is becoming crazy! Bitcoin goes over $ 850 Max Keizer 1
-
DeFi9 months agoDeFi Technologies Appoints Andrew Forson to Board of Directors
-
Fintech9 months agoUS Agencies Request Information on Bank-Fintech Dealings
-
News9 months agoBlock Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News
-
DeFi9 months agoSwitchboard Revolutionizes DeFi with New Oracle Aggregator
-
News9 months agoBitcoin and Technology Correlation Collapses Due to Excess Supply
-
DeFi9 months agoIs Zypto Wallet a Reliable Choice for DeFi Users?
-
Fintech9 months agoWhat changes in financial regulation have impacted the development of financial technology?
-
Fintech9 months agoScottish financial technology firm Aveni secures £11m to expand AI offering
-
Fintech9 months agoScottish financial technology firm Aveni raises £11m to develop custom AI model for financial services
-
Videos2 months ago“Artificial intelligence is bringing us to a future that we may not survive” – Sco to Whitney Webb’s Waorting!
-
News11 months agoValueZone launches new tools to maximize earnings during the ongoing crypto summer
-
Markets11 months agoCrypto Expert Provides Analysis of Top Altcoins, Market Sees Slight Rise