Cryptocurrency
Dogecoin (DOGE) Explodes 10% Daily, Bitcoin (BTC) Reclaims $70K (Market Watch)
Bitcoin slumped hard yesterday and dropped below $69,000, but the bulls have taken charge since then, and the asset now stands well above $70,000.
While most alternative coins are slightly in the green, DOGE and BCH have gone on a tear with double-digit price gains overnight.
BTC Goes Above $70K
Last week was quite negative for the largest cryptocurrency, in which it fell to under $61,000 at one point and was down to $62,500 on Friday. The weekend finally saw a recovery attempt but BTC was stopped at $66,000.
It wasn’t until Monday that the asset started actually charting meaningful increases and soared to $70,000. More gains came on Tuesday and Wednesday that culminated in jumping to almost $72,000 yesterday.
However, the cryptocurrency failed to overcome that level, and the subsequent rejection pushed it south by over three grand to $68,500. The landscape now is quite different, and Bitcoin has returned to over $70,500 as the community’s anticipation for a $100,000 price tag grows stronger.
Its market capitalization has increased overnight but still stands below $1.4 trillion. Its dominance over the alts remains stagnant at just under 50% on CG.
DOGE, BCH Go Up
Most altcoins were in a retrace mode yesterday but have managed to erase a large portion of the losses today. Binance Coin, Ripple, Toncoin, and Chainlink have increased by somewhere between 1% and 3%. Ethereum, SOL, ADA, and DOT are also in the green but in a more modest fashion.
Shiba Inu has gained over 4% overnight, but its increase is trumped by its older and larger brother – Dogecoin. DOGE has jumped by over 10% in a day and sits above $0.2.
Bitcoin Cash is the other notable gainer from the larger-cap alts. Just days ahead of its next halving, BCH has soared by 13% to over $550.
The cumulative market cap of all crypto assets has increased by about $50 billion overnight but still stands below $2.8 trillion.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
Calm Before the Storm? DOT Eyes This Level to Trigger Mass Liquidations (Polkadot Price Analysis)
Polkadot’s recent price action has been characterized by steady but uncertain movements within a defined range, highlighting a balance between buyers and sellers.
However, a decisive breakout from this range is imperative to determine its future trajectory.
Technical Analysis
By Shayan
The Daily Chart
On the daily chart, Polkadot has been trapped within a defined range, with the $6 support and the $7.5 resistance serving as significant boundaries. This sideways movement indicates a period of consolidation, during which buyers and sellers are evenly matched, leading to uncertainty about the cryptocurrency’s next move.
Although there was a bullish rebound towards the upper boundary of the range, which coincided with the 200-day moving average, selling pressure emerged, resulting in a rejection.
This suggests that the price is likely to continue declining towards the lower boundary of the range in the short term. Nevertheless, a breakout from this range is needed to provide clarity on Polkadot’s future prospects.
The 4-Hour Chart
Examining the 4-hour timeframe, Polkadot has formed an ascending wedge pattern following a period of sideways consolidation between the key $6 support level and the significant resistance marked by the 0.5 Fibonacci level at $7.5.
This development has raised concerns about the continuation of the preceding bearish trend if the lower threshold of the wedge is breached.
As a result, intensified selling pressure has been observed near the crucial resistance level of $7.5, leading to a bearish reversal, with the lower trendline of the wedge serving as the next target. Should sellers succeed in breaking this critical dynamic support, a resumption of the initial bearish trend becomes increasingly likely. Conversely, if demand strengthens, continued sideways consolidation appears to be the most probable scenario.
Sentiment Analysis
By Shayan
Understanding the perpetual futures market dynamics is crucial for grasping short-term price movements in cryptocurrencies like DOT. Liquidation events in this market often drive significant price shifts, particularly after periods of consolidation. Visualizing potential liquidity zones can offer valuable insights into where these events might occur.
The provided Binance DOT/USDT heatmap illustrates levels where large-scale liquidations could transpire. The likelihood of a liquidation cascade increases when the price approaches areas marked in yellow. Currently, a notable liquidity pool is observed above the $7.5 level. If the price reaches this region, it could trigger a significant liquidation event, leading to a rapid downturn.
As a result, following the ongoing consolidation phase, the price might experience a short-term pullback toward this level. However, for longer-term projections, it’s essential to analyze how the price reacts to this zone carefully. Market dynamics can shift rapidly, and nothing is guaranteed at this juncture.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
BTC Price Analysis: Bitcoin’s Consolidation About to End as Major Move Seems Imminent
Bitcoin’s price rally has come to a halt over the last couple of months as the market consolidates. Yet, things are about to change soon, either for the better or for the worse.
Technical Analysis
By TradingRage
The Daily Chart
On the daily chart, it is evident that the Bitcoin price has been consolidating inside a large descending channel. The midline of the channel has recently rejected the price to the downside, and the market is testing the $60K level once again.
If this level breaks, there is a high probability for the channel also to break down, and the price will be more likely to experience a massive drop toward the $52K support zone.
The 4-Hour Chart
Looking at the 4-hour chart, things seem much clearer. The price has recently tested the midline of the channel but has been rejected decisively. Yet today’s action gives us the most significant clue, as the price has been dropping aggressively.
The RSI also shows values below 50%, as momentum is in favor of the sellers. Therefore, things can get ugly if the $60K level breaks to the downside.
On-Chain Analysis
By TradingRage
Bitcoin Exchange Reserve
As Bitcoin’s price struggles to continue its uptrend and record a new high, the bears have been taking advantage and are now seemingly staging a further decline.
This chart demonstrates the exchange reserve metric and its 30-day standard moving average. Rising values are usually considered bearish, as they mean that investors are depositing their coins to exchanges to sell them.
As the chart depicts, the exchange reserve metric has been rising, and it has climbed above its 30-day moving average. This supply from the spot market is one of the contributing factors to the recent correction.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
Solana Meme Coin Penguiana Raises 800 SOL In The First 7 Days Of Presale, Set To Release P2E Game Demo Next Month
[PRESS RELEASE – Dubai, UAE, May 10th, 2024]
Penguiana, the latest penguin-themed Solana meme coin, has successfully raised over 800 SOL during the initial week of its presale. The Penguiana team views the growing interest in this new meme coin, spurred by this remarkable achievement, as a testament to its potential within the Solana ecosystem.
What is Penguiana?
Inspired by the communal and fun-loving nature of penguins, Penguiana is not just another meme coin. It is setting the stage to be a major player in the Solana ecosystem, leveraging the blockchain’s fast processing and low fees to attract both crypto enthusiasts and meme coin investors.
$PENGU Token
The $PENGU token is at the core of this ecosystem, with a total supply of just 100 Million and 60% of this is allocated to the presale.
It’s worthy to note that almost 30% of this presale allocation has been filled with more than 21 days to the end of the presale. Interested early adopters looking to acquire $PENGU tokens early can do so by joining the presale here. There’s also a guide on how to acquire $PENGU tokens.
$PENGU Utility
The $Pengu token is designed to be used within the game for various utilities such as minting exclusive NFTs, purchasing in-game items, and participating in special game events.
Penguiana Presale Details
Total Supply: 100 Million $PENGU Tokens
Presale Allocation: 60 Million $PENGU Tokens
Presale Duration: 31 Days
Presale Caps: Minimum 0.5 SOL, Maximum 100 SOL
How To Join The Penguiana Presale
Wallet Preparation: Setting up a Solana-compatible wallet such as Phantom or Solflare. It is crucial to use a private wallet for this transaction, as transfers from centralized exchanges are not eligible for the airdrop.
Acquisition of $SOL: Participants can purchase SOL tokens from a major exchange and transfer them to their private wallets.
Sending $SOL to the Presale Address: Participants can navigate to the Penguiana presale page https://penguiana.com/, where they can Buy $Pengu and copy the presale address, and send their SOL contribution.
Allocation Check: The $PENGU token allocation can be checked in the designated section.
Receipt of $PENGU Tokens: Following the conclusion of the presale, $PENGU tokens will be airdropped to participants’ wallets, proportional to their contributions.
About Penguiana
Penguiana is more than just a meme coin; it’s a pioneering project on the Solana blockchain designed to integrate the fun of meme culture with the profitability and engagement of a play-to-earn blockchain game. By utilizing Solana’s high throughput and low transaction costs, Penguiana aims to provide a seamless and immersive gaming experience that also rewards its players.
Keep In Touch With Penguiana
Website: https://penguiana.com/
Telegram: https://t.me/penguiana
Discord: https://discord.com/invite/y7M3yDFjUt
Twitter: https://twitter.com/penguianaonsol
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