TL;DR

• Dogecoin (DOGE) surged 15% this week, breaking a six-month downtrend, with analysts predicting a potential rally to $0.21 amid strong whale activity.
• However, DOGE’s high RSI above 80 suggests it may be overbought, signaling a possible price correction soon.

‘It Has Begun’

Dogecoin (DOGE), just like many other meme coins, has been on an uptrend lately, with its price spiking by 15% on a weekly scale. It currently trades at around $0.12 (per CoinGecko’s data), and multiple analysts believe this could be the tipping point of a major bull run.

The X user Captain Faibik claimed that DOGE’s price has broken a six-month falling wedge pattern to the upside. The trader thinks this development could be a precursor of a price jump to as high as $0.21 in the following months. Mikybull Crypto shared a similar thesis albeit not outlining an exact target for the near future.

$DOGE just broke out of the 6-month downtrend.

It has begun https://t.co/51Bqh6J8tf pic.twitter.com/F1OjrePMq6

— Mikybull Crypto (@MikybullCrypto) September 26, 2024

Another popular individual who chipped in is the veteran trader Peter Brandt. He noted a “channel breakout,” expecting the long-term chart to “be constructive as well.”

DOGE’s latest resurgence coincides with an increased whale activity. According to X user Ali Martinez, such large investors have purchased over 1.4 billion coins (worth more than $170 million at current rates) in the span of 48 hours.

Whales buying large amounts of DOGE can positively impact the price of the meme coin since it leaves a reduced amount of tokens in circulation. Fundamental principles of economy dictate that the valuation should head north, assuming demand keeps its levels or rises. Additionally, these actions could be seen as a sign of confidence by smaller players and attract more people (hence capital) into the ecosystem.

This Metric Signals a Bearish Scenario

Contrary to the aforementioned bulls, the Relative Strength Index (RSI) suggests that DOGE could experience a pullback soon. The technical analysis tool measures the magnitude of recent price changes to determine overbought or oversold conditions.

It ranges from 0 to 100 as a ratio exceeding 70 indicates that the meme coin could be overvalued and headed for an imminent correction. Anything below 30 hints at a potential buying opportunity. Currently, the RSI ratio stands at over 80.

[PRESS RELEASE – Dubai, United Arab Emirates, September 27th, 2024]

As part of its mission to onboard the next billion users and bridge the gap between Web2 and Web3, BNB Chain is expanding its focus on stablecoins through a series of retention-driven initiatives, including the Total Value Locked (TVL) Incentive Program, deeper integration of stablecoins into its DeFi ecosystem, and a newly launched Gas-Free Campaign.

Gas-Free Campaign: Zero Fees for Stablecoin Transfers

BNB Chain’s Gasless Carnival Season eliminates gas fees for transferring or withdrawing stablecoins (USDT, FDUSD, USDC) on BNB Smart Chain (BSC) and opBNB. This campaign, live from September 19, 2024, is available across platforms like Binance, Bitget, Gate.io, MEXC, and wallets like Bitget Wallet and SafePal. It also covers transfers via Celer cBridge, making stablecoin transactions faster and more cost-effective.

TVL Incentive Program

The TVL Incentive Program, offering a total prize pool of up to $300,000, encourages DeFi projects to expand their TVL on BNB Chain by rewarding growth in stablecoin and BNB staking. Open to all DeFi projects on opBNB and BSC, the program features two challenges: the BNB Staking Challenge with a $100,000 prize pool and the TVL Challenge with a $200,000 prize pool. Participants are ranked based on incremental TVL growth, with special weighting for stablecoins (FDUSD, USDT, USDC) and BNB. The program runs from September 12 to October 11, 2024.

DeFi Integration: High APY Opportunities

BNB Chain is further enhancing stablecoin utility by integrating them into top DeFi platforms like Venus and PancakeSwap, enabling users to stake and provide liquidity with competitive APYs. This initiative allows stablecoin holders the opportunity to earn returns while contributing to the liquidity and stability of BNB Chain’s DeFi ecosystem.

Stablecoin Adoption and Real-Life Utility 

To make stablecoins more practical for everyday use, BNB Chain is collaborating with payment gateways to facilitate real-world transactions using stablecoins. This integration bridges digital and traditional financial systems, making stablecoins a key driver in BNB Chain’s strategy for mass adoption.

Through these initiatives, BNB Chain is reinforcing its commitment to making cryptocurrency as accessible and practical as traditional money, driving forward the adoption of decentralized finance and stablecoins.

For more information, users can visit here.

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:

• BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
• opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
• BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.

For more, users can follow BNB Chain on X or start exploring via their Dapp library.

This week, we examine Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin in greater detail.

Ethereum (ETH)

Ethereum closed another good week with a 4% price increase. Buyers remain interested and managed to push the price above $2,600. The current target is $2,800, which will also act as key resistance.

Momentum slowly turned bullish in September, and the price escaped the downtrend that started in March. This has brought back optimism to the market, and ETH stands to benefit from it as well.

Looking ahead, the price is well-placed to test the current resistance in the near future. If, for any reason, sellers return, then ETH has good support at $2,400.

Ripple (XRP)

XRP continues to be flat, and its price didn’t move at all compared to last week. This is a bit unusual, especially when compared to the overall market, where Bitcoin and most altcoins, particularly meme coins, are making higher highs.

The price is stuck just under 60 cents, and buyers were unable to break it in September. If the bulls manage to do that, momentum could return to this cryptocurrency.

Looking ahead, XRP’s volume is in decline and has struggled to perform well lately. Until momentum and volatility return, it’s unlikely to see the price make any major moves.

Cardano (ADA)

ADA had a great week after closing with a 12% increase. This momentum comes after buyers managed to break above 36 cents, which kept the price in check for most of this month.

At the time of this post, bulls are trying to confirm the 40 cents level as key support. If they are successful over this coming weekend, then Cardano has a great shot at moving higher to the next key target, 48 cents.

Looking ahead, momentum favors a continuation of this price action, which can quickly see ADA move higher. That will bring it much closer to 50 cents, a price that was lost back in May.

Shiba Inu (SHIB)

Meme coins are back in the spotlight, and Shiba Inu is no exception. Its price exploded this week, increasing by a mind-blowing 34%. This has put SHIB back on the map, and buyers are rushing to get exposure.

After the price found good support at $0.000014, buyers became confident, and volume shot up to levels not seen since the bottom in August. This has quickly taken the price down to just under the key resistance of $0.000020.

Looking ahead, SHIB has a good chance of testing this level next. Once there, sellers may return and take the price into a pullback. The RSI on the daily timeframe is overbought at 81 points. It’s best to remain cautious.

Dogecoin (DOGE)

DOGE also had an excellent week after closing with a 16% price increase. Considering that its market capitalization is almost double that of SHIB, DOGE needs many more buyers and more volume to achieve a similar performance.

The price action has turned bullish, and the current target is 13.5 cents. Since buyers are dominating right now, DOGE has a good chance to hit this key level before any major pullback.

Looking ahead, it appears meme coins are performing very well again, and this could last as long as the overall market remains optimistic. If so, DOGE could aim to reach 20 cents in the medium term and revisit that level from March 2024.