Many investors expressed worries about the crypto market corrections during this cycle. Bitcoin’s price drop has dragged altcoins with them, and, as a result, a more pessimistic sentiment has started to brew among some sectors of the crypto community. Analysts and traders have reassured investors that the market fluctuations are a normal part of the journey. Some urge the community to look at the bigger picture, as altcoins remain above levels not seen in years. Related Reading: Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment “Down”? Renowned crypto analyst Altcoin Sherpa weighed in on the matter, exploring some of the reasons and differences that make this bull cycle different from the 2020s. Time For An Altcoins Cool-Off? In an X post, Altcoin Sherpa asserted that there’s a high possibility “that altcoins are done for the next 1-4 months.” The analyst considers that, right now, most of the market needs “time to chill out and consolidate after such a big run.” Despite recently falling below the $1 trillion market capitalization, altcoins have performed remarkably in the last few months. In 2024, cryptocurrencies’ market cap, excluding Bitcoin’s, has increased by 22.79%, according to TradingView data. Altcoins market cap has also considerably surged in longer timeframes, with a 91.31% and 52.46% jump in the last six months and the past year. This “big run,” as Sherpa called it, sits the cryptocurrency market at levels like those seen in 2022. However, what worries the crypto analyst is, despite the overall performance, “many alts didn’t even run that hard over the last few months.” He illustrated his point with Chainlink’s native token, LINK. Despite the +500 days of accumulation, LINK investors only got 3-4x gains depending on when they go in. Now, the token’s price is “strongly pulling back.” Expectations for altcoins during this cycle seemingly play a significant role in the current sentiment. As one X user pointed out, LINK was anticipated to be one of the biggest winners of this cycle, Sherpa replied that he “expected more lol.” The user playfully commented, “No dino coins and new and shiny coins are the better bet.” How Did The Market Change? The previous comment highlights what appears to be a significant difference between this bull run and the 2020s. Choosing your bag has become more difficult since the market has expanded significantly. Sherpa considers that “now more than ever, it is super important to choose the altcoins that are going to run hard.” In 2020, the massive altseason made “everything go up consecutively.” This time, the liquidity is more fragmented, and “only a few sectors are pumping.” The AI and memes sectors have been the hottest topic in 2024, and layer-1 (L1) tokens, like SEI, have also performed well. “Everything else? Not great,” remarked Sherpa. The massive number of tokens, both newly launched and old ones, are finding it more difficult to “capture mindshare/attention.” Regarding retail investors, the analyst is not surprised that the default choice is memecoins instead of “trying to learn about some DeFi veRewards type of stuff. Or Oracle or L1s or modular or anything else.” The analyst suggested investors “move to real value” like ETH and SOL. He also considers that big token launches, with significant money behind them, “have some real value.” These coins, as stated in the post, have the potential to “do very well” once Bitcoin stabilizes. Sherpa’s market analysis closes with a “pretty bearish” outlook for the following months. The growing difficulty in keeping user attention and “for people to become strong users/community members” for many projects has made the market a different playground. Ultimately, the analyst pointed out that “portfolio rebalances are necessary” and said he still believes this run is not over. Related Reading: Crypto Analyst Says Don’t Buy Altcoins Just Yet – Here’s Why Altcoins market cap sitting at $981 billion in the weekly chart. Source: TOTAL2 on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
Technical analysis shows that Dogecoin (DOGE) may be set for an upside move after dropping to a major support level. This and other imminent bullish developments in the meme coin’s ecosystem suggest it may be the right time to invest in the crypto token. Time To Go Long On Dogecoin? Crypto analyst BitLuxe revealed in […]
A crypto analyst known as Yomi has noted that the Dogecoin recent price action could turn bullish after this week. According to Yomi, DOGE is on the verge of creating a golden cross on its price chart, an event that could indicate the continuation of a major bull run. He noted the need for a green candle this week in order to start a new rally, which could be tough considering recent on-chain metrics and market fundamentals. Dogecoin Flashing Weekly Golden Cross The weekly chart for Dogecoin is flashing a golden cross, a bullish signal that occurs when the 50-week moving average crosses above the 200-week moving average. According to a weekly price chart shared by Yomi, this weekly cross looked almost completed just two weeks ago, as a price surge for DOGE in the past two months saw the short-term moving average approaching the longer one. Related Reading: Will The Halving Send Bitcoin Price To $100,000? Analytics Platform Reveals What You Should Expect However, trader sentiment around DOGE has turned bearish since the beginning of April as the bulls struggled to push the crypto past the $0.22 mark, allowing it to form a price resistance level. Consequently, DOGE has gone on to form two weeks of bearish candles, which has derailed the completion of a golden cross. Update on #Dogecoin pending weekly Golden Cross. We are still multiple weeks of upward price action away from achieving this bull market milestone. 2 red weeks in a row have cause us to deviate slightly also. Need green soon to get back on track! #DOGE #Altcoins pic.twitter.com/QfdFSR24Uc — Yomi (@OG_Yomi) April 15, 2024 Yomi observed that the formation of this bullish indicator has been pushed forward to multiple weeks of upward price movement. Furthermore, Yomi said all that’s needed is for DOGE to close higher than its open price this week and form a green candle to confirm the breakout and get back on track to a golden cross. DOGE To Turn Bullish? Dogecoin dropped by an astounding margin last week to spearhead the crash in the majority of meme coins. Interestingly, the crypto fell to as low as $0.13 in the middle of the week, representing a 33% decline from its opening price at the start of the week. During the price fall, crypto whale transaction tracker Whale Alerts noted the transfer of 600 million DOGE tokens worth $92.3 million from a private wallet into Binance, hinting at a potential sell-off from a DOGE whale. Related Reading: Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000 However, all is not lost as Dogecoin price action has been showing green in the past day. At the time of writing, DOGE is trading at $0.1669, up by 5% in the past 24 hours. If DOGE can close substantially above its weekly open of $0.1624, that would confirm the continuation of the journey to a golden cross and likely kick off a new uptrend. Yomi noted in another post on social media that Doge will continue to tease a bullish price action in the longer term as long as it stays above $0.12 this week. DOGE price at $0.164 | Source: DOGEUSDT on Tradingview.com Featured image from U Today, chart from Tradingview.com
Dogecoin has been one of the best performers over the past year, consistently holding up gains even through market dumps. However, after the meme coin’s rally in March and then the subsequent dump in April, it looks like investors, especially whales, are finally getting ready to start taking profit. This is evidenced by a number of large DOGE transactions that were flagged going into exchanges over the last day. Dogecoin Whales Move 800 Million DOGE To Exchanges The movement of coins to centralized exchanges can be very bearish for the price of a cryptocurrency. This is because the move to centralized exchanges often points to a selling spree as investors look to take advantage of the deep liquidity that is provided by these exchange platforms. This reason is why the massive amounts of DOGE tokens being sent to centralized exchanges are concerning for the community. Related Reading: Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000 Over the course of the last day, the on-chain whale tracking platform Whale Alert reported a number of large DOGE transactions that carried tokens to centralized exchanges. The largest of these transactions happened on April 14, when a single transaction was carrying 600 DOGE tokens to the Binance exchange. At the time of the transaction, the total stash of tokens being transferred was worth around $92.3 million. However, with the DOGE price increasing since then, the value of the tokens contained in this transaction could be closer to $95 million at the time of this writing. Hours later, after the first transaction, two other transactions followed, also carrying notable amounts of DOGE tokens. The second transaction, which carried 100 million DOGE tokens worth $15.28 million, headed for the Robinhood exchange. The third transaction of the trio was also headed to the Robinhood exchange, carrying 99.25 million tokens worth $16.15 million. In total, approximately 800 million DOGE tokens to centralized exchanges, signaling a potential sell-off on the horizon. Can DOGE Surge From Here? Despite the bearish pressure that seems to categorize Dogecoin lately, the longer-term outlook for the meme coin has remained bullish, especially among crypto analysts. Crypto analyst Trader Tardigrade has continued to maintain a bullish stance on the meme coin, which he believes could pull a significant rally soon. Related Reading: Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking Tardigrade’s latest analysis of Dogecoin saw a bullish formation on the chart, which could lead to a 100% rally. The move, which the analyst expects to happen sometime in April following the Bitcoin Halving, is expected to see the DOGE price rise as high as $0.4 in the short term. However, first, the meme coin’s price would have to break above $0.205, which has developed into significant resistance for the altcoin. But, as the crypto analyst explains, a break above this level would confirm the bullish breakout. For now, Dogecoin is still struggling to break through this $0.205 resistance and has since been rejected from this level. It is currently sitting at $0.165, with a 5.51% increase on the last day and a 20% decrease on the last week, according to data from Coinmarketcap. DOGE price jumps above $016 | Source: DOGEUSDT on Tradingview.com Featured image from Kiplinger, chart from Tradingview.com
XRP has now broken past the $0.6 price mark again after a week of price correction among major cryptocurrencies. The price increase, led by Bitcoin, has seen most cryptocurrencies turning green since the weekend. XRP, being one of the largest crypto assets by market cap, has been included in this increase. Although modest compared to […]
Arthur Hayes, the founder of the crypto exchange BitMEX, recently made a move on an altcoin he had held since 2022. This move saw the transfer of over 230,000 GMX tokens to Wintermute Trading, seemingly making a profit of $3.2 million. Related Reading: XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April Altcoin Dropped By Its Largest Personal Holder Blockchain research platform Lookonchain revealed that Arthur Hayes seemingly sold his GMX holdings yesterday. Hayes was the largest holder of GMX, the native token of decentralized perpetual exchange GMX. Throughout 2022, the BitMEX founder spent a total of 3,383 ETH, worth $5.17 million, to buy 200,581 GMX tokens. In 2023, Hayes spent another 60 ETH to buy 2,328 GMX, around $105,000. From July to December 2023, Hayes withdrew 215,428 GMX tokens from centralized exchanges (CEX). By the end of 2023, he had bought 218,337 GMX for $6.5 million from CEX and decentralized exchange (DEX) Uniswap. As of April 7, 2024, Hayes had GMX holdings worth $9.7 million, per Lookonchain data. The post revealed that Hayes had unstaked all 237,672 tokens and transferred them to an address linked to crypto algorithmic trading firm Wintermute Trading. The transaction sparked rumors of a possible token sale by the former CEO of BitMEX. According to the report, the average cost of buying through Haye’s accumulation phase is around $29.74. After selling, Hayes’s profits would total over $3.2 million. GMX investors reacted to the news, suggesting that “nothing changed” and the altcoin was “in that buy zone again.” Did Arthur Hayes Accept Capitulation? Crypto analyst and trader JJcycles suggested that the transaction looked like “Hayes capitulation.” Later, the trader speculated why the GMX price didn’t “tank hard” after one of its largest personal holders sold his tokens. To the analyst, the incident looked “like the price of ETH during the FTX debacle.” Based on his perception, the trader decided to buy more GMX tokens. One of the largest holders of GMX send his bags to a market maker. Speculation goes that he is selling which is the most logical conclusion to make. My question, why is price not tanking hard? Feels a bit like the price of ETH during the FTX debacle.I'm buying more.$GMX pic.twitter.com/jZi91vIghT — JJcycles (@JJcycles) April 8, 2024 In a later post, the analyst clarified what he meant with his previous statement. According to him, GMX’s capitulation looks like ETH’s capitulation in 2023. As reported by NewsBTC, the number of Ethereum traders selling at a loss increased around August 2023. ETH’s price bounced back from the capitulation and has continued an upward trajectory ever since. Per the analyst charts, GMX appears to be showing an ascending triangle pattern at writing time, like the one made by ETH during its capitulation. To the trader, this suggests GMX could begin an upward trajectory like ETH. GMX Price Reaction The GMX token displays red numbers in most timeframes, as it’s currently 55.5% lower than its all-time high (ATH) of $91.07. The token registers a 7.9%, 28.9%, and 48.9% price drop on the weekly, monthly, and yearly timeframes. After the news of Hayes’ transaction broke, the price went from hovering between the $40.8-$40.7 price range to $37.1, plunging 9% in just an hour. Nonetheless, the altcoin quickly started to recover from the initial dip. At the time of writing, GMX is trading at $40.47, a 1% drop from 24 hours ago. Notably, the token’s market activity skyrocketed 467.6% in the last day, with a daily trading volume of $54.77 million. Related Reading: Sleeping Giant Awakens! Ethereum Whale With Over 12,000 ETH Creates Noise GMX performance in the 3-day chart. Source: GMXUSDT on Tradingview Featured Image from Unsplash.com, Chart from TradingView.com
Crypto analyst CrediBULL Crypto has laid out a bullish narrative for Ethereum (ETH) and XRP. He claimed that both tokens could rise to as high as $20,000 and $20, respectively. Additionally, he stipulated when this parabolic price surge is likely to happen. Ethereum Could Hit A Market Top Near $20,000 CrediBULL Crypto mentioned in an X (formerly Twitter) post that there is a chance that Ethereum could hit a market peak near $20,000. He further explained that ETH could attain this price level based on his belief that BTC can “realistically” see a 2x in this market cycle from its last high of $69,000 in the 2021 bull run. As such, altcoins like ETH will do “multiples of that.” Related Reading: Fantom Supply On Exchanges See Drastic Increase, A Cause For Alarm? Specifically, he foresees ETH doing a 3x to 4x of its prior all-time high (ATH) of $4,800, which puts the second largest crypto token by market cap in a price range between $15,000 and $20,000. Meanwhile, CrediBULL asserted that Ethereum will surely rise to $10,000 at the minimum. Following CrediBULL’s prediction, another X user questioned how possible it was for ETH to rise to a market cap of $2 trillion, stating that it seems “crazy.” However, the crypto analyst responded that ETH rising to such levels is a “blow off top, ” so the market cap will look “outrageous.” He jokingly added that there is a problem if the market caps don’t look outrageous. XRP Is Another Altcoin That Could Experience Exponential Growth In a different X post, CrediBULL also made a case for XRP, stating that XRP could also rise between $10 and $12 if ETH were to hit $10,000. He suggested that XRP wasn’t to be underrated despite its current underperformance, noting that XRP actually flipped ETH in terms of market cap at some point in the last cycle. Related Reading: Crypto Expert Releases List Of Top 10 Altcoins To Buy For Maximum Profit In The Bull Market Therefore, the crypto analyst added that anyone who thinks ETH hitting $10,000 is “realistic” should also believe that XRP rising to $10 is possible. In a subsequent X post, CrediBULL claimed that XRP could even rise to as high as $20 based on ETH hitting $10,000 at its current circulating supply. Again, he noted that XRP is very capable of attaining such price levels, seeing as it is a top 10 coin, which means that the market demand for it is evidently there. CrediBULL’s sentiment echoes that of Nick, the founder of Web3Alert, who previously predicted that XRP could rise to $10 since there were predictions that Bitcoin and Ethereum would rise to as high as $150,000 and $10,000, respectively. At the time of writing, ETH and XRP are trading at around $3,290 and $0.58, according to data from CoinMarketCap. XRP price at $0.57 | Source: XRPUSDT on Tradingview.com Featured image from Bitcoin Sistemi, chart from Tradingview.com
Bitcoin has continued to trade sideways since hitting a new all-time high (ATH) of $73,750. That has raised concerns that BTC’s bullish momentum in this bull run may be shortlived. However, crypto analyst Lark Davis has outlined reasons why BTC’s price will keep soaring till the remainder of the year. Why 2024 Is A Bullish […]
Crypto analyst Altcoin Sherpa recently mentioned that Shiba Inu (SHIB) could still flip Dogecoin (DOGE) as the largest meme coin by market cap. His statement comes at a time when SHIB’s fundamentals are showing strength, with the token’s burn rate increasing significantly in the last 24 hours. Shiba Inu To Have “Some Moments” Where It […]
Amid a recent downturn in the broader crypto market, the concept of “buying the dip” has once again surfaced, tempting traders and investors with the prospect of snagging assets at lower prices. However, caution is the watchword from Markus Thielen, CEO of 10x Research, a top analyst in the crypto space. Thielen’s latest advisories suggest that the current market conditions may not yet be ripe for the optimistic strategy of dip purchasing. Related Reading: High-Stakes Week For Bitcoin And Ethereum As Central Bank Decisions Approach: Key Predictions The Basis Of Bearish Sentiment Thielen’s recent analysis, released earlier today, underscores a bearish outlook on flagship cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), advising that it may be premature to buy the dip. This guidance is rooted in a comprehensive approach to market analysis, combining analog models, data-driven predictive models, and objective analysis. At the heart of Thielen’s cautionary stance is a detailed report outlining the factors contributing to the firm, 10x Research’ bearish outlook on Bitcoin and Ethereum. Despite a seemingly attractive price point for these cryptocurrencies, Thielen believes the market has not yet bottomed out, suggesting further declines before any significant rally. The report pinpoints $63,000 and $60,000 as critical support levels for Bitcoin. A breach below $60,000, Thielen warns, could precipitate a fall into the $52,000-$54,000 range. Yet, despite these short-term bearish indicators, Thielen remains optimistic about Bitcoin’s potential, envisioning a climb to heights of over $100,000 within the year. Thielen noted: Buying this dip is still too early. Technically, we still expect Bitcoin to trade below 60,000 before a more meaningful rally attempt is started. Based on the previous new high signals, we could paint a rosy picture of 83,000 and 102,000 upside targets, but for the time being, we are more focused on managing the downside. The Crypto Market’s Critical Juncture The current state of the crypto market reflects a tense anticipation of the upcoming central bank announcements from the US Federal Reserve. This decision is expected to significantly influence monetary policy and, by extension, the cryptocurrency market. Particularly, insights from crypto futures exchange Blofin suggest that the outcome of this announcement could sway market sentiment substantially. Meanwhile, the market reacts in real-time, with Bitcoin slightly increasing 2.4% in the past 24 hours but still showing a notable decline over the past week. Adding to the complexity of the market dynamics are observations from Alex Krüger, a respected figure in macroeconomics and cryptoanalysis. Related Reading: Bitcoin Might Be Poised For A ‘Double Pump Cycle,’ Reveals Analyst – Here’s Why Krüger attributes the recent price collapse to several factors, including market over-leverage, the negative sentiment ripple from Ethereum, and speculative fervor around certain altcoins. These elements combine to paint a picture of a market at a crossroads, with significant volatility and uncertainty ahead. Reasons for the crash, in order of importance (for those who need them) #1 Too much leverage (funding matters) #2 ETH driving market south (market decided ETF not passing) #3 Negative BTC ETF inflows (careful, data is T+1) #4 Solana shitcoin mania (it went too far) — Alex Krüger (@krugermacro) March 20, 2024 Featured image from Unsplash, Chart from TradingView