Price analysis 1/20: SPX, DXY, BTC, TRUMP, ETH, XRP, BNB, SOL, DOGE, ADA, LINK

Price analysis 1/20: SPX, DXY, BTC, TRUMP, ETH, XRP, BNB, SOL, DOGE, ADA, LINK

Bitcoin BTCUSD hit a new all-time high above $109,500 on Jan. 20, after the odds for a strategic Bitcoin reserve skyrocketed to 69% on DeFi betting market Polymarket.

The newly launched Trump family-related memecoins, Official Trump (TRUMP) and Official Melania (MELANIA), have also seen massive interest from the cryptocurrency trading community. Intergovernmental blockchain expert and author Anndy Lian told Cointelegraph that the memecoin launches will usher in a “new era for memecoins and altcoins.”

Euphoric times offer several trading opportunities, but they come with a risk. Vertical rallies are generally non-sustainable and are followed by sharp pullbacks. The deep pullback in TRUMP and Solana’s (SOL) volatility suggests that traders should exercise caution.

Can Bitcoin recapture its all-time high and trigger buying in altcoins? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) reversed strongly last week and broke above the moving averages, indicating that the break below 5,853 on Jan. 10 may have been a bear trap.

The 20-day exponential moving average (5,934) has flattened out, and the relative strength index (RSI) has risen into positive territory, suggesting a balance between supply and demand. Sellers are expected to fiercely defend the zone between 6,050 and 6,100.

If the price turns down from the overhead zone, the index may form a range between 6,050 and 5,853. The next trending move is expected to begin on a break above 6,100 or below 5,773.

US Dollar Index price analysis

The US Dollar Index once again took support at the 20-day EMA (108.62) on Jan. 15, indicating that every minor dip is being purchased.

The RSI is showing signs of forming a negative divergence, suggesting that the bullish momentum is weakening. Sellers will have to yank the price below the 20-day EMA to open the doors for a deeper fall to 108 and then to the 50-day SMA (107.32).

Contrarily, a break and close above 110.17 will signal the continuation of the uptrend. The index could rally to 113.14 and eventually to 114.77. Buyers may find it challenging to clear the 114.77 hurdle.

Bitcoin price analysis

Bitcoin rebounded off the 20-day EMA ($99,257) on Jan. 20 and skyrocketed to a new all-time high of $109,588.

If buyers maintain the price above $108,353, it will suggest the start of the next leg of the uptrend. The bulls will then try to thrust the price toward $126,706.

On the contrary, if the price fails to sustain above $108,353, it will suggest that the bears are fiercely defending the level. Sellers will have to pull the price below the moving averages to weaken the bullish momentum. The BTCUSDT pair could then consolidate between $109,588 and $90,000 for a few days.

Official Trump price analysis 

Due to the enormous popularity and volatility of the TRUMP memecoin, Cointelegraph is providing short-term analysis. A 30-minute chart has been used since there is little price history to look to for deeper insights.

The TRUMPUSDT pair has dipped below the symmetrical triangle pattern, signaling that the bulls are losing their grip. If the price maintains below the uptrend line, the pair could tumble to $38. This is a critical level to watch out for in the near term because a break below it may sink the pair to $24.

On the contrary, a strong bounce off the current level will suggest buying at lower levels. The bulls will then try to push the pair back into the triangle. Buyers will be back in command on a close above the downtrend line.

Ether price analysis

Ether (ETH) bulls are defending the neckline of the head-and-shoulders pattern but are facing selling near the 50-day SMA ($3,537).

The downsloping 20-day EMA ($3,362) and the RSI near the midpoint indicate a slight edge to the bears. A break and close below $3,125 could accelerate selling, pulling the ETHUSDT pair toward $2,850.

Buyers will have to push and maintain the price above the 50-day SMA to indicate that the selling pressure is reducing. The pair could then rally to $3,745, which is likely to behave as a stiff hurdle.

XRP price analysis

XRP (XRP) bounced off the breakout level of $2.91 on Jan. 20, indicating that the bulls are trying to flip the level into support.

The XRPUSDT pair is likely to pick up momentum after buyers push and sustain the price above the $3.40 overhead resistance. That could start the next leg of the uptrend toward the pattern target of $4.84.

The first sign of weakness will be a break and close below the 20-day EMA ($2.75). The pair may then sink to the 50-day SMA ($2.46). This is an important level to watch out for because a drop below the 50-day SMA could start a decline to $2.

BNB price analysis

BNB (BNB) has been trading between the uptrend line and the overhead resistance at $745 for the past few days.

The flattish moving averages and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. If the price rises above the moving averages, the BNBUSDT pair will again attempt to rally above $745. If that happens, the pair could surge to $794.

Contrarily, a break and close below the uptrend line will signal that the bulls are closing their positions. That could sink the pair to the $635 support, which is likely to attract solid buying by the bulls.

Solana price analysis

Solana has been hugely volatile for the past two days, indicating an intense battle between the bulls and the bears.

The upsloping 20-day EMA ($214) and the RSI near the overbought zone suggest that buyers are in command. A close above $260 improves the prospects of a retest of the all-time high at $295. If this level is scaled, the SOLUSDT pair may surge to $300 and eventually $375.

Contrary to this assumption, if the price turns down and breaks below $229, it will signal that the bulls are rushing to the exit. The pair may then drop to the 20-day EMA. A deep correction is likely to delay the start of the next leg of the uptrend.

Dogecoin price analysis

Dogecoin (DOGE) has been rising inside an ascending channel pattern for the past few days, indicating buying on dips and selling on rallies.

The 20-day EMA ($0.36) is flattening out, and the RSI is near the midpoint, signaling a balance between supply and demand. If the price dips below the channel, the DOGEUSDT pair could slide to the $0.27 to $0.23 support zone. Buyers are expected to fiercely defend the zone.

The bulls will be back in the driver’s seat on a close above the channel. That could clear the path for a rally to $0.48. Sellers are expected to vigorously defend the $0.48 level because a break above it may propel the pair to $0.59.

Cardano price analysis

Cardano (ADA) has been trading inside the symmetrical triangle pattern, indicating indecision between the bulls and the bears.

It is difficult to predict the direction of the breakout with certainty as the flattish moving averages and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.

If buyers drive the price above the triangle, the ADAUSDT pair could pick up momentum and rally to $1.33. If this level is crossed, the rally could extend to $1.64. On the other hand, a break and close below the triangle could sink the pair to $0.80.

Chainlink price analysis

Chainlink (LINK) bounced off the 20-day EMA ($22.72) on Jan. 19, indicating that the sentiment remains positive, and traders are buying on dips.

The LINKUSDT pair rose above the $26 overhead resistance on Jan. 20, indicating that the bulls remain in control. If the price sustains above $26, the pair could retest the overhead resistance at $31.

Instead, if the price fails to maintain above $26, it will suggest selling on rallies. The bears will have to tug the price below the 20-day EMA to signal strength. That increases the risk of a fall to $20.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

 

Source: https://www.tradingview.com/news/cointelegraph:a8013c3aa094b:0-price-analysis-1-20-spx-dxy-btc-trump-eth-xrp-bnb-sol-doge-ada-link/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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$PEPE Leads Meme Сoin Frenzy as Investors Search for the Next DOGE

$PEPE Leads Meme Сoin Frenzy as Investors Search for the Next DOGE

Additional Insights

 

 

Ethereum-based meme coin PEPE surged over 150% in the last week of February 2024 to lead a meme coin frenzy as fear-of-missing-out (FOMO) trading kicked in after bellwether Bitcoin (BTC) neared all-time highs.

In this article, we talk about the PEPE token price, analyze the ongoing meme coin frenzy, understand why people invest in meme coins, and ask experts how to find the “next DOGE.”

Key Takeaways

  • PEPE outperforms older rivals DOGE, SHIB, and BONK.
  • 2023-created meme coins like Solana’s WIF and Donald Trump-themed TRUMP posted outsized gains.
  • Whales began taking PEPE profits as one whale converted their position from PEPE to SHIB.
  • Social forces and attempts to find the next 100x meme coin fuel the market frenzy.
  • Crypto expert Anndy Lian shares methodology to “find the next DOGE.”
Finding the Next Dogecoin
Table of Contents

The Latest Price Analysis: PEPE Outperforms Popular DOGE and SHIB

On February 28, 2024, the PEPE crypto price rose to $0.00000362, its highest since May 2023. Pepe the Frog-inspired meme coin regained its billion-dollar market cap for the first time since its debut. Only Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) had a higher market cap than PEPE at the time of writing.

This week, PEPE has become the top performer among the biggest meme coin names. The three dog-themed meme coins DOGE, SHIB, and BONK posted gains of 50%, 45%, and 74% in the last seven days, respectively – as of February 29, 2024 – only to be trumped by PEPE, which rose over 150% in the same period.

PEPE is a newer meme coin compared to DOGE and SHIB. PEPE debuted less than 12 months ago, in late April 2023, while DOGE is over ten years old, and SHIB came to prominence in the 2020-2021 bull cycle.

The freshness of PEPE certainly plays a part in its outperformance against the old dogs. Supporting this thesis is the explosion in the price of meme coins that debuted in 2023 and 2024.

Take Solana’s new meme coin darling, for example. Dogwifhat (WIF) is one of the hottest new cryptos in town, which has gained nearly 400% since its December 2023 debut and over 150% in the last seven days as of February 29, 2024.

Another 2023-launched meme coin that has outperformed its peers is a Donald Trump-themed crypto called MAGA (TRUMP). The TRUMP meme coin has ballooned nearly 3,000% since the start of 2024.

However, there were warning signs that PEPE price movement was getting overheated. Blockchain analytics firm Lookonchain revealed that a whale sold all of their 1.9 trillion PEPE tokens on Binance for a cool $3.49 million profit on February 29, 2024. The whale later changed his position from PEPE to SHIB – the latter has been underperforming PEPE.

 

Meme Coin Frenzy Takes Over 2024 Crypto Bull Run

In this section, we explain meme coin investing through the following points:

1. Meme Coin Degens Do Not Care About Utility or Fundamentals

For an outsider, the price movement of meme coins tends to make zero sense. Fundamental analysts are often baffled by the large sums of money invested in these crypto tokens with zero utility.

Non-crypto-natives should understand that crypto degens rarely look for utility or strong fundamentals. They want to find the next Dogecoin to possibly 10x-100x their crypto investment, well knowing the high volatility and risks involved.

 

2. Crypto Traders Seek Outperformance in Bull Markets

Battle-hardened crypto natives tend to invest in cryptocurrencies through bear markets, making them well-prepared to take hefty profits early when bull markets return. In search of market outperformance, experienced traders have shown a tendency to shift funds out of large market cap coins like BTC, which tend to lead crypto bull runs, to smaller market cap tokens that follow.

As quoted in Techopedia’s Bitcoin bull run 2024 article, crypto hedge fund Pantera Capital said in a report:

“While one of the highest sources of alpha has historically come from a perfectly timed rotation from Bitcoin into altcoins as phase 2 commences, that relationship won’t necessarily always hold true, nor is timing that rotation perfectly a reality for any trader.”

The meme coin frenzy that we are witnessing at the moment is an indicator that traders are now looking to altcoins for “alpha” as Bitcoin nears all-time highs.

3. The Importance of Social Forces in Meme Coin Investing

Social forces play an incredibly important role in driving meme coin price gains. Meme coins are inspired by internet memes, jokes, and satire. They bank on community participation, humor, and virality to attract followers and investors.

Elon Musk’s ‘comeback’ in the game could add flames to the meme coin frenzy.

 

Top meme coins like DOGE, SHIB, and PEPE have loyal followers who enjoy sparkling conversations about their beloved meme coins on social media platforms like Discord and X.

This vibrant social buzz tends to attract newcomers, many of whom end up swapping their fiat for meme coins.

Anndy Lian, an intergovernmental blockchain expert, told Techopedia: “Meme coins can create a sense of community and belonging among their fans, who often use memes and jokes to communicate and promote their favorite coins.”

“Social forces play a crucial role in meme coin investing, as they can generate demand, influence sentiment, and create network effects for these coins.”

Finding the Next Dogecoin

New meme coins may come and go, but none has been able to usurp the king of meme coins – DOGE. The Elon Musk-endorsed token is the ninth biggest crypto in the world with a market cap of over $18.64 billion. At the time of writing, Dogecoin price stood at $0.13, having returned a whopping 23,200% since its debut in December 2013, CoinMarketCap data showed.

In this section, we talk to crypto expert Anndy Lian on how to find the next DOGE.

“Investors should look at the next DOGE in a “fun” manner. Personally, I hunt for them on X (formerly known as Twitter). This is the same place where I spotted $RATS, $FLOKI, $WIF, $GROK, and many more.”

Investors should look for the following traits when evaluating the potential of meme coins:

  1. Catchy and memorable name, logo, and theme, based on a popular or trending meme.
  2. Strong and engaged community that is active on social media, sharing memes, jokes, and news about their coin.
  3. Supportive and influential network of core community/team members or celebrity endorsements (e.g., Musk and DOGE) that can boost a coin’s visibility and credibility.
  4. Clear and fair tokenomics.

The Bottom Line

Meme coin is an interesting sector to uncover. The best place to discover and analyze the social fever created by meme coins is on X. There, you will find opinions about meme coins from incredibly passionate community members as well as rational crypto traders.

However, we want to highlight that meme coins are highly volatile and risky cryptocurrencies. Most meme coin projects enjoy a short period of fame and may become irrelevant after the market loses interest in them.

 

Source: https://www.techopedia.com/pepe-leads-meme-coin-frenzy-as-investors-search-for-the-next-dogecoin

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?

Major cryptocurrencies like Bitcoin Ether and Dogecoin are trading at a monthly high on Wednesday.

Bitcoin, the world’s largest digital currency, broke $26,500 for the first time in over a month to make a high of $29,883, up about 11% over the past 24 hours. It subsequently broke $30,000 — the first time in more than a year.

Ether was trading at $1849, up 7.5%, while Doge was trading up about 6%, according to data from TradingView.

Recently, BlackRock BLK, submitted an application last week for a Bitcoin exchange-traded fund (ETF) in the U.S.

Additionally, EDX Markets, a cryptocurrency exchange backed by prominent financial entities such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets, has launched its trading services.

Industry experts have weighed in on the phenomenal rise, attributing it to several factors, including institutional interest and economic forecasts.

Bitcoin’s Future Performance

Greg Waisman, COO of payments platform Mercuryo, says Bitcoin’s renewed dominance, accounting for 50% of the market capitalization of the crypto ecosystem, has been spurred by the application for a spot Bitcoin ETF by BlackRock and followed by WisdomTreeInvesco, and Bitwise. “The renewed optimism about a BTC ETF from these financial giants is evidence that Bitcoin holds true potential that will boost its future performance,” Waisman states.

Waisman also emphasizes Bitcoin’s burgeoning momentum as a technology with innovative Layer-2 protocols such as the Lightning Network revolutionizing payments.

“The positive sentiment on its capabilities has contributed to the increasing inflow of funds into Bitcoin worth $3.6 billion over the past few months,” he said.

Macro-Economic Indicators

Raj Kapoor, the founder of the Blockchain Governance Council, highlights the role of the Federal Reserve’s decision to halt rate hikes and suggested that the weakening of the U.S. dollar could also be playing a significant role.

Kapoor opines, “The stronger the macroeconomic environment, the higher the Bitcoin price.”

He further mentions the impact of filings for a Bitcoin ETF by financial giants like BlackRock and Fidelity Investments.

Greg Magadini, Head of Derivatives at Amberdata, a crypto data analytics firm, shares insights into ETH call selling since the ETH Shanghai upgrade.

Magadini said, “This flow is some of the largest, persistent flow, ever seen in ETH options… suggesting this flow is institutional.”

Institutional Involvement As A Catalyst

“NFT: From Zero to Hero” author Anndy Lian attributes the surge in Bitcoin’s price to the growing interest among institutional investors, and specifically notes BlackRock’s launching of a Bitcoin ETF.

“This institutional involvement has sparked optimism among traders regarding Bitcoin’s price,” he said.

Lian also highlights the potential correlation between a declining US dollar index and a favorable macroeconomic climate as factors that may continue to positively impact Bitcoin’s price.

Serenity Shield CEO Venket Naga said increased mainstream adoption and acceptance of cryptocurrencies have attracted more investors and users and growing institutional interest, such as the entry of major financial institutions into the crypto market, has provided a sense of legitimacy and attracted more investors.

“The market’s long-term sustainability depends on continued adoption and addressing concerns like scalability and energy consumption. Continued innovation and practical application of blockchain technology, specifically tailored to address real-world requirements, will play pivotal roles in determining the market’s overall sustainability,” he added.

 

Source: https://www.benzinga.com/markets/cryptocurrency/23/06/32950439/bitcoin-ether-doge-skyrocket-should-you-be-buying-at-current-30k-levels

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j