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Dogecoin price analysis: Will Doge be the darling of speculators in June?

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TL;DR

  • Dogecoin price analysis shows that bulls are unable to shake off the current downtrend
  • DOGE volatility is driving the price back into another bearish zone below $0.3000
  • In the last 24 hours, DOGE/USD has lost 5 percent value as the weekend comes to a close
Dogecoin price analysis: Will Doge be the darling of speculators in June? 1
Cryptocurrency heat map by Coin360

As DOGE battles another downtrend, the altcoin is facing a crisis as its popularity dwindles further. The rise and fall in DOGE can be attributed to its social media coverage. Lately, it is garnering all the negative press. Add an overall negative sentiment in the crypto industry, and we have a sliding DOGE/USD that may not stop at $0.30000.

Currently, the price of DOGE is near $0.3040 with a downward bias. The cryptocurrency is struggling to post any meaningful pattern on the charts and just trading sideways. According to Dogecoin price analysis, the pair is also limited in a strict range within the Bollinger Bands. The current range is $0.2889 to $0.3284, and traders have a limited opportunity to decipher its next week’s trajectory.

With May coming to an end, all eyes are on the June series, where crypto fans expect the negative news to subside. As the world reels under the COVID-19 pandemic, the next month will see more economies come out of the lockdown, which can spur the global markets upwards. Whether the crypto realm will follow suit remains to be seen.

Dogecoin price movement in the last 24 hours: Sideways grinding with a negative bias

For the past few days, the Google search trend for Dogecoin is on the decline. That’s because the cryptocurrency cannot shake off the downtrend, unlike most of the other altcoins. The pair has come down from $0.3608 to touch a low of $0.2808, which has dampened the spirits of DOGE bulls. The waning interest is evident from the common search queries related to Dogecoin.

Currently, the price is near $0.3040, which is well below the 50-day simple moving average. The same 50-day moving average at $0.3700 is fast turning into a long-term resistance. Dogecoin price analysis shows that the bulls have failed repeatedly to push prices above $0.3800. Throughout the May series, the pair has been unable to defend its vital support regions.

Most technical indicators, daily and weekly, have turned neutral due to the prolonged consolidation in the pair. The extended bearish sentiment will only cause a weak recovery in DOGE/USD. As per Dogecoin price analysis, the pair is likely to continue its consolidation near the $0.3000 level heading into the first week of June as per long-term Dogecoin price analysis.

DOGE/USD 4-hour chart: No clear signs from technical indicators

Dogecoin price analysis: Will Doge be the darling of speculators in June? 2
Dogecoin price chart by TradingView

The DOGE/USD hourly chart shows a strange mix of technical indicators. The price is trading sideways in small see-saw candles, which only confuse the matters further. Most notably, there is a bearish ‘Doji’ emerging on the long-term weekly Doge chart. Indicating further weakness in June.

Investors and traders are facing a dilemma as the DOGE/USD chart cannot steer past crucial resistances. A continuation of the downtrend will likely reflect on the charts with DOGE/USD pair breaking below $0.3000. Dogecoin price analysis reflects that the downward price channel will solidify the supports at $0.2800 first, and then at $0.2500 next. In the worst-case scenario, the June series can see the sellers bring the pair within close vicinity of $0.1 by breaking the descending price channel.

The month of June can, therefore, see DOGE test crucial support levels. In the absence of solid buying, the bears can increase selling intensity and push the volumes down further. Historically, the month of June has seen muted growth in cryptocurrencies. Such muted price action this June will only encourage the bears further to touch fresh new lows as per Dogecoin price analysis.

Dogecoin price analysis conclusion: June won’t change Doge’s fortunes much

Dogecoin remains a popular cryptocurrency despite the recent volatility. Despite a slight decline in popularity, the DOGE/USD pair still attracts new and experienced traders. Now and then, a few comments or tweets from Elon Musk do add a little bit of flair to the mix. Recently, he has suggested another use case scenario for Dogecoin.

Currently, traders should not trade in the long-term perspective. Instead, they should pick small resistances for long positions. As the May series ends, traders must focus on $0.3800 resistance before targeting $0.5000 to turn the negative tide against the bears. The support at $0.2700 should be observed as the volatility can spark new Dogecoin concerns.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2021-05-30/

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The IRS says it plans to award contract for crypto startup’s cross-chain tracing software

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A notice published last week by the Internal Revenue Service indicates that the U.S. tax agency wants to beef up its capacity to track cross-chain transactions.

The term “cross-chain” generally applies to the ability for two or more blockchain networks to interact or communicate with one another, often in the context of users being able to transact from one to the next via so-called bridges. The IRS notice, published on September 16, suggests that the agency wants more insight into these processes as part of its criminal investigatory efforts.

The notice states:

“There are multiple cryptocurrency tracing platforms in the market today, however based on the way blockchain technology works, a significant portion of the intelligence and coverage each provides is unique to each provider. Additionally, the TRM Forensics Web-Based tool provides unique capabilities not currently found in tools from other providers. CCU is requesting this specific platform due to its cross-chain analysis tracing capabilities and unique methods for visualizing various cryptocurrencies across blockchains.”

The notice refers to a contract it wishes to award to TRM Labs Inc., a U.S.-based company. TRM raised a $14 million Series A funding round this summer, led by Bessemer Venture Partners. Backers of the company include PayPal Ventures, the payments company’s venture arm.

The Block reported in June that the IRS is seeking a broad expansion of its crypto capabilities. The agency is seeking more funding from Congress in order to grow its crypto-related enforcement efforts and hire outside experts.

On Monday, crypto exchange operator Coinbase struck a deal with the U.S. Department of Homeland Security for the use of its own analytics software.

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Source: https://www.theblockcrypto.com/linked/118092/the-irs-says-it-plans-to-award-contract-for-crypto-startups-cross-chain-tracing-software?utm_source=rss&utm_medium=rss

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FTX subsidiaries receive crypto licenses in Gibraltar and the Bahamas

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Crypto exchange FTX’s subsidiaries in Gibraltar and the Bahamas have received licenses as the company continues to foster relationships with local regulators.

FTX’s Gibraltar subsidiary, Zubr Exchange, has received authorization from the Gibraltar Financial Services Commission (GFSC) as a distributed ledger technology (DLT) provider. Zubr is a local crypto derivatives exchange, which FTX acquired earlier this year, but revealed the deal on Friday.

FTX said it has begun integrating the Zubr team, but the latter will maintain its local presence and operational autonomy in line with the DLT provider license requirements.

As for FTX’s Bahamas subsidiary, FTX Digital Markets, it has been registered by the Securities Commission of the Bahamas as a digital assets business under the Digital Asset Registered Exchanges Bill or the “DARE Act.”  FTX said its Bahamian subsidiary is the first digital asset business licensed under the DARE Act.

As part of its expansion plans in the Bahamas, FTX Digital Markets has also appointed Ryan Salame, former head of OTC at Alameda Research as its CEO. The firm also has headquarters in Nassau, Bahamas, and plans to hire local talent for areas such as finance, marketing, and engineering.

“I’m excited to plant the flag for FTX in The Bahamas,” said Salame. “The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act, gives me confidence that we’ll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions.”

FTX and its units appear to be taking regulatory initiatives in several countries. Last month, FTX.US acquired regulated crypto derivatives exchange LedgerX to enter the derivatives market. FTX CEO Sam Bankman-Fried today said the company is “committed to maintaining a close working relationship with local regulators so that together we can navigate putting a comprehensive regulatory framework in place to help promote the growth of this nascent asset class.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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Source: https://www.theblockcrypto.com/post/118093/ftx-subsidiaries-receive-crypto-licenses-in-gibraltar-and-the-bahamas?utm_source=rss&utm_medium=rss

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Coinbase scores $1.3 million deal with US government even after SEC alarms

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Coinbase, the largest crypto exchange in the United States has been able to secure a new deal with the United States’ Immigration and Customs Enforcement (ICE) office which would see it use its Coinbase Analytics tool for undisclosed purposes. Per available information, the government agency will be paying as high as $1.36 million as licensing fee to the Brian Armstrong-led crypto exchange.

Coinbase, US agencies partnerships

In proof of the exchange capability, SAM.gov’s database indicated that the crypto firm was the “only vendor” who could provide the services needed by the ICE. However, details of the kind of information Coinbase would be sharing or analyzing remain obscure.

It is interesting to note that the ICE is a branch of the U.S. Homeland Security. It is in charge of investigating cross-border crimes and also to check the influx of illegal migration into the United States.

The Armstrong-led exchange has also seen its Coinbase Analytics tool enjoy some level of patronage from different government agencies. Earlier in the year, it inked a deal with Secret Service which contracted the exchange until 2024 and would see it use the firm’s blockchain forensics tools.

Apart from the security agencies, other government agencies like the Drug Enforcement Administration (DEA) and the Internal Revenue Services (IRS) have also shown an interest in analytics tools for their various operations or investigations.

Critics lambast Coinbase’s partnerships

The exchange has also faced some criticism from onlookers who believe it is cashing on its users’ information as its government partnerships run against the core tenet of the crypto industry which is privacy.

One such critic is DJ Booth, who once said “Coinbase collect private information about their customers due to AML regulations, track customer transactions before and after exiting Coinbase, and then onsell that private information and public data to law enforcement, all without ethical remorse. OK, it’s just business.”

However, despite the amorous relationship between Coinbase and some of the government agencies, the exchange has enjoyed a somewhat frothy relationship with its regulator, the Security and Exchange Commission (SEC) who recently hinted that it could sue the exchange if it proceeds with its plans to provide lending services to its users.

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Source: https://cryptoslate.com/coinbase-scores-deal-with-us-government-after-sec-alarms/

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