Dogecoin (DOGE) skyrocketed above $0.69 today and flipped XRP to become the fourth largest cryptocurrency with a market capitalization of over $88 billion at its highest point.
Galaxy Digital recently released a report titled “Dogecoin: The Most Honest Sh*tcoin,” and the document highlighted the fact that no updates have been logged in Dogecoin’s GitHub repository since 2017. Even the blockchain’s network security is suboptimal with only 26% of the overall node count running fully synced notes, the report added.
There seems to be a massive mismatch between Dogecoin’s fundamentals and its valuation. The meme coin’s rally is an indication that traders are driven by greed and such phases of frenzy never end well. When the bubble bursts, several investors will be left nursing massive losses.
Moving away from the Dogecoin frenzy, the latest CoinShares report shows weekly institutional inflows of $489 million for various crypto products. Bitcoin (BTC) accounted for the lion’s share of the investments at $411.7 million.
This shows that institutional investors are viewing the current weakness in Bitcoin as a buying opportunity. The total crypto assets under management is at $64.7 billion, having risen about $7 billion in the past six weeks.
Will Ether (ETH) continue to pull altcoins higher or will Bitcoin make a comeback? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin plunged below the moving averages on May 4 but the bears could not capitalize on this weakness. This suggests the bulls have not yet given up and they continue to buy on every dip.
The bulls have pushed the price above the moving averages today and they will now try to challenge the downtrend line and the overhead resistance at $58,966.53. A breakout of this resistance zone will clear the path for a possible retest of the all-time high at $64,849.27.
However, the flattish moving averages and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand. This could keep the BTC/USDT pair stuck between $52,323.21 and $58,966.51 for a few days.
The bears may gain the upper hand if the price turns down and plummets below $52,323.21. Such a move will suggest weakness and that could result in a decline to the critical support at $46,985.
Ether is in a momentum-driven uptrend. Generally, in such phases of melt-up, the asset may remain overbought for an extended duration and corrections can be sharp but are usually short-lived. After a one-day pullback on May 4, the bulls are trying to resume the up-move today.
If buyers propel the price above $3,527.19, the ETH/USDT pair could rally to $4,528.97. However, the farther the price moves away from the moving averages, the greater the risk of a massive correction. Therefore, traders should exercise caution.
If the price reverses direction from $3,500, it will indicate profit-booking at higher levels. The bears will then try to pull the price below $3,165.30, which could result in a decline to the 20-day exponential moving average ($2,731).
A strong rebound off this level will suggest the uptrend remains intact. The bulls then try to resume the up-move. Conversely, a break below the 20-day EMA will suggest the pair has formed a short-term top.
Binance Coin’s (BNB) sharp correction on May 4 attracted buyers near the $600 mark. This suggests the sentiment remains bullish and traders are accumulating at lower levels.
The rising moving averages and the RSI in the positive territory suggest the path of least resistance is to the upside. If the buyers push the price above $680, the uptrend could resume with the next target objective at $808.57.
This positive view will nullify if the price turns down from the overhead resistance and breaks below the 20-day EMA ($567). Such a move will suggest that supply exceeds demand and the BNB/USDT pair could then drop to the 50-day simple moving average ($436).
Dogecoin is in a strong melt-up. The bulls pushed the price above the $0.45 resistance on May 4, which resulted in a pick-up in momentum. The long wick on May 4 suggested profit-booking by traders near $0.61 but the bears could not maintain the selling pressure.
According to data from Cointelegraph Markets Pro, market conditions for DOGE have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for DOGE flipped green on May 2 when the price was $0.38, well before the indication of any rally.
Since then, the VORTECS™ Score has largely remained in the green and DOGE rallied to $0.69 today, an 86% gain in about four days.
The buying resumed today and the DOGE/USDT pair hit a new all-time high at $0.69. However, the long wick on the day’s candlestick suggests profit-booking at higher levels. The pair could now drop to the breakout level at $0.45. A break below this level could pull the price to the 20-EMA ($0.33).
Alternatively, if the bulls flip this level into support, the pair may again try to rise above $0.69. If that happens, the rally may extend to $0.84 and then $1.
Frenzied buying in an asset can result in strong rallies. However, traders should be careful and protect their capital with a trailing stop-loss because vertical rallies can quickly reverse direction, resulting in sharp losses.
XRP dropped below the 20-day EMA ($1.39) on May 4 but the bears could not sustain the lower levels. This shows the bulls are defending the 20-day EMA. The price has reached the downtrend line where the bears are likely to mount a stiff resistance.
If the price turns down from the downtrend line, the bears will make one more attempt to sink the BNB/USDT pair below the 20-day EMA. If they manage to do that, the pair could slide to the 50-day SMA ($1.05).
On the contrary, if the bulls thrust the price above the downtrend line, the up-move may resume and the bulls may try to push the price to $1.96. A breakout of this resistance will suggest the start of the next leg of the uptrend.
Cardano (ADA) broke below the 20-day EMA ($1.29) on May 4 but the bulls defended the 50-day SMA ($1.24). The buyers are currently trying to push the price toward the resistance of the range at $1.48.
The ADA/USDT pair is likely to face stiff resistance near the $1.48 to $1.55 zone. If the price turns down from this zone, the pair could again drop to the moving averages and extend the stay inside the range for a few more days.
Contrary to this assumption, if the price turns down and breaks below the 50-day SMA, the pair may gradually drop to $1.03. A strong bounce off this support will suggest that traders continue to buy on dips to the support of the range.
Until the bulls push the price above $1.55 or the bears sink the pair below $0.98, the range-bound action is likely to continue.
Polkadot (DOT) plummeted below the 20-day EMA ($36) on May 4 but the bulls did not panic and dump their positions. Rather, they bought the dip and have pushed the price back above the moving averages today.
If the bulls sustain the price above $38.30, the DOT/USDT pair may rally to $42.28 and then to $48.36. However, the flat moving averages and the RSI just above the midpoint suggest a balance between supply and demand.
This indicates the pair is likely to hit a wall at $42.28. If the price turns down from this resistance, the range-bound action is likely to continue. The next trending move could start if the price breaks above $50 or plunges below $26.50.
Litecoin (LTC) broke above the $335.03 overhead resistance today, indicating the resumption of the uptrend. The 20-day EMA ($271) has turned up and the RSI is in the overbought zone, suggesting the bulls are in command.
If the buyers push the price above the resistance line of the ascending broadening wedge pattern, the LTC/USDT pair could pick up momentum and rally to $400 and then $463.31.
However, the bears are likely to have other plans. They will try to stall the up-move at the resistance line. If the price turns down from this resistance, the pair could drop to $308 and then to the 20-day EMA.
A strong rebound off the 20-day EMA will suggest the sentiment remains positive. The bulls will then make one more attempt to resume the uptrend. This bullish view will invalidate if the price turns down and plummets below the support line of the wedge.
After days of hesitation near the 61.8% Fibonacci retracement level at $1,012.29, Bitcoin Cash (BCH) soared above the $1,213.51 resistance today, indicating the resumption of the uptrend.
If the bulls manage to sustain the price above $1,213.51, the BCH/USDT pair could rally to $1,410.42 and then $1,710.39.
Contrary to this assumption, if the bulls fail to sustain the price above $1,213.51, the pair could drop to $1,050. If the pair rebounds off this level, the bulls will make one more attempt to start the next leg of the uptrend.
However, a break below $1,050 will suggest that supply exceeds demand and that could pull the price down to the 20-day EMA ($926).
Uniswap (UNI) rebounded off the $39.60 support on May 5, which shows the bulls are defending this level aggressively. If the buyers propel the price above $45, the next leg of the uptrend could begin. The target objective on the upside is a rally to the resistance line of the ascending channel at $50.
The rising 20-day EMA ($38.35) suggests the buyers have the advantage but the negative divergence on the RSI indicates the bullish momentum may be weakening.
A break below the 20-day EMA will be the first sign that the bears are making a comeback. The UNI/USDT pair could then drop to the support line of the channel where buyers may emerge.
A strong bounce off this support will suggest buying at lower levels and the uptrend may remain intact. Conversely, a break below the channel will signal a possible change in trend.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
CoinFlip Installs Its First Three Bitcoin ATMs in Alaska
The company aims to install four more ATMs in the state by the end of the summer.
CoinFlip, a leading Bitcoin ATM provider, announced that it had expanded its operations to Alaska, United States, by deploying three Bitcoin ATMs on Thursday. According to the company, it has also planned to install three additional Bitcoin ATMs by the end of this year’s summer in the state.
With the new machines installed in Anchorage, users will not only be able to buy Bitcoins (BTC) but Dogecoin (DOGE), Ethereum (ETH), and six other cryptocurrencies with 24/7 customer support. The locations are Anchorage Wine House at Minnesota, Anchorage Wine House at Huffman, and Anchorage Wine House at Jewel Lake. With the installation of the ATMs in Alaska, CoinFlip now has over 2,500 machines installed in 47 of the 50 states in the US.
About the announcement, Ben Weiss, CoinFlip CEO, commented: “We’re excited to bring CoinFlip ATMs to Alaska this month. It has been our mission to help build financial wealth through inclusive financial systems so that anyone interested in investing can participate. We look forward to connecting Alaskans with our award-winning customer service to make Bitcoin and other cryptocurrencies more accessible to the local community.”
Other Companies Installing Bitcoin ATMs in the US
Another company joined the bandwagon of deploying Bitcoin ATMs in more US states. Finance Magnates reported in April that Coinme expanded operations in the state of Florida with the installation of more than 300 Bitcoin-enabled Coinstar kiosks.
Get Paid to Learn about Cryptocurrency TradingGo to article >>
The Bitcoin cash machines have been strategically installed inside grocery chains like Winn Dixie, Fresco y Mas, and Harveys across small towns and big cities. The company aimed to bring Bitcoin purchasing facilities to the local groceries of the Florida residents.
Coinme is one of the major Bitcoin ATM operators in the United States, with around 6,000 Coinstar kiosks installed in supermarkets across 45 states.
According to CoinATMRadar metrics, United States has 18,936 Bitcoin ATMs, becoming the leader globally, followed by Canada with 1,526, and the United Kingdom with 196.
What is Phemex’s all-new Learn and Earn program?
A decade ago, Bitcoin was merely a philosophical research paper for a new type of digital currency. Today, there is no major technology or financial publication or news portal with no cryptocurrency stories or blockchain news.
From being ridiculed as magic internet money backed by thin air to narratives of the wild west, nerdy money, get-rich-quick schemes, and gaining mainstream consciousness as we settle into 2021, the crypto industry has indeed seen it all.
Since Bitcoin’s inception over ten years ago, things have changed considerably. Industries across the world have embraced its underlying blockchain technology. Its main characteristics include decentralization, transparency, immutability, and automation that has the potential to create a multitude of use cases and replace legacy frameworks.
The digital asset industry has not been that lucky. The narrative of “Blockchain, not Bitcoin,” is still very much prevalent in several regions. Countries struggling with political instability and hyperinflation, such as Venezuela, and Argentina have witnessed a formidable interest in cryptocurrencies. The sentiment resembled the nations that have a massive unbanked local population.
Today, the great dream of cryptocurrency is still very much alive despite all its struggles. The cryptocurrency industry has not only unlocked access to financial services for users around the globe it has also opened avenues for new applications. The remittance, for one, can be a nightmare for many living in developing countries. Crypto and blockchain technology aims to settle transactions instantly with significantly lower or even negligible fees.
The main objective behind asset-backed tokens, on the other hand, is to grant ownership to assets like real estate and precious metals. In addition, stablecoins have their own use cases and have seen unprecedented growth because they trade uniformly with fiat. The list does not end there.
While pessimism has dwindled, there is still plenty of skepticism around the entire asset class.
What’s impeding crypto adoption?
There are numerous reasons for the hindrance. But one that stands out is the lack of education. It is a daunting issue that plagues the cryptocurrency industry even today, in this day and age when everything is just one click away. Many people don’t understand the industry. It is as simple as that.
The digital asset realm is a complex one. While there are plenty of resources to fall back on, there need to be better and more accessible vehicles, one that is perfectly curated for the newbies – simple and easy-to-follow lessons on everything crypto and blockchain. And what’s better than earning a reward for learning this groundbreaking technology? Seems far-fetched? Not anymore. Pemex’s newly launched program dubbed ‘Learn and Earn’ aims to do just that.
Singapore-based cryptocurrency exchange Phemex is one of the most prominent platforms in the world. Just two years since it was first launched, Phemex has already emerged as one of the most trustworthy exchanges in the industry. Its user base exploded quickly to over a million traders, thanks to user-friendly platforms and unique offerings.
It has recently rolled out an all-new educational program called “Learn and Earn,” which aims to provide users with simplified concepts on different cryptocurrency and blockchain-related concepts. This program includes an in-depth course structure coupled with intuitive lessons and interactive videos that offer a unique and fun learning process. But it does not end there.
Phemex plans to reward its users via Learn and Earn after the completion of each lesson. How? Users will have to take a short quiz to test their knowledge, and if all the answers are correct, they will be incentivized.
It is one of the most beginner-friendly and fun ways to learn more about the new financial world. Learn and Earn is put together into a few fundamental courses, each comprising its own set of sub-lessons. These cover introductory passages, explainer videos, and a final quiz for users to test their knowledge. Upon answering all questions correctly, Phemex offers a reward in the form of trading bonuses and cryptocurrencies.
Lean and Earn’s first set of courses proceed with the platform’s essential features. This program encompasses some core concepts about the workings of cryptocurrencies and the process of buying, trading, and selling them on an exchange. Rewards will be in the form of trading bonuses that participants can use with perpetual contracts on Phemex to exercise their proficiency on the subject matter.
In the days to come, Phemex also plans to broaden its course material and reward users directly in cryptocurrency assets. However, in order to receive rewards, the users are required to complete KYC protocols. As of now, the program is not widely available, but the team behind the project is working on expanding the Lean and Earn initiative on a global scale.
In short, Learn And Earn aims to cater to mainly the beginner but is also available for experienced crypto enthusiasts who seek to know more about the industry and how to trade digital assets seamlessly. This program is essentially for everyone who wants clarity and eventually wants to foray into the trading space of cryptocurrencies but does not know where to begin. It is open to anyone who wants to build a passive income stream by just learning about cryptocurrencies.
Incentivising users for learning about the technology, what a great way to spur adoption as well as trading activity! This will help more and more individuals dispel myths and filter out FUDs and FOMOs that are often endorsed by the critics and the flag bearers of centralized financial infrastructure.
Ethereum to $20,000? Factors Behind The Bold Call
Ethereum could reach $20,000 by 2025 according to a Finder’s panel.
Ethereum has since been gaining momentum, starting out at $1,000 at the beginning of the year and reaching an all time high of $4,196.63, according to Coin Metrics. Before losing steam and dropping down to its current price at $2,400. Clocking an average growth rate of 197.4% in 2021.
This massive run has given the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin a lot of popularity. Ethereum currently ranks as the second most popular » Read more
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Related Reading | Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022
With so much support pouring out for the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, investors in the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin have been very bullish on it. Lots of analysts believe that Ethereum is poised to overtake Bitcoin as the most popular » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin in the market. So much technological advancements are being carried out on the blockchain that its use cases seem to be endless.
Impact Of DeFi and NFTs
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About 70 percent of the panel agreed that with DeFi and NFTs, Ethereum now has more use cases than Bitcoin.
John Hawkins, senior lecturer at the University of Canberra, went against the grain to say more use cases would not necessarily benefit the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin. He expanded on this by saying that Ethereum will most likely get dragged down with Bitcoin. Despite having more use cases.
Ethereum price sits below $2,5000 | Source: ETHUSD on TradingView.com
With staking and yield farming with DeFi, investors have found another way to put their investments to work, while at the same time benefiting the network.
With Ethereum 2.0 on the horizon, developers are looking to replace the existing Ethereum blockchain with a new one. This will help to solve the current bottlenecks of the network. It will also increase the number of transactions being made on the network. Hopefully helping to reduce the exorbitant fees being charged for transactions when network traffic is high.
Ethereum Predictions By Finder’s Panelists
The Finder’s panel consisted of a number of prominent panelists. Present were Dr. Iwa Salami from the University of East London. COO of BitBull Capital, Sarah Bergstrand. Vishal Shah, CEO of Alpha5. Head Economist at ConsenSys, Lex Sokolin. Amongst others.
A good number of the panel seemed to agree that while the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin might not have much further to run this year, the next four years is going to see a massive run.
CEO Vishal Shah was on the more conservative side. He predicted that the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin would not be worth much more than it is now. Putting it at just $4,000 by 2025. Shah believes that Ethereum will continue to perform. But that the unlimited supply of the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is a demerit to it. He also added that Ethereum was in a race with other protocols for the its usability profile. And that there are other faster and cheaper chains that will rival the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin in the future.
Related Reading | TA: Ethereum Price Holds Strong, Why Dips Remain Limited Below $1,850
Others did not see this as a befitting forecast. Citing the upgrades being done on the network, Sarah Bergstrand, Chief Operations Officer at BitBull, gave a price prediction of $100,000 per ETH by the end of 2025. A staggering forecast.
She believes that mass adoption of Bitcoin will be followed by mass adoption of Ethereum. Also that the upgrades being carried out on the network will help to push the price higher.
Dr. Paul Ennis put his prediction at $10,000 by the end of 2025. Stating that Ethereum is currently undervalued.
Dr. Salami went on to give the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin a $20,000 forecast by 2025.
This brought the average of the panel’s predictions to $19,842 per ETH by 2025.
Featured image from Blockchain News, chart from TradingView.com