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Tag: altcoin market

  • Dogecoin Price Is About To Complete Another Golden Cross, Why $0.33 Is The Key

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    The Dogecoin price is about to complete a Golden Cross pattern, a technical event that often signals the start of a super bullish run. A crypto analyst argues that the real test lies at $0.33, a resistance level that could determine whether DOGE begins its next major rally and extends its momentum into the broader altcoin market.  

    Golden Cross Forms On Dogecoin Price Chart

    Crypto analyst Cas Abbe recently highlighted in an X social media post Dogecoin’s bullish momentum, noting that the meme coin is about to complete another Golden Cross. In technical terms, a Golden Cross signals the potential start of an extended bullish cycle. 

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    Cas Abbe emphasized the significance of this chart setup, pointing out that every time Dogecoin rallies, the broader altcoin market tends to follow suit. According to him, if DOGE manages to break decisively above key resistance levels, it could trigger a massive bullish surge, marking the beginning of a strong altcoin season. 

    Source: Chart from Cas Abbe on X

    The analyst’s chart illustrates Dogecoin’s upward trajectory, with the price steadily climbing after bouncing from support levels around $0.21. His projection shows the meme coin advancing toward the upper resistance channel, where $0.33 sits as the key battleground. Cas Abbe predicts that a breakout beyond this threshold would push the Dogecoin price to $0.37, representing a roughly 60% surge from current levels around $0.23.  

    Adding to the bullish narrative, crypto analyst Trader Tardigrade also shared his perspective on Dogecoin’s Golden Cross formation. He focused on the 12-hour chart, where the MACD indicator flashes the bullish chart signal. According to him, the histogram has already turned green, a clear sign of rising buying pressure. Additionally, Trader Tardigrade’s analysis suggests that bulls are beginning to take control of the market, with his chart predicting a potential surge toward the $0.32 – $0.33 zone.

    Expert Says Dogecoin To Reach $1 Next

    A crypto market expert identified as ‘Solid’ on X has drawn attention to a broader structure forming on Dogecoin’s weekly chart. His analysis reveals a broad consolidation area that could serve as the foundation for a parabolic rally. Based on this technical formation, Solid has forecasted that a golden bull run is imminent—one that could propel the DOGE price to the $1 milestone in the long term. This would reflect a massive price increase of approximately 334%. 

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    In the chart, Dogecoin’s current price action started as part of a larger consolidation phase that began after the 2021 peak. Now with bullish momentum starting to resurface after months of suppression, Solid’s analysis suggests that a strong upward breakout is becoming increasingly likely. The curved trajectory drawn on his chart envisions the meme coin riding steadily through 2025, ultimately accelerating past previous resistance levels and entering uncharted territory around $1 by 2026.  

    Dogecoin
    DOGE trading at $0.24 on the 1D chart | Source: DOGEUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

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    Scott Matherson

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  • Cardano Defies Market Downturn: On-Chain Activity Surges in July, Stats Show

    Cardano Defies Market Downturn: On-Chain Activity Surges in July, Stats Show

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    The ongoing plunge in the overall crypto market fairly began back in July where the global crypto market cap initially fell to $2.5 trillion from $2.7 trillion earlier in May. However, despite this downturn recorded in July, Cardano (ADA), the 9th largest crypto by market cap appears to have defied this bearish trend.

    Particularly, according to the Cardano foundation, the blockchain stands out in July for its notable increase in on-chain activity, despite broader market setbacks. The data provided by the Foundation reveals that the network is not only sustaining but also building momentum, a sign of resilience and growing user engagement.

    Cardano July Growth

    Regarding the network’s health, statistics revealed by the foundation show that Cardano saw a modest yet worthy increase in transactions to 94.6 million, up by 1.62% from the previous month.

    Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA

    This uptick is dissected into varied transaction types, showcasing a diverse usage of the blockchain. Among these, 37% were smart contracts, reflecting the network’s strong capabilities beyond simple transactions, which accounted for 38%.

    Additionally, 25% involved metadata without smart contracts, highlighting the blockchain’s adaptability and the wide array of applications it supports.

    The foundation’s data also detailed growth in several other key areas of the Cardano network, underlining the technological advancement and deepening user involvement.

    Plutus scripts, which are essential for running smart contracts on Cardano, saw a rise of 1.88%, totalling 6,659. This increase is a direct reflection of the growing developer activity and the deployment of more complex applications on the platform.

    Moreover, the ecosystem saw a growth in native tokens, up by 1% to 10.2 million, and an even more significant rise in policies, which surged 7.6% to reach 150,477.

    Cardano on-chain statistics. | Source: Cardano Foundation on X

    Wallet statistics also paint a picture of broadening participation within the Cardano community. The total number of Cardano wallets increased by 0.71% to 4.84 million, with delegated wallets slightly up by 0.02% to 1.35 million.

    This marginal growth in delegated wallets suggests a stable interest in staking and governance participation among ADA holders.

    ADA Current Market Performance

    Regardless of this notable growth in Cardano’s on-chain activities last month, the blockchain’s native token ADA has joined in on the global crypto market downturn. Over the past 24 hours alone, ADA has recorded a roughly 7.1% decrease in its value.

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    This decline has brought the asset to currently trade at a price of $0.3202, at the time of writing—a slight increase from the price tag of $0.2789 seen earlier today.

    Cardio (ADA) price chart on TradingView
    ADA price is moving downwards on the 1-hour chart. Source: ADA/USDT on TradingView.com

    Interesting, despite this plunge, ADA’s 24-hour trading volume has surge significantly from below $400,000 as of yesterday to roughly above $1.250 million as at the time of writing.

    Featured image created with DALL-E, Chart from TradingView

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    Samuel Edyme

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  • ‘Crypto Winter’ Arrives Early For The Altcoin Market As Venture Capital, Founder Selloffs Mount

    ‘Crypto Winter’ Arrives Early For The Altcoin Market As Venture Capital, Founder Selloffs Mount

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    Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

    Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

    Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

    One of Ronaldo’s defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

    Ronaldo’s commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo’s writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

    Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

    However, Ronaldo’s aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

    Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

    With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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    Ronaldo Marquez

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  • How Many Altcoins Died In The Past 10 Years, Report Shows

    How Many Altcoins Died In The Past 10 Years, Report Shows

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    CoinGecko’s most recent report details the failure rate of cryptocurrencies in the last 10 years. Exhibiting the increasing number of “dead” altcoins over the years as projects deactivate, rebrand, lose trading activity, or are revealed to be scams.

    Related Reading: These Altcoins Are Showing Most Bullish & Bearish Divergences: Santiment

    An 11.01% Failure Rate For The Altcoin Sector

    The first half of the ten-year period that CoinGecko studied showed 1,546 dead cryptocurrencies, 11.01%% of the total amount.

    2014 saw the death of 37 cryptocurrencies, 2015 had a lower number with only 27, and 2016 closed this period with 32 dead coins. The 2014-2016 period saw the death of 96 cryptocurrencies in three years, accounting for less than 1% of the total of altcoins that have died over the last decade, as seen in the chart below.

    The number of altcoins that failed since 2014. Source: CoinGecko

    During the 2017-2018 Bull run, Almost 1,500 of the launched projects have since shut down, as CoinGecko explained:

    In comparison, 1,450 projects launched during the 2017 – 2018 bull run have since shut down. This is on the back of over 3,000 cryptocurrencies listed, resulting in a similar failure rate of ~70%.

    An Increase In Failed Projects Over The Last Five Years

    The report shows that over 88% of the failed cryptocurrencies come from the second half of the period analyzed. Just 2019 increased 2018 year’s number by 50, reaching 1,150 failed cryptocurrencies and closely matching the total number of dead coins of the previous half.

    However, most dead cryptocurrencies came from the 2020-2021 bull run. “Over 11,000 cryptocurrencies were listed on CoinGecko during the previous bull run, with ~70% having shut down since,” they detailed. 7,530 cryptocurrencies from launched projects during 2020-2021 have failed, accounting for 53,6% of all dead coins alone.

    2021 is when cryptocurrencies suffered the most, with 5,724 dead coins—resulting in the worst year for projects launched, with over 70% of the cryptocurrencies listed having died as of January 2024.

    The report attributes the high number of failures over 2020-2021 to the “ease of deploying tokens and the rise in popularity of meme coins.” They noted that many memecoin projects launch without a product, and most are “abandoned over a short period of time.”

    In 2022, the number of failed projects declined from the previous year, with 3,520 dying. A 60% rate out of the total listed cryptocurrencies.

    Related Reading: Renowned Crypto Analyst Predicts The Top 5 Altcoins For 2024

    Ultimately, the number of failed projects declined further in 2023, as only 289 cryptocurrencies, out of the over 4,000 listed on CoinGecko, died. This represents a failure rate of <10%.

    However, although the number of dead cryptocurrencies declined in the last two years, perhaps suggesting a more positive trend, the precise percentage of failed projects launched in 2023 stood at 289. It remains to be seen if the trend will be sustained over the coming months or if the rise of a new bull phase will push the nascent sector back into a spike in altcoin failures.

    ETH is trading at $2,546.22 in the daily chart. Source: ETHUSDT on tradingview.com

    Featured image from Unsplash.com, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Rubmar Garcia

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