The crypto market faces a bearish weekend, and Cardano (ADA) has not been spared after a 3% drop to trade at $0.75. ADA price is also losing its footing after dropping in market cap ranking to the ninth position. Despite the bearish outlook, there are distinct reasons why ADA may recover to the upside and possibly reach higher levels. These include a strong technical outlook and higher odds that the SEC will approve a spot Cardano ETF. ADA Price Gears for a 75% Rally The key reason behind a bullish Cardano price forecast is a bullish technical outlook as it tests resistance at the upper trendline of a descending triangle pattern. ADA has been testing a breakout from this resistance line for the past two weeks. If demand rises and Cardano overcomes resistance at the 50% Fibonacci level of $0.91, it will fuel a 75% run to the $1.32 price…. Read More at Coingape.com
Dogecoin’s price is ambling toward the $0.29 mark after a previous correction that saw it erase its gains. While the broader trend for DOGE remains bearish, analysts are confident of a short-term rally to reclaim its one-month high.
Dogecoin Price Targets Breakout To $0.29
As bears stamp their authority in DOGE, there is rippling optimism that the dog-themed cryptocurrency could see a rally. According to an X post by Igor Bondarenko, Dogecoin’s price can go as high as $0.29 in the short term.
Bodarenko hinges his prediction on DOGE approaching its 20-day exponential moving average (EMA). As the dog-themed project inches toward the EMA, pundits say it may be a support level for traders entering the space.
On the flip side, a failure to break the EMA level could spell doom for the beleaguered asset. Per Bondarenko, Dogecoin prices may fall as low as $0.10 in the near future.
“A breakout could drive DOGE to $0.23 and $0.29,” said Bodarenko. “If rejected, a drop below $0.14 could send it to $0.10.
Long-term predictions for Dogecoin prices are fairly upbeat with one analyst predicting DOGE to hit $20 in the coming months. At the moment, Dogecoin price sits at $0.16 and has gained over 6% over the last 7 days.
On-chain Indicators Scream Promise For Dogecoin
While short-term technicals are predicting a small spike in Dogecoin’s value, on-chain indicators are pointing to a seismic leap. For one, DOGE address activity has soared to 1 million unique users with active addresses spiking by 400%.
Furthermore, fundamentals are indicating potential for a rally as high as $50. The filing of a DOGE ETF application by BlackRock may be the trigger for a seismic rally for the memecoin. Other institutional players are watching the space with keen interest as the assets move from memecoin to begin clutching at real-world applications.
Pseudonymous cryptocurrency analysts DOGECAPITAL and Trader Tardigrade remain optimistic in their prediction that DOGE can clinch $80, citing cyclical patterns from 2021.
“If historical trends repeat, Dogecoin is likely to begin its upward reversal soon, entering phase 2 of its parabolic rise,” said DOGECAPITAL
Economic tensions are still putting pressure on the crypto market. Tariffs introduced by the Trump administration have led declines in many altcoins, including Ethereum, which is currently struggling and trading in a bearish zone. Analysts predict Ethereum’s price may stay within a narrow range if these economic conditions continue. However, there is potential for a recovery soon, as large investors appear to be buying more, despite Ethereum’s recent drop below $1,500.
Ethereum’s Whale Pressure Skyrockets Over 500%
Ethereum’s price has dropped below $1,500 due to increased bearish pressure, triggered by Trump’s announcement about tariffs. This situation has caused a significant sell-off, with nearly $78.8 million worth of Ethereum being liquidated, according to data from Coinglass. Out of this, $48.1 million was from buyers and $30.6 million from sellers closing their positions. Despite these bearish conditions, Ethereum holders are remaining loyal and are not rushing to sell their holdings.
The investor who recently reactivated their wallet is still sitting on an unrealized profit of around $12.3 million, despite it having reached over $45 million at Ethereum’s peak in 2021. No sales were made then, and currently, despite a bearish market, whales are not showing a willingness to sell.
According to data from IntoTheBlock, the volume of large transactions has soared by nearly 520% as whales buy more Ethereum while its price is below $1,500. The amount of these transactions jumped from $1.58 billion to over $9.8 billion. This indicates that whales are heavily purchasing Ethereum during this price dip, which could mean they are accumulating more and potentially setting the stage for a price rebound.
However, Ethereum’s MVRV ratio has dropped significantly in recent times. IntoTheBlock shows that the Ethereum MVRV currently stands at 0.76, lowest since December 2022. A level below 1 suggests that market value is less than the last realized value of Ethereum. It hints at significant unrealized losses across the Ethereum network. This level was last observed during the market crash of late 2022.
What’s Next for ETH Price?
Ethereum’s price has been declining sharply, breaking below immediate support channels and is now aiming for a drop toward Fibonacci channel. Though buyers are attempting a rebound, sellers continue to hold the price within a bearish region. As of writing, ETH price trades at $1,458, declining over 6.6% in the last 24 hours.
The ETH/USDT trading pair is hovering just below EMA20 trend line, which could present a significant hurdle. If it can maintain above this level, it could be beneficial for buyers, potentially driving the price toward descending resistance line. A surge above that level could send the ETH price toward $2K.
Conversely, if the price holds below the EMA20 trend line on the 1-hour chart, sellers could drive it down to around $1,300. Further bearish pressure might keep Ethereum around the $1K level.
The post Ethereum’s Whale Volume Skyrockets Over 500% Amid Market Slump: Signs of a Rebound? appeared first on Coinpedia Fintech News
Economic tensions are still putting pressure on the crypto market. Tariffs introduced by the Trump administration have led declines in many altcoins, including Ethereum, which is currently struggling and trading in a bearish zone. Analysts predict Ethereum’s price may stay within a narrow range if these economic conditions continue. However, there is potential for a …
Crypto.com and Trump Media have reached a final agreement for their partnership towards the launch of the latter’s crypto ETFs. The crypto exchange will assist the US president’s company in launching these ETFs, which will focus on digital assets and some securities.
Crypto.com And Trump Media Sign Binding Agreement
In a press release, Trump Media announced that it has signed a binding agreement to partner with Crypto.com and Yorkville America Digital to launch a series of exchange-traded funds and exchange-traded products through the Truth.Fi brand.
This follows a non-binding agreement, which the parties signed in March. As part of the agreement, Trump Media’s ETFs will be available through Crypto.com’s broker-dealer, Foris Capital US LLC.
The ETFs will comprise digital assets and securities with a focus on Made in America, including industries such as energy. As CoinGape reported in February, Trump Media filed trademarks for the Truth.Fi Bitcoin Plus ETF, Truth.Fi Bitcoin Plus SMA, Truth.Fi Made in America ETF, Truth.Fi Made in America SMA, Truth.Fi US Energy Independence ETF and Truth.Fi US Energy Independence SMA.
According to the press release, these funds will launch later this year, subject to regulatory approval. They will be available internationally, including in the US, Europe, and Asia, across existing platforms and brokerages.
Commenting on this development, the CEO of the top crypto exchange, Kris Marszalek, said,
“Crypto.com is the leading platform to bridge crypto and traditional finance, and this agreement is a testament to those capabilities. This partnership gives the Trump Media ETFs global distribution powered by the Crypto.com platform. It’s a win for Trump Media, Crypto.com, CRO, and Yorkville America Digital.”
It is worth mentioning that Trump Media plans to launch these ETFs alongside a slate of Truth.Fi Separately Managed Accounts (SMAs). The company plans to invest in the ETFs and SMAs through its cash reserves, and these financial products form part of the firm’s FinTech strategy, in which it will use up to $250 million to be custodied by Charles Schwab.
CoinGape recently reported that Charles Schwab plans to launch crypto trading services by next year. However, it remains unclear which crypto assets will be available when this service goes live.
