Will Memecoins pump or dump?
This is the question every trader and investor is asking as the bitcoin dipped a few days ago and a lot of analysts were predicting bitcoin reaching the $34k support line.
Investors have pulled back to look at the market movement before entering again.
The fate of the altcoins is in the hands of bitcoin, the daddy of all cryptocurrencies.
SHIBA INU Analysis
Two large investors on the Ethereum chain have gobbled up close to 244 billion Shiba Inu, according to data provided by WhaleStats. For them, these were not the first SHIB purchases over the past nine days.
Last Saturday, the second-largest meme-based cryptocurrency, Shiba inu, saw a lot of tokens burned. According to statistics, the network’s burn rate increased by 26,592%, with 1.4 billion SHIB destroyed in 24 hours
SHIB price continues to consolidate in a short-term trading range with a negative bias. The current price action trades near a crucial support area waiting for a fresh trend set up. A successful breakout could yield gains for investors.
SHIB price trades lower with a negative bias on Saturday.
The bearish RSI divergence indicates impending downside movement.
The downside risk is limited to near the 50-day EMA.
On the daily chart, the SHIB price remains pressured below the descending trend line, which is extending from the highs of $0.000035. The price attempted to test the bearish trend line on April 12 again at $0.000030. However, the bulls failed to carry forward the gains and retraced lower.
Now, the price hovers near the critical 50-day EMA (Exponential Moving Average) at $0.000025. A resurgence in the selling would slice the moving average to retest the lows of April 12 at $0.000021.
The daily relative strength index (RSI) gives a bearish divergence since March 30 while the price makes higher highs. The indicators read just above the average line hinting at the probable downside momentum.
On the other hand, if the price is managed to close above the session’s high it would ignore the bullish outlook. A spike in the buy order could push the price toward the April 13 high at $0.000028.
An extended buying would further bring more gain towards the swing highs of $0.00030. This also coincides with the bearish sloping line. A daily close above the resistance barrier would reverse the current downside trend as will take out $0.32 with ease among sustained buying momentum.
- Resistance levels: $0.000028 and $0.000033
- Support levels: $0.000023 and $0.00002
The APE/USDT pair has been in a bullish uptrend after breaking the $12.5 resistance zone and heading towards the great resistance zone of $13.5
APE price bounced back from the $11.5 support and breached the resistance trendline of the channel pattern. Furthermore, the breakout rally reached the $13.5 resistance before reverting for a retest.
If the buyers sustain above this resistance, the coin price will rechallenge the $13.5 resistance to continue the bullish rally.
- The APE price breached the $13.5 resistance.
EMAs: The new recovery rally has regained the 20 and 50 SMA, which adds additional support levels for buyers. However, the 100 SMA slope aligned with the $13 resistance could interrupt the potential rally.
Vortex indicator: the VI and VI- slope widening the gap between them indicate strong buying momentum.
- Resistance levels: $12.5 and $13.7
- Support levels: $11.5 and $10.5
Dogecoin creator predicts $1 DOGE but makes an important clarification
Billy Markus, the creator of the Dogecoin meme cryptocurrency, has recently posted a bold prediction about DOGE reaching $1 on his Twitter account. While the post seemed to encourage some newbies in the crypto field, Markus quickly added that he meant the Hong Kong dollar and not the U.S. dollar.
Some investors were displeased by the satirical nature of the tweet, expressing their frustration with Dogecoin’s market performance during the last 300 days, as the coin is mostly losing value now instead of gaining it.
DOGE price levels to watch out for next
Dogecoin‘s latest rebound move now eyes a quick run-up toward the $0.15-0.19 area, a range encapsulating three psychological resistance levels: the 20-day exponential moving average (20-day EMA; the green wave), the 50-day EMA (the red wave) and the 0.618 Fib line (near $0.19) of the Fibonacci retracement.
A strong pullback, accompanied by a rise in volume from the said resistance area, could have DOGE test the 0.786 Fib line near $0.10 as its interim downside target.
Conversely, a decisive move above the range could result in an extended upside momentum toward $0.24, with an eye on $0.30 and $0.37 (also the falling wedge target).
- Resistance levels- $0.15 and $0.2
- Support levels are $0.12 and $0.12
ELON is currently in a range. The price has been tested and held in the demand zone, showing the buyers’ strength. With ELON starting to show strength and the price in a macro uptrend for the first time since its release, there is no reason why it cannot expand up to 0.00000142.
The token needs to flip the range highs and supply zone at 0.0000012. This would open up a move of more than 20%. As can be seen, the price has formed a swing failure pattern, if it starts to move back down to range lows, or break below, 0.000000771 is the likely next point of interest for bulls.
The price of the Ethereum-powered Atari (ATRI) token has plunged more than 30% over the past 24 hours, according to data provided by CoinGecko. The token is down 98.4% from its record peak.
The big drop came after Atari, one of the most iconic brands in the gaming industry, distanced itself from the cryptocurrency project by announcing the termination of all license agreements with ICICB Group and its subsidiaries in a Monday blog post.
ICICB Group formed a partnership with the legendary game developer to launch the Atari Chain subsidiary and jointly launch the ATRI token.
The cryptocurrency was supposed to become the token of reference for the entertainment industry. The company also launched the Atari decentralized exchange, allowing users to swap ATRI, ETH and FTM tokens
American movie theater company AMC Theaters has added cryptocurrencies Dogecoin and Shiba Inu to the payment options included in the company’s mobile app. The movie company now accepts several cryptos via BitPay.
AMC Theaters CEO Adam Aron announced the development on Twitter.
In the tweet, Aron said that people across the U.S. using AMC’s iOS and Android apps could use crypto payments to pay for tickets and other services.
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