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Dogecoin

DOGE and SHIB See Biggest Gains in Top 100 Over Weekend

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Dogecoin (DOGE) and Shiba Inu (SHIB) saw the biggest gains over the weekend as market sentiment appears to have shifted in favor of bullish sentiment.

Following a weekend that finally saw Bitcoin climb well over $45,000. Altcoins DOGE and SHIB appear to have been the biggest benefactors of the market conditions over the weekend. Bitcoin rallied to a nearly three month high, touching $45,300 on Sunday. 

The surge in bullish momentum spilled over to ethereum, which also saw a nearly three month high, hitting $3,195 on Sunday. The total market capitalization increased to $1.8 trillion as bullish buying saw a majority of the top 100 coins increase in value. 

However, the most notable gainers over the weekend saw DOGE and SHIB both climb by double figures. At the time of writing, DOGE has jumped 16%, with SHIB also climbing over double figures, gaining 10.3% in price. 

Source: CoinGecko

DOGE has had a tumultuous run since reaching its all-time high of $0.74 on May 8, 2021. However, following a drawn-out correction, a bounce was expected around the $0.15 support level as previously reported.  

DOGE has seen a combined 43% gain since Friday. Climbing from $0.198 as it surged to Sunday’s high of $0.287. DOGE had previously bounced off of its resistance level at $0.16 on July 20. 

Source: Tradingview

SHIB follows its big brother 

The correlation between DOGE and its baby brother coin, SHIB, was evident over the weekend as the meme token followed the price action of DOGE. SHIB also saw a surge in price since Friday. SHIB jumped from $0.00000613 from Friday, up to $0.00000888 on Sunday. Seeing a 45% gain, similar to that of DOGE. 

Source: Tradingview

The recent price action of DOGE finally has no influence from Tesla CEO Elon Musk. Musk had previously added a profile picture of himself on Twitter with the Dogecoin logo in his sunglasses. DOGE climbed 20% from Musk’s profile update. However, this time the project appears to be climbing without any assistance from the DOGE fan. 

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Bitcoin

Bitcoin ‘supercycle’ sets up Q4 BTC price top as illiquid supply hits all-time high

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Bitcoin (BTC) is gearing up for a comeback which should lead it to repeat classic bull run years 2013 and 2017, analysts are arguing.

As $42,400 local highs appeared on July 31, narratives around the market are flipping back to a bullish Bitcoin “supercycle.”

Bulls come out for 2021 close

Bitcoin has been busy repairing the impact of the China miner rout since mid May, but last week’s price advances were stronger than most anticipated

Related: Bitcoin open interest mimics Q4 2020 as new report ‘cautiously optimistic’ on BTC rally

Rather than suffer a serious dip, BTC price action has held onto its gains, which at the time of writing total 23% in a week.

What seemed all but impossible just seven days ago is now flavor of the month among an increasing portion of the analytical community.

“Following a troubling three months of news and price action, bitcoin went on to print five green monthly candles in a row and went up ~10x in the second half of 2013,” Jeff Ross, founder and CEO of Vailshire Capital, said in Twitter comments Saturday.

“I still contend that 2021 will behave in similar fashion.”

BTC/USD 1-month annotated candle chart. Source: Jeff Ross/ Twitter

With its latest uptick, meanwhile, BTC/USD broke through its 21-week exponential moving average, something which analyst Rekt Capital described as a “time-tested bull market indicator.”

The supply shock is back

While Ross added that such a prediction was “just a guess,” he has an increasing number of on-chain indicators to support him.

Hash rate is back above 100 exahashes per second (EH/s) after bottoming at 83 EH/s, while difficulty saw its first positive readjustment since the May price crash on Saturday.

Investor behavior further mimics the change in sentiment. Strong hodlers with little to no history of selling their BTC are now back in control at levels never seen before andabsent since Bitcoin’s current all-time high of $64,500 in April.

“This is very bullish,” Lex Moskovski, chief investment officer of Moskovski Capital, summarized alongside an accompanying chart from Glassnode. It showed hodler conviction in terms of an increasing amount of the BTC supply becoming illiquid — taken off the market.

Bitcoin illiquid supply annotated chart. Source: Lex Moskovski/ Twitter

“Bitcoin ‘supply shock’ is now at levels that previously priced Bitcoin at $53K,” fellow analyst William Clemente commented on the same data.

“Consolidation after 10 straight green days is very reasonable but still remain bullish over the coming weeks.”