Dog coin soars by 63%, questioning its ability to maintain $0.227 value.
In the ever-evolving world of cryptocurrencies, the coinmarketcap continues to show signs of growth and change. Here are some of the key developments that have taken place in recent times.
Solana, the popular blockchain network, might be in for double-digit gains in its best month, according to historic data. Meanwhile, dogecoin (DOGE), the meme-inspired cryptocurrency, has rallied from $0.17587 to $0.28667 in recent trading, testing a key support zone near $0.227.
The price surge of DOGE has resulted in a 63% price increase, and a break below the $0.227 level may expose DOGE to further downside, with $0.18 emerging as the next area of demand. However, if DOGE manages to climb back above $0.245, it may attempt to reach $0.268.
The continued support from long-term DOGE holders has helped stabilize the cryptocurrency during past corrections. This is indicated by a decline in the Liveliness metric, which tracks the activity of traders.
Another cryptocurrency making waves is BONK, which is poised for an explosive rally, as ETF and SOL tailwinds align. The coin also saw a notable rise in its realized profit/loss ratio, a metric that tracks how much profit is being locked in by active traders.
Elsewhere in the stock market today, FTX is distributing $1.6 billion to approved creditors in a third payout. Binance Alpha has announced the launch of the MAIGA token, and BNB's market cap has surpassed Intel in the global ranking.
In the regulatory sphere, the Federal Reserve has tightened interest rates, causing markets to react with record highs. The SEC has held a cryptocurrency roundtable on financial surveillance and privacy, and record 92 cryptocurrency ETF filings have been made in the U.S., awaiting an SEC decision.
Wyoming has launched a state-issued stablecoin on the Hedera network, and Bullish Europe has secured a German crypto license for EU expansion. The SEC's shortlist for the next Fed chair includes Kevin Hassett, Scott Bessent, Kevin Warsh, Christopher Waller, and 11 strong candidates such as Lorie Logan, James Bullard, Philip Jefferson, Michelle Bowman, Larry Lindsey, Marc Sumerlin, David Zervos, and Rick Rieder; Treasury Secretary Scott Bessent is interviewing them and will narrow the list before recommending a candidate to President Donald Trump, with Jerome Powell’s term ending in May 2026.
Lastly, Elon Musk has launched an AI-driven software company named Macrohard, and LET Mining has made crypto investing simple and efficient. Seoul Protocol has undergone an upgrade, strengthening institutional security on Tezos and enabling 63x network efficiency gains. AVAX has surged 45%, raising questions about a potential rally to $126. A $LIVE crypto presale offers 12x returns on launch, RWA rewards, and a $2.5 million giveaway.
RSI levels remain neutral, and market watchers are waiting for dogecoin price action confirmation before expecting a strong rebound. On the 4-hour chart, a hidden bullish divergence has appeared, with DOGE forming a higher low while the Relative Strength Index (RSI) made a lower low. Ethena's $ENA price is facing pressure due to a double top and rising volume.
As for Solana, its price has been disclosed following a $1.65B deal facilitated by Galaxy Digital. LET Mining has made crypto investing simple and efficient, and Binance is distributing $1.6 billion to approved creditors in a third payout. FTX is distributing $1.6 billion to approved creditors in a third payout.
In conclusion, the cryptocurrency market continues to show signs of growth and change, with developments in various areas from price movements to regulatory decisions and new launches. As always, it's essential to stay informed and make informed decisions when investing in this dynamic and ever-evolving stock market.
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