Argentina is preparing to revamp its anti-money laundering and terrorism financing law. It has proposed to include the creation of a registry for virtual asset services providers (VASPs) in the country as part of the new modifications. The changes would prepare the country for the review that the Financial Action Task Force (FATF) is slated […]
Dogecoin is currently driving the market’s current recovery, at least in part. The memecoin’s price reached the $0.0945 on Monday, in the midst of the shockwave brought about by FTX’s implosion. Despite the strain, DOGE still proved its resilience at it soared 25 percent in the last week, data from Coingecko show, Monday. Here’s a quick rundown as DOGE fights back against the bear market: There is a chance that by 2023, DOGE will be worth $1 The technical indicators are quite optimistic, displaying many strong levels of support In order to break through to $0.1265, bulls should look to $0.1076 and $0.1186. DOGE is trading at $0.0955 on a red candle. Bulls are optimistic that 2023 will be the year DOGE reaches the magical $1 level, thanks to the announcement by ETH co-founder Vitalik Buterin and Twitter and Tesla CEO Elon Musk that they are working on an update for the memecoin. Related Reading: Polkadot Soars 8% In Last 24 Hours Courtesy Of Its Dev’t Activity, NFT Ecosystem Growth Can Dogecoin Sustain Its Positive Pace? Since DOGE has been performing better than Bitcoin and Ethereum in the market rebound, the coin’s technicals are looking highly positive. The bulls have the backing of the Bollinger band, and the expansion of the band’s middle band provides dynamic support at $0.0848. Increased volatility from a wider Bollinger band increases the probability of a price rally. Chart: TradingView The EMA ribbon supports the rally throughout all significant time scales. Currently, the price action indicates the overbought side of the RSI, which bulls must monitor. However, bulls might position themselves at $0.0890, which is the current price movement’s support. The money flow indicator validates the recent price action, strengthening the positive feeling. Long-term bullish strength is demonstrated by the regression channel’s output of 0.14. If this uptrend persists, bulls should aim for $0.1076, the major level of resistance that, if breached, would finally support the bull run. Secondary objective would be $0.1186, resulting in a final objective of $0.1265 This would inevitably recover lost ground from the DOGE catastrophe earlier this month. DOGE & The Challenging Path To $1 Current market activity will inevitably increase investor confidence in cryptocurrencies. Not to mention reports of DOGE being utilized in Twitter payments, which, if this momentum continues, will eventually bring the price near or above $1. However, investors and traders must exercise caution as the market begins a phase of recovery, which makes investor sentiment extremely volatile. Related Reading: Tron Latest Update Seen Giving TRX Price A Boost – Here’s Why DOGE total market cap at $12.5 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com
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After Bitcoin failed to sustainably overcome the important resistance at $16,600 within the last five days, the price saw a renewed pullback a few hours ago. A week ago, on November 21, the BTC price fell to a new bear market low of $15,480, after which the price saw a spike, which, however, came to an abrupt end, questioning the strength of the bulls. At press time, BTC was trading at $16.195 and initially found support at $16.050. If the closest resistance at $16.310 does not turn back into support, a retest of the current bear market low could be on the cards. Bitcoin Bottom Still Not In? Meanwhile, well-known on-chain analyst Willy Woo has told his 1 million followers that a Bitcoin bottom could be near. The analyst is using three on-chain data models to come to this conclusion. Related Reading: Bitcoin Price Prediction: This Scenario Will Trigger A Fresh Drop As Woo writes, the CVDD floor price is currently being tested. The model examines alternatives to the market price. Dashed lines mean the model is purely technical, meaning it uses only the market price as an input. Solid lines include metrics that come from the blockchain, meaning they include investor, network, and user behavior fundamentals. Ultimately, the model created by Woo in April 2019 uses the age and value of Bitcoin moving to new investors to create a floor. Woo’s theory: “When significantly old coins (say bought at $100) pass to new investors (say at $16k), the market perceives a higher floor.” Currently, the model with a proven track record is showing a second retest. The max pain model also signals that the Bitcoin bottom is coming closer. Historically, the Bitcoin price reaches its bottom of a macro cycle when 58%-61% of the coins are in the loss zone. Whenever the price has fallen into the green zone, it marked a floor. Related Reading: Dogecoin Rallies As Price Breaks Major Resistance; Here Is Why $0.15 Is Possible “The upper limit of the shaded area is at 13k and rising rapidly,” Woo said. Thus, another price drop could be possible, although the analyst also stressed that not all lows were reached, with “those that weren’t were close.” Third, Woo looked at the MVRV ratio. This represents the ratio between the market cap and realized cap. Its purpose is to show when the exchange-traded price is below “fair value” and to identify the highs and lows of the market. Analyzing the MVRV ratio, Woo states: MVRV ratio is deep inside the value zone. Under this signal we were in already bottoming (1) until the latest FTX white swan debacle brought us back into a buy zone (2). Overall, Woo sees the possibility that the bottom could mean a little more pain for Bitcoin investors. He also points out that the market is in an “unprecedented deleveraging scenario,” putting all models to the test. Bitcoin Miner Capitulation Causing Max Pain? As Glassnode’s senior on-chain analyst Checkmate noted via Twitter, Bitcoin miners could be a reason for more pain as they have run into serious trouble in recent months. The hash price has fallen to an all-time low. The mining industry is quickly becoming another problem area in the market and thus, the risk of “miner capitulation in round 2” is also rising.
I have read a few times that Tether and Circle (USDT & USDC) have a code in their contract that allows them freeze assets. I've heard good things about DAI and USDP (paxos). However, never used them and don't know much about them. What are some alternative stable coins that DO NOT freeze assets? Is…
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As it reels from the effects of what it termed a global economic downturn, the Nigerian digital asset exchange platform, Quidax, recently said it had laid off employees who constituted 20% of its workforce. Despite the layoffs, Quidax reportedly told its customers it is ‘not going anywhere, anytime soon.” ‘No Relationship With FTX’ The Nigerian […]
