What Dogecoin Traders Can Expect if Bearish Pressure Continues
Dogecoin has been under significant bearish pressure, with a potential retest of its immediate support level if this trend continues.
Current Market Situation:
Dogecoin (DOGE) recently experienced a patterned breakout on its daily chart, but bearish pressure remains dominant. The memecoin is struggling to maintain momentum, testing the $0.092 support level while facing resistance from the 50-day EMA.
At the time of writing, DOGE is trading around $0.1008, encountering immediate resistance near the 20-day ($0.1015) and 50-day EMA ($0.1054). These EMAs are making it difficult for bulls to take control of the short-term trend.
Potential Scenarios: If bearish dominance continues, traders should watch for a potential retest of the $0.092 support level. A close below this key support could lead to a deeper decline toward the $0.083 level in the coming sessions, confirming an extended bearish phase for Dogecoin, especially if overall market sentiment remains weak.
Conversely, a strong defense of the $0.092 support could allow bulls to push DOGE back above the $0.105 resistance, potentially targeting the $0.118 level if momentum persists. However, the near-term outlook remains bearish unless DOGE can reclaim these critical moving averages.
Technical Indicators:
Derivatives Data: DOGE’s open interest saw a slight uptick of 1.09% over the past day, with $458.70M in open contracts, indicating that traders are keeping positions open despite the bearish price action. The long/short ratio was 0.967, showing a slight tilt toward short positions. However, on Binance, the long/short ratios for DOGE/USDT were much more skewed in favor of long positions, standing at over 2.5 for top traders.
Despite the increase in open interest, the sharp drop in options volume (-69.47%) to $19.76K suggests decreasing interest in options trading. This may indicate that traders are uncertain about short-term volatility or are waiting for a clearer trend before making larger moves.
Conclusion: Traders should keep an eye on Bitcoin’s movements before making decisions, as it could influence DOGE’s price action.
Bitget Partners with LaLiga, Celebrating Six Years of Global Expansion
In Brief:
Another FTX Casualty: Prager Metis Settles with SEC for $1.95M
Prager Metis, the audit firm for FTX, has settled with the SEC for $1.95 million due to violations in their audit practices. The SEC found significant issues in Prager Metis' reviews of FTX's financial records, which failed to adhere to Generally Accepted Auditing Standards (GAAS).
Audit Firm Violated Policies to Give FTX Clean Sheets
Between February 2021 and April 2022, Prager Metis issued two audit reports for FTX, claiming compliance with GAAS. However, the SEC alleged these reports were misleading and failed to follow proper procedures, particularly in assessing the relationship between FTX and Alameda Research, a hedge fund controlled by FTX's CEO. This oversight led to significant audit failures.
Prager Metis has agreed to pay a $745,000 civil penalty and $1.2 million in disgorgement, totaling $1.95 million. Additionally, the firm is permanently barred from future auditing work, a severe consequence for what the SEC described as negligent and reckless conduct.
Prager Metis Had a History of Violations
This is not the first time Prager Metis has faced regulatory action. Between December 2017 and October 2020, the firm conducted over 200 audits that the SEC claimed were not independent of its clients. Consequently, Prager Metis was fined $1 million and ordered to pay $205,000 in disgorgement with prejudgment interest.
The SEC emphasizes the importance of auditor independence for investor protection and market integrity. Eric I. Bustillo, director of the SEC’s Miami Regional Office, stated, “Auditor independence is critical to investor protection and a fundamental cornerstone of the integrity of our financial markets.”
The settlement with Prager Metis is part of the ongoing fallout from FTX's collapse in November 2022, highlighting the broader impact of the exchange's failure on associated businesses and firms.
Analyst Predicts Bitcoin Could Reach $200K with Fed Policy Shifts
As the Federal Reserve considers potential shifts in monetary policy, the cryptocurrency market is closely monitoring its impact, particularly on Bitcoin. Market sentiment, subdued for much of the past six months, could see renewed interest depending on the Fed’s actions.
In a recent interview with Altcoin Daily, renowned analyst and YouTuber Dennis Liu suggested that the current low point presents an opportunity to reignite excitement around Bitcoin, similar to the market rally seen in early 2023. Liu emphasized Bitcoin’s cyclical nature, historically aligned with the global money supply, noting similar patterns during the 2017 and 2021 bull cycles. He believes this trend may continue, especially with institutional players influencing Bitcoin’s price movement through the launch of Bitcoin ETFs.
The Federal Reserve’s potential interest rate cuts, expected over the next several meetings, could pave the way for economic recovery. Historically, Bitcoin’s price has shown a strong correlation with traditional markets like the S&P 500. The recovery of the S&P 500 after rate cuts typically takes 3 to 6 months, raising questions about whether the market will experience a soft or hard landing, which will further affect Bitcoin’s performance. Liu predicts that if the market stabilizes, Bitcoin could reach $100,000 in 2024-2025, with a possible high of $200,000 by the end of 2025. This would be supported by a total market capitalization of $4 to $5 trillion.
While some analysts are bullish on Bitcoin’s long-term potential, others are more cautious. Economist Peter Schiff has warned of a potential downturn for Bitcoin, citing a triple-top formation on the charts. He predicts that Bitcoin could fall to around $42,000 in the short term and maintains that gold is a superior store of value. Schiff’s forecasts suggest further downward pressure on Bitcoin before any recovery. As the Federal Reserve’s decisions unfold, the cryptocurrency market will be watching closely to see how Bitcoin responds.
Rollblock’s Surge Set to Outshine DOGE and SHIB as Crypto Whales Take Notice
Crypto whales are increasingly turning their attention to Rollblock, a GambleFi token predicted to achieve 100x gains. With $3.48 million already raised in its presale and a 160% surge for early investors, Rollblock is making waves in the crypto community.
DOGE has been facing significant market challenges, causing crypto whales to look elsewhere for potential 100x investments. Currently priced at $0.104, DOGE has seen only a 7.1% growth in the past 24 hours. The token has struggled to recover from its all-time high of $0.7316, with recent fluctuations between $0.09 and $0.10. Analysts attribute DOGE’s issues to rising competition, market volatility, and a lack of innovation. Reduced whale activity further complicates DOGE’s prospects, casting doubt on its ability to reach new highs.
SHIB has also faced difficulties, with its price dropping 2.90% to $0.00001394 and a 30.45% decline in whale net flows. This indicates that whales are either reducing their holdings or selling off their SHIB shares. Despite a 20% drop in trade volume over 24 hours, experts still forecast a 66.07% increase to $0.00002212 by the end of September. The volatility driven by whale activity highlights the unpredictable nature of the crypto market.
Rollblock is emerging as a standout in the GambleFi sector, combining blockchain technology with online gaming. Currently priced at $0.026 in its sixth presale stage, the RBLK token has already delivered a 160% return for early investors. Unlike SHIB, Rollblock has attracted significant investor interest, raising over $3.48 million and selling more than 63% of its available tokens. Analysts are optimistic, predicting a 100x price explosion at launch, with some expecting an 800% growth by the end of the presale.
Rollblock’s unique features, including an automated burn mechanism, a revenue-sharing model, and a no-KYC requirement, are designed to attract both crypto giants and consistent investors. This innovative approach positions Rollblock as a potential leader in the GambleFi space.
Analyst Predicts Shiba Inu Surge to $0.000081 Amid Market Correction
Shiba Inu (SHIB) has maintained its position above a recently broken falling wedge pattern, despite a significant market correction. This resilience has led market participants to anticipate a strong upward move once the correction subsides. Market analyst Javon Marks has highlighted this resilience in his latest analysis, projecting a potential price surge for Shiba Inu.
Initial Analysis: Shiba Inu Breakout
Marks first noted the breakout on August 23, indicating that SHIB had successfully broken out of the falling wedge pattern, signaling a shift from a bearish to a bullish trend. He suggested that this breakout could lead to a substantial rally, targeting a price of $0.000081, which represents a potential upside of over 432%. The initial breakout occurred on August 20, with SHIB’s price reaching $0.00001439 on August 22 and peaking at $0.00001612 on August 24. Despite a slight pullback starting on August 25, Marks remained optimistic about a significant rally.
SHIB Retains Breakout
In his latest analysis, Marks confirmed that Shiba Inu has retained its falling wedge breakout despite the ongoing correction. The meme coin has used the upper trendline of the falling wedge as support, maintaining the $0.000081 target, which represents a 432% increase. The falling wedge pattern suggests that the bearish momentum from the retracement, which began in mid-March, is waning, and buyers are starting to take control. Shiba Inu reached a yearly high of $0.000045 in March 2024 before entering the current downtrend.
The asset’s decline led to the formation of the falling wedge, characterized by lower highs and lower lows. After hitting a low point, SHIB gradually regained strength, with the falling wedge breakout acting as a pivotal moment. Despite recent challenges in the broader cryptocurrency market, including macroeconomic factors and market volatility, Marks remains confident in SHIB’s potential. As of now, Shiba Inu is trading at $0.00001327, up by 0.32% over the last 24 hours.
JPMorgan Chase CEO Issues Warning on US Economy
Jamie Dimon, CEO of JPMorgan Chase, has recently expressed concerns about the US economy. Speaking at a New York conference hosted by the Council of Institutional Investors, Dimon highlighted the potential risks posed by ongoing inflationary pressures, such as rising deficits. He warned that these factors could lead to a worst-case scenario of stagflation, characterized by both recession and higher inflation.
Dimon emphasized that this outcome should not be dismissed, stating, "I would say the worst outcome is stagflation – recession, higher inflation. And by the way, I wouldn’t take it off the table… They’re all inflationary, basically in the short run, the next couple of years. So, it’s hard to look at and say, ‘Well, no, we’re out of the woods.’ I don’t think so."
In related news, the Bureau of Labor Statistics reported a 2.5% increase in the Consumer Price Index (CPI) for August, marking the lowest year-over-year rise in three years. Meanwhile, the Federal Reserve is expected to begin lowering interest rates at its upcoming meeting on September 18th, aiming for a 2% annual inflation rate.
Ethereum (ETH) Faces Significant Decline Against Bitcoin
In Brief:
Ethereum (ETH) Hits a Low
Ethereum (ETH), the largest altcoin by market capitalization, is experiencing an unexpected downturn. For the first time since April 2021, its value has dropped to 0.04 against Bitcoin (BTC). Experts had warned of this risk months ago, and despite the approval of ETFs, this weakness is alarming.
Although Ethereum tested this low in August and quickly recovered, it has now fallen below 0.04 BTC for the first time since April 2021. At the time of writing, the pairing continues to linger at historic lows. This event reflects extreme sell-offs among altcoins, as clearly seen in the total market value of TOTAL3.
If ETH continues to lose value against BTC, it could decline to around 0.033 BTC. In early 2021, the 0.04 BTC level acted as significant resistance before the all-time high. To signal a recovery, ETH needs to close above 0.045, or else a further drop could lead prices to around $1,800 in USD pairs.
Altcoins and ETH
Bitcoin has been fluctuating within a limited range for two quarters. Its inability to break resistance has negatively affected risk appetite in altcoins, especially after massive long liquidations in futures trading. Investors are turning towards BTC, perceived as safer and more profitable amid high volatility.
Moreover, before experiencing a true bull market in altcoins, Bitcoin is anticipated to break its all-time high. This situation leads investors to be less hasty, causing prices to decline further in an environment with fewer buyers during BTC dips.
Another issue specific to Ethereum (ETH) is the returning inflation. The drastic drop in transaction fees, coupled with a decrease in network activity, has resulted in a very low burned supply.
Due to these factors, investors in the ETF channel are increasingly favoring BTC over ETH, contributing to the ongoing weakness.
American exchange Uphold has sparked excitement by speculating that XRP could reach $1,000, prompting lively reactions from the community amid the token’s recent price surge. The crypto market is experiencing renewed bullish momentum as Bitcoin returns to the $60K range for the first time in nearly a month. Among the beneficiaries of Bitcoin’s resurgence is XRP, the seventeenth largest cryptocurrency. Specifically, XRP has advanced impressively from a low of $0.5564 yesterday to $0.5802 early today, marking a growth of over 4.2%. Over the past week, XRP’s price has increased by more than 10%. As XRP continues its steady performance, optimism in the crypto community is growing. The prominent pro-XRP exchange Uphold is fueling further excitement by speculating on XRP reaching the bold price target of $1,000.
On Friday, Uphold sparked a conversation about XRP potentially reaching the extraordinary price point of $1,000. For context, XRP is currently valued at around $0.5780. Achieving a price of $1,000 would require an extraordinary growth of 172,910%. Such a milestone would undoubtedly create a wave of new millionaires. For instance, anyone holding just 1,000 XRP, worth $578 today, could see their holdings grow to $1,000,000 if XRP reached the $1,000 mark. In a recent post on X, Uphold engaged with the community by asking, “XRP just hit $1,000. What’s your next move?” The question quickly went viral, gathering nearly half a million impressions in less than 24 hours. XRP enthusiasts shared a range of responses about what they would do if the dream of a $1,000 XRP became a reality.
X user Eastlos Shaman commented that he would sell some of his XRP to pay off his car loan and provide a better lifestyle for himself and his parents while holding on to the rest. Another investor, Norberts, expressed a similar sentiment, stating that his first move would be buying a new car. Considering the life-changing wealth that such a price point could offer, user Tboone humorously mentioned that he would start an aerospace company, self-fund it, and secure contract work. Others joked about hiring an attorney due to the immense wealth they would wake up to. Meanwhile, some users even joked they would need to double-check if the $1,000 price wasn’t a glitch. This sentiment draws from the repeated history of XRP price glitches in recent months, where XRP has reportedly traded as high as $62,000 on some platforms while its prevailing value was around $0.5.
While many enjoyed the speculative discussion, some critics were more cautious. They argued that XRP should first surpass $1 before targeting as high as $1,000. This sentiment results from the fact that XRP has been trading below $1 for over three years.
Investors Drive $263.2 Million into Spot Bitcoin ETFs
Spot Bitcoin ETFs Attract $263.2 Million
On September 13, Spot Bitcoin ETFs saw significant inflows totaling $263.2 million, marking a notable uptick in investor interest. While Spot Ethereum ETFs attracted smaller investments compared to their Bitcoin counterparts, they also experienced some inflows. This surge in investments in cryptocurrency ETFs reflects growing optimism within the cryptocurrency markets.
Spot Bitcoin ETFs Attract $263.2 Million
According to data, Fidelity’s FBTC ETF led the inflow race with a net investment of $102.1 million, making it the top performer among similar funds. Following closely, Ark Invest’s ARKB ETF recorded a significant inflow of $99.3 million. Bitwise’s BITB ETF secured third place with a net inflow of $43.1 million.
The increase in ETF inflows reflects sustained investor confidence in the asset class, particularly as they await potential approval for spot Bitcoin ETFs from the U.S. Securities and Exchange Commission (SEC).
Spot Ethereum ETFs Also Draw Investor Interest
Meanwhile, Spot Ethereum ETFs closed positively on the same trading day, albeit on a smaller scale compared to their Bitcoin counterparts. On September 13, the net inflows into Spot Ethereum ETFs reached a total of $1.5 million, with Bitwise’s ETHW ETF leading with a net inflow of $5.2 million, indicating significant investor appetite for Ethereum. BlackRock’s ETHA ETF followed closely with a net inflow of $3.7 million.
This trend in Spot Ethereum ETFs signifies ongoing interest in cryptocurrencies beyond Bitcoin, as investors diversify their risks by including other major cryptocurrencies like Ethereum in their portfolios.
These significant inflows into both Bitcoin and Ethereum spot ETFs reflect a growing sentiment that cryptocurrencies are becoming an integral part of mainstream financial markets. The inflows, particularly into ETFs associated with major players like Fidelity and Ark Invest, suggest that market participants are focusing on the long-term potential of cryptocurrencies as part of their portfolios, beyond short-term volatility.