Category:

GameFi Guides

Veteran Trader Reveals Key Strategy
GameFi Guides

Veteran Trader Reveals Key Strategy

by admin


In a recent post, renowned trader Peter Brandt disclosed that he has a long position in spot Bitcoin, demonstrating his continued confidence in the cryptocurrency. The announcement was made in conjunction with a more comprehensive disclosure of his trading book, which includes long entries in Swiss francs and short positions in Russell 2000 Index futures, along with setting orders in commodities like coffee and cotton. 

When it comes to Bitcoin, Brandt’s position is in line with the current market and technical conditions. The most popular cryptocurrency recently surpassed $110,000, breaking through its all-time high (ATH). Retail investors might be excited by that figure, but for seasoned market players like Brandt, the ATH is a confirmation of momentum rather than merely a milestone.

BTC/USDT Chart by TradingView

It indicates that Bitcoin has not only bounced back from its last decline, but is also moving into uncharted territory with opportunities for further growth. The 26 EMA is providing strong support for Bitcoin’s upward movement on the daily chart, and the volume is still high but not euphoric. Crucially, a trend reversal is confirmed over a longer period of time by the golden cross that was formed earlier this month when the 50-day EMA crossed above the 200-day EMA. 

You Might Also Like

The RSI is 76, which indicates some overextension but not enough to cause panic or reversal signals right away. Notwithstanding the rally, Brandt’s remark that Bitcoin is not very extended indicates that he still sees more upside. In contrast, many traders who focus on retail have overbought concerns and may be alarmed by recent vertical moves. 

Using macro tailwinds to his advantage while protecting his risk-balanced exposure against wider equity volatility, longing Bitcoin and the Swiss Franc, and shorting Russell, demonstrates a hedged strategy. The next obstacle for Bitcoin could be found between $112,000 and $115,000. 

However, the market might gain more momentum as institutional sentiment rises and players like Brandt enter or double down. His action is a sign that even for an experienced trader with decades of experience, it makes sense to hold onto Bitcoin at this time.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Bitcoin
GameFi Guides

Bitcoin STHs Took $11.6 Billion In Profit Over Past Month

by admin


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A report from Glassnode has revealed how profit-taking from the Bitcoin short-term holders has noted a large uptick in the past month.

Bitcoin Short-Term Holder Realized Profit Has Shot Up Recently

In its latest weekly report, the on-chain analytics firm Glassnode has talked about how the profit-taking spree from the Bitcoin short-term holders has looked recently.

The “short-term holders” (STHs) refer to the BTC investors who bought their coins within the past 155 days. This part of the market is considered to include the fickle hands, who easily react to happenings related to the cryptocurrency.

Given this, it’s only natural that the recent rally, which has now brought the asset to a brand new all-time high (ATH), would have also induced a reaction from this group.

An indicator that can be useful to gauging the selling reaction related to rallies from this group is the “Realized Profit.” This metric measures the total amount of profit that the STHs are ‘realizing’ through their transactions.

The indicator works by going through the transfer history of each coin being sold by the members of the cohort to see what price they initially received it at. If this cost basis is less than the spot price that they are now selling at, then the coin’s sale is considered to be leading to the realization of some net profit.

This profit is naturally equal to the difference between the two prices. The Realized Profit calculates this value for all profit transactions to find the total for the STHs as a whole.

Now, here is the chart shared by the analytics firm in the report that shows the trend in the Bitcoin STH Realized Profit over the last few months:

Looks like the value of the metric has been quite high in recent weeks | Source: Glassnode’s The Week Onchain – Week 20, 2025

As is visible in the above graph, the Bitcoin STH Realized Profit has remained at elevated levels throughout the past month, indicating that the members of this cohort have predictably been participating in profit-taking.

So far, the profit realization from the STHs has witnessed a peak of $747 million per day, which is quite substantial. In total, this cohort has harvested around $11.6 billion in gains since the start of the selloff.

“For comparison, over the previous 30d period, only $1.2B of profit was realized, underscoring how drastic the rebound in new investor sentiment and spending behavior has been,” notes Glassnode.

While this profit-taking spree has been large on its own, it has still been lower than the highs seen in late 2024. It now remains to be seen whether the Bitcoin STH Realized Profit would expand further in the coming days and if it does, whether incoming demand will be able to absorb the selling pressure.

BTC Price

With the latest continuation to the bullish momentum, Bitcoin has managed to set a new ATH around $109,400.

The asset appears to have seen some pullback since achieving the new record | Source: BTCUSDT on TradingView

Featured image from Dall-E, Glassnode.com, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
GameFi Guides

Hong Kong Passes Law to Regulate Fiat-Pegged Stablecoins

by admin



In brief

  • The ordinance mandates licenses for fiat-referenced stablecoin (FRS) issuers under the HKMA
  • Issuers must meet reserve, redemption, AML, and risk management standards
  • It comes as the U.S. Senate advances its own stablecoin framework

Hong Kong passed legislation on Wednesday creating a licensing regime for fiat-referenced stablecoins, advancing its goal of becoming a digital asset hub while responding to concerns over investor protection and financial stability.

The new law, passed by the city’s Legislative Council, requires FRS issuers to obtain a license from the Hong Kong Monetary Authority (HKMA). 

Licensees must comply with a range of requirements covering reserve asset management, redemption at par value, segregation of client funds, anti-money laundering controls, disclosure, and fitness and propriety standards.

“The Ordinance adheres to the ‘same activity, same risks, same regulation’ principle, with a focus on a risk-based approach to promote a robust regulatory environment,” Christopher Hui, Secretary for Financial Services and the Treasury, said in a statement.

“This is not only in line with international regulatory requirements, but also lays a solid foundation for Hong Kong’s virtual asset market,” he added.

Embracing crypto

The law is part of Hong Kong’s efforts to rehabilitate its crypto reputation and encourage the growth of the industry after the collapse of fraudulent exchange JPEX in 2023. 

Occurring just as Hong Kong pivoted to embracing crypto after years of hesitation, authorities are now attempting to strike a difficult balance between encouraging innovation in digital assets while ensuring retail investors are shielded from abuse.

Under the new regime, only licensed institutions can issue an FRS in Hong Kong, and only licensed offerings may be marketed to retail investors. 

Unauthorized advertisements will be banned, even during the six-month grace period before enforcement begins. The HKMA will consult further on detailed requirements.

The market for stablecoins in Hong Kong remains modest compared to global volumes.

 “The new bill gives issuers something tangible: clarity on licensing, redemption obligations, reserve requirements, and a framework that’s friendly to traditional finance,” Justin d’Anethan, head of sales at token advisory firm Liquifi, told Decrypt. “But let’s be candid, Hong Kong remains a smaller node in global stablecoin activity.”

Tether continues to be the preferred cryptocurrency in the numerous OTC trading shops in Hong Kong. At the same time, U.S. dollar-backed assets in American markets remain the leading force in the stablecoin sector worldwide.

Hong Kong’s legislation comes as the U.S. Senate advances its own stablecoin bill. The GENIUS Act, which recently cleared a key procedural vote, would create a nationwide legal framework for issuing stablecoins in the U.S. The act must still pass the House before reaching President Trump, who is expected to sign it into law.

“For a while, Hong Kong, Singapore, and to some extent Dubai, held the crown when it came to forward-leaning crypto policy. But the last six months flipped the script,” d’Anethan said. “The U.S., long seen as adversarial, became the unexpected epicenter of pro-crypto regulatory momentum.”

Hong Kong’s stablecoin ordinance is expected to come into effect later this year, with transitional provisions to help issuers adjust to the new regime.

Edited by Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Bitcoin eyes rally beyond $150k as golden cross forms
GameFi Guides

Bitcoin eyes rally beyond $150k as golden cross forms

by admin



Bitcoin is on the verge of confirming a powerful golden cross pattern, which could set the stage for a breakout rally toward the $150,000 mark.

Bitcoin (BTC) surged to a new all-time high of $111,544 on Thursday, May 22, afternoon Asian time, breaking past its previous record of $109,400 from just the day before. This new high marks a 48% jump from the April 7 low of just under $75,000, making it the second all-time high for BTC in 2025.

Alongside the price surge, Bitcoin’s market cap hit $2.2 trillion, while its realized cap also reached a new peak at $915 billion, highlighting how much value is flowing into the network.

A sharp uptick in trading activity has driven the rally. CoinGecko data shows 24-hour volume surged to $73.7 billion, compared to $50 billion on Wednesday and $40 billion on Tuesday. 

That’s a noticeable jump, especially considering that earlier this month, daily volume had fallen below $30 million, its lowest since February.

BTC’s futures open interest also hit a fresh record of $81.35 billion, up sharply from the $46 billion level seen in early March. That signals growing confidence from institutional and leveraged traders.

Earlier this year, BTC faced strong headwinds as it tumbled more than 30% from January’s high of $109,588, bottoming below $75,000 in early April. 

That correction came shortly after President Trump hinted at new tariffs on major U.S. trading partners. But sentiment improved mid-April, especially after the U.S. reached fresh trade agreements with several nations.

Another major factor driving the surge is the continued demand from U.S. spot Bitcoin ETFs, which have seen over $7.4 billion in net inflows over the past five weeks, including $609 million just on Thursday. 

This has been backed by Bitcoin’s growing role as a treasury asset, prompting a wave of public companies to load the flagship crypto onto their balance sheets. Strategy, for example, has continued its aggressive accumulation, now holding over 2.7% of all Bitcoin in circulation.

BTC technicals flash bullish patterns

On the 1-day BTC/USDT chart, Bitcoin has flipped the 21-day EMA into support after weeks of acting as resistance. More importantly, the 50-day SMA (blue) just crossed above the 200-day SMA (green), forming the highly watched golden cross pattern. Historically, BTC rallied over 37% in just 3 months following a similar pattern in October 2024.

BTC 50-day and 200-day SMA chart — May 22 | Source: crypto.news

On the weekly chart, BTC has also broken out of a bull flag pattern, a classic bullish continuation setup where the price consolidates downward after a strong upward move.

BTC has broken out of a falling wedge pattern on the weekly chart | Source: crypto.news

The measured target of this breakout points toward $150,000, matching projections based on the flagpole height added to the breakout zone. If the golden cross plays out fully, the next realistic stop could be around $153,600.

Veteran trader Peter Brandt acknowledged BTC’s new highs but reminded followers that hitting all-time highs is just what bull markets do. In an earlier May 1 X post, he predicted that Bitcoin could reach the bull market cycle top in the $125k to $150K level by Aug-Sep 2025, although he warned of a possible 50% correction afterwards.

Meanwhile, analyst Gert van Lagen is far more bullish, predicting BTC could reach $300K to $320K by the end of the bull cycle. He based his outlook on a breakout from a 4-year Megaphone Pattern, which features widening price swings and often precedes sharp moves upward.

Short-term risks still in play

Despite the overwhelming bullish momentum, a short-term pullback can’t be ruled out. BTC’s RSI and Stochastic Oscillator have both entered overbought territory, indicating the rally may be due for a pause or short-term consolidation. 

BTC 21-day EMA and RSI chart — May 22 | Source: crypto.news

If that happens, Bitcoin could briefly fall toward its support zone near $93,500, which lines up with its simple moving average supports.

So, while a run toward $150K looks increasingly likely, it may not happen in a straight line. A short-term correction could offer a healthier setup for long-term gains.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.



Source link

0 comments
0 FacebookTwitterPinterestEmail
$1.1 Billion for Two Pizzas? Historic Bitcoin Purchase Turns 15
GameFi Guides

$1.1 Billion for Two Pizzas? Historic Bitcoin Purchase Turns 15

by admin


Programmer Laszlo Hanyecz famously shelled out an eye-popping 10,000 BTC in order to purchase two pizzas from Papa John’s back in 2010. 

The offer was posted on the Bitcointalk.org forum, which was the main hub for the early adopters of the leading cryptocurrency. 

This is widely known as the very first purchase conducted with the help of Bitcoin.  

Back in the day, the original cryptocurrency had virtually no economic value, and 10,000 BTC was valued at roughly just $41.  

You Might Also Like

Today, these two pizzas would be worth a stunning $1.1 billion.  

The payment was accepted by 19-year-old California student Jeremy Sturdivant, who ended up spending these coins on traveling across the U.S. with his girlfriend. 

Sturdivant told the New York Post that he actually had no idea how huge Bitcoin would become, adding that he was proud of contributing to turning it into a global phenomenon. 

Notably, Hanyecz also had the same deals with several other people, spending a total of 100,000 BTC on pizza in 2010. 



Source link

0 comments
0 FacebookTwitterPinterestEmail
A Crypto Bull Market Ahead? Bitwise CIO Says This Stablecoin Bill Changes Everything
GameFi Guides

A Crypto Bull Market Ahead? Bitwise CIO Says This Stablecoin Bill Changes Everything

by admin


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The United States Senate made a significant move toward regulating the crypto asset industry this week by advancing the GENIUS Act, a bill aimed at establishing a comprehensive framework for stablecoins.

The measure passed the cloture vote with bipartisan support, including a notable shift from 16 Democrats who had previously opposed it. Bitwise Chief Investment Officer Matt Hougan sees the development as potentially laying the groundwork for a prolonged digital asset bull market.

Stablecoins Take Center Stage in Regulatory Push

According to Hougan, the GENIUS Act marks one of the most impactful pieces of regulatory progress for crypto in US history, perhaps even more influential than the approval of spot Bitcoin ETFs earlier this year.

He explained in a note to clients that this legislation could normalize the use of blockchain-based financial tools beyond digital currencies, ultimately pushing institutional adoption. Hougan framed the bill’s advancement as a critical moment akin to “Wall Street and crypto getting married.”

The GENIUS Act outlines strict federal guidelines for stablecoin issuers. It mandates that stablecoins be backed one-to-one with US Treasuries or dollar equivalents, that issuers register with federal banking regulators, and that issuers apply anti-money laundering protocols.

The legislation also calls for regular audits to ensure compliance and transparency. Hougan highlighted the significance of these standards, noting that they could enable major financial institutions such as JPMorgan or Bank of America to confidently issue stablecoins.

Stablecoin market capitalization. | Source: Bitwise Asset Management

Currently, the stablecoin market is valued at more than $200 billion, despite existing without clear federal regulation. Hougan believes that a formal legal framework will allow the market to scale further, potentially reaching $2.5 trillion, by bringing in traditional financial institutions, retailers, and global commerce networks.

He envisions a future where stablecoin transactions are as common as credit card payments or peer-to-peer apps like Venmo, supported by incentives such as merchant discounts and faster settlement times.

Implications Beyond Stablecoins

While the bill directly addresses stablecoins, Hougan emphasized its broader implications for the crypto sector. By enabling dollar movement over blockchain networks, the bill opens the door for other asset classes, such as stocks, bonds, and real estate, to be tokenized and transferred in similar fashion.

This possibility, he said, is central to the long-term investment case for blockchain networks like Ethereum and Solana, as well as for decentralized finance platforms like Uniswap and Aave. Hougan likened the impact of the stablecoin legislation to that of the Bitcoin ETF approvals, which served to validate crypto as a legitimate investment vehicle.

In a similar fashion, he argues, the GENIUS Act will validate blockchain-based finance as a viable infrastructure for the broader financial system. If the bill is finalized and enacted in the coming months, it could be the catalyst for institutional adoption on an entirely new scale. Hougan wrote:

This is the fundamental thesis for investing in non-bitcoin crypto assets like Ethereum, Solana, and the like: that $100+ trillion of financial assets will eventually move over blockchains. Passage of this bill starts that ball rolling. I suspect the impact here will be similar to the impact of bitcoin ETFs.

The global digital currency market cap valuation. | Source: TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
GameFi Guides

Michigan Lawmakers Propose Four New Crypto-Related Bills

by admin



In brief

  • Michigan lawmakers introduced four crypto-related bills, including HB 4510, which would permit public retirement funds to invest in Bitcoin via regulated exchange-traded products.
  • HB 4511 seeks to block state support for U.S. central bank digital currencies, banning any licensing, taxation, or official advocacy of CBDCs by state agencies.
  • Two companion bills, HB 4512 and HB 4513, promote Bitcoin mining at abandoned oil wells, offering tax breaks to companies that restore environmental sites in exchange for mining rights.

Four new crypto-related bills were introduced in the Michigan House late Wednesday, joining a growing trend of state-level efforts to define the role of digital assets in public policy.

Rep. Bill Schuette’s (R-MI) House Bill 4510 seeks to allow Michigan’s state treasurer to invest retirement funds in crypto, provided they averaged a market cap of at least $250 billion over the previous year and are held through exchange-traded products. 

That threshold effectively narrows eligibility to Bitcoin, which soared past $111,000 on Wednesday and set a new all-time high amid renewed institutional interest.

Assets must be held through exchange-traded products issued by registered investment firms, ensuring regulatory oversight, according to HB 4510.

The next measure, House Bill 4511, introduced by Rep. Bryan Posthumus (R-MI), takes aim at the federal government’s push for central bank digital currencies. 

The bill proposes a state-level ban on any licensing, taxation, or restriction of digital asset holdings and outright prohibits state agencies from advocating for a U.S. CBDC. 

“An agency or department of this state shall not advocate for or support… the testing, adoption, or implementation of a [CBDC],” the bill reads.

Meanwhile, Rep. Mike McFall (D-MI) introduced two companion bills, HB 4512 and HB 4513, focused on Bitcoin mining and tax reform. 

One establishes a “Bitcoin Program,” allowing private firms to plug abandoned oil or gas wells in exchange for temporary rights to mine Bitcoin using residual fuel sources. 

The other offers income and corporate tax deductions for revenue earned through such mining efforts, linking crypto directly to environmental remediation.

If passed, the program would be administered by the state’s Supervisor of Wells, who would maintain a public registry of eligible well sites, solicit annual bids, and ensure that participating miners carry financial responsibility for site restoration.

Michigan’s legislative push comes as several U.S. states race to either welcome or restrict crypto adoption. 

Just hours earlier, the Texas House passed a bill to create a state-managed Bitcoin reserve, sending it to Governor Greg Abbott’s desk. 

The bill would allow the state comptroller to invest in any digital asset with a market cap above $500 billion, currently only Bitcoin.

New Hampshire Governor Kelly Ayotte signed a similar bill into law earlier this month, making her state the first in the country to formally authorize crypto and precious metal investments for public funds.

Edited by Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Bitcoin breaks records, but Strategy stock stalls: here's why
GameFi Guides

Bitcoin breaks records, but Strategy stock stalls: here’s why

by admin



Strategy is forming a bullish setup similar to Bitcoin’s recent breakout. With price testing resistance, a potential pullback to strong support could trigger a move into all-time high territory.

Strategy’s stock (MSTR) is currently trading in a bullish market structure, mirroring the recent price action of Bitcoin (BTC). With a history of aggressive BTC accumulation, MSTR has shown a strong correlation to Bitcoin’s movements, and this correlation may once again lead the stock into new all-time highs. As MSTR tests a key resistance level, the setup suggests either a direct breakout or a bullish correction that sets the stage for another leg up.

Key technical points

  • Major Support Zone: $362.50 — confluence of value area low, 21 EMA, and 200 MA
  • Market Structure: Higher highs and higher lows since the recent swing low
  • Volume Behavior: Declining volume suggests imminent influx following consolidation
  • Potential Target: Expansion into ATH price discovery if resistance breaks or holds post-correction

MSTR (1D) Chart, Source: TradingView

The current price action on MSTR reflects a sustained bullish structure. Since establishing a swing low, the stock has consistently formed higher highs and higher lows, a classic sign of trend continuation. It is now testing a significant resistance zone. If this resistance holds, a short-term correction could follow.

This potential pullback may bring price back to the $362.50 support zone, an area with strong technical confluence. The value area low, 21-day exponential moving average, and 200-day moving average all converge at this level. A correction into this zone would likely establish a higher low and provide the structural base for the next upward move.

Importantly, a breakout above the current high without a correction would also signal strong bullish momentum. It would suggest continued buying pressure and increase the likelihood of price rotation into discovery mode and the formation of new all-time highs, similar to Bitcoin’s recent breakout. MSTR’s historical price action has often mirrored that of Bitcoin, and this technical alignment reinforces the bullish outlook.

What to expect in the coming price action

If MSTR holds above the $362.50 support region or breaks above current resistance directly, the probability of a move into all-time highs increases significantly. Traders should watch for either a structured pullback or a clean breakout, both scenarios support continued upside.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Dogecoin (DOGE) Realized Profits Soar 225% in 24 Hours
GameFi Guides

Dogecoin (DOGE) Realized Profits Soar 225% in 24 Hours

by admin


  • Dogecoin defies meme status
  • DOGE trading volume spikes to $2.71 billion

Dogecoin (DOGE) is once again attracting attention in the crypto market following a massive increase in profits and activity lately. According to Whale.io data, there has been a significant rise in its realized profits in the past 24 hours, reaching $36.1 million.

This 225.58% rise indicates that many traders are making impressive gains with DOGE’s price movements. With a 7.93% increase, there has also been a sharp rise in daily transactions to $595.9 million, suggesting increased user interest and market activity around the meme-themed crypto asset.

Dogecoin defies meme status

The data also showed that the average buy price for DOGE dropped 1.02% in the last 30 days but still stands at $0.159. Even though the drop isn’t huge, it is a sign that new buyers are making their purchases at prices slightly below previous buy prices.

The sharp surge in realized profits suggests that many DOGE holders are in profit at this price level. At about 931, the HODL days show the average period investors have held onto their DOGE.

The 1.73% rise in the last month shows that their confidence in Dogecoin remains as strong as ever. These data show that Dogecoin continues to demonstrate profit potential despite still being considered a joke asset by many in the crypto ecosystem.

You Might Also Like

It remains popular among active traders and long-term holders. While whales play a major role in its price action, DOGE keeps attracting serious investment despite its meme origins.

Analysts suggest that this fresh wave of activity could be part of a broader positive movement in the altcoin space.

DOGE trading volume spikes to $2.71 billion

According to CoinMarketCap data, Dogecoin currently trades at $0.2296 after gaining 2.47% in the last day. Its trading volume increased by 63.39% to $2.71 billion over the past 24 hours. This suggests increased interest from retail and institutional investors.

Source: CoinMarketCap

This trading volume shouldn’t be confused with the transaction value mentioned above. The former is the value of DOGE trades across exchanges, while the latter refers to the value of DOGE moved among wallets.

The 24-hour price chart shows that Dogecoin reached a peak price of $0.237 before a slight price correction, even though it has retained most of its gains. DOGE has maintained relevance over the past years, partly due to its endorsements by high-profile personalities like Elon Musk and its use in small transactions such as tipping.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Dogecoin
GameFi Guides

Dogecoin Makes Meaningful Correction: Key Pullback Pattern Points To Looming Rally

by admin


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Popular dog-themed meme coin, Dogecoin, may have witnessed a bearish performance in the last few days, but this waning price action could benefit its price dynamics. Technical developments show that the current pullback is a signal of an impending major rally in DOGE’s price.

Bullish Structure Forming On Dogecoin Chart

After a period of bullish performance, Dogecoin’s price experienced a retracement, which led to a correction or consolidation phase. However, recent analysis from Trader Tardigrade, a seasoned crypto analyst and investor, reveals that the correction phase is about to come to an end, and a rally is just around the corner.

In the analysis shared on the X platform, Trader Tardigrade stated that DOGE is gearing up for a major rise as a key technical pattern emerges on the daily chart, a typical sign of a possible uptrend. The meme-inspired cryptocurrency is currently consolidating within this key structure, often associated with trend continuation after cooling off from recent highs.

Specifically, the meme coin has formed a Channel Pullback. Combined with stable support levels and rising market sentiment, this channel formation raises the possibility that DOGE is preparing for a significant rise in the upcoming days.

Looking at the chart, this channel pullback previously appeared between late April and early May. Following a breakout from the pattern, Dogecoin saw a notable rise from $0.17 to $0.25 in less than a week. With the structure reappearing, the expert contends that a breakout, which he believes is inevitable, is likely to trigger a similar upward trend. 

A recurrence of a bullish pattern | Source: Trader Tardigrade on X

Should the breakout mirror the previous scenario, Trader Tardigrade has predicted a surge from current price levels to the $0.265 mark. DOGE’s reclaiming this level in tandem with significant buying pressure might act as a launchpad to a continued rally toward higher targets.

Dogecoin’s bullish signal extends beyond the 1-day chart. In another post, Trader Tardigrade highlighted a growing momentum in the 3-day time frame, which increases the potential for a rebound.

Following his examination of the 3-day chart, the expert found an Expanding Triangle formation, a key reversal pattern after a widening consolidation phase. Given that the market is slowly turning positive, a breakout from the pattern is expected to cause a rally to $0.275 and beyond.

A Remarkable Price Growth For DOGE Incoming

A view of a much larger time frame shows that DOGE’s price is headed for a new all-time high before the ongoing cycle concludes. Trader Tardigrade has underlined the recurrence of a bullish structure that triggered a massive bullish move for the meme coin on the 6-month time frame.

During the 2017 and 2021 cycles, this macro pattern kick-started DOGE’s final rally all the way to its peak in each cycle. While the structure has reemerged, Trader Tardigrade foresees a similar spike that could lead to a cycle top for Dogecoin. The expert chart reveals that the meme coin might reach a top from the $6 level and above.

DOGE trading at $0.22 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Close