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Avalanche gains momentum as monthly transactions surge 326% but this chart signals a cold front
Crypto Trends

Avalanche gains momentum but this chart signals a cold front

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Avalanche price rose for two consecutive days as investors bought the recent dip, and weekly transactions jumped.

Avalanche (AVAX) token rose to $20.65 on Saturday, June 7, up by 12% from its lowest point this week. 

Third-party data shows that Avalanche’s network is doing well as it became the fastest-growing one in the industry this week. According to Nansen, Avalanche handled over 5.2 million transactions in the last seven days, a 112% increase from a week earlier. 

This increase happened as the number of active addresses jumped by 23% to 283,163. Avalanche’s fees jumped by 193% to almost $200,000. 

The same performance has happened in the last 30 days as the transaction count jumped by 326% and active addresses jumped by 312% to 2.05 million.

Avalanche chain growth | Source: Nansen

Another piece of data shows that Avalanche’s stablecoin network has started to rebound. It has over $2.1 billion in stablecoin market cap, the highest it has been since Feb. 19. This is up from $1.46 billion on January 20. 

Decentralized exchange protocols on Avalanche are also seeing high volume recently. It handled over $131 million in volume in the last 24 hours, the third day of gains. 

Avalanche scores with FIFA NFT deal, technicals show…

Avalanche gained traction after the Fédération Internationale de Football Association, or FIFA, said that it would tap its network to power its NFT sales.

This is a big deal for Avalanche because of FIFA’s scale and the plunge in its chain’s NFT sales in the past few years. These sales stood at just $103,000 in the last seven days.

AVAX price chart | Source: crypto.news

The three-day chart shows that the AVAX price formed a double-top pattern at $55.20 and then crashed. A double-top is one of the most bearish patterns in technical analysis.

It is hovering above the upper side of the neckline at $17.5, its lowest point in August last year. AVAX has also formed a bearish flag pattern, consisting of a vertical line and a rising channel. 

Avalanche price also remains below the 50-week and 200-week Weighted Moving Averages. Therefore, the most likely scenario is where Avalanche price has a bearish breakdown despite its strong ecosystem metrics. If this happens, the next target price will be $15, down by 27% from the current level. 



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XRP 'Death Cross' Forms on Hourly Chart, But Price Defies Odds
Crypto Trends

XRP ‘Death Cross’ Forms on Hourly Chart, But Price Defies Odds

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XRP, the fourth-largest cryptocurrency, surprised traders early Friday with a classic technical signal — a death cross appearing on its hourly chart — but the price defied the odds.

A death cross occurs when a short-term moving average, typically the daily SMA 50, crosses below a long-term one (the daily SMA 200), indicating potential bearish pressure. The death cross coincides with a sell-off spurred by fresh uncertainty on global markets, sending major cryptocurrencies tumbling and wiping out nearly $1 billion in leveraged bets.

XRP/USD Hourly Chart, Courtesy: TradingView

After four days of rising since May 31, XRP saw profit-taking after reaching highs of $2.28 on June 3 and concluded the Wednesday and Thursday trading sessions in the red.

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The drop reached $2.06 in the Thursday session, and instead of continuing lower, XRP changed course, catching bears off guard and staging a rebound. XRP has marked seven out of the last eight hours in green.

Bulls defending key levels

Although XRP was trading slightly lower at press time, down 0.67% in the last 24 hours to $2.18, it has largely recouped daily losses (it reached intraday lows of $2.08 in the early Friday session). XRP has also recovered weekly losses, rising 0.02% over the last seven days.

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The bounce suggests that bullish traders are still actively defending key support levels. While the hourly death cross may suggest caution in the short term, the swift rebound shows bulls are still in the picture.

The rebound corresponds with a 73.9% increase in trade volumes in the last 24 hours, reaching $3.5 billion, according to CoinMarketCap data.

Market observers are now focused on XRP’s ability to hold above its recovery levels and break higher. A decisive break above the hourly moving averages of 50 and 200 at $2.17 and $2.19 will be watched in the short term for XRP to advance its upward move.



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Ethereum
GameFi Guides

Ethereum’s Impending Breakout From Key Chart Pattern Teases A Major Rally To $12,000

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

In recent market gains, Ethereum seems to be leading the charge, having seen notable gains ahead of major digital assets like Bitcoin, especially in the second quarter of this year. Although ETH’s upward trend has slowed down lately, the asset remains primed for a major rally as many crypto analysts anticipate a move to historic levels.

An Explosive Rally To A New All-Time High For Ethereum

After its brief recovery on Wednesday, Ethereum has reclaimed the $2,600 price level. An analysis of the recent price action from Captain Faibik, a crypto expert and investor, reveals that ETH is drawing closer to a pivotal moment as it gears up for a significant breakout from a key chart pattern.

On the 1-month time frame chart, ETH has formed a multi-year Symmetrical Triangle Pattern that signals the continuation of the previous trend before consolidating. Looking at the chart, this key chart pattern has been developing since the last bull market cycle in early 2021.

According to the expert, the altcoin is consolidating, but inching closer to the apex of the multi-year triangle pattern. With bullish momentum gradually building, Captain Faibik believes that a breakout from the formation could occur in the next 1 to 2 months following years of sideways and choppy price action.

ETH’s parabolic surge about to begin | Source: Captain Faibik on X

As long as Ethereum is in the triangle structure, the expert claims that now is the ideal moment to accumulate as many coins as possible, as he foresees a substantial rally to a new all-time high. “Remember one thing, once the train slips out of your hand, it won’t come back,” he added.

While Captain Faibik anticipates a major upward move, he noted that a monthly close above the $3,500 price mark would confirm a breakout from the multi-year setup. When this breakout takes place, ETH is likely to rally sharply, with the expert placing his long-term target at the $12,000 milestone.

Impulsive Waves Zone Leads To This Cycle’s Peak

With Ethereum entering the impulsive waves zone as reported by Trader Tardigrade, this impending uptrend could surpass this level and reach a market top of $18,000. Trader Tardigrade’s bold prediction hinges on a previous scenario, particularly in the 2021 cycle, where this price trend sparked a massive surge to the current all-time high.

ETH’s entrance into the impulsive wave zone suggests that the next big surge for ETH may already be underway. As the market shifts, technical expert, Crypto Elites, also predicts an impending explosive upward move to the $15,000 milestone, spotting a multi-year ascending trend line.

At the time of writing, Ethereum’s price has dropped by nearly 1% in the last 24 hours and was trading at $2,606. Investors’ sentiment is slowly improving as trading volume has briefly risen by over 5% in the past day.

ETH trading at $2,604 on the 1D chart | Source: ETHUSDT 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.



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Dogecoin
NFT Gaming

Dogecoin’s Next Big Move Looming? Key Chart Pattern Hints At A Shift Toward An Uptrend

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

This week began on a good note for Dogecoin, as the popular dog-themed meme coin slowly regains upward traction, reclaiming and holding strongly above the $0.22 support level. DOGE’s gradual growth may just be the beginning of something significant due to recent developments that point to an impending rally.

Chart Pattern Flashes Bullish Signal For Dogecoin

Dogecoin has briefly recovered from a bearish weekend, reflecting its resilience during the waning market performance. After delving into recent price actions, Trader Tardigrade, a crypto analyst on the X platform, has outlined the potential for a continued bullish movement as DOGE shifts toward an uptrend.

In his analysis, Trader Tardigrade contends that DOGE might be gearing up for its next upside move, supported by the formation of a key technical pattern. This chart pattern, which signals a trend reversal, comes after a phase of sideways consolidation and declining momentum.

Specifically, this chart formation is the Double Doji Candlestick pattern, a key indicator of a trend continuation or a possible reversal. It often unfolds when two Doji candles follow each other or when the opening and closing of a candlestick are equal.

DOGE forms double doji candlestick | Source: Trader Tardigrade on X

According to the technical expert, the double doji candlestick pattern has emerged on the 1-day chart, which suggests significant indecision in market sentiment. Since the emergence of a double dojo usually precedes price spikes, the meme coin is likely to witness a breakout and a shift toward an upward trend.

Trader Tardigrade’s forecast is further backed by past scenarios where Dogecoin underwent a notable rise following a double doji candlestick, particularly in 2023. When this pattern occurred in 2023, it triggered a price surge from the $0.28 level to the $0.34 threshold.

With the setup unfolding again, the expert anticipates a similar price action, pushing DOGE from the current levels to $0.27 in the upcoming days. DOGE’s move back to this level alongside a strong bullish market sentiment may lead to a new phase of upward action.

A Major Rally Toward A New All-time High

Looking at DOGE’s price performance in a larger time frame, the expert has predicted a potential significant surge to a new all-time high by Q3 of this year. Trader Tardigrade points to a consolidation above a descending resistance trend line in the 1-week chart, laying the groundwork for a huge rally as seen in the last pre-pump structure.

The last time the meme coin consolidated above a descending resistance trend line in 2024, the development led to a notable upswing from $0.108 to $0.48. Given the past result and the potential of a similar price action taking place, Trader Tardigrade is confident that Dogecoin might experience an explosive move to the $0.8 mark and beyond.

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.



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Ethereum selling pressure may rise near $2.8K level: Analysis
GameFi Guides

Ethereum price nears breakout as whale activity, chart pattern align

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Ethereum could be on the verge of a strong bullish breakout as on-chain data shows increasing whale accumulation and a rare chart pattern signals further upside.

Ethereum (ETH) was trading at $2,545 on Monday, hovering around this level for the past few days. This price is about 7% below its monthly high.

There are signs that large investors expect Ethereum to rebound in the coming months. On-chain data shows that the supply of ETH held by whales has been rising steadily. These addresses now hold 103.5 million ETH, up from 102 million on March 1, an increase of nearly 1.5%, a bullish leading indicator.

Ethereum whales | Source: Santiment

Further data shows that Ethereum’s ecosystem is doing well as the total value locked jumped by 26% in the last 30 days to over $132 billion. The bridged TVL, which looks at the value of assets locked in cross-bridge contracts, rose to over $408 billion. 

These numbers are much higher than those of other chains combined. Solana (SOL) has a TVL of $22.48 billion, while BSC has $9.3 billion. 

Ethereum ETFs are also seeing inflows. SoSoValue data show that they have had inflows in the last six days, bringing the cumulative inflows to $2.76 billion. 

Ethereum price technical analysis 

ETH price chart | Source: crypto.news

The daily chart shows that Ethereum has rallied from April’s low of $1,382 to its current price of $2,547. It has formed a bullish flag pattern, consisting of a strong vertical rally followed by a period of consolidation.

ETH is currently trading between the 38.2% and 50% Fibonacci retracement levels. A golden cross, a bullish signal, appears imminent as the 50-day and 200-day Weighted Moving Averages approach a crossover.

Additionally, ETH is holding just above the key support/resistance pivot level of the Murrey Math Lines tool, reinforcing the bullish structure. If Ethereum breaks above the 50% Fibonacci retracement level at $2,730, it would confirm the bullish breakout. In that scenario, the next major target would be the psychological resistance at $3,000, an 18% gain from current levels.



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Dogecoin price chart points to a 285% surge to $0.8630
GameFi Guides

Dogecoin price chart points to a 285% surge to $0.8630

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Dogecoin price remains in a tight range, 53% below its highest point in November, but a forming cup and handle pattern points to an eventual surge to $0.8630 and beyond. 

Dogecoin (DOGE) token was trading at $0.2200 on Sunday, 68% above its lowest level in November. It is still the biggest meme coin in crypto, with over $32 billion in market capitalization. 

Dogecoin price technical analysis points to a rebound

The weekly chart shows that the DOGE price peaked at $0.7390 in 2021 when Elon Musk was pumping it. It then plunged and bottomed at $0.048 in June 2022.

The coin has slowly formed a cup-and-handle pattern whose upper side is at $0.4522, its highest point in November last year and May 2021. 

A C&H pattern has two parts. The cup section has a rounded bottom and horizontal support. The handle section has either a pullback or some consolidation. 

In Dogecoin’s case, the handle part has been a pullback from a high of $0.4522 in November to $0.1295. 

A bullish breakout will happen when the DOGE price rises above the upper side of the cup at $0.4522.

The profit target in a Cup and Handle pattern is determined by measuring the depth of the cup and projecting that same distance upward from the cup’s upper rim. In this case, the cup has a depth of 92%, giving the target price at $0.8630, up by 295% from the current level.

DOGE price chart | Source: crypto.news

Potential catalysts for DOGE price

Dogecoin price rebound has potential catalysts. First, as the chart below shows, there are signs that whales are accumulating the coin. Those holding between 100 million and 1 billion coins now hold 26.5 billion coins, up from 22.8 in January. Similarly, those holding between 10 million and 100 million coins have increased their positions to 23.8 billion.

DOGE whale accumulation | Source: Santiment

The other potential catalyst will be the approval of the four DOGE ETFs by the Securities and Exchange Commission. Companies by Bitwise, Grayscale, 21Shares, and Rex Shares have all applied for these funds.

Finally, Dogecoin price will explode higher if Bitcoin (BTC) continues its strong bull run as many experts, including those from BlackRock, Bitwise, and Ark Invest, have predicted.



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Cardano on Verge of Death Cross on Daily Chart
NFT Gaming

Cardano on Verge of Death Cross on Daily Chart

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Cardano (ADA), the ninth-ranked cryptocurrency by market capitalization, is on the verge of a death cross on its daily chart. This technical indicator suggests that Cardano is losing momentum in the market as prices continue to dive.

Death cross signals caution as Cardano $1 rally stalls

The Cardano daily chart shows that the nine-day simple moving average is about to cross below the 21-day long-term moving average. This suggests a potential bearish signal for ADA, whose attempt at a rally over the last seven days is waning.

Cardano Death Cross Setup. Source: TradingView via CoinMarketCap

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Cardano broke several resistance levels as it climbed from a low of $0.71, aiming for the $1 level. The journey to this psychological level has met with huge resistance.

Despite eyeing a breakout rally, ADA has been unable to stay on track to attain its target.

As of this writing, ADA was changing hands at $0.7616, representing a 6.26% decline in the last 24 hours. Given the asset’s price volatility, investors are showing little enthusiasm. Trading volume is only slightly up by 4.82% at $1.16 billion.

With the near formation of a death cross, traders might need to brace for further volatility that could hit the ecosystem.

ADA futures momentum fails to support price

As reported by U.Today, Cardano traders anticipated a rally to the $1 level as they committed 1.2 billion ADA worth over $958 million to its futures market. However, the market has not maintained the bullish momentum that was projected.

ADA investors must watch for the next catalyst to support an upward price movement.

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Unfortunately, Cardano’s Bollinger Bands recently moved to extreme levels, which might be responsible for the ongoing volatility. Notably, this technical indicator suggests a short-term retracement for ADA.

However, with Cardano’s trading volume in the green, a spike in this metric could trigger a price shift.



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