Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- DOGE’s market structure was neutral on the 12-hour chart.- Despite the bearish sentiment, there was increased demand.Dogecoin [DOGE] tried to recover after falling into the $0.08 area.At press time, the bulls were trying to set a bearish order breaker to overcome the $0.08463 hurdle.However, their efforts may be delayed if Bitcoin [BTC] fails to close above the $22.25k level.Read Dogecoin’s [DOGE] Price Prediction 2023-24 On 5 February, DOGE was rejected at $0.10, leading to a price correction.
Similarly, BTC faced rejection at $24k, which dropped the king coin into the $21k region.However, at press time, it was struggling to hold the $22k region.DOGE was also struggling to rise above $0.08463.If BTC retests or closes above the $22.25K mark, DOGE bulls could target the $0.09 zone.Although OBV (On Balance Volume) has risen recently, adding to buying pressure, the RSI remained at the mid-50 level, showing a neutral market structure on the 12-hour chart.
Nevertheless, the lower time frame charts were bullish, suggesting that the bulls might have a chance to reach the $0.09 level.Is your portfolio green? Check out the DOGE Profit Calculator However, short sellers can book profits at $0.08220 or $0.08084 if DOGE does not close above the bearish order block at $0.08463.But a drop into the demand zone (green zone) could provide another buying opportunity for DOGE.DOGE saw increased demand but bearish sentiment persisted According to Santiment, DOGE’s Funding Rate has increased since 13 February, after fluctuating a few days earlier.
This shows that demand for DOGE in the derivatives market increased.The demand for meme coin could have increased due to the discounted price in the $0.08 range.
Since then, however, sentiment dropped significantly and turned negative by press time.This was a sign of underlying bearish sentiment, which urged bulls to be cautious as they targeted the $0.09 price region.Continued bearish sentiment could lead to the bears gaining more influence over the market.Nonetheless, rising open interest (OI) could further solidify the uptrend.A further rise in OI at the $0.08889 level could turn the market into a bullish structure.- Fantom gained over 10% in the last 24 hours after holding support.
– Investors’ motive towards selling could increase as MVRV ratio spiked.Fantom [FTM], the smart contract token, could have another shot at a further upswing after it conquered a significant supply level.According to ali_charts, who got the data from IntoTheBlock, there was no resistance barrier that could prevent FTM from going upward.#Fantom overcame a significant supply wall, turning it into support.
Notice that @intotheblock shows no other important resistance barriers ahead of $FTM, which may suggest #FTM is preparing for an important upswing.pic.twitter.com/dvMgXgmkPn — Ali (@ali_charts) February 14, 2023 How many are 1,10,100 FTMs worth today? Getting back to the DeFi hack amid… Since the aforementioned tweet, FTM rallied, and gained 10.24% in the last 24 hours.The performance was averagely higher than other DeFi tokens within the same period.However, the gains did not result in massive selling pressure from FTM investors.
This was because Santiment’s data revealed that the exchange inflow was down to 293,000.A spike in this metric would have translated to potential sell off from investors who have recently made profits.Its opposite number, the exchange outflow, was, however, higher at 899,000.
Since the difference was this large, it implied that FTM enjoyed more accumulation than the intention to dump the token.
The days of splendor may be over for FTM So, does FTM have the capability to stay the green course? Well, the technical outlook shown by the Directional Movement Index (DMI) puts FTM in the midst of potential consolidation.This inference was because the +DMI (green), although higher than the -DMI (red), did not have the support of the Average Directional Index (ADX).The ADX (yellow) measures the directional strength of an asset.And, a value higher than 25 indicates a strong directional movement and vice versa.
At the time of writing, the ADX was 38.39.But the trend faced a massive downturn.Hence, could drive FTM to swing around the $0.5 region.For the Awesome Oscillator (AO), it seemed that the glory days of bullishness would soon be over.The context leading to this conclusion was because of the repeated red bars — signaling an impending bearish momentum.
Despite the potential fall, the surge seems to have helped investors’ portfolio.At press time, the Market Value to Realized Value (MVRV) ratio revived from its lows to hit 11.27%.Is your portfolio green? Check out the Fantom Profit Calculator The MVRV ratio compares that realized capitalization to the market capitalization while determining if an asset is at a fair value.
The rise in the metric points to a motive for selling FTM and revealed that the realized cap outpaced the market cap.So, from all indications, FTM could have hit the highest of its breaking point, and a price reversal could follow.However, it was worth noting that market sentiment might change, and the token remained in the green.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- The four-hour market structure was broken, and a minor pullback could commence.- The overall bias was bullish for Litecoin.Litecoin [LTC] slumped to $88.16 on 13 February, while Bitcoin [BTC] dipped to $21.3k.Since then, both assets have rebounded higher on the price charts.
This was encouraging for the bulls.Litecoin buyers, in particular, have been vigorous in February 2023.Read Litecoin’s [LTC] Price Prediction 2023-24 The quick surge from $88 to $96 showed bullish strength.Lower timeframe traders can look to buy the coin in the $93-$94.8 region, although a deeper dip to $91.4 was also possible.
The rejection at $102 did not faze Litecoin bulls The four-hour chart showed LTC recovered and pushed back above the $94.7 resistance level.During the drop of 12 February, this level had been retested as resistance.When the price made a lower low and touched $88.4, the RSI made a higher low.This bullish divergence was followed by a sharp bounce in prices.
This bounce, combined with the OBV data, showed that Litecoin was likely ready to push above the $100-$106 resistance in the coming days.The OBV has been in a steady uptrend throughout February.Any pullbacks in the price were not reflected as sharply on the OBV.This meant selling pressure was negligible and genuine demand was persistent behind Litecoin.
To the north, a daily bearish order block lay in the $100-$106 region.It might not be broken immediately, and some consolidation just above $100 before an eventual breakout was a possibility.
Since Bitcoin was also successful in its defense of $21.6k, LTC bulls can hope for further gains.Above $106, $115 was the next timeframe resistance level to watch.
Realistic or not, here’s LTC’s market cap in BTC’s terms Funding rate slips into negative territory once more, but bullish intent was apparent The predicted funding rate slipped below zero a few hours before press time, just as it had on 12 February.That day, LTC had faced rejection at $94.7.Did the metric indicate that another dump could be around the corner? The Open Interest showed bullish sentiment.Alongside the prices, the OI has been on the rise, especially over the past couple of days.This showed sentiment remained bullish, and OI can be expected to rise further as LTC broke above $94.7.
The liquidation data showed $310k worth of short positions liquidated within three hours on 14 February, when the price pushed past the $92.6 mark.
– Uncertainty over Shibarium made SHIB community restless.- Whales continue to gobble SHIB in large numbers.
Shiba Inu [SHIB] has been under increased pressure as of late, as the meme coin shed as much as 12% of its value over the last seven days until press time, data from CoinMarketCap revealed.Read Shiba Inu’s [SHIB] Price Prediction 2023-24 Furthermore, data from Shibburn showed that SHIB’s burn rate has plummeted by almost 80% in the last 24 hours, with just 8.2 million tokens sent to dead wallets.A dip in burning activity is an alarming signal for a crypto asset and could cause further stress to the price of the second-largest meme coin.Whales shrug off Shibarium disappointment The disappointment stemmed from the delay in the launch of the much-awaited layer-2 solution, Shibarium.
Upon the announcement, the protocol created immense hype and there were speculations about it being rolled out by 14 February.As it pans out, the launch has clearly missed the above-mentioned date with no clarity in sight.The official Twitter handles associated with SHIB have provided no update on the progress since the start of February, with the last being an introductory blog about the network.However, despite the uncertainty, large addresses continued to have their faith in the meme coin.
According to data from WhaleStats, top Ethereum [ETH] whales held $650 million worth of SHIB tokens, placing it at the first position in their portfolios.🐳 The top 500 #ETH whales are hodling $651,269,941 $SHIB $146,616,720 $BEST $142,570,607 $MATIC $141,187,680 $CHSB $140,224,778 $LINK $111,691,903 $BIT $80,792,390 $LOCUS $80,503,864 $UNI Whale leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/vHAvArgDoa — WhaleStats (tracking crypto whales) (@WhaleStats) February 13, 2023 All quiet on SHIB’s trading front Additionally, on-chain activity gave little confidence.
The transaction volume decreased considerably in February 2023 while the daily active addresses have also descended after peaking on 4 February, as per data from Santiment.This suggested that trading activity for the coin has gone down.The weighted sentiment was negative, which could have been fueled by uncertainty over Shibarium’s launch.How much are 1,10,100 SHIBs worth today? At press time, SHIB was down 0.55%.It broke past the indicated range on 4 February and retested the important level at $0.00001243, which has been flipped into support.With an absence of a Shibarium push, the coin could enter the range once again.
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