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Can Dogecoin Bounce Back to $0.5 After Major Dip? Experts Weigh in

Albert Brown
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Can Dogecoin Bounce Back to $0.5 After Major Dip? Experts Weigh in

Dogecoin (DOGE) experienced significant volatility on Monday, with its price plunging to $0.3800 after starting the day at $0.4673.

This decline closely mirrored Bitcoin’s drop, as the leading crypto revisited its previous lows at $94,000 during the same period. Now, DOGE is trading at $0.4057, marking an 8.81% decrease in the past 24 hours.  In its overall weekly performance, Dogecoin is witnessing a more modest decline of 2.36%.

Dogecoin Road to $0.47

Amid this fluctuation, pseudonymous analyst MastaCrypta presented a four-hour chart, revealing that Dogecoin has been trading within a rising channel characterized by higher highs and higher lows. This pattern suggests a broader upward trend despite recent setbacks.

DOGEUSDT 4-hour Chart
DOGEUSDT 4-hour Chart

The analysis identified immediate resistance near $0.42674, aligned with the channel’s upper boundary. On the downside, immediate support was noted at $0.37143, where the lower boundary provides a crucial base for price action. 

The chart also highlighted a potential upward target of $0.47, aligning with the channel’s trajectory. Essentially, analyst MastaCrypta seeks to highlight that the recent dip in Dogecoin is an opportunity to buy low as a rebound to near $0.5 could be imminent.

Bearish Patterns Raise Concerns

In contrast, another TradingView analyst, Ripplayer, highlighted a bearish double-top formation in Dogecoin’s price action. This pattern and a breakdown of key support levels have raised concerns about further declines. The analysis proposed a downside target between $0.29 and $0.30, contingent upon a volume-backed breakdown.

Dogecoin chart
Dogecoin chart

The analyst emphasized the importance of a retest following the breakdown to confirm the bearish setup. Should the scenario unfold as projected, the entry point would lie near the retested support.

Essentially, while others are bullish, this projected downward trajectory underscores the uncertainty in Dogecoin’s immediate outlook.

Historical Trends Provide Optimism

Meanwhile, some analysts have cited historical cyclical behavior to argue for a bullish outlook for Dogecoin. For instance, Ali Martinez has pointed out similarities between the current price action and past cycles in 2017 and 2021.

During these periods, Dogecoin exhibited strong rallies following Bitcoin’s halving events, often interrupted by sharp corrections before resuming its upward trajectory.

Martinez suggested that the current price range between $0.30 and $0.40 could offer an accumulation opportunity. Drawing parallels with prior cycles, he forecasted a potential long-term target of $18 for Dogecoin.

Shiba Inu Perpetual Contract Launches on Gemini Offshore Exchange

Lele Jima
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Shiba Inu Perpetual Contract Launches on Gemini Offshore Exchange

Gemini Foundation, a subsidiary of Gemini cryptocurrency exchange, launches a new perpetual contract for Shiba Inu (SHIB). 

The crypto trading platform announced the development in a blog post today, noting that its users can trade the Shiba Inu perpetual contract across select derivatives-enabled jurisdictions.

Per the announcement, the Shiba Inu perpetual contract is denominated in Gemini Dollars, which suggests that users can trade the SHIB contract against GUSD. The exchange offers a leverage of up to 100x, allowing users to capitalize on market opportunities with small funds.  

In addition to Shiba Inu, the Gemini Foundation launched new perpetual contracts for Bitcoin Cash (BCH) and Uniswap (UNI).

Before this announcement, Gemini Foundation already added several assets for perpetual contracts, including Bitcoin (BTC), dogwifhat (WIF), and XRP (XRP). 

Supported Regions 

For context, Gemini Foundation is a subsidiary of U.S.-based crypto exchange Gemini. It focuses mainly on derivatives trading. 

Unlike Gemini, the Gemini Foundation is not available in the United States, the United Kingdom, and the European Union. It is only available in select regions where derivative trading is not prohibited.

There are currently 32 jurisdictions where the derivative product is available. They include Argentina, Bahamas, Brazil, Chile, Singapore, and Turkey, among others.   

Users within this region can speculate on the price of Shiba Inu through the perpetual contract offering without directly owning SHIB. 

How to Get Started

To get started, new users must create an account on Gemini Foundation. Afterward, login to the newly created account and activate derivatives trading by clicking ‘Activate Now’ close to the Derivatives Account option. 

Read and accept the product’s terms and transfer GUSD or BTC to the derivative account to commence trading. 

Exchanges Roll Out More Advanced Trading for Shiba Inu 

Notably, several crypto exchanges have introduced advanced trading options for Shiba Inu as part of efforts to provide new ways to gain exposure to the canine-themed token. 

Last month, San Francisco-based crypto exchange Coinbase featured Shiba Inu, alongside 49 other assets, in an investment fund dubbed Coinbase 50 Index Fund. The product gives users exposure to the top 50 biggest cryptocurrencies by market cap, excluding stablecoins like Tether (USDT).

In August, U.S.-based exchange Kraken added Shiba Inu as a collateral asset for futures trading on its platform. The move came after Kraken rolled out a margin trading pair for SHIB. 

Meanwhile, Gemini Foundation’s announcement of a perpetual contract for Shiba Inu was not enough to overturn the asset’s latest decline to a rally. Currently, SHIB is down 10.75% in the past 24 hours to $0.00002696. 

Bitcoin to $180K? Messari Founder Reveals Why He Won’t Think About Selling till Then

Okoya David
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Bitcoin to $180K? Messari Founder Reveals Why He Won’t Think About Selling till Then

The founder of Messari insists on holding onto his Bitcoin tokens until the industry firstborn clinches his ambitious price target.

In 2024, Bitcoin‘s price has surged nearly 140% from an opening price of around $42,000 to highs above $100,000. Despite this impressive showing, core holders suggest that there are still significantly more gains to come. Among them is the controversial Messari founder Ryan Selkis.

Selkis: “Wouldn’t Even Think About Selling BTC Until $180k+”

Selkis set a mouthwatering target for Bitcoin in the current bull market. In an X post on Monday, December 9, the prominent crypto figure asserted that he “wouldn’t even think about selling BTC until $180,000+.”

At current prices of $97,200 per Bitcoin, Selkis’ $180,000 target represents an 85% increase.

Selkis shared his view, citing Bitcoin’s MVRV z-score. The MVRV z-score is an indicator that measures the standard deviation between Bitcoin’s market value and realized value using a z-score standard deviation test. The indicator is often used to measure extremes in the leading digital asset’s price, often known as tops and bottoms. 

Bitcoin MVRV Z-Score
Bitcoin MVRV Z-Score

The metric historically signals market tops when the z-score is between 7 and 10.  However, at the time of writing, the z-score is around 3, signaling that Bitcoin still has significant upward potential.

Selkis’ recent Bitcoin prediction, citing the MVRV, comes as the market has recently endured significant volatility.

Market Turbulence

Over the past 24 hours, Bitcoin experienced significant turbulence, with a flash crash from $97,000 to near $94,000, dragging the broader crypto market into a deep correction.

Sharp price declines like this can typically lead to bouts of panic selling. However, like Selkis, most analysts maintain that the recent market volatility is par for the course. Prominent trader IncomeSharks reiterated that the ongoing volatility is favorable to the market.

 The market analyst expressed this view, repeating the commentary he made on November 17, 2023, after Bitcoin showed similar market behavior. The asset is up over 170% since then.

Russian Lawmaker Submits Proposal to Create a Strategic Bitcoin Reserve

Elendu Benedict
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Russian Lawmaker Submits Proposal to Create a Strategic Bitcoin Reserve

The stakes for a strategic Bitcoin reserve among countries are rising, with Russia becoming the latest to receive such a proposal.

A Russian lawmaker has proposed to the country’s finance ministry that it adopt Bitcoin as a treasury reserve asset. State Duma Deputy Anton Tkachev of the New People party submitted the proposition on Monday, local news outlet RIA Novosti reported.

Tkachev urged Russia’s finance minister, Anton Siluanov, to consider investing in Bitcoin as a reserve asset, as the country does with other traditional financial assets. The lawmaker suggested that considering its unique qualities, Bitcoin would provide economic upsides for Russia.

Lawmaker Teases Bitcoin as Russia’s Economic Solution

The lawmaker cited that Bitcoin would provide respite for Russia on key economic fronts. According to him, Bitcoin as a treasury reserve asset would hedge the economy against the inflation affecting fiat currencies, bolstering the country’s financial stability. 

Furthermore, the decentralized nature of the Bitcoin technology will help Russia avert Western sanctions. With the innovation, the lawmaker implied that Russia could carry out cross-border transactions without bounds or restrictions.

Meanwhile, Tkachev also views Russia’s adoption of Bitcoin as a ploy to tap the asset’s growth potential. The report noted that Bitcoin’s historical price performance, including its recent surge past $100,000, shows the asset can preserve value while providing substantial gains for the country.

Russia Joins the Bitcoin Bandwagon

The Monday proposal means Russia has become the latest country to receive a proposal encouraging the adoption of Bitcoin as a reserve asset. Countries like Brazil, the United States, Canada, and Poland are already considering the idea.

Meanwhile, the proposal also highlights Russia’s warming stance toward the digital asset. Recently, President Vladimir Putin stated that nobody can ban Bitcoin and expects the innovation to continue to thrive.

Notably, Russia also recently unbanned crypto mining, with the Central Bank of Russia considering using Bitcoin for cross-border trader settlement. Although the use of cryptocurrencies within the country remains prohibited, it would not be long before the Russian government changes its stance on the sanction.

Atomic Wallet Says Get Ready to Hold XRP for Next Seven Years, Claims It Will Not See $3 Again

Abdulkarim Abdulwahab
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Atomic Wallet Says Get Ready to Hold XRP for Next Seven Years, Claims It Will Not See $3 Again

XRP critics are leveraging the ongoing dip to cast doubt on the asset, warning that its uptrend has ended and that investors may be stuck holding bags for an extended period.

Joining this trend is Atomic Wallet, a well-known non-custodial decentralized wallet in the crypto community. In the last few days, it has been spreading FUD about XRP after previously being sarcastically bullish on the coin.

Atomic Wallet posted a critical tweet, asking XRP holders whether they have plans if XRP drops to $0.50. This came after XRP broke the $2 mark, reaching a seven-year high of $2.87. Notably, XRP achieved this feat after several weeks of massive green candles, amounting to a 485% surge over four weeks.

While XRP proponents were proud of this outcome, critics like Atomic Wallet expressed concerns that the gains were unsustainable. They pointed to historical trends where XRP’s sharp uptrends were often followed by major corrections weeks later.

“XRP Will Not Reach $3 Again”

In a tweet, Atomic Wallet emphasized that XRP had already plummeted significantly since hitting its seven-year high. Notably, XRP came close to losing the $2 range during yesterday’s market-wide correction.

With its price hitting $2.06, this implies a loss of approximately 28.22% from its recent peak of $2.87 for holders. 

Accordingly, Atomic Wallet mocked holders by asking if they had plans for another seven years of downturn. It went on to challenge that XRP will never break back into the $3 range, stating it would delete its X account if XRP ever reaches $3.

Atomic Wallet XRP
Atomic Wallet XRP

XRP Army Calls for Boycott of Atomic Wallet

However, these critical statements have been strongly resisted by members of the XRP Army. Commentators have urged Atomic Wallet to focus its energy on securing its platform, referencing the multi-million-dollar hack in 2023.

Other prominent figures, like Panos Mekras, urged Atomic Wallet to not only delete its X account but to dissolve its business entirely. 

Amid this controversy, many members of the XRP community have called for a boycott of Atomic Wallet, encouraging users to switch to other pro-XRP wallet services for their crypto solutions.

At the same time, others find Atomic Wallet’s recent pivot paradoxical, considering previous positive posts about XRP. 

For instance, on December 2, Atomic Wallet tweeted that it wouldn’t sell XRP until it hit $300, though this statement was sarcastic. Similarly, the wallet had previously encouraged market participants to buy XRP through its services.

As Crypto Market Falls XRP, Shiba Inu, Dogecoin Suffer Major Setbacks

Albert Brown
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As Crypto Market Falls XRP, Shiba Inu, Dogecoin Suffer Major Setbacks

The crypto market started the week turbulently, marked by substantial declines across major tokens and escalating liquidations.

XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) saw steep losses amid the heightened bearish sentiment and volatility. According to CoinGlass data, long positions bore the brunt of liquidations, totaling $1.57 billion in a 24-hour period and reaching $1.70 billion overall. Additionally, data show that 567,357 traders were liquidated during the same timeframe.

XRP Records Heavy Losses 

XRP was among the assets that recorded the most significant today. Its value plummeted, dropping 11.3% to an intraday low of $2.06. The token saw a significant 122.97% surge in trading volume, reaching $32.18 billion, but open interest decreased by 21.78%, falling to $3.03 billion. The liquidations data further highlighted bearish pressure, with long positions seeing substantial losses. 

Over 24 hours, XRP liquidations totaled $72.85 million, with $56.82 million attributed to longs. Notably, 12-hour liquidations amounted to $58.85 million, dominated by long liquidations of $48.76 million. In the past four hours, liquidations reached $9.04 million, with longs accounting for $6.99 million.

Dogecoin and Shiba Inu Join in The Red

Meme tokens Dogecoin and Shiba Inu also experienced sharp losses. Dogecoin’s price fell by 8.7%, while SHIB dropped by 14.4%. Dogecoin’s trading volume surged 108.08% to $21.77 billion, while open interest declined 24.51% to $3.21 billion. Further, long positions dominated liquidations, accounting for $90.15 million out of $100.55 million in 24 hours. 

Similarly, Shiba Inu saw a trading volume increase of 132.80% to $925.70 million, but open interest fell sharply by 38.89% to $105.93 million. In the past 24 hours, SHIB’s long liquidations amounted to $12.29 million, indicating sustained bearish momentum.

Liquidations in Derivatives Exchanges

Crypto derivatives exchanges recorded substantial activity, with Binance leading in 24-hour liquidations at $734.98 million. The exchange reported the highest trading volume of $186.71 billion and $34.08 billion in open interest. 

OKX followed with $446.48 million in liquidations and $76.98 billion in trading volume. Bybit ranked third, recording $377.58 million in liquidations and $79.72 billion in trading activity, alongside the second-highest open interest at $25.03 billion.

US Institutions Aggressively Bought the Bitcoin Crash to $94K, Data Shows

Okoya David
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US Institutions Aggressively Bought the Bitcoin Crash to $94K, Data Shows

Data suggests large institutions in the United States aggressively purchased BTC during the Bitcoin crash to the $94,000 mark.

Over the past 24 hours, the crypto market has witnessed significant turbulence, as rapid market fluctuations have led to substantial losses. However, amid the chaos, a class of investors appears have doubled down on their convictions.

While the crypto market was thrown into a brief panic as Bitcoin experienced a sharp decline from the $97,000 price point to near $94,000, data suggests that institutional investors were aggressively buying.

US Institutions Leverage the Bitcoin Crash

This is according to a December 10 CryptoQuant report. The report highlighted that the Coinbase Premium Index experienced a significant surge from below -0.05 to 0.15. 

The Coinbase Premium Index is a metric that measures the percentage difference between the price of Bitcoin on Coinbase Pro, a platform favored by institutions, and Binance, a platform dominated by retail investors. When the metric is positive, it typically reflects higher demand from institutions than retail.

As highlighted in the chart from CryptoQuant, spikes in the Coinbase Premium Index, especially to around the 0.15 level, have correlated with significant price appreciations on four different occasions in the past month. These instances include price spikes from November 15, November 21, November 18, and December 3.

The recent increase in the Coinbase Premium Index suggests that institutional investors remain confident in Bitcoin’s long-term potential despite short-term price fluctuations. This conviction has shone through in 2024 amid the record-shattering growth of spot Bitcoin ETFs.

Notably, these investment vehicles have seen net inflows of over $33 billion since their launch in January 2024, holding a total of over $107 billion worth of BTC, per SoSoValue data at the time of writing. For context, U.S. gold ETFs launched in 2004 hold only about $138 billion per etf.com data at the time of writing.

Analyst Says Buying Cardano on Dips Even if It Falls to $0.76, Eyes $4-$6 Profit Range

Albert Brown
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Analyst Says Buying Cardano on Dips Even if It Falls to $0.76, Eyes $4-$6 Profit Range

Popular crypto chartist Ali Martinez plans to buy more Cardano (ADA) even when the price dips further, setting new targets for his profit-taking plans. 

Cardano had its fair share of the recent Bitcoin-led drawdown, which wreaked havoc on the broader altcoin market. Data from CoinMarketCap show that the price of ADA plunged by 14.60% in the past 24 hours and 22.47% in the last week to $1.01.

Martinez Unfazed by Latest Dip, Promise to Accumulate More ADA 

Cardano ADA news today: Despite the massive collapse, Martinez revealed that he would continue to accumulate ADA even if the asset plunged to $0.76. His confidence stems from ADA’s current behavior, which mirrors its performance in the 2020/2021 bull market.

According to the accompanying chart, ADA incurred a 56.2% dip during the COVID-19 market crash in 2020. However, it surged by 4,095% from the bottom price at the time to over $3 in 2021.

According to the chart, a consolidation phase preceded the 4,095% increase, and other smaller price rallies occurred along the way.

The chart indicates that ADA’s current performance mirrors its 2020/2021 pattern, which is marked by an extended consolidation phase and a subsequent 75% rally.

Martinez Eye $4 – $6 Upsurge 

With Cardano replicating its 2020/2021 performance, Martinez noted that he will continue to accumulate the coin in anticipation of a potential rebound to around $4 to $6. At that point, he plans to make a profit by selling his ADA holdings.

It bears mentioning that hitting the $4 target would mark a new all-time high for ADA. At the current price of $1.01, Cardano must soar by 296.03% to hit the $4 target and 494.05% to reach $6. 

Interestingly, the chart suggests that the altcoin could achieve this milestone on or before July 14, 2025, nearly seven months from now.

Previous Forecast for ADA  

This is not the first time that Martinez has set a target of $6 for Cardano. In November, Martinez forecasted that ADA could surge to $6.6 by September 2025. 

Also, the $4 prediction aligns with a similar forecast issued by popular crypto YouTuber Max Maher for Cardano in August. At the time, the analyst forecasted that the price of ADA would spike to $4.29 this bull run, marking a 10x surge from its initial value of $0.39.

Cardano Demand Levels

Meanwhile, following the recent downturn across the broader crypto market, Cardano plunged below a critical support level at $1.2, where 93,000 wallets accumulated 2.54 billion ADA tokens. Amid the downturn, ADA is currently trading around its next support at $1.01, a critical area where 41,720 addresses acquired 1.03 billion tokens. 

 

Dogecoin Price Goals Remain at $3 and $18 Despite Dip, as Analyst Sees Decline as Buying Opportunity

Albert Brown
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Dogecoin Price Goals Remain at $3 and $18 Despite Dip, as Analyst Sees Decline as Buying Opportunity

A major storm swept through the crypto market overnight, sinking various crypto assets, including Dogecoin (DOGE), to new monthly lows.

On Monday, Dogecoin plummeted to $0.3800, down from $0.4673. This retracement represents a significant loss of approximately 19% for Dogecoin holders. Notably, the Dogecoin price crash mirrored Bitcoin’s retest of lows at $94K on the same day. 

While this outcome has raised concerns among investors, analysts are urging market participants to view it as an opportunity to buy at a discounted price before the next potential moonshot.

In this latest Doge news, Analyst Ali Martinez took to X to share his observation with the crypto community, suggesting that Dogecoin’s recent price surge, followed by its latest dip, indicates it is still in the early stages of a parabolic run, based on historical patterns.

Martinez specifically pointed to Dogecoin’s behavior during the 2017 and 2021 cycles. He noted that after Dogecoin broke out to the upside following Bitcoin’s halving, it experienced several weeks of large green weekly candles. This price action eventually gave way to a correction.

After this correction, the subsequent rally was even stronger than the initial one before the dip. This pattern has been consistent across the past two cycles. 

Image
Dogecoin historical chart by Ali Martinez

Given the current dip, Martinez sees it as part of the same historical trend, with Dogecoin undergoing a correction after weeks of upward momentum. He expressed gratitude for the dip, noting that it provides an opportunity to buy more DOGE and position for the next major wave.

Buying More Dogecoin at $0.30, Target Remains $3

Specifically, Martinez disclosed that he is buying more Dogecoin in the price range of $0.40 to $0.30. He maintains that the next near-term target for Dogecoin, in the anticipated comeback, is $3.

Notably, the meme coin is attempting to recover from its recent dip. It is currently trading at $0.409, still down 9.2% from its intraday high. Should a rebound occur from this range to $3, holders could see potential gains of 634%.

Dogecoin Could Reach $18 if Things Go Wild

Martinez also suggested that things could get even more explosive for Dogecoin. According to him, in this scenario, an $18 price target for the meme coin is possible.

However, based on historical trends, before Dogecoin can reach $18, the crypto market may experience a major pullback, potentially erasing up to 50% of Dogecoin’s gains as seen in previous cycles.

With this possibility in mind, Martinez urged holders to remain patient during the dip, as those who are patient could reap significant rewards during the bull market phase.

584,000 Crypto Traders Lose $1.7B as Bitcoin Sees Flash Crash to $94K

Okoya David
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584,000 Crypto Traders Lose $1.7B as Bitcoin Sees Flash Crash to $94K

Bitcoin falls to shocking levels, triggering a crypto liquidation event for thousands of traders across the market.

While the crypto bull market often sparks feelings of euphoria, the volatility that makes it so exciting also often stings. Over the past 24 hours, leverage traders caught on the wrong side of rapid market fluctuations have felt this sting.

584K Crypto Traders See Massive Losses

Nearly 584,000 crypto speculators have faced liquidations in the past 24 hours, with the total figure coming in at a staggering $1.76 billion, per CoinGlass data at the time of writing. According to the data, long traders witnessed the impact the most, as long positions amounted to $1.58 billion in liquidations.

bitcoin liquadition 10 12 24
Bitcoin and crypto liquidations

The data further shows that small-cap crypto traders have suffered the biggest burn, with over $560 million in losses, followed by Ethereum traders, who have lost $250 million, and Bitcoin traders, with $190 million in losses.

A Bitcoin Flash Crash

The recent liquidations follow a broad market correction sparked by a Bitcoin flash crash. Specifically, Bitcoin lost $3,000 in value within 30 minutes. The asset dropped from over $97,000 to near the $94,000 price point before quickly rebounding to the $97,000 price point.

Bitcion Falls 12 10 24
Bitcoin Falls

Altcoins have taken major losses in lockstep with the market leader. At the time of writing, Ethereum, XRP, Solana, and Dogecoin have posted losses of 5.88%, 12.63%, 7%, and 10.93%, respectively, in the past 24 hours.

The bloodbath is likely attributable to the crypto market’s correlation with tech stocks. These equities suffered on Monday, December 9, as reports that China was probing computer chip giant Nvidia sparked broad risk-off sentiments.

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