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Dogecoin Eyes $0.50 as Bulls Defend $0.40 Support

Albert Brown
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Dogecoin Eyes $0.50 as Bulls Defend $0.40 Support

Will Dogecoin (DOGE) rally to a new 52-week near the $0.50 psychological mark as it moves within a rising channel?

Amid the broader market trends, Dogecoin continues to maintain its bullish momentum, holding above the $0.40 mark. Additionally, Dogecoin’s market cap remains above $61 billion, having surged by 174% over the past 30 days.

With a trading volume of nearly $9.5 billion, will the bullish trend in Dogecoin push the price past the $0.50 mark? Let’s take a closer look.

Dogecoin Price Analysis

On the 4-hour chart, Dogecoin’s price action is following a rising channel pattern. Currently, Dogecoin is struggling to break above the $0.44 mark within the bullish channel.

Dogecoin Price Chart
Dogecoin Price Chart

This indicates the presence of a strong supply zone, which is limiting the bullish growth. However, a short-term recovery has led to the formation of a local support trendline within the channel, creating an ascending triangle pattern.

Currently, the DOGE price is supported by the confluence of the local support trendline and the $0.50 EMA line on the 4-hour chart. As Dogecoin approaches the apex of the ascending triangle pattern, the bullish cycle is likely to continue with a breakout rally.

The EMA lines on the 4-hour chart maintain a positive alignment, supporting the bullish trend. However, the MACD and signal lines have experienced a negative crossover and are trending downward with increasingly bearish histograms.

Thus, the dynamic moving averages and momentum indicators are offering conflicting signals about the upcoming price trend.

Will Dogecoin Inch Closer to $0.50?

The $0.44 supply zone coincides with the 23.60% trend-based Fibonacci retracement level. Based on these levels, a breakout rally would target the 38.20% Fibonacci level at $0.4944, which aligns with the overhead resistance trendline.

Therefore, a breakout above the $0.44 zone could propel Dogecoin toward the $0.4944 level. In a bearish scenario, a breakdown of the support trendline would test the 100 EMA line near $0.3936.

Cardano Bull Says ADA Will Rapidly Hit $3 If It Receives ETF News Like XRP

Lele Jima
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Cardano Bull Says ADA Will Rapidly Hit $3 If It Receives ETF News Like XRP

Crypto Capital Venture founder Dan Gambardello suggests that Cardano might quickly surge to $3 if it receives news of exchange-traded funds (ETF) similar to that of XRP. 

Gambardello made this suggestion yesterday in an X post. He indicated that Cardano currently has many positive developments within its ecosystem, contributing to its rally. 

While he did not specify these developments, he hinted that Cardano could rapidly surge to $3 if it receives positive news about ETFs, as XRP has done recently. 

Gambardello’s comment suggests that Cardano might register a substantial price increase if asset managers file for ETFs tied to ADA. 

ADA Lags Behind XRP In Terms of ETF Filings 

Following the approval of Bitcoin and Ethereum ETFs, multiple experts speculated that ADA, XRP, and Solana could be the next assets to be approved for ETF. 

While several asset managers have filed with the SEC to launch ETFs exclusively tied to Solana and XRP, Cardano has not seen such a filing. Instead, the investment product linked to ADA revolves around a filing submitted by NYSE Arca, seeking to convert the Bitwise 10 Crypto Fund (BITW) to an exchange-traded product (ETP). 

For context, BITW holds 10 top crypto assets, including XRP and ADA, with weightings of 5.7% and 1.6%, respectively. 

Besides the Bitwise basket ETP application, XRP has four filings exclusively tied to the asset. Top asset managers, such as Bitwise, 21Shares, Canary Capital, and WisdomTree, submitted these applications to the SEC. 

Additionally, Grayscale Investments also sought the SEC’s blessings to convert its multi-coin fund, featuring XRP, to an ETF. 

XRP Outperforms ADA  

The massive institutional interest in XRP has contributed to XRP’s price surge. Notably, the price of XRP has spiked by 477% in 30 days from $0.4937 to $2.85. 

On the other hand, Cardano witnessed a spike of 273.65% in the same timeframe, soaring from $0.32 to $1.32. While XRP has yet to hit the $3 mark despite getting multiple ETF filings, Gambardello believes Cardano would quickly achieve this milestone if it were to receive similar applications. 

Polkadot Crosses $10: Analyst Targets $22 After Key Retracement

Albert Brown
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Polkadot Crosses $10: Analyst Targets $22 After Key Retracement

After a parabolic surge of 165% in the past month, Polkadot (DOT) has surpassed the $10 mark. Amid the rally, an analyst predicts a potential rise to $22.

In a market where Bitcoin is struggling to maintain dominance above the $96,000 mark, altcoins are making a bullish comeback. Polkadot is gradually gaining momentum, with an overnight surge of 7.77%, continuing its bullish trajectory.

Furthermore, the uptrend has now reached the psychological $10 level, and the recovery run aims to extend further. Will this rally push Polkadot to a new 52-week high? Let’s explore.

Polkadot Price Analysis

On the daily price chart, Polkadot’s price action shows a massive breakout rally, gaining significant momentum. This rally has led to a parabolic rise in Polkadot’s price, surging from $3.693 on November 5th to the current market price of $10.02. The price surge represents an almost 165% increase within a month.

Polkadot Price Chart
Polkadot Price Chart

The recovery has surpassed the 78.60% Fibonacci retracement level at $9.87, marking the breakout of a long-standing resistance level. This increase further strengthens the possibility of a continued bullish trend.

Analyst Predicts Parabolic Rise in Polkadot to $22

Ali Martinez, an independent analyst, supports the bullish trend in Polkadot. He shared an analysis during the $9.50 breakout, projecting a price target of $10–$11. Following this, he expects a retracement to $7.50 before Polkadot moves toward a surge to the $22 mark.

Polkadot Price Targets

Over the past 7 days, Polkadot’s price has increased by 32%, rising from a 7-day low of $7.54. This recovery rally has led to a bullish crossover between the 100-day and 200-day exponential moving averages (EMAs).

After this golden crossover, the bullish signal aligns with positive momentum from the EMA lines. Additionally, the MACD and signal lines are showing bullish movement, supported by positive histograms. Therefore, the technical indicators maintain a buy signal for Polkadot.

Based on the Fibonacci levels in the price chart, the nearest resistance level is at $11.557, followed by the 1.618 Fibonacci extension at $16.42. On the flip side, if a bearish candle closes below the 78.60% Fibonacci level at $9.87, the immediate support level is at $8.54.

US Government Shuffles 19,800 Bitcoin, Sending 10,000 BTC to Coinbase

Elendu Benedict
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US Government Shuffles 19,800 Bitcoin, Sending 10,000 BTC to Coinbase

After halting for almost four months, the US government has resumed Bitcoin shuffling, sending a substantial amount to the Coinbase Prime wallet address.

Notably, the US government moved a fresh 19,800 to Coinbase, with the latest transaction being its first Bitcoin-related on-chain transfer since August.

Transaction Details

Data from Arkham shows that a wallet tied to the US government moved 19,800 BTC to a Coinbase Prime wallet on Monday by 16:27 (UTC). At the time of the transfer, the funds were valued at $1.92 billion, averaging $96,969 per bitcoin.

Notably, the US government wallet address moved the funds to an intermediary route before ultimately sending them to the largest crypto exchange in the US. However, Arkham’s data shows that the exchange reverted 9,800 BTC to the intermediary wallet, meaning the net inflow amounted to just 10,000 BTC from the US government.

Meanwhile, further analysis shows the funds were part of the spoils from the US government’s Silk Road marketplace crackdown. Notably, in October, the Supreme Court gave the United States the green light to sell the seized 69,370 BTC tokens.

Following the transaction, the US government now holds 198,109 BTC, worth $19 billion. The country’s wallet address also contains a substantial amount of Ethereum, USDT, and BNB.

Bitcoin Sales?

Amidst the skepticism raised by the Monday transaction, analysis suggests the shuffle could be for another purpose other than sales. On-chain tracker Spotonchain noted in an update today that the 10,000 BTC sent to Coinbase was for custody actions rather than the widely speculated asset dump.

Notably, the US Marshals Service—an agency under the US Department of Justice—announced in July that it has selected Coinbase Prime as a custody provider. Per the disclosure, the leading exchange will provide custody and trading services for the agency’s “Class 1” cryptocurrencies.

Meanwhile, the shuffle coincided with a halt in Bitcoin’s Monday rally, as BTC dropped from an intraday high of $98,171 to its current market price. The premier asset trades at $95,219, down less than 1% in the past 24 hours.

Trump Set to Announce SEC Chair Replacement for Gensler as Soon as Tomorrow

Albert Brown
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Trump Set to Announce SEC Chair Replacement for Gensler as Soon as Tomorrow

Donald Trump is preparing to announce his choice for a new chair of the U.S. Securities and Exchange Commission (SEC), potentially as soon as tomorrow, December 4.

FOX Business reporter Eleanor Terrett confirmed this development in a post on X today, citing sources familiar with the matter.

This move comes after Gensler confirmed his resignation, effective January 20, 2025, aligning with Trump’s inauguration as the 47th president of the United States.

The SEC under Gensler has faced criticism for its regulatory approach, prompting Trump to pledge significant changes to the agency’s leadership and policies.

Candidates Considered for the Role

Notably, former SEC Commissioner Paul Atkins is among the leading candidates to succeed Gensler. Sources familiar with the matter revealed that President-elect Donald Trump’s transition team recently met with Paul Atkins, a seasoned financial regulator. Atkins is also widely regarded as a prominent figure in conservative financial circles.

Other notable contenders include Robinhood’s Chief Legal Officer Dan Gallagher, Willkie Law Firm Partner Robert Stebbins, and current SEC Commissioner Mark Uyeda. 

This list reflects a focus on candidates with extensive regulatory and financial experience. Trump’s administration has emphasized the need for a clear and consistent regulatory framework, particularly regarding digital assets.

The current SEC leadership has drawn industry criticism for employing a regulation-by-enforcement strategy. Industry players and lawmakers have argued that this approach has stifled innovation and failed to provide clarity for businesses navigating the evolving crypto landscape.

Political Figures Express Growing Criticism

Meanwhile, political figures such as Nebraska Representative Michael John Flood have voiced strong disapproval of Gensler’s tenure. 

Flood has argued that Gensler’s policies have hindered U.S. progress in the crypto sector, putting the country decades behind global competitors like China. He specifically criticized the SEC’s enforcement-driven strategy, which he claims has stifled market growth and innovation.

Lawsuit Alleges SEC Regulatory Overreach

Compounding Gensler’s challenges, the SEC is now the focus of a lawsuit filed by 18 U.S. states. The lawsuit, led by Republican attorneys general, accuses the agency of regulatory overreach and constitutional violations.

The plaintiffs argue that the SEC has exceeded its authority by implementing rules without congressional approval, particularly in crypto regulation.

This lawsuit reflects broader concerns about the SEC’s enforcement practices under Gensler, with accusations that the agency bypassed due process.

Coinbase Simplifies Fiat-to-Crypto Conversion with Apple Pay

Lele Jima
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0
Coinbase Simplifies Fiat-to-Crypto Conversion with Apple Pay

San Francisco-based exchange Coinbase streamlines fiat-to-crypto conversion following the integration of Apple Pay into its Onramp tool.

According to an official announcement, Coinbase integrated Apple Pay with Coinbase Onramp, a tool that allows developers to include onramps into their apps. This initiative will enable users to convert their fiat currencies to cryptocurrencies in seconds. 

Coinbase Onramps Simplifies Fiat-to-Crypto Conversion  

The San Francisco-based exchange noted that converting fiat to crypto has been difficult in the past. Specifically, users had to undergo intensive KYC requirements and use multiple apps for fiat-to-crypto conversions.  

However, Coinbase Onramp eliminates this hassle by reducing friction through lightweight KYC for all eligible crypto purchases. Moreover, users also enjoy free off/onramping for USDC. 

Interestingly, the integration of Apple Pay with Coinbase Onramp simplifies the process of adding fiat onramps into apps. This allows users to easily purchase popular cryptocurrencies like Bitcoin (BTC) using Apple’s payment services. 

With Apple Pay integrated as a payment method on Coinbase Onramp, users can convert their fiat currencies to cryptos in seconds. Per the announcement, apps using Coinbase Onramp will automatically add Apple Pay to the list of payment methods without any action from the developers.

Furthermore, the exchange attached a video to the blog post illustrating crypto purchases with Apple Pay on Moonshot. For context, Moonshot is one of the apps using Coinbase Onramp to facilitate fiat-to-crypto purchases for its users. 

Apple Further Embraces Cryptos 

Meanwhile, the development further enhances Apple’s relationship with crypto. The iPhone maker initially had trouble embracing cryptocurrencies. It has a history of removing crypto exchange apps from its App Store, as witnessed earlier this year when it deleted Binance and Kucoin from the platform. 

In 2019, the company refused to allow crypto purchases through its credit card. Interestingly, it has become more friendly with crypto, with businesses leveraging its payment services to drive crypto purchases. 

As reported earlier, Uphold integrated Apple Pay with its Topper platform, allowing users to purchase over 200 cryptos, including XRP.

Shiba Inu Welcomes 7,548 New Wallets as SHIB Price Spikes by 72%

Albert Brown
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Shiba Inu Welcomes 7,548 New Wallets as SHIB Price Spikes by 72%

Shiba Inu has seen 7,548 new wallets joining the ecosystem amid a 72% gain in SHIB monthly performance.

In recent weeks, Shiba Inu has showcased impressive growth, establishing itself as a standout large-cap altcoin. SHIB has surged by more than 17% since last week and over 72% since November.

Simultaneously, Shiba Inu’s network has seen sustained growth, with metrics for address activity pointing to increasing engagement and utility on the Shiba Inu blockchain.

Shiba Inu Network Growth

Santiment data reveals a significant uptick in Shiba Inu’s network growth, with the creation of 7,548 new wallets recently recorded. This surge aligns with heightened crowd engagement across several altcoins, as noted by Santiment. 

Similar trends were noted in XRP and Band Protocol (BAND), with 22,357 and 35 new wallets created, respectively.

Santiment suggests that these increases indicate growing interest and activity, though they may also lead to price volatility in the short term. Over the long term, rising network utility is viewed as a positive development for blockchain adoption.

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Rising Shiba Inu Address Activity and Speculative Behavior

Address activity further underscores Shiba Inu’s growth trajectory. Data from IntoTheBlock shows significant increases in key address metrics. Over the past seven days, new addresses rose by 62.54%, while active addresses increased by 57.88%. 

SHIB Address Activity
SHIB Address Activity

The uptick in zero balance addresses, which climbed by 62.01% over the same period, suggests a mix of profit-taking and heightened liquidity.

Such patterns are often observed during bull markets, reflecting speculative exits and intensified transaction volumes. Notably, these metrics have historically correlated with price rallies, emphasizing the importance of user engagement.

SHIB Large-Scale Inflows

Shiba Inu also saw substantial inflows from large holders, further bolstering its market position. Over the past week, large inflows rose by 4.78%, indicating steady activity.

SHIB Large Holders Inflows
SHIB Large Holders Inflows

Overall, November saw a dramatic 1,270.02% increase in inflows, coinciding with notable price rallies and renewed investor interest. Over the last three months, inflows have grown by 906.55%.

Expert Explains Why XRP Could Dump to $0.60 and Lose All Its Gains

Abdulkarim Abdulwahab
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Expert Explains Why XRP Could Dump to $0.60 and Lose All Its Gains

A market observer warns of a potential price drop to $0.60 for XRP amid the ongoing frenzy, while proponents counter the arguments as FUD.

XRP has continued to amaze the crypto market as its ongoing bull run shows no signs of slowing down. Its price is now approaching the $3 range.

While this performance has been remarkable, especially considering a massive 450% growth over the past 30 days, critics are now voicing concerns about the sustainability of the uptrend. They point to underlying weaknesses that could spell trouble for those entering the market at the peak of the hype.

One widely followed market commentator, “IncomeSharks,” has raised red flags regarding XRP’s supply, and the volume of tokens still locked in escrow. The analyst highlighted that over 43% of XRP’s total supply is not yet circulating. He drew a comparison to a hypothetical meme coin where the developer owns 43% of the total supply. 

“XRP Could Dump to $0.60”

According to IncomeSharks, this situation is one of the key reasons why XRP is “disliked” in the community. The commentator argued that XRP’s price actions have historically followed a pattern of “pump and dump.”

To support this, IncomeSharks shared a historical chart showing how XRP surged from just a few cents in 2017 to its all-time high in January 2018, only to experience a significant price crash months later. A similar pattern was observed during the 2020/2021 market cycle. However, this occurred on the back of the SEC vs. Ripple lawsuit.

Accordingly, the analyst’s chart warns that the 450% gains XRP has enjoyed since November could soon be wiped out. The data projects a potential drop from its current peak near $3 to as low as $0.60 in the coming weeks. This would mark a 77% price drop from current levels.

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XRP chart shared by IncomeSharks

Furthermore, IncomeSharks argues that when the XRP pump inevitably fades, hundreds of billions will flow into other projects. He claims those who have been patient will reap the rewards. On the other hand, those who FOMO-buy XRP at the peak will be left holding the bag for another five years.

XRP Army Counters Claims

However, XRP proponents have resisted IncomeSharks’ claims. Commentators like Moon Lambo point out that virtually all crypto assets, including Bitcoin, experience periods of heightened euphoria followed by price drops, noting this pattern is not unique to XRP.

Comment on XRP run
Comment on the XRP euphoria

Meanwhile, others have refuted the accusations concerning XRP’s circulating supply. Technical analyst “CrediBULL” explained that no meme coin has tokens locked in escrow, released gradually over extended periods. He emphasized that the broader crypto community is well aware of XRP’s supply dynamics but chooses to ignore this fact to fit a flawed narrative.

Ongoing FUD is a Bullish Sign for XRP

Similarly, market commentator Cryptoinsightuk argued that the ongoing FUD surrounding XRP is actually a positive sign. He claims that the present rend implies XRP has yet to reach the peak of its rally.

He noted that influencers are spreading misinformation about XRP on social media because they have “mentally disregarded” the asset. “When they convert to positivity, I’ll be more cautious,” he said.

Additionally, Cryptoinsightuk clarified the misconception that XRP experiences monthly inflation of 1 billion tokens. While it’s true that Ripple unlocks 1 billion XRP each month, 800 million tokens go back to escrow. 

As a result, only 200 million tokens are released into circulation each month, which he believes has minimal impact on the market price.

Analyst Says He Likes Shiba Inu a Lot From Here, Predicts a Surge to $0.00006937

Elendu Benedict
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0
Analyst Says He Likes Shiba Inu a Lot From Here, Predicts a Surge to $0.00006937

With Shiba Inu consolidating from its latest push to a multi-month high, a notable analyst has asserted that the token will target a further uptick to $0.00006937.

The second-largest meme coin by market cap has entered yet another consolidatory phase after a recent price outbreak. For context, Shiba Inu surged to an over eight-month high of $0.000033159 on the first day of December.

However, the meme coin has corrected over 10% from the multi-month high to its current market price. Notwithstanding, Shiba Inu is still up 19% in the past seven days as bullish sentiment persists.

Meanwhile, analyst TSLA Tracker has speculated on Shiba Inu’s next bullish upswing from the current price level. In a December 2 tweet, the commentator confirmed that he expects Shiba Inu to breach the $0.00006 price level.

Shiba Set for a 130% Surge to $0.00006937

TSLA Tracker stated that he likes the Shiba Inu price setup from here. He shared a chart indicating how the meme coin has nicely followed a clear price pattern.

Shiba Inu Analysis

Furthermore, the accompanying chart shows that the analyst expects further upsides for the meme coin. Specifically, the market speculator predicted a 134% surge from the current price level to $0.00006937.

Meanwhile, notable market analyst Javon Marks confirmed Shiba Inu’s bullish outlook. He tweeted that the meme coin’s surge to the multi-month price high is a show of strength.

As a result, Marks expects the bullish momentum to spur an uptrend close to its current all-time high. The commentator asserted that Shiba Inu’s next target is a 172% upswing to $0.000081.

Shiba Inu Analysis

With Shiba Inu giving up some of its latest gains, the market shows mixed indications for the meme coin. For context, its relative strength indicator on the 4-hour timeframe stands at 57.08, indicating the token has more upside before entering overbought territory.

However, the MACD indicator suggests a further bearish outlook for Shiba Inu as the MACD line widens from the signal line. The former stands at 0.00000088, with the latter at 0.00000104.

Shiba Inu Analysis
Shiba Inu 4h Chart

Meanwhile, Shiba Inu’s trading volume has dropped 55% to $2.73 billion in the past 24 hours, signaling reduced trading activity. Traders’ leverage appetite toward the token also dropped, with derivative volume slipping 53% to $715.5 million.

At the time of writing, SHIB trades at $0.000030225, up less than 1% in the past 24 hours.

XRPL Account Reserve Reduced to 1 XRP as Operating on XRPL Now 10x Cheaper

Lele Jima
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0
XRPL Account Reserve Reduced to 1 XRP as Operating on XRPL Now 10x Cheaper

The XRP Ledger (XRPL) account and object reserve fees drop by a whopping 90%, potentially paving the way for greater network participation. 

Prominent XRP community figure Vet called the public’s attention to the development today, noting that XRPL’s account reserve is now 1 XRP ($2.73). This represents a significant reduction of 90% from the previous fee of 10 XRP ($27.3).  

XRPL Labs Founder and XRP Proponents Advocate for Reserve Fee Reduction  

It is worth mentioning that the fee was previously set at 10 XRP to prevent the creation of spam and inactive accounts on XRPL. While the move protected the ledger from spammy activities, some XRP proponents, like XRPL Labs founder Wietse Wind, argued that the requirement had impeded the growth of the blockchain. 

In October, he voted in favor of a proposal to drastically reduce the account reserve fee by 90% from 10 XRP to 1 XRP. As reported earlier, Wind opined that lowering the fee could bolster accessibility to XRPL, particularly for users residing in regions with limited purchasing power. 

Besides Wind, other crypto enthusiasts, such as Bitcoin investor Davinci Jeremie and XRPL-based protocol SpendTheBits, shared a similar sentiment. In November 2023, SpendTheBits created an X poll, asking XRP enthusiasts to vote on what they believe should be the appropriate fee for activating a wallet on XRPL. 

Notably, 54.3% of the participants voted for a 90% reduction to 1 XRP in the account reserve fee. Several months after the community revealed its preference for this fee, Wind voted on a proposal in October to implement this requirement. 

Excess XRP Freed Up in Accounts Amid Object and NFT Reserve Fees Reduction 

In addition to the reduction in account reserve fee, the reserve fee for trustlines, objects, or NFTs also dropped 90%. The fee dropped to 0.2 XRP ($0.546) from its initial value of 2 XRP ($5.46). 

Following this reduction, the excess XRP tokens previously locked in reserves are freed up in users’ on-chain wallets. Popular XRPL-based crypto wallet Xaman confirmed this development in an X post today, emphasizing that its users can now access and use the excess XRP. 

Highlighting the significance of the reduction, Xaman emphasized that operating on XRPL is now 10x cheaper compared to before.

The significant reduction in account and object reserve fees coincides with a rapid surge in XRP’s price, which has increased by 443.15% in 30 days to $2.73. Notably, a month ago, the initial 10 XRP ($27.3) reserve fee was worth $5.

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