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Bloomberg Analyst Gives Best Date to Submit Dogecoin ETF Application

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Bloomberg’s senior ETF analyst Eric Balchunas has recently predicted a date for a Dogecoin ETF filing as the concept gains momentum.

Dogecoin has been at the center stage of this cycle’s bull run. Aside from its recent outstanding price performance, the token’s ties with Elon Musk have facilitated growing traction toward the meme coin.

Interestingly, Elon Musk has stated that he has no serious involvement with Dogecoin. However, his role in creating the Department of Government Efficiency (D.O.G.E.) parastatal, named after the leading meme coin, represents one of the moves from him exciting Dogecoin proponents.

While Dogecoin remains a joke coin, its growing popularity has sparked speculation about an exchange-traded fund that tracks the asset’s performance. With the clamoring piling up, Bloomberg’s senior analyst Eric Balchunas recently teased the idea.

Best Date to Submit a Dogecoin ETF

In response to an X post, Balchunas noted that December 31 is the best time to apply for a Dogecoin ETF. 

In the context of his comment, the ETF expert seems to be echoing the input from ETF Store’s president, Nate Geraci. For context, Geraci squarely told a user asking when an issuer would file for a Dogecoin ETF that it was a “no brainer.”

The ETF Store president argued that any issuer applying for a DOGE ETF could be doing so for brand publicity rather than financial gains, implying that the filing would be a marketing stunt to endear itself to the Dogecoin community. Notably, a similitude of this move is the XRP ETF application from newly debuted asset manager Canary Capitals.

Meanwhile, Balchunas stated earlier that a Dogecoin ETF is not as odd as it looks. While noting that he is surprised no issuer has filed for the product, he hinted that an application could be imminent.

Impending Cardano ETF Filing?

Notably, an update on filings from notable ETF issuers preceded Geraci’s Dogecoin comments. The president mentioned crypto assets with an ETF filing awaiting approval from the US Securities and Exchange Commission (SEC), including Solana, XRP, and most recently, Hedera.

Following the update, Geraci asserts that he sees at least one issuer eventually applying for a Cardano or Avalanche ETF. The two heavyweights are notable assets in the crypto industry, sitting in the ninth and thirteenth places on the market cap rankings, respectively.

Notably, Trump’s administration is teasing a friendlier crypto regulation for digital assets, which would likely lead to more ETF approvals. If this pulls through, analysts expect an ETF application frenzy.

Shiba Inu Eyes Surge To $0.000039 Amid 1.67T SHIB Withdrawal From Exchanges

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Shiba Inu could experience a double-digit price spike as investors withdraw over 1 trillion SHIB from crypto exchanges. 

Prominent crypto chartist Ali Martinez made this suggestion yesterday while analyzing Shiba Inu’s price action. According to Martinez, Shiba Inu investors withdrew a whopping 1.67 trillion SHIB tokens from exchanges to their external wallets in 24 hours. 

Crypto assets transferred off exchanges are less likely to be sold anytime soon, potentially reducing selling pressure. Interestingly, the analyst noted that Shiba Inu had witnessed a similar surge in exchange outflow in the past, leading to a price surge of 62% at the time.

The recent rise in SHIB withdrawals from exchanges reduces the number of tokens available for immediate trading on these platforms, which could position Shiba Inu for a double-digit price surge. 

Shiba Inu Faces Major Resistance at $0.000025 

In a follow-up post, Martinez suggested that Shiba Inu is struggling to surpass a major resistance at $0.000025. The $0.000025 marks a crucial point at which 40,150 addresses acquired 54.6 trillion SHIB. 

Some investors who acquire SHIB around this level may offload their holdings at any sign of a price surge. Nonetheless, the expert stated that should Shiba Inu overcome this resistance, its price could rally to around $0.000039. 

Bull Flag Pattern Hints at Potential Surge to $0.000037 

Furthermore, Martinez identified a Bull Flag pattern on Shiba Inu’s chart, signaling a potential upward trend for the asset. For context, this pattern typically appears on an asset’s chart after a consolidation phase accompanies a strong price rally. 

Market watchers consider its appearance as a sign that the asset is preparing for another major rally. According to Martinez, the Bull Flag pattern on Shiba Inu’s chart could push SHIB to $0.000037. 

However, he emphasized that Shiba Inu must first overcome the resistance at the $0.000025 mark before reaching the $0.000037 target. Hitting this target requires Shiba Inu to surge 53.65% from the current price of $0.00002408. 

FLOKI Eyes New ATH After 128% Rally: Can It Break $0.0006?

The impressive 128% rally in FLOKI now targets the neckline at $0.00032049, aiming for a breakout that could push the price to a new all-time high.

As the broader market rebounds, with Bitcoin recently hitting a new all-time high at $97,900, meme coins are making significant moves. Floki, in particular, stands out, posting a 7.21% jump and delivering a remarkable 700% return over the past year. 

Meme Coins
Meme Coins

The market cap of meme coins is standing tall above the $110 billion mark and preparing for a bullish trend ahead. Will the ongoing recovery in the broader market, coupled with the rise of meme coins, propel Floki’s price to new all-time highs? Let’s take a closer look.

Floki Price Analysis

On the daily chart, FLOKI shows a powerful reversal rally, having surged 128% in just 17 days after bouncing from the $0.000146 support level.

FLOKI Price Chart
FLOKI Price Chart

Currently, FLOKI is trading at $0.00026, surpassing the key 78.60% Fibonacci level at $0.00025. This marks an important psychological milestone, and the recent bullish engulfing candle reinforces the uptrend.

Supporting this bullish outlook, the overnight surge has caused an uptick in the VI lines of the DMI indicator. This delayed the negative crossover and contributed to an increase in the ADX line, signaling stronger trend momentum.

Additionally, the exponential moving averages (EMAs) for the 50-day, 100-day, and 200-day periods remain positively aligned, further supporting the bullish trend.

Will FLOKI Hit a New ATH?

A minor intraday pullback of 1.30% serves as a slight retest of the critical breakout zone. The price action suggests a rounding reversal that is now positioning FLOKI to challenge the neckline at the previous swing high of $0.00032049.

After this retest, a bounce back could see the price targeting a new all-time high above $0.003487. Fibonacci retracement levels suggest potential price targets of $0.00042 and $0.00062, corresponding to the 1.272 and 1.618 Fibonacci extensions, respectively.

On the flip side, a slip below the 78.60% Fibonacci level would bring the price down to retest support levels at $0.000227 or $0.00020.

Analyst Says Dogecoin To Rise Further, Identifies Rounded Bottom Structure

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A prominent crypto analyst, Cobra Vanguard, has highlighted a bullish structure forming on Dogecoin’s weekly chart. 

His recent analysis suggests the meme coin could be gearing up for a rally toward the $1 mark, a psychological level DOGE has been eyeing for years. The latest analysis comes on the back of Dogecoin’s recent uptrend, which saw it rise to $0.44 before facing a pullback.

Dogecoin’s Rounded Bottom and AB=CD Pattern

Cobra Vanguard shared a weekly chart revealing a rounded bottom pattern that has developed for Dogecoin since early 2021. This is a bullish structure that often indicates an upcoming price breakout following an extended consolidation. 

For the uninitiated, a rounded bottom indicates growing market accumulation, where bearish momentum tapers off, setting the stage for a bullish resurgence. In Cobra Vanguard’s chart, the Dogecoin price has recently broken out of the rounded base at $0.35 and is currently at $0.39.

DOGE 1W Chart Cobra Vanguard
DOGE 1W Chart | Cobra Vanguard

The analyst predicts an AB=CD harmonic pattern, where the price could rally toward $0.68. This represents a 1,241% Fibonacci projection from the base of the pattern. Moreover, Fibonacci extensions suggest further resistance zones at $0.65 (85.54% measured from the breakout) and ultimately $1.

Interestingly, the volume confirms this bullish outlook. Increasing buy-side activity accompanies the breakout, confirming strong momentum. If sustained, the pattern completion could send Dogecoin into uncharted territory, mirroring its meteoric rise in early 2021.

Dogecoin Short-Term Outlook 

Meanwhile, the daily DOGE chart shows the meme coin’s short-term outlook as it eyes the $1 level. Dogecoin is currently consolidating at nearly $0.39 after its significant rally. Fibonacci retracement levels from the recent low at $0.13 to the local high at $0.44 show support and resistance zones.

The current price is testing the 0.786 Fibonacci retracement level at $0.38, acting as a pivotal short-term resistance. A sustained breakout above this level could propel the price toward $0.44 (the recent high).

Dogecoin 1D Chart
Dogecoin 1D Chart

Notably, a push above $0.44 could bring Dogecoin face-to-face with the resistance at the upper Bollinger Band ($0.4832). Breaking this level could potentially lead to $0.63, which aligns with the 1.618 Fibonacci extension. DOGE’s last resistance below $1 sits at the Fib. 2.618 level around $0.9484. 

However, if a pullback occurs, the 0.618 ($0.29) and 0.5 ($0.25) retracement levels provide strong buying opportunities. The daily Bollinger Bands are also tightening, indicating a breakout could be imminent. This shows market indecision, often preceding massive price movement.

Bloomberg Reveals Why Cardano is Surging as ADA Outperforms BTC with 100% Gains

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Bloomberg highlights Cardano’s incredible post-election performance and identifies the potential reason behind this surge. 

During a recent edition of Bloomberg’s China Show, co-host Yvonne Man commented on the post-election performance of top crypto assets, particularly Bitcoin (BTC) and Cardano (ADA).

ADA Outperforms Bitcoin Post-Election Gains 

Notably, the presenter pointed out that Bitcoin has drawn significant attention since the election, surging 46%-47% to around $92,000 within this timeframe. 

However, Yvonne stressed that Cardano has outperformed Bitcoin’s gains since early November. She emphasized that ADA’s price has soared nearly 100% since after the election, outperforming BTC along the line. 

Cardano outperforms Bitcoin post election gains
Cardano outperforms Bitcoin post-election gains

For context, ADA has witnessed substantial gains since the U.S. election, which led to the victory of pro-crypto president Donald Trump. It bears mentioning that ADA was trading around $0.35 on election day. Although ADA had a slow start compared to Bitcoin after Trump’s victory, it later participated in the broader market rally, surging to $0.8466 yesterday. 

Reason Behind ADA Surge 

Interestingly, Yvonne attributed ADA’s price surge to Cardano founder Charles Hoskinson’s recent engagement with U.S. lawmakers. 

The Cardano founder has been active since the election, discussing with prominent stakeholders within the crypto and political sectors. This could potentially provide regulatory clarity for ADA, which the SEC labeled a security last year. 

Earlier this week, he revealed his engagement with U.S. lawmakers as part of efforts to advocate for a comprehensive crypto framework. 

Hoskinson Pushes for Crypto-Friendly Regulation in the US  

Notably, Hoskinson reiterated that he was still actively discussing with lawmakers during his latest appearance on Bloomberg. 

According to him, the discussion is focused on establishing a crypto commission that will oversee regulations across different crypto sectors, ranging from exchanges to stablecoin. 

He revealed that his engagement is centered on the executive and legislative approach to cryptocurrency, with an emphasis on resolving the debate regarding whether cryptos should be classed as securities or commodities. 

Hoskinson pointed out that previous attempts to obtain regulatory clarity through the legislative arm of government have not been successful, citing the Digital Commodity Exchange Act (DCEA). Although introduced in 2022, this legislation is still pending before the House Committee on Agriculture. 

On the executive arm, Hoskinson mentioned Trump’s promise to prioritize crypto innovation. However, he stated that the U.S. President-Elect might face the challenge of effectively coordinating with lawmakers. 

Furthermore, he emphasized that the potential replacement of SEC Chair Gary Gensler with a pro-crypto chairperson could significantly impact the U.S. crypto regulatory landscape.  

Currently, Trump is considering several individuals to replace Gensler, whom he plans to fire when inaugurated. They include former SEC official Teressa Goody Guillen, commissioner Hester Peirce, and Robinhood’s CLO Dan Gallagher, among others.    

Although Hoskinson aims to position the United States as a leader in crypto-friendly regulations, he stressed the need to ensure that the country’s crypto regulation aligns with global regulatory standards. 

Cardano Founder Meets Ripple Execs 

Besides meeting with lawmakers, Hoskinson has also engaged other prominent crypto stakeholders, including Ripple execs Brad Garlinghouse and David Schwartz. 

These interactions hint at a possible partnership between Ripple and Cardano. Notably, the speculation may have contributed to ADA’s recent price surge. In the meantime, ADA is trading at $0.7819, down 0.31% over the past 24 hours. 

Here is The level Cardano Must Hold to Maintain Uptrend

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A seasoned market analyst has provided a crucial Cardano update, marking the level ADA needs to hold to continue its latest bullish uptrend.

A few weeks back, Cardano mirrored a broader bullish momentum as it surged to a multi-year high of $0.8466, last seen in April 2022. Several factors spurred the uptrend, including a broader bullish momentum and rumors of Cardano founder Charles Hoskinson’s involvement with the US government on crypto policy.

Meanwhile, the firing cylinders are losing steam, and Cardano has retraced over 8% from the price high. Notably, the asset and most other altcoins have failed to mirror Bitcoin’s explosive push to a new all-time high of $98,000 today.

While whale accumulation data shows Cardano bulls are confident of an imminent bullish outburst, analyst Rekt Capital has provided a crucial update on the coin’s price. In a November 20 update, the market expert stated the level Cardano needs to sustain for its next upsurge.

Analyst Identifies Crucial Cardano Support

Rekt Capital claimed in the commentary that Cardano is on track for another macro bullish upsurge as momentum around the ecosystem remains dovish. However, his analysis emphasized the rally’s dependence on holding the $0.72 price mark.

The notable analyst recalled his last Cardano analysis, noting that the digital asset has surged considerably since then. The commentary noted that ADA’s bullish momentum could see it test the resistance at $0.72.

With Cardano flipping the $0.72 resistance to reach a monthly high, Rekt Capital asserts that it needs to form support around the former supply zone to sustain its bullish uptrend.

Meanwhile, despite consolidatory momentum around Cardano, the ninth-largest cryptocurrency has traded 9% up from the crucial zone. As a result, the analyst expects another leg up for ADA if things remain as they are.

Cardano’s Next Targets

As all indicators on the Cardano ecosystem suggest bullish momentum, an analysis expects ADA to target the price levels at $0.994 and $1.363. The commentary based its assertion on the asset targeting its successive Fibonacci extensions at 1.272 and 1.618, respectively.

However, higher price targets for Cardano remain, with expert Ali Martinez speculating a surge to $6. In his latest commentary, Martinez bemoaned the hate around Cardano, insisting that the asset would replicate its 2020 bull cycle performance and appreciate to $6 per coin between July and September 2025.

Meanwhile, ADA trades at $0.781 at press time, down less than 1% in the past 24 hours.

Shiba Inu Lead Mentions What to Do to Attract Major Exchanges to Shibarium

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Shiba Inu lead Shytoshi Kusama has mentioned what the ecosystem needs to do to attract major centralized exchanges to the Shibarium network.

In reaction to an X post, the pseudonymous lead explained why the Shibarium network, an Ethereum layer-2 network, has not seen mainstream CEX traction. Kusama further mentioned what must happen in the ecosystem to rectify the constraint.

Kusama Disect’s Shibarium CEX Constraints

The Shiba Inu lead’s comment followed a post from the team behind FEED, a meme coin community takeover (CTO) token. The project’s official X handle tagged Kusama while indicating its community’s major concern regarding centralized exchanges’ adoption of tokens on the Shibarium network.

The FEED team mentioned that its community and many other enthusiasts who trade meme coins on Shibarium “have given up” due to the low CEX adoption rate for tokens in the network. In response, before addressing the adoption concerns, Kusama slammed critics who misrepresented his identity in the comment section.

The pseudonymous lead insisted that mass adoption would eradicate the issues of low CEX attention to tokens on Shibarium. He further emphasized the need for mainstream adoption, noting that it equals traffic, which is what centralized exchanges feed off.

Adoption Makes All Things Shib Through: Kusama

Kusama indicated growing competition among layer-2s as centralized exchanges have started creating their own sidechains. As a result, Shibarium needs to show mass interest in it to attract exchanges to list its native tokens.

Meanwhile, the pseudonymous lead outlined steps the Shiba Inu ecosystem needs to take to create demand, which in turn attracts the big guns. He mentioned that the Shiba Inu community needs to foster partnerships, build on unique niches, and generate revenue for the foundation.

Kusama stated that the first step is to develop the chain, establish the technical foundations, build adoption on Web2, and then scale it. Furthermore, he noted that a breakout token on the Shibarium ecosystem would quickly attract major centralized exchanges, as seen in other chains. The Solana chain saw rapid adoption following the breakout of meme coins such as dogwifhat (WIF) and Bonk.

Notably, the Shiba Inu lead stated that the team is making considerable progress to boost the Shiba Inu ecosystem. This ploy is evident in innovations like building a decentralized autonomous organization (DAO) and introducing liquid staking on Shibarium.

Macro Investor Says Time Running Out For XRP As XRP Days Below Its ATH Are Numbered

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A macro investor has warned market participants about fading the positive momentum surrounding XRP, suggesting that a new all-time high is on the horizon.

XRP has been trading in the $1 price range for six consecutive days without dropping below that level. Currently changing hands at $1.11 as of press time, XRP is up by 103% over the last two weeks. This represents a significant feat for an asset that has underperformed in the market for years.

While XRP’s price action in recent weeks has been commendable, the asset remains significantly below its peak valuation. Specifically, at its current price, XRP is still trading at a 71% discount from its all-time high of $3.84.

XRP Days Below Its ATH Are Numbered

However, widely followed macro investor “Pharaoh” has asserted that XRP’s days below its all-time high are numbered. According to him, time is running out for market participants to buy XRP cheaply, around $1. Just two weeks ago, crypto enthusiasts saw the last opportunity to accumulate XRP below $1.

While those who acted earlier now benefit from the move, this analyst believes the window to buy XRP around $1 is quickly closing. The asset is expected to break from its ongoing post-bull run consolidation phase to reach a higher price threshold. He emphasized that it is just a matter of weeks before the next XRP bull run emerges.

Commenting on the post, some community members expressed the optimistic view that XRP could surpass its all-time high in days rather than weeks, given the ongoing momentum in the crypto market.

Notably, Bitcoin has broken a new peak value of $97,890 at press time. The altcoin market is preparing to capitalize on Bitcoin’s bullish momentum toward the much-coveted $100K level.

Resistance Head for XRP

Notably, XRP needs to advance by 246% to surpass its seven-year-old peak value. Meanwhile, on its journey back to $3.84, XRP faces significant resistance at its 2021 top of $1.96. It is also worth noting that XRP initially struggled to surpass its 2023 peak of $0.74 for a while before ultimately overcoming it.

Now, the $1.96 high from 2021 is XRP’s next hurdle. Prominent critic Peter Brandt agrees that successfully breaking this level would be XRP’s defining moment for a real parabolic run.

One Major Factor Supporting XRP’s Uptrend

A major factor supporting XRP’s bullish trend is the ongoing accumulation by long-term holders. Specifically, investors holding between $1 million to $100 million in XRP injected fresh capital of $526 million into the XRP market last week.

Interestingly, these investors bought the tokens from retail investors exiting XRP after the small price pump. Accordingly, this high-net-worth tier of investors controls around 45.61 billion tokens of XRP’s circulating supply. This essentially means that as long-term holders continue to buy up XRP, a supply shock could emerge, helping the price soar higher.

Bitcoin Hits $97,900, Targeting $112K as MVRV Signals Growth

The price of Bitcoin has hit an all-time high of $97,900, and it is now targeting $100K as Fibonacci levels and on-chain metrics support continued growth.

With the crypto market reaching a valuation of $3.15 trillion, Bitcoin has created a new all-time high (ATH), surpassing the $97,000 mark.

After three consecutive bullish weeks, Bitcoin’s price has risen by more than 40%, forming a triple white soldier pattern. This surge in bullish sentiment increases the chances of a potential parabolic bull run ahead.

Will this uptrend push Bitcoin prices toward the $100,000 mark this November? Let’s explore.

Bitcoin Hits $97,900, Bulls Eyeing $100,103

Following the bearish channel pattern breakout this month, Bitcoin’s bull run surpassed the 50% Fibonacci level at $83,592. Now, buying pressure continues to build toward the 78.6% Fibonacci level. This level slightly exceeds the widely anticipated $100,000 target, reaching $100,103.

Bitcoin Price Chart
Bitcoin Price Chart

Notably, reaching $100K will mark a major milestone for the digital asset market, likely as a catalyst for further gains.

Although some minor profit-taking is expected at this critical milestone, the Fibonacci extension points to the next target at $112,597.

Supporting the bullish trend, the MACD indicator shows a positive crossover with increasing bullish histograms. Additionally, the upward movement of the 50-week and 200-week EMAs projects extremely bullish underlying sentiment.

Bitcoin MVRV Ratio Supports Uptrend

The Bitcoin market value-to-realized value (MVRV) ratio signals room for further growth, reinforcing the bullish technical outlook. The current Bitcoin MVRV ratio stands at 2.56, a key metric that has historically helped predict market peaks.

Bitcoin MVRV
Bitcoin MVRV

In 2021, the market reached a peak with a ratio of nearly 3.7 and has since formed lower highs. While this lower-high trend is expected to continue, the on-chain indicator suggests there is still room for growth, and Bitcoin’s MVRV ratio is likely to surpass the 3.00 threshold in the near future.

Big Investor Buys 105B PEPE Worth $2M in One Transaction 

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An anonymous investor has drawn attention within the crypto community after acquiring a vast amount of PEPE tokens in one transaction. 

According to Lookonchain, the unknown investor spent $2 million worth of USDC to purchase 105,328,301,633 (approximately 105.33 billion) PEPE in a single transaction. 

The transaction, which marks the user’s first-ever PEPE purchase, occurred on November 20 at 06:36 p.m. (UTC). Before the transaction, the user deposited $1 million worth of USDC and an additional $999,999 to the address before scooping the 105.33 billion PEPE tokens. 

At press time, the address has a balance of 105.33 billion PEPE tokens, representing the portfolio’s largest asset by dollar value. 

Growing Confidence in Pepe Amid Price Dip 

This high-profile transaction signals significant confidence in the meme-based token’s potential. The transaction follows a massive dip that PEPE registered recently. 

Last week, PEPE spiked to an all-time high of $0.00002524 following its listing on Coinbase and Robinhood. Within hours, its market cap also skyrocketed from $8 billion to $10.46 billion.    

This massive move sparked a debate that PEPE might flip Shiba Inu (SHIB) to rank as the second-biggest memecoin by market cap. When most investors expected PEPE to overtake SHIB in the memecoin ranking, the asset began its downward journey, crashing below the $0.00002 mark. 

Expectedly, the dip prompted concerns among several PEPE investors, who chose caution over investing amid the volatility. However, this whale had a different mindset, seeing the latest dip as an opportunity to acquire PEPE at discounted prices. 

Since the beginning of this month, whales have been accumulating huge volumes of PEPE, with Lookonchain indexing some of these transactions. On November 6, three large crypto investors acquired 835.6 billion PEPE ($7.94 million) from Gate.io and Binance.

Specifically, one of the whales moved 535.81 billion PEPE, worth $5.09 million, from Binance to an unknown address. Another Binance user transferred 163.37 billion PEPE from the exchange. Lastly, an unknown whale withdrew 135.45 billion PEPE from Gate.io.

PEPE Growth Potential 

PEPE has already showcased its potential for substantial price spikes. Launched last April, PEPE started trading at an initial price of $.00000005685 on the Ethereum-based decentralized exchange Uniswap. 

The meme coin quickly caught the attention of top investors, pushing its valuation to $1 billion. Amid growing demand, PEPE eliminated three zeros from its price, leaving it with four zeros after its decimal.  

Currently, PEPE trades for $0.00001931, with a market cap of $8.13 billion. This represents a decline of 5.13% in the past day and 18.45% over the past week.