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REX Shares Launches First-Ever Bitcoin Corporate Treasury Convertible Bond ETF

Lele Jima
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REX Shares Launches First-Ever Bitcoin Corporate Treasury Convertible Bond ETF

REX Shares has announced the launch of the first-ever Bitcoin Corporate Treasury Convertible Bond ETF (BMAX). 

The recently launched financial instrument aims to grant investors exposure to convertible bonds issued by companies like MicroStrategy (now Strategy), which adopts Bitcoin as a treasury asset. 

In a press release today, REX Shares highlighted a strategy pioneered by Michael Saylor, the Executive Chairman at Strategy. The approach requires public companies to raise funds via the issuance of convertible bonds to purchase Bitcoin for their treasury. 

Last year, Strategy highlighted this approach as part of its plan to raise $42 billion to purchase Bitcoin. With more public companies utilizing this approach, REX Shares rolled out the BMAX ETF to grant investors simplified access to these bonds. 

BMAX Features 

Greg King, founder and CEO at REX Shares, highlighted the uniqueness of the BMAX ETF in a statement. According to him, this is the first ETF that grants retail investors and financial advisors access to convertible bonds of companies leveraging Bitcoin as a treasury asset. 

Prior to the launch of BMAX, King emphasized that investors had faced significant challenges accessing these bonds. However, with its inception, the ETF has eliminated the barrier, making investment in such bonds easier. 

The press release mentioned that the BMAX ETF offers a unique blend of equity upside and debt stability. This indicates that BMAX investors will enjoy protection–akin to traditional debt–with the potential for price appreciation if BTC rallies. 

“Instead of navigating the complexities of Bitcoin ownership, BMAX offers a streamlined, regulated way to engage with this market, granting investors indirect exposure to BTC via a more conservative way,” the announcement read. 

Public Companies Adopting Bitcoin as a Treasury Asset 

Since Strategy adopted Bitcoin as a treasury reserve asset in 2020, several public companies have adopted the approach. Some of these include Marathon, Metaplanet, and Nuvve. 

According to the announcement, the BMAX ETF will only expose investors to convertible bonds of public companies that adopt Bitcoin as a reserve asset. 

REX Share is an established provider of ETFs and ETNs, boasting an AUM of over $6 billion. In addition to the BMAX ETF, the company seeks to launch other crypto-related exchange-traded funds in the United States. 

In January, it submitted multiple applications to the SEC to launch seven ETFs tracking the performance of crypto assets like XRP, SOL, BTC, BONK, DOGE, ETH, and TRUMP. 

XRP Just Surpassed Ethereum’s Valuation, But There’s a Catch

Sam Wisdom Raphael
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XRP Just Surpassed Ethereum’s Valuation, But There’s a Catch

XRP has surpassed Ethereum in valuation, but this applies solely to their fully diluted market caps, which account for their total supplies.

Following its impressive run last November, XRP re-ignited optimism around its potential to surpass Ethereum in market capitalization. Notably, this confidence has concrete backing, as XRP has gained a massive 257% against Ethereum since November 2024.

This run brought the “banker’s coin” impressively close to overtaking Ethereum, especially after it flipped Tether (USDT) months back to become the third-largest crypto asset. However, it still needed substantial growth to surpass its closest rival. Meanwhile, the recent downturn is already putting a reset on things, with XRP now relegated to fourth position.

XRP Overtakes Ethereum in FDV

Interestingly, despite this market collapse, crypto analyst Miles Deutscher recently pointed out that XRP has overtaken Ethereum, but only on the fully diluted valuation (FDV) metric. 

For the uninitiated, an asset’s fully diluted valuation accounts for its market cap when considering total supply. The metric differs from the actual market cap, which only considers the asset’s circulating supply and is a true representation of its market worth.

Data from CoinMarketCap confirms Deutscher’s claims. Specifically, Ethereum now has a fully diluted valuation of $228.9 billion at press time, considering its total supply of 120.61 million tokens and the prevailing unit price of $1,899.66 per Ethereum.

Ethereum FDV CoinMarketCap
Ethereum FDV | CoinMarketCap

Meanwhile, in comparison, XRP boasts a fully diluted market cap of $231.18 billion, accounting for its total supply of 99.98 billion and the unit price of $2.31 per XRP. Notably, the $231.18 billion figure is $2.28 billion more than Ethereum’s value. 

XRP FDV CoinMarketCap
XRP FDV | CoinMarketCap

In simpler terms, this indicates that if all the XRP tokens were in circulation, including the ones locked in Ripple’s escrow accounts, the asset’s market cap would have surpassed Ethereum’s. It is important to note that, in contrast, all the Ethereum tokens are currently in circulation.

When Does It Matter?

However, this is not the first time XRP has surpassed Ethereum in FDV, with this feat occurring occasionally over the past few weeks. This is largely due to XRP’s increasing circulating supply, as more tokens leave the escrow accounts, as well as XRP’s impressive gains against Ethereum within this period.

Nonetheless, XRP is not the only inflationary asset of the duo. For context, Ethereum is also currently inflationary due to the implementation of the Dencun upgrade, which leads to fewer transaction fees and a subsequent reduction in the amount of ETH burned.

While XRP’s latest feat against Ethereum is not particularly noteworthy until it reflects in both assets’ actual market caps, the asset is currently in a good position to overtake ETH. At the current position, XRP price would need to rise 69% to $3.9 to surpass Ethereum’s market cap of $229.12 billion.

XRP Could Either Form a Bullish Double Bottom or Face Wave 5 Crash Depending on This Level

Sam Wisdom Raphael
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XRP Could Either Form a Bullish Double Bottom or Face Wave 5 Crash Depending on This Level

An analyst suggests that, from here, XRP could either form a bullish double bottom or face a Wave 5 crash depending on how it closes at a critical level.

This disclosure came from prominent market watcher EGRAG Crypto, who has emphasized the importance of the crucial price level. Notably, with XRP currently changing hands around the $2.29 range, EGRAG has identified this critical level to be the $2.63 mark.

For context, XRP relinquished this price mark during the massive collapse on March 3, which led to an 18.83% intraday crash for the token. Since then, it has persistently tried to recover the price level but resistance from the bears at lower levels have made this task difficult.

XRP Forming Bullish Double Bottom

According to EGRAG, this $2.63 mark is extremely important for XRP, as a close above or below it would determine its next direction in the near term. For instance, XRP appears to be forming a double bottom structure on the 4-hour timeframe.

Notably, a double bottom pattern springs up during a downtrend and could point to an imminent bullish reversal. The structure features two lows (or bottoms) at nearly the same level, with a peak between them. The peak represents the neckline of the structure, and the pattern is confirmed when the asset closes above this peak.

XRP Forming Double Bottom Structure EGRAG Crypto
XRP Forming Double Bottom Structure | EGRAG Crypto

Data from EGRAG’s chart shows that the first bottom formed when XRP dropped to $1.9 on Feb. 28. After the asset recovered from this low, it hit a top of $2.63 on March 6. This top represents the peak and the neckline. Meanwhile, the second bottom formed when XRP collapsed to $1.89 on March 11.

Now, as the altcoin seeks to recover from the recent drop, it needs to close above the neckline at $2.63 to confirm the double bottom structure. This would set the stage for the much-needed recovery, potentially pushing XRP to previous highs.

Wave 5 Correction Imminent?

However, EGRAG called attention to another technical structure that could materialize if XRP fails to close above $2.63. According to him, also on the 4-hour chart, XRP appears to be following an Elliott Wave structure, and is currently on the fourth impulsive wave.

EGRAG’s chart indicates that XRP is nearly done with the fourth wave, and Wave 5 could lead to a correction. The analyst suggested that if XRP does not close above $2.63, this would invalidate the double bottom and the Wave 5 structure would take effect, leading to steeper declines.

XRP Elliott Wave Pattern EGRAG Crypto
XRP Elliott Wave Pattern | EGRAG Crypto

He presented two major bearish targets for the Wave 5 downside. The first target rests on the $1.71 price level, representing the 1.414 Fibonacci extension. However, if the bearish pressure persists, the analyst expects a steeper decline to the $1.6 mark, last seen in November 2024.

Meanwhile, EGRAG recently stressed in a separate report that the asset is trapped between a critical Exponential Moving Average (EMA) and the Fib. 0.888 retracement around $2.2321.

He stressed that the asset must close the current 3-day candlestick above the Fib. 0.888 ($2.23). According to EGRAG, if it extends further to close the candle above the crucial EMA, this would be bullish for the market. Currently, XRP appears to have pushed above the Fibonacci 0.888 mark, currently trading for $2.29.

“In a Way, the Bitcoin Bull Market Hasn’t Even Started Yet”: Researcher Tuur Demeester

Okoya David
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“In a Way, the Bitcoin Bull Market Hasn’t Even Started Yet”: Researcher Tuur Demeester

Bitcoin may have yet to kick off its bull market cycle, according to prominent Bitcoin maximalist and researcher Tuur Demeester.

“In a way, the bitcoin bull market hasn’t even started yet,” Demeester wrote on X on Thursday, March 13.

The analyst’s rationale for this lies in the chart of Bitcoin expressed in gold. He shared the monthly candlestick for Bitcoin against gold chart, highlighting that the Bitcoin bull market has only really kicked off after the digital asset had registered a clean break of its all-time against the precious metal. He pointed out that this pattern played out in 2017 and 2021.

Bitcoin expressed in gold monthly candlestick chart
Bitcoin expressed in gold monthly candlestick chart. Source Tuur Demeester

Presently, this all-time high turned resistance is within the 36-ounce to 40-ounce range or about 1 kg to 1.1 kg. Demeester argued that this could be Bitcoin’s inflection point in 2025.

Interestingly, zooming out on a log chart, Bitcoin appears to be replicating its price action against gold just before its nearly 20x rally in 2017.

Per the chart, Bitcoin also looked to be forming a double-top pattern against gold at the time after hitting 1.1 ounces or 31.1 grams, before breaking to the upside.

Log chart of Bitcoin in grams of gold
Log chart of Bitcoin in grams of gold. Source: Tuur Demeester

Demeester highlighted that a break above the 36 ounces to 40 ounces or 1 kg to 1.1 kg range could take Bitcoin near 353 ounces or about 10 kg of gold. 

At current rates, 10 kg of gold is worth over $945,000. This represents an over 10x price potential for Bitcoin from its current price of about $83,300.

Demeester’s analysis comes as the market appears jaded amid uncertainty sparked by geopolitical concerns. This prevailing uncertainty has not even been lifted by recent data suggesting cooling inflation in the U.S.

Bitcoin ETF Investors Holding Strong Despite Painful Decline: Bloomberg Analyst

Okoya David
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Bitcoin ETF Investors Holding Strong Despite Painful Decline: Bloomberg Analyst

Bloomberg Senior ETF analyst Eric Balchunas suggests Bitcoin ETF investors are in for the long haul.

Bitcoin, the largest cryptocurrency by market cap, has undoubtedly seen better days. At the time of writing, the asset is trading around $82,800, down 11.5% year-to-date (YTD), and 24.5% from its $109,600 all-time high from January 2025.

But despite the rout, one class of Bitcoin investors are holding on.

Boomers Showing Diamond Hands

“The boomers are showing y’all how it’s done,” Bloomberg Senior ETF analyst Eric Balchunas declared on Thursday, March 13, sharing data suggesting that Bitcoin ETF Investors have “held strong” despite the asset’s recent turbulence.

Specifically, Balchunas shared a chart showing that cumulative Bitcoin ETF inflows have only reduced to $35 billion from their peak of $40 billion.

Considering a cumulative asset under management of $115 billion, the analyst explained that 95% of cash invested in these investment vehicles has not budged amid declining market sentiment.

Cumulative Bitcoin ETF flows

Cumulative Bitcoin ETF flows. Source: Bloomberg IntelligenceOne likely reason for this is that these investors are no strangers to turbulent market conditions and are long-term biased. As highlighted by the Bloomberg analyst, these investors also consistently poured money into U.S. stock ETFs during significant drawdowns in 2020 and 2022 and are still doing the same this year.

Another likely reason Bitcoin ETF investors are not budging is risk management. Bloomberg’s Balchunas noted that Bitcoin mostly constituted 1% to 2% of these investors’ portfolios.

Balchunas’ bird’s-eye view of Bitcoin ETF investors’ activity will likely offer respite to those avidly following recent daily flows to these products.

For context, before Wednesday, March 12, Bitcoin ETFs had recorded net outflows for seven consecutive days totaling $1.5 billion. Outflows briefly paused on Wednesday as these products saw $13.33 million in net inflows but resumed again on Thursday, March 13, with net outflows totaling $143.3 million.

US Senate Banking Committee Approves GENIUS Stablecoin Bill

Lele Jima
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US Senate Banking Committee Approves GENIUS Stablecoin Bill

The U.S. crypto industry is moving a step closer to having stablecoin regulation signed into law as the Senate Banking Committee approves the GENIUS Act. 

The approval came on Thursday with an 18 to 6 vote in favor of the bill. This approval marks a major step toward President Donald Trump signing the stablecoin bill into law. For context, GENIUS stands for the Guiding and Establishing National Innovation for U.S. Stablecoins Act

Next Line of Action 

Following the Senate Banking Committee’s approval, the bill will be sent to the full Senate for passage. It is worth noting that a similar version of the GENIUS Act is also awaiting approval in the House of Representatives. 

Hence, both bills must be combined before being signed into law to regulate stablecoin issuers at the federal level. 

Debates Leading to GENIUS Act Approval 

The approval follows a committee hearing that lasted over two hours. Although the GENIUS Act received bipartisan support, some Democratic Senators proposed additional measures to include regulatory limits and controls.  

Crypto critic Elizabeth Warren (D-MA) expectedly expressed concerns about the passage of the GENIUS Act, emphasizing that it poses national security risks. 

During the hearing, she criticized the idea of moving forward with the bill amid reports that the President is seeking to develop his own stablecoin via a partnership with a company ‘notorious for breaking the law.’

The report Warren cited relates to alleged discussions between Trump’s family project World Liberty Financial, and Binance. For context, WSJ reported that Binance sought a presidential pardon for its founder, Changpeng Zhao (CZ), in exchange for a business deal with World Liberty. However, CZ denied this claim, noting that the WSJ report was misleading. 

Despite CZ’s statement, Warren still thinks it is improper to advance the GENIUS Act amid the rumors, asserting, “We’ll regret this!” 

In contrast, Republicans on the Senate Banking Committee, including Senator Tim Scott, defended the process. Senator Scott, who chaired the Committee, noted that the approval aligns with the Committee’s commitment to providing U.S. investors with regulatory clarity. 

In his view, the advancement of the stablecoin bill will “keep innovation on American soil rather than driving it overseas.” 

New Amendments 

Meanwhile, the committee made some bipartisan amendments to the GENIUS Act before its approval. Eleanor Terrett, a pro-crypto journalist and host of the Crypto America Podcast, highlighted some of these amendments in a tweet yesterday. 

They include clarifications for payment stablecoins not issued by permitted issuers, the prohibition of using deceptive names for stablecoins, and the prioritization of stablecoin customers over creditors during a bankruptcy. 

Ripple CEO Reacts 

Reacting to the development, Ripple CEO Brad Garlinghouse declared that stablecoin regulation is moving forward in the United States. 

He took a moment to appreciate the commitment of some Senators like Bill Hagerty, Cynthia Lummis, Kirsten Gillibrand, and Tim Scott for their efforts on the GENIUS Act. 

Cardano Foundation and Input Output Clash Again as Budget Debates Heat Up

Okoya David
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Cardano Foundation and Input Output Clash Again as Budget Debates Heat Up

Cardano ecosystem budget talks revive Cardano Foundation and Input Output conflict.

From achieving full decentralized governance to voting on a constitution, the Cardano ecosystem has marked several major governance milestones in recent weeks.

Yet, a long-running conflict between the Cardano Foundation, a non-profit tasked with fostering the network’s adoption, and Input Output, the primary development firm behind the network, threatens to tear the community apart.

This conflict has again come to the fore as discussions around the ecosystem’s 2025 budget heat up.

Cardano Budget Talks

Spearheaded by Intersect, a member-based Cardano organization designed to allow the community to drive development initiatives, the Cardano community has been deep in budget talks since October 2024.

Following consultations, the group published a budget draft proposal in February 2025. Negotiations on possible adjustments, factoring community feedback, are set to continue into May 2025.

Over the past 24 hours, however, Cardano ecosystem budget talks have seen a shift in focus following feedback from the Cardano Foundation. At issue are proposed cuts targeting funding for Input Output operations.

A 30M+ ADA Cut

The Cardano Foundation proposed a 30% reduction in Intersect’s suggested Cardano 2025 ecosystem budget, with the biggest nominal cut coming from the core development funding, including steering of technical efforts and open-source development, meant to go to Input Output.

Specifically, the Cardano Foundation proposed a 44% or over 31 million ADA reduction in the Input Output allocation from 69.8 million ADA to 38.8 million ADA, sparking major backlash.

Summary of proposed budget cuts from the Cardano Foundation
Summary of proposed budget cuts from the Cardano Foundation. Source: Cardano Foundation

One user argued that significant cuts to this budget category are questionable as protocols and open-source libraries remain “major bottlenecks” for Cardano. Another stressed that research and engineering efforts remain the network’s unique selling points.

“To me this proposal looks like CF is trying to undermine IOG. Makes no sense to cut on research and engineering as this is one of our USPs,” the community member wrote.

Cardano founder Charles Hoskinson pushed the narrative by responding to this comment with a GIF captioned “This guy gets it.”

These sentiments come against a backdrop of months-long claims of undue Swiss government control over the non-profit and organized efforts to undercut Input Output that have devolved into verbal exchanges online.

A Diligent Review?

Despite the prevailing community sentiment, the Cardano Foundation has pushed back against claims that proposed budget cuts were driven by spite.

“There was a call for feedback, which we answered and diligently reviewed all the budget line items of the various proposals. It is my opinion that as an active participant in the governance space on Cardano the CF has an obligation to provide input,” Cardano Foundation Governance Lead Nicolas Cerny wrote in response to the backlash.

In the detailed spreadsheet seen by The Crypto Basic, the Cardano Foundation lists a lack of details, item overlaps and duplication as part of the rationale for proposed cuts.

Meanwhile, Cerny has advocated that the Cardano community push for more projects leveraging the network’s open-source tools to contribute to development.

“Doesn’t sound very sustainable to me if the treasury always subsidizes development and maintenance costs of said public goods,” he wrote. 

Navigating the growing divide between the Cardano Foundation and Input will likely be critical to Cardano’s success as the community gains an increasing say in the network’s direction.

Shiba Inu Burn Rate Soars 27,787% as 459 Million SHIB Removed From Circulation

Albert Brown
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Shiba Inu Burn Rate Soars 27,787% as 459 Million SHIB Removed From Circulation

A major Shiba Inu burn transaction on March 13 removed 459.29 million SHIB from circulation, driving a 27,787.67% surge in burn rate.

The significant SHIB burn comes amid the token facing downward pressure over the past month. Shiba Inu price recorded a 7.14% drop in the past week despite a 2.4% gain in the last 24 hours. As of today, SHIB trades at $0.00001249.

Significant Burn Activity Amid SHIB Price Spike

The recent slight recovery coincided with heightened burn activity within the SHIB ecosystem. A major transaction occurred at 16:09:47 PM UTC on March 13, transferring 459.29 million SHIB to a dead wallet. With the current price at $0.00001249, these tokens are worth $5,736.

Typically, token burning permanently removes SHIB from circulation, reducing supply. If demand remains steady or increases, this could impact price movements.

Several other burn transactions followed, including removals of 14.62 million SHIB, 13.67 million SHIB, and 12.84 million SHIB within the past 24 hours. 

Notably, data from Shibburn, a community burn tracker, showed that as of Thursday, 1.81 million SHIB were burned in the past 24 hours, marking a 112.85% increase. However, that day, the weekly burn volume declined by 47.46% to 57.63 million SHIB.

Following the massive burns later, the burn rate saw a sharp 27,787.67% increase in the past day, with 505.61 million SHIB burned by this writing.

Shiba Inu burn
Shiba Inu burn rate today

Moreover, the latest metrics from Shibburn indicate a market cap of $7.35 billion, reflecting a 2.42% rise in 24 hours. The total SHIB supply remains at 589.5 trillion, while the staked amount stands at 4.90 trillion. 

Technical Indicators Signal Bearish Momentum

Meanwhile, market analysts are weighing in on Shiba Inu’s potential price movements. A 12-hour SHIB chart from TradingView suggested a continued downtrend, with the token trapped in a descending channel. 

The analyst projected an additional 20% decline, citing the absence of breakout signals. A critical support level at $0.0000090 had been identified. However, this bearish projection has yet to materialize as SHIB has started recovering gradually.

Community Remains Optimistic Despite Challenges

Despite the bearish sentiment of some analysts, other commentators maintain an optimistic outlook for SHIB. Luis Delgado emphasized that significant price surges have occurred before, reinforcing the belief that SHIB could reach $0.01. 

Shiba Inu’s marketing lead Lucie reaffirmed confidence in long-term growth elsewhere. Holding SHIB since 2021, she expressed belief that the asset could eliminate three more zeros over time, despite delays in achieving this target.

US Treasury in Talks with Crypto Custody Giants to Determine Custody of Bitcoin Reserve

Abdulkarim Abdulwahab
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US Treasury in Talks with Crypto Custody Giants to Determine Custody of Bitcoin Reserve

The U.S. Treasury Department is actively exploring how to best manage the incoming national Bitcoin reserve.

Discussions are underway between Treasury officials and executives from top crypto custody firms in this regard, according to sources with knowledge of the matter.

Notably, the meetings took place this week. It aims to address the complexities of securing and safeguarding the U.S. Bitcoin holdings.

Specifically, the U.S. Treasury Department met with executives from three prominent crypto custody firms. Anchorage Digital, one of the companies involved, confirmed its participation in the talks.

Nathan McCauley, CEO of Anchorage, stated that the Treasury officials had raised critical questions about best practices to custody a national Bitcoin reserve and manage large digital asset stockpiles.

He also mentioned that the Treasury inquired about the potential effects of custody solutions on stablecoins. McCauley praised the Treasury’s approach, stating:

“The Treasury Department is asking all the right questions. It’s evident that officials are carefully considering the U.S. entry into the digital asset space, fully aware that they are shaping history.”

Third-Party Custody for Immediate Security, Self-Custody for the Future

Furthermore, sources familiar with the matter indicated that the Treasury Department is still in the early stages of developing a plan for securing the Bitcoin reserve.

For now, the Treasury favors using third-party custodians to ensure the immediate safety of the assets. However, there is a long-term vision of transitioning to self-custody, where the government would hold and manage the Bitcoin directly, using cold storage solutions secured by private keys.

How Does the US Hold Current 200K Bitcoin?

As of now, the U.S. government holds approximately 200,000 BTC. In July 2024, the U.S. Marshals Service partnered with Coinbase to help custody its large-scale digital assets. They include Bitcoin, particularly crypto assets from civil forfeiture.

Moreover, in a tweet on Wednesday, Coinbase CEO Brian Armstrong confirmed that the company is working with 145 government entities across federal, state, and local levels in the U.S.

Armstrong noted that following the interest in the U.S. Strategic Bitcoin Reserve, more government organizations are reaching out to Coinbase for custody services.

During a recent event hosted by the Bitcoin Policy Institute, industry executives from companies like BitGo, Casa, and Anchorage Digital discussed the potential state of the government’s Bitcoin stash.

Some humorously speculated that the Bitcoin could be stored in less-than-secure locations, such as a closet or an unsecured hard drive.

Dogecoin Eyes Bearish Trend Reversal as Resistance Breakout Looms

Elendu Benedict
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Dogecoin Eyes Bearish Trend Reversal as Resistance Breakout Looms

Dogecoin could be set to break from the current bearish trend as multiple analyses point to an imminent resistance breakout.

Dogecoin has continued to trend above a crucial support line at $0.16, which analysis described as a defining level for its bull cycle trend. Despite correcting slightly yesterday, the meme coin remains well within the multi-year ascending triangle.

Meanwhile, multiple indicators have flashed bullish sentiments on the Dogecoin chart. Notably, analysts have identified an imminent structural breakout backed by a possible bullish Stochastic RSI crossover.

Dogecoin Nears Resistance Breakout

Particularly, analyst Trader Tardigrade has identified a possible trend reversal on the Dogecoin 4-hour price chart. In a commentary today, he highlighted that the doggy-themed meme coin could reverse recent bearish momentum with a break above the resistance trendline currently impeding the asset’s push to higher prices.

The supply trendline emanated from DOGE’s surge to $0.2427 on March 3 and has resisted several attempts to break out. The analyst inferred that it must break the resistance at $0.17 to target higher prices. Notably, Dogecoin trades very close to the area, signaling an imminent trend reversal.

Dogecoin Resistance Breakout/Trader Tardigrade

Moreover, analysis from another market watcher David supports Tardigrade’s perceived bullish momentum. The analyst noted in a recent post that DOGE looks set to break from a falling wedge price pattern forming on the 1D timeframe.

The bullish pattern has been developing since mid-January, getting tighter with the meme coin’s recent price action. Now, David predicts that Dogecoin would soon defy the structure’s upper resistance and break to higher prices.

Stochastic RSI Crossover Signals Bullish Momentum

Meanwhile, a historically bullish indicator for Dogecoin is nearing a crossover, signaling a significant trend shift for the digital asset. Prominent market watcher Ali Martinez uncovered this trend, suggesting an impending haul to bullish momentum for DOGE prices.

He shared that the stochastic relative strength index (RSI) eyes a bullish crossover on the weekly timeframe, a historical precedent for a massive price rally for DOGE. The Crypto Basic reported that the last three times the indicator flipped bullish, the meme coin rallied 88%, 187%, and a staggering 444%.

Imminent Stochastic RSI Bullish Crossover/Ali Martinez

Additionally, renewed bullish traction on the Dogecoin ecosystem further boosts this sentiment. Data shows that the number of new addresses on the network surged over 100% in the past month, signaling a recovery in on-chain activity on the blockchain.

In the meantime, DOGE trades at $0.1698, up 3% in the past 24 hours.

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