Dogecoin is making headlines today, with its price surging 12.02% to $0.4225, and a market capitalization of $62.39 billion ¹. The meme coin's trading volume has also skyrocketed, with a 60.32% increase in the last 24 hours, reaching $6.43 billion ¹. There's also buzz around Elon Musk's involvement with Dogecoin, particularly with the Department of Government Efficiency (DOGE), which aims to reduce bureaucratic inefficiencies within the US government. However, a lawsuit is reportedly being filed against DOGE, alleging that it qualifies as a "federal advisory committee" and has violated a 1972 law ². In other news, Dogecoin's recent surge in whale activity has sparked speculation that the meme coin could be on the verge of a major rally. Some predictions suggest that DOGE's price might rally above the 0.50 Fibonacci level at $0.036, potentially setting the stage for a further rally ³. Overall, it's an exciting time for Dogecoin, with its price and trading volume on the rise, and its involvement in US politics making headlines.
After reaching a new ATH at 108k, Bitcoin experienced a significant drop following Jerome Powell's speech that the Fed cannot hold Bitcoin and is not seeking to change that, which seems to have caused some uncertainty in the market. As a result, BTC price saw a steep decline, but it recently rebounded, almost touching the 100k level again.
The current focus for Bitcoin is a critical support area at around 91k. This area has held up well in recent price action, and we saw a recovery bounce from this region again. There is a strong chance that BTC could revisit this support area in the coming days, and it could provide another opportunity for a potential rebound. This support area is essential because it represents a significant price range where buyers have stepped in to defend the uptrend. If Bitcoin does test this zone again and holds above 91k, the probability of a further upward move remains high.
In addition to the immediate price action, there’s a key factor to consider: the monthly candle close. Bitcoin needs to close the current monthly candle above 96k for the market to maintain its bullish sentiment. A green monthly close at this level would provide strong confirmation that the overall trend remains intact and that BTC is on track for further price appreciation. The next few days are critical for determining whether BTC can sustain momentum to close the month in the green. If Bitcoin can hold above 96k by the end of the month, it would signal that the upward trend is still in play and that a continuation toward higher levels could be on the horizon.
Looking ahead to next week, there are two possible scenarios:
1. Continued Support Test: Bitcoin may dip back towards the 91k support area. If this area holds strong, it could set up another bullish reversal, targeting a move back toward the 100k area or even beyond.
2. Break Below Support: If Bitcoin fails to maintain support in the 91k area, we could see further downside, potentially testing lower levels. In this case, caution is warranted, as the next major support zone would be considerably lower.
Conclusion
The next week could be crucial for Bitcoin’s price action. A monthly candle close above 96k would reinforce the bullish outlook, but if Bitcoin fails to hold support or closes the month in red, we may see more volatility in the near term.
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Binance Partners with Elon Musk: $500M Investment to Transform Twitter with Web3
In a groundbreaking move set to reshape the future of social media and blockchain, Binance, the world’s largest cryptocurrency exchange, has invested $500 million in Elon Musk’s $44 billion acquisition of Twitter.
This partnership paves the way for integrating decentralized technologies, crypto payments, and blockchain-based content verification on the platform, signaling the dawn of a new era in digital interaction. Binance CEO Changpeng Zhao (CZ) described the investment as a “bold statement” in advancing Web3, positioning Twitter as a leader in merging blockchain and social media innovation.
It’s important to resist the temptation with new listings like VANA. Early prices are often inflated, primarily benefiting early investors, and by the time it hits the broader market, the initial excitement can quickly fade.
Instead of jumping in immediately, take a step back and let the price stabilize for 2–3 days. This allows you to avoid the typical FOMO-driven mistakes that many traders, especially those new to futures, make. Rushing in early often leads to losses as prices fluctuate, and not every new coin is going to be "THE NEXT BITCOIN."
Patience and careful observation are key. Wait for the market to settle before making your move. It’s a smarter, more strategic approach in the long run.$VANA
Current cryptocurrency trends are showing significant price declines across several coins:
$CTXC is down 39.89%, now at $0.5647 GTC has dropped 14.37%, to $0.965 $COS fell 14.32%, reaching $0.012155 ACT decreased by 12.16%, now priced at $0.5304 $DATA slipped 8.04%, to $0.0572 MDT declined 7.60%, to $0.07184 💡 Signal: The sharp declines in $COS and ACT may present potential buy opportunities for recovery, given their market potential. However, proceed with caution and ensure solid risk management strategies are in place. #Dyor2024
🚨 Bank of America, the second-largest bank in the USA, has officially announced a large-scale partnership with Ripple, signaling a major step for blockchain in banking. 🚨
#MOVE Started its journey with a bullish sentiment and setting its all time high. Critics are observing the wave to predict its future. Drop you thoughts with short analysis #MOVEOpening