Bitcoin is trying to stage a comeback in order to catch up with the spectacular price action seen in Ethereum and other altcoins.
Dogecoin (DOGE) skyrocketed above $0.69 today and flipped XRP to become the fourth largest cryptocurrency with a market capitalization of over $88 billion at its highest point.
Galaxy Digital recently released a report titled “Dogecoin: The Most Honest Sh*tcoin,” and the document highlighted the fact that no updates have been logged in Dogecoin’s GitHub repository since 2017. Even the blockchain’s network security is suboptimal with only 26% of the overall node count running fully synced notes, the report added.
There seems to be a massive mismatch between Dogecoin’s fundamentals and its valuation. The meme coin’s rally is an indication that traders are driven by greed and such phases of frenzy never end well. When the bubble bursts, several investors will be left nursing
massive losses.
BTC/USDT
Bitcoin plunged below the moving averages on May 4 but the bears could not capitalize on this weakness. This suggests the bulls have not yet given up and they continue to buy on every dip
ETH/USDT
Ether is in a momentum-driven uptrend. Generally, in such phases of melt-up, the asset may remain overbought for an extended duration and corrections can be sharp but are usually short-lived. After a one-day pullback on May 4, the bulls are trying to resume the up-move today.
BNB/USDT
Binance Coin’s (BNB) sharp correction on May 4 attracted buyers near the $600 mark. This suggests the sentiment remains bullish and traders are accumulating at lower levels.
DOGE/USDT
Dogecoin is in a strong melt-up. The bulls pushed the price above the $0.45 resistance on May 4, which resulted in a pick-up in momentum. The long wick on May 4 suggested profit-booking by traders near $0.61 but the bears could not maintain the selling pressure.
XRP/USDT
XRP dropped below the 20-day EMA ($1.39) on May 4 but the bears could not sustain the lower levels. This shows the bulls are defending the 20-day EMA. The price has reached the downtrend line where the bears are likely to mount a stiff resistance.
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