Skip to main content

Biggest Movers: DOGE up on Twitter News, WAVES Deep in the Red

DOGE rallied on Monday, as traders reacted to the news that Elon Musk was possibly nearing a takeover of Twitter. While DOGE surged, AXS and WAVES were also big movers, however they were mainly in the red, as recent losses extended.

Dogecoin (DOGE)

DOGE was trading higher to start the week, as markets reacted to the news that Elon Musk’s bid to acquire Twitter was being considered by the board.

Musk previously stated that he could see DOGE used as a payment or tipping method on the platform, should his attempts to acquire the social media company succeed.

Following the news, DOGE/USD rose to a peak of $0.1412 in today’s session, which is over 5% higher than Sunday’s low of $0.1239.

Monday’s surge in price comes after a false breakout of the $0.1310 support level, which then sent prices to their lowest level since March 22.

Today’s rally, which appears as if it could be a bullish engulfing pattern, put an end to a six day losing streak for DOGE.

In addition to this, momentum seems to also be climbing, with the 14-day RSI rising above the 50 level for the first time in over a week.

Should this trend continue, the next obvious target will be the long-term resistance point of $0.1500.

WAVES

WAVES, on the other hand, was predominantly in the red today, as it extended a recent losing streak that has sent prices down to multi-week lows.

Since peaking above $64 to start the month, WAVES has mainly moved lower in April, and today fell to a bottom of $15.98.

Today’s intraday low in WAVES/USD follows on from Sunday’s high of $18.09, and comes as price has fallen for six days in a row.

This latest drop seems to have taken prices to a support level of $16.50, which is the lowest floor for WAVES since early March.

In addition to this, today’s 8% drop has also led to a decline in relative strength, and the 14-day RSI is tracking at multi-week lows.

As of writing, WAVES is deep in oversold territory, which could be a positive for those waiting for a rebound, as bulls could see this as an opportune time to buy low.

Might we see a rebound in WAVES this week? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/g6EFSJ7
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more