A notable market analyst has suggested XRP is on the verge of a new all-time high, as he awaits multiple price pumps to greater heights.

EGRAG Crypto, which made this bullish projection in a recent analysis on X, cited historical data surrounding past XRP price rallies in different market cycles, which ranged from modest to explosive. According to him, the altcoin is currently looking to replicate these pumps.

For context, the latest commentary comes as an update to a previous analysis he made on XRP’s price action. Specifically, last September, while XRP still traded around the $0.5789 level, EGRAG argued that the asset had the potential to engineer massive pumps.

He leveraged past pumps as a guide, calling attention to five different rallies witnessed by XRP from August 2013 to April 2020. Interestingly, he ascribed color codes to each of these rallies for easy identification on the 1-month chart. The analyst suggested that XRP could repeat these pumps as the market matured. 

Projected XRP Rallies to $3, $4.85, and $6.22

Notably, the first and lowest rally was a 932% pum,p which XRP observed from July to December 2014. During this period, the asset jumped from a low of $0.00281 to a high of $0.02803. EGRAG noted that if the same 932% pump occurred from the current cycle bottom of $0.2870, attained in June 2022, the XRP price could hit the $3 mark.

The analyst designated this pump with the White mark. Remarkably, XRP observed this run when it soared to the $3 region in January 2025. In his updated analysis, EGRAG confirmed that this pump has already materialized, and suggested that the next will involve the Yellow rally.

For context, the Yellow pump saw XRP soar 1,563% from its bottom in March 2020 to the peak of $1.96 in April 2021. EGRAG expects the asset to replicate this run, translating to a new price of $4.85 from the cycle bottom of $0.2870. According to the analyst, this is the next rally, which he suggests is “coming very soon.”

Meanwhile, following this push, EGRAG expects a more substantial pump designated with Red. This Red surge formed when XRP rallied 2,035% from its floor price in August 2013 to $0.0614 in December 2013. A similar uptrend would push the XRP price from this cycle’s bottom to a new ATH of $6.22. EGRAG says this is “coming soon.”

Possible Run to $7.68 and $27

However, the analyst believes XRP’s journey doesn’t end here. He also cited a 2,536% XRP rally from its July 2017 low to the $3.3 peak in January 2018. If XRP replicates this run, marked in Blue, from the current cycle bottom, its price would surge to $7.68. EGRAG believes this rally is “coming for sure.”

Lastly, he identified the most explosive run, designated in Green, and involved a 9,468% rise from January 2017 to $0.3988 in May 2017. To EGRAG, this would mark the ultimate XRP target, potentially pushing the asset to the $27 price from the cycle bottom of $0.2870. EGRAG says this uptrend is inevitable.

Interestingly, the analyst has always insisted that XRP could reach $27 as its ultimate target in several analyses. Most recently, he leveraged an inverted chart to predict a “gravitational fall” for XRP to $27. At press time, XRP trades for $2.3, requiring a 1,073% increase from the current price to $27.

Solana (SOL) posted a modest gain of 3.34% over the past 24 hours, while a number of popular meme coins running on its network achieved notable price surges. These latest developments left buyers and Solana price prediction analysts wondering: Is SOL about to break out and destroy $500? 

While murmurs of bullish Solana price predictions grow louder, JetBolt (JBOLT) presale is going off the charts. Since its presale launch, JetBolt has sold over 350 million tokens and generated more than $3.2 million in sales–a jaw-dropping milestone that prompted crypto whales to explore this emerging altcoin. 

Can JetBolt sustain its presale momentum? And can Solana crush the $500 barrier? Read on to uncover the latest updates on JetBolt’s presale and Solana price forecasts. 

Solana Price Forecast: Can SOL Rally to $500 Soon? 

Solana’s (SOL) price action over the past three months showed how it struggled with bearish macroeconomic conditions. However, SOL bounced back with an impressive 41.07% price spike last month.

Chart of SOL’s price movement over the past week, sourced from CoinMarketCap

Add to that Solana’s latest milestone of surpassing $800 billion in decentralized exchange (DEX) volume in 2025. This is no small feat—and serves as a bullish indicator of the network’s growing activity. 

These recent developments have prompted analysts to revisit their Solana price predictions. Some experts suggest that if market conditions align, SOL could break past the $500 barrier.

Several market watchers also attribute Solana’s recent rally to the price growth of popular meme coins on its network, including Popcat, Official Trump, and Pudgy Penguins.

Still, bearish risks persist. As of this writing, SOL is trading at around $152.63. According to an FXEmpire report by Alejandro Arrieche, Solana must first move beyond $180 before a parabolic pump toward $500 could happen.

However, SOL’s limited price movement on daily and weekly charts raises questions about its capability to smash the $500 mark.

Here’s Why JetBolt (JBOLT) Presale Goes Off the Charts

While Solana’s price route remains uncertain, another headline-grabber capturing whale interest is JetBolt (JBOLT). 

This fresh-faced cryptocurrency attracts large buyers with its groundbreaking features, which may have helped its presale go off the charts. Since its presale started, JetBolt has sold over 350 million tokens.

The not-so-secret sauce that could be driving early buyers to JetBolt presale is its innovative features. At the top of JetBolt’s cutting-edge attributes is its zero-gas technology. Powered by the Skale network, JetBolt enables users to transact without paying for gas costs. 

Pushing Web3 usability further, JetBolt features an AI-driven crypto market insights and news tool. This inventive AI utility showcases crypto news and information in an easy-to-read format. 

Moreover, JetBolt offers a user-friendly crypto-staking platform. Stakers enjoy a clean interface and earn additional rewards by simultaneously staking their JBOLT tokens and connecting with friends on the platform. 

JetBolt’s generous presale perks make the ongoing presale exciting. During this phase, early buyers can receive up to 25% bonus tokens when they purchase Alpha Boxes or JBOLT tokens in bundles. 

In essence, JetBolt’s distinct and powerful combination of inventive features and attractive early-bird perks helped its exciting ongoing presale go off the charts. 

Conclusion — Solana Price Predictions and JetBolt’s Stellar Presale Figures

Solana has displayed an upward price action over the past month. This established cryptocurrency also remarkably achieved $800 billion in DEX volume, making it no wonder there’s genuine excitement about Solana price predictions suggesting SOL’s price surging to $500. However, due to market volatility, such forecasts remain uncertain, as they can still be influenced by other market conditions.

On the other hand, JetBolt’s advanced features—like its zero-gas tech and AI news utility—continue to fascinate early buyers, fueling its explosive presale momentum.

Get your JetBolt tokens by visiting the official JetBolt website today.

This write-up does not offer any financial advice. Crypto assets are volatile and carry significant risk. Always conduct your own research before making any crypto-related purchases.

• XRP breaks out above $2.26, signaling a reversal from recent consolidation.
• Bitcoin’s surge past $100K boosts overall market sentiment, aiding XRP’s rally.
• Breakout from descending triangle opens path toward $2.52 resistance.
• Holding above $2.22 keeps the short-term outlook bullish for XRP.

XRP is showing renewed bullish momentum after reclaiming the $2.26 level, signaling a potential reversal from recent consolidation. As of writing, XRP is trading at $2.26, marking a breakout above the descending triangle pattern that had capped the asset’s upside in late April.

The overall market is in a bullish phase with Bitcoin’s recent surge. BTC surges past the $100k level, injecting a fresh wave of optimism into the overall market and helping altcoins to recover from recent losses. Several major altcoins surged past their crucial resistance level and started upward movements, including XRP.

XRP Breaks Out: Eyes on $2.52

Over the past few weeks, XRP had been caught in a tight consolidation phase within a key support zone between $2.00 and $2.10. A descending triangle formation emerged, typically a bearish continuation pattern, but XRP defied expectations with a breakout to the upside. This breakout invalidates bearish sentiment and opens the door for further gains.

The price action has surged through resistance at $2.22 and is now testing the $2.26–$2.30 range. Sustained movement above $2.30 could clear the path toward the next major resistance at $2.52, which previously acted as a supply zone in late March.

On the downside, immediate support lies back at the $2.10 region. A failure to hold above this zone could trigger a retest of the $2.00 psychological level, and a breakdown below this could drag the token toward $1.82.

The breakout from the descending triangle pattern, along with a strong green candle breaking the trendline, indicates renewed buying pressure and a potential shift in market structure. If bulls maintain control, the token may attempt a challenge of the $2.52 level in the coming days.

As long as the token holds above $2.22, the short-term outlook remains bullish. Traders and investors will be closely watching for a confirmation above $2.30 to validate the breakout and potential for further upside.

Related Reading | LINK Breakout: Bulls Take Charge After $13.50 Bottom, Eyeing $15+ Soon

Ethereum Price Breaks $2,000 As Crypto Market Enters New Bull Phase

Ethereum (ETH) has reclaimed the critical $2,000 price level, surging more than 15% in the past 24 hours amid renewed bullish sentiment across cryptocurrency markets. This significant move follows Bitcoin’s groundbreaking achievement of crossing the $100,000 threshold for the first time in history, which has triggered widespread momentum across altcoins.

ETH/USD price chart in the past 24 hours – TradingView

Market analysts suggest that Ethereum’s price action demonstrates strong technical fundamentals, with trading volume increasing substantially as investors rotate profits from Bitcoin into alternative cryptocurrencies with higher growth potential. The current ETH price movement has broken through several key resistance levels, suggesting the potential for continued upward momentum.

Bitcoin’s Historic $100K Milestone Fuels Ethereum Price Surge

Bitcoin’s breakthrough of the psychological $100,000 barrier has dramatically altered market sentiment, creating ripple effects throughout the cryptocurrency ecosystem. Historically, major Bitcoin milestones have preceded significant price appreciation for Ethereum and other alternative cryptocurrencies.

BTC/USD price chart in the past 7 days – TradingView

Trading data shows that Ethereum’s correlation with Bitcoin remains strong, but the current 15% daily gain for ETH outpaces Bitcoin’s recent performance, indicating potential for Ethereum to outperform in the short term. This pattern aligns with previous bull market cycles where Ethereum delivered substantial returns after Bitcoin established new all-time highs.

Geopolitical Factors Supporting Ethereum Price Rally

Several geopolitical developments have contributed to the favorable market conditions supporting Ethereum’s price surge:

The apparent de-escalation in the Russia-Ukraine conflict has reduced market uncertainty, with preliminary peace agreements signaling potential resolution. This development has improved risk sentiment across financial markets, benefiting cryptocurrencies as investors seek growth opportunities.

Former President Donald Trump, now back in office, recently tweeted that “NOW is the best time to buy stocks,” triggering a broad market rally. His statement has been interpreted as a strong vote of confidence in financial markets, with spillover effects boosting cryptocurrency prices. Historically, positive stock market sentiment has correlated with cryptocurrency price appreciation.

Additionally, the recent election of a new Pope to replace his predecessor has restored stability to an important global institution, further contributing to market optimism. While seemingly unrelated to cryptocurrency markets, such events often influence overall market psychology and risk appetite.

Ethereum Price Prediction: Technical Analysis Points To Further Gains

Technical indicators suggest Ethereum’s break above $2,000 could lead to further gains in the near term. The 50-day moving average has crossed above the 200-day moving average, forming the “golden cross” pattern that typically signals bullish momentum. Trading volume has increased significantly during this price surge, confirming the strength of the movement.

Key resistance levels to watch include $2,200 and $2,500, while the newly established support at $2,000 will be crucial for sustaining the rally. The Relative Strength Index (RSI) currently sits at 68, approaching but not yet in overbought territory, suggesting room for additional upside.

ETH/USD 1-day chart – TradingView via Bitget

Ethereum Investment Outlook Remains Positive Amid Market Optimism

Institutional interest in Ethereum continues to grow, with ETH-based investment products seeing substantial inflows in recent weeks. The successful implementation of network upgrades and increased adoption of Ethereum’s layer-2 scaling solutions have strengthened the network’s fundamentals.

Analysts point to Ethereum’s reduced issuance rate and fee-burning mechanism as factors that could create supply pressure, potentially supporting higher prices in the medium to long term. The current ETH price action comes amid broader acceptance of cryptocurrencies as an institutional asset class.

For investors considering entry points, the current breakthrough above $2,000 represents both an opportunity and a milestone in Ethereum’s price history. While short-term volatility remains likely, the convergence of technical strength, Bitcoin’s historical milestone, and improving global conditions suggests a favorable outlook for Ethereum’s price trajectory through the remainder of 2025.

XRP is making headlines once again as the Ripple-backed cryptocurrency gathers momentum, with its price edging closer to the critical $3 mark.

Driven by growing institutional interest, positive developments in the Ripple lawsuit, and favorable macroeconomic conditions, XRP appears poised for a breakout that could define its trajectory for the remainder of 2025.

As of Friday, the XRP price is holding above $2.21, reflecting over 3% daily gain. This price movement comes in tandem with an 83% surge in daily trading volume, reaching approximately $4.4 billion. The uptick in trading activity indicates heightened interest from both retail and institutional investors. The overall market capitalization of XRP has also climbed to nearly $128 billion, reinforcing its standing among the top digital assets.

XRP Price Rally Supported by Whale Activity and Derivatives Market

One of the key drivers of the recent XRP rally has been increased accumulation by large holders. According to Santiment, wallets holding between 10 million and 100 million XRP now control 12.22% of the supply—up from 10.47% in late February. This 1.75% rise suggests growing confidence among whales that a significant bullish move is imminent.

XRP was trading at around $2.21, up 3.39% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New Coin

The derivatives market echoes this sentiment. Open interest in XRP has risen by 2.46%, with options open interest spiking over 20% to reach $1 million. The long-to-short ratio currently stands at 1.0218, signaling a bullish bias among traders. This data supports the notion that XRP’s current momentum isn’t just speculative—it’s backed by capital flow and strategic positioning.

Technical Indicators Point to $3 Breakout Potential

Technically, XRP is approaching a strong resistance level of $2.21, which is the crossing point of its 50-day and 100-day exponential moving averages (EMAs). Breaking above this level could see it travel to $3—a level not seen since early March.

XRP price could hit the weekly 61.8% Fib level, targeting $3.20–$3.43 following the current bullish momentum. Source: ThatBeardedDude on TradingView

The Relative Strength Index (RSI) has crossed 70 now, generally a bullish sign though sometimes it can also show overbuying. Then, the SuperTrend indicator shows that the resistance is intact and could mean there is still no strong confirmation required before going the entire distance along the uptrend.

If XRP is reversed at current resistance, the 200-day EMA of $1.99 can serve as a very important support level. Even a sharper correction could see a retest of the low of April at $1.62.

XRP SEC Lawsuit Update Fuels Long-Term Optimism

XRP’s stellar performance in 2025 also owes something to developments in the ongoing legal war between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The SEC finally withdrew its appeal to dispute XRP’s status as a result of its classification as non-security by the court, ushering in regulatory clarity that many in the crypto world have seen as a go-ahead to broader adoption.

Ripple CEO Brad Garlinghouse has already stated that the resolution of the XRP lawsuit provides “regulatory clarity that very few other tokens have,” and this makes Ripple XRP news a draw for institutional investors.

This court victory, followed by a possible XRP exchange-traded fund (ETF), is catching the attention of large finance industry players. In the first quarter of 2025, XRP-linked exchange-traded products (ETPs) saw $37.7 million in inflows, with the year-to-date total reaching $214 million.

Institutional Adoption and ETF Buzz Drive Bullish Outlook

The growing adoption of XRP by institutional players adds further weight to bullish XRP price predictions. The CME Group’s plans to launch XRP futures, along with ETF filings by leading asset managers, signal growing confidence in Ripple’s ecosystem.

Brad Garlinghouse revealed that CME Group will launch XRP futures on May 19th. Source: AllThingsXRP via X

Analysts now believe that XRP could reach new all-time highs. One particularly optimistic forecast by “Steph is Crypto” suggests that XRP could hit $12 in the long term, based on historical market cycles. Meanwhile, an Elliott Wave analysis highlights a potential rally to $7 if the token breaks above the $3.6 threshold.

This kind of speculation is supported by broader crypto market conditions. Following the Federal Reserve’s decision to keep interest rates steady at 4.25%-4.5%, risk-on sentiment has returned to the market. The Fed Chair Jerome Powell indicated that future rate hikes are unlikely unless inflation surges dramatically, a scenario that favors crypto investments like XRP.

Final Thoughts: XRP Value Outlook Remains Bullish

With strong support from whale activity, increasing institutional interest, and favorable regulatory developments, XRP’s outlook remains bullish. A confirmed breakout above $2.21 could send XRP price soaring toward the highly anticipated $3 level and possibly beyond in the coming weeks.

While short-term volatility remains a factor, the underlying fundamentals of Ripple currency price dynamics, combined with technical strength, position XRP as one of the most promising assets in the current crypto market landscape.

As always, investors should monitor both Ripple market movements and updates in the Ripple lawsuit for clues on where the XRP value might head next.

Solana eyes $120 support as Binance offloads millions in SOL, with technicals signaling a potential bullish shift later.

Solana’s back in the spotlight as Binance moves millions in SOL, raising fresh questions. Whether it’s routine or something deeper, the market is watching closely for clues.

Meanwhile, SOL Solana price is holding steady above key zones, despite the noise. The $126 to $133 range lines up with Fib levels and is emerging as a potential slingshot zone.

Binance Offloads SOLs in Bulk

In what could be more than just routine portfolio rebalancing, Binance has begun offloading significant amounts of Solana. According to fresh on-chain data shared by Crypto Beast, large chunks of SOL totaling millions of dollars have been transferred from Binance’s hot wallets. While this isn’t confirmation of bearish intent, it suggests something is shifting internally at Binance or in the broader SOL ecosystem.

Binance transfers millions in Solana from hot wallets, raising questions about shifting liquidity dynamics. Source: Crypto Beast via X

Crypto Beast suggests keeping a close eye on how the market digests this. Historically, large exchange outflows or redistributions often precede strategic shifts in liquidity or even upcoming news cycles. If these SOL sales continue, they could weigh on short-term sentiment.

SOL Solana Price Eyes $126 Zone

While Binance’s actions raise some caution, the Solana’s technical side might have something to do with it. According to analyst AlienOvichO, Solana is in a corrective phase, retracing its recent move while holding structure above its April low.

Solana’s price heads toward a key demand zone between $133 and $126, aligning with Fibonacci retracement levels for potential upside. Source: AlienOvichO via X

According to AlienOvichO, the SOL price now targets the $133 to $126 range. A key area that’s drawing attention not just for being a prior support zone, but also for its alignment with Fibonacci retracement levels. The 38.2% Fib lies near $133, while the 50% and 61.8% levels line up around $129 and $126, respectively, forming a strong demand zone that could act as a launchpad for the next move up.

Analyst Ali Martinez Flags $120 as Key Support

As Solana approaches the $133 to $126 retracement zone highlighted earlier, all eyes are now quietly shifting to a more time-tested level at $120. According to analyst Ali Martinez, this price point has acted as a structural pivot on the weekly chart for quite some time, serving as both resistance and support during Solana’s major swings.

Solana’s price eyes $120 as key support. Source: Ali Martinez via X

While the earlier zones between $133 and $126 offer short-term opportunities, $120 carries higher stakes. It’s where the market has repeatedly decided the next big move. If the price respects it once again, the bulls could regain control with conviction.

Contrary View: Solana Reclaims Daily Cloud in a Technical Shift

Unlike the cautious tones set by Binance’s recent SOL offloads and the retracement zones flagged by analysts, the Ichimoku Cloud on Solana’s daily chart shared by crypto analyst CRG is now painting a notably different picture. For the first time since January, SOL has broken back above the daily cloud. a technical sign often linked to shifting momentum and an early-stage bullish transition.

Solana reclaims daily Ichimoku Cloud, signaling a potential bullish shift with targets toward $160 and $180. Source: CRG via X

While price still needs to hold above the $146 to $150 zone to confirm strength, the reclaim of the cloud suggests that underlying bullish pressure is quietly returning. If this move sustains, the next technical targets sit near the $160 and $180 zones. With the Ichimoku Cloud shifting from resistance to potential support, Solana Price Predictions are beginning to take shape.

Final Thought

Solana’s chart is starting to look a bit more interesting. Even though Binance’s big SOL moves and the $120 to $126 support zones have kept things cautious, the fact that SOL has pushed back above the daily Ichimoku Cloud signals a quiet shift. If it can stay steady above $146, there’s room to aim for $160 or higher, but it’s still early. With both caution and fresh momentum in the mix, Solana is shaping up as a coin worth watching in the days ahead.

The rates of most of the coins keep setting new local peaks, according to CoinMarketCap.

DOGE/USD

DOGE is one of the biggest gainers today, rising by 5.64%.

On the hourly chart, the rate of DOGE might have set a local resistance of $0.1856. As most of the daily ATR has been passed, there are low chances of seeing sharp moves by tomorrow.

On the bigger time frame, the price of DOGE has blasted to the $0.1850 mark. However, the rate of the meme coin remains far from the key levels. 

You Might Also Like

Bulls may start thinking about a midterm bull run if the breakout of the resistance of $0.1929 happens.

From the midterm point of view, none of the sides is dominating as the rate is in the middle of the wide channel. Thus, the volume remains low, which means ongoing sideways trading is the more likely scenario.

DOGE is trading at $0.1838 at press time.

My name is Francesco, I am a funded trader and I have a deep passion for forex, cryptocurrencies, and trading as a whole. I feel lucky, that I am able combine my skills with what I love. I’m very interested in factors driving price movements and enjoy uncovering the reasons behind them. My primary interests include Bitcoin, Altcoins, macroeconomics, and all related to trading.

The recent Solana price prediction hints at more consolidation, which diverges from its established reputation as a frontrunner in altcoin rallies. In contrast, new crypto projects like Remittix are gaining traction thanks to their incredible ecosystem and fast-growing presale. 

But could Remittix be the game-changer that pulls attention away from Solana’s stagnant price action? Let’s find out.

Remittix’s PayFi Ecosystem Might Just Possess Better Benefits Than SOL’s Scalable Network

The crypto world has made significant strides in scalability and interoperability, particularly with cryptos like SOL. However, when it comes to payment systems, there are still many issues to address. Remittix is designed to tackle these long-standing challenges in digital payments using blockchain technology.

The numbers speak for themselves. A decade ago, global cross-border payments were valued at $150 trillion. By 2027, experts project this figure could reach $250 trillion, with Remittix expected to be a major driver of that growth. The platform aims to make crypto payments easier and more accessible. It offers banking solutions even in countries with tight financial rules. 

Remittix’s global network helps users send money without stress, no matter where they are. One peculiar feature Remittix possesses is the ability to convert over 40 cryptocurrencies, including Remittix’s own RTX token, into fiat. Users can send that money straight to any bank account worldwide. Unlike platforms like Coinbase, Remittix allows direct crypto-to-bank transfers, which means there are no middlemen involved. 

Moreover, Remittix is not just for individuals. Businesses can also benefit through its Pay API. This lets companies accept crypto from customers and get the equivalent fiat deposited instantly into their bank accounts. It’s simple, seamless, and a big push for real-world crypto use. 

With its broad appeal to both individuals and companies, Remittix looks well-positioned to capitalize on the expanding crypto payment market. As the industry grows, Remittix’s innovative solutions, backed by a strong audit and scalability potential, make it an attractive opportunity for forward-thinking investors.

Will SOL’s Consolidatory Price Movements Change Soon?

Despite the turbulence in the crypto space, Solana (SOL) has remained relatively stable lately. In a recent update on X, analyst GemXBT highlighted that SOL is currently in a consolidation phase, with its price hovering around the $147 level. This pattern suggests that SOL is coiling up, potentially preparing for a significant move once a breakout occurs.

GemXBT emphasized that key support lies below the current price, around the $146 level, which has acted as a crucial buffer, preventing further declines and helping to maintain short-term stability. On the upside, immediate resistance is forming near $150, a level that has previously halted bullish advances. This resistance zone is now being closely monitored, as a breakout above it could trigger a stronger upward push.

Furthermore, GemXBT elaborated on the technical indicators that support Solana’s current consolidation outlook. He noted that the Relative Strength Index (RSI) remains in the neutral zone, reflecting the prevailing market indecision.

 Source: CoinMarketCap 

Conclusion

While SOL continues to consolidate, Remittix is proving to be more than just another crypto project with its ongoing presale and impressive offerings. Currently valued at $0.0757 each, Remittix has successfully raised over $14.77 million through the presale. Don’t miss out on this incredible profit-earning opportunity—buy RTX today!

Discover the future of PayFi with Remittix by checking out their presale here:

Website: https://remittix.io/

Socials: https://linktr.ee/remittix

Jakarta, Pintu News – The Dogecoin price has broken through the $0.17 mark again after a 6% increase overnight.

This positive development was triggered by an announcement from China expressing readiness to negotiate a trade deal with the United States in Switzerland later this week.

Dogecoin is currently on the verge of breaking out of a descending wedge pattern, which usually signals a potential price increase.

In addition, other positive sentiments such as increased open interest in Dogecoin and the risk of liquidation of short positions also support DOGE’s chances of breaking the $0.20 mark this week.

Dogecoin price surge signals potential breakout from wedge pattern

Dogecoin is trying to bounce back after previously printing a daily low around $0.1641. However, thanks to the V-shaped reversal, DOGE showed a positive recovery.

Read also: Dogecoin Price Soars Today (May 8): What is the DOGE Prediction Now?

Currently, Dogecoin is still trapped in a descending wedge pattern on the 4-hour chart. This pattern has formed over the past two weeks as the DOGE price trend has narrowed.

The lower boundary of the pattern is defined by the lowest swing since April 2022, while the resistance line is formed from the price peaks on April 26 and May 2.

Currently, Dogecoin is struggling bullishly to break the 200 EMA line which is near the 61.80% Fibonacci level at $0.1729. The high selling pressure made it difficult for DOGE to form its fourth consecutive bullish candle.

However, a positive cycle has started within the wedge pattern, indicating a potential retest of the upper boundary of the pattern. This sudden recovery also reduces the likelihood of a “death cross” pattern between the 50 and 200 EMA lines.

The MACD technical indicator also shows a positive signal with an upward crossover, signaling a potential trend reversal. Dogecoin price predictions from this wedge pattern breakout point to a psychological target of $0.20.

Furthermore, the growing bullish sentiment towards Dogecoin could extend the uptrend. Based on Fibonacci levels, the next price targets are at $0.2299 and $0.2673.

US-China Trade Talks and Post FOMC Clarity Could Push DOGE Prices Higher

The meeting between the United States and China that will be held on Sunday to renegotiate trade agreements and high tariffs has increased positive sentiment in the US market. As a result, major altcoin markets have seen a recovery, including price spikes in memecoins like Dogecoin.

If both parties manage to reach a new trade deal, then a recovery in global and crypto markets is highly likely. This could potentially push the Dogecoin price beyond the $0.20 mark.

In addition, the market is generally looking forward to the outcome of the FOMC meeting on May 7, which is expected to keep the benchmark interest rate fixed.

This decision may spark short-term volatility in the crypto market, but once clarity is achieved, Dogecoin has a chance to rally again.

DogeOS Funding Drives Bullish Sentiment

Recently, DogeOS received $6.9 million in funding from Polychain. This funding has again lifted the positive sentiment towards Dogecoin amidst a resurgent memecoin market.

Read also: Dogecoin to the Moon? Analysts Predict 105% Spike Amid ETF Speculation!

Historically, Dogecoin price trends have often reflected short-term spikes in line with improved sentiment. Therefore, this latest funding could be a catalyst for DOGE to reach a price of $0.20.

Risk of Short Liquidation and Rise in Dogecoin Open Interest

As Dogecoin gradually rallied, the derivatives market showed increasingly bullish signals towards it. DOGE’s open interest rose by 1.45% to reach $1.69 billion, reflecting traders’ increasing interest in Dogecoin.

In addition, the open interest ratio also rose to 0.0071%, indicating increased positive sentiment among investors. With the dominance of bulls starting to show in the derivatives market, the risk of liquidation of short positions has also increased.

Based on the DOGE exchange liquidation map, Dogecoin could potentially experience a massive $10.96 million short liquidation if the price reaches $0.1755.

If the price continues to rise to $0.1761, the liquidation risk could jump to $13.65 million, which could push the price of DOGE even higher.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now. Get a web trading experience with advanced trading tools such as pro charting, various types of order types, and portfolio tracker only at Pintu Pro. Pintu Pro Futures is also available, where you can buy bitcoin leverage, trade btc futures, eth futures and sol futures easily from your desktop!

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference: