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:

As the XRP price takes center stage, bold predictions about its future outlook persist across online forums and social media. Among the most ambitious claims is the idea that the XRP price could skyrocket to $1,000 or even beyond. In response to these projections, a crypto analyst has outlined several key factors that would need to align for XRP to reach such a target. 

Factors Needed To Take The XRP Price To $1,000

While it’s tempting to imagine XRP hitting a four-digit price target, X (formerly Twitter) crypto analyst Jasmin argues that the numbers don’t support such a prediction. For the XRP price to reach $1,000, it would need to climb as high as 46,848%, accompanied by key factors like a significant rise in global adoption, especially by financial institutions. 

Although Ripple, a blockchain company, has made progress in partnering with global banks and fintech firms for cross-border payments, that level of adoption is still nowhere near enough to support a $1,000 XRP price tag. To even approach this level, XRP would need to become a fundamental part of the global financial structure across different sectors, particularly in banking, remittance, and investment. 

But beyond simple adoption, XRP would have to be deeply integrated into major economies in such a way that it becomes an indispensable currency for daily transactions. For this to happen, Jasmin reveals that the cryptocurrency would need widespread regulatory clarity to ensure that it can be used in multiple jurisdictions without any legal barriers. 

The ongoing legal battle between Ripple and the US SEC has already created years’ worth of uncertainty around XRP’s legal status. Until this issue is resolved favorably, the cryptocurrency’s potential for mainstream adoption remains limited. 

Jasmin has also highlighted that XRP would have to incorporate mechanisms that would drastically reduce its circulating supply. While the cryptocurrency’s price could grow with more aggressive token burns, a jump to $1,000 still seems unlikely. Such a high valuation would also need massive speculative trading activities, which are usually seen during bull markets. 

How Market Cap Influences A $1,000 Projection

Based on Jasmin’s analysis, the most significant factor that makes a $1,000 XRP price projection unrealistic is its market capitalization. Currently, XRP has a market cap of about $125.15 billion, and for its price to hit a four-digit level, its total market valuation would need to reach $50 trillion. 

To put this in perspective, the global crypto market capitalization today is $3.09 trillion, according to CoinGecko data. This would mean that XRP alone would need a market cap over 15x higher than the entire crypto market. 

Furthermore, Bitcoin, the largest cryptocurrency, has never even come close to reaching a $10 trillion market cap. BTC’s market valuation currently sits at $1.92 trillion, meaning XRP would have to surpass it by over 25x to get a $50 trillion market cap.

Due to these extreme market cap requirements, Jasmin argues that a $1,000 or even $10,000 target is highly unrealistic. However, she acknowledges that a price surge to $5 or even $10 is a far more attainable goal.

Dogecoin (DOGE), the original meme coin, is once again at the center of crypto market discussions as its price tests a crucial resistance near $0.1750.

After rebounding from last week’s low around $0.1680, Dogecoin is now showing signs of consolidation, with bulls and bears in a temporary standoff. A decisive breakout from this range could pave the way for a 14% surge, reigniting hopes for a rally toward the $0.20 psychological threshold.

DOGE Price Consolidates Under $0.1750 Resistance

Dogecoin is currently trading around $0.1730, reflecting a modest recovery from its recent dip. According to Coinglass and TradingView data, DOGE remains locked in a tight trading range, with key exponential moving averages (20, 50, 100, and 200-period) all converging between $0.1716 and $0.1738 on the 4-hour chart. This confluence is forming a compression zone under the $0.1750 resistance band.

DOGE has broken a 4-year consolidation, now resting on breakout support with an oversold weekly RSI—summer could be explosive. Source: Djvybe on TradingView

“The structure signals indecision,” analysts noted, “but a breakout above this zone with strong volume could flip short-term sentiment bullish.”

Technical indicators like the MACD and RSI support this thesis. The MACD hovers just above the zero line, showing a narrow bullish bias, while the RSI remains near 58, indicating mild upward momentum without reaching overbought levels. A breakout above $0.1750 could target $0.18 and $0.1850, while failure to breach it may bring DOGE back to $0.1675 or lower.

Falling Wedge Pattern Suggests Breakout Potential

A prominent falling wedge pattern has formed on the Dogecoin chart since late April, connecting a series of lower highs and gradually narrowing the price range. This pattern is typically considered bullish and often precedes upward breakouts.

Dogecoin (DOGE) price has formed a falling wedge pattern on the daily and weekly charts. Source: VariousPear5953 on TradingView

The Dogecoin price analysis highlights that bulls recently defended the wedge’s lower boundary, leading to a small rally from $0.1680. Moreover, DOGE has seen a price rejection at levels below the 200-day simple moving average, further hinting at a potential upward reversal.

If Dogecoin breaks the upper trendline of the falling wedge, analysts expect a 14% rally that could take the DOGE price as high as $0.20. However, any rejection at resistance could cause a revisit to the $0.1560 Fibonacci support level.

Derivatives Market Signals Bullish Tilt

In the derivatives space, sentiment has begun to shift in favor of the bulls. Coinglass data shows that long positions on DOGE have climbed to 51.83% in recent hours, pushing the long-to-short ratio to 1.076. The funding rate, which briefly dipped into negative territory, has now returned to neutral and is poised to turn positive.

This dynamic suggests that Dogecoin investors are increasingly confident about a bullish move. If DOGE manages to break above $0.1750, a short squeeze could occur, liquidating nearly $14.18 million in short positions and amplifying upward pressure on the token.

Such liquidations would not only support Dogecoin’s prediction of hitting $0.20 but also signal a major sentiment shift in the Dogecoin network.

Minor Token Unlock Unlikely to Derail Bullish Momentum

Despite bullish signals, Dogecoin faces a slight headwind from a scheduled token unlock. Nearly 97.89 million DOGE tokens—worth about $16.57 million—will be released over the coming week, equivalent to 0.07% of the total circulating supply.

Dogecoin (DOGE) was trading at around $0.1730, up 2.35% in the last 24 hours at press time. Source: Brave New Coin

Though such a supply increase might seem significant, analysts suggest it is unlikely to cause major price disruption. The unlock is part of a linear release schedule and not expected to overwhelm market demand.

“The release is minor in context,” one trader noted. “It shouldn’t challenge the current Dogecoin rise unless paired with external bearish catalysts.”

Political Sentiment and Meme Coin Resurgence

Another unique factor influencing DOGE’s market behavior is the broader political and social backdrop. Historically, Dogecoin and other meme coins have surged during periods of political unrest or market uncertainty.

Dogecoin is forming an inverse head and shoulders pattern on the hourly chart, signaling a potential bullish reversal. Source: Trader Tradingrade via X

The renewed Dogecoin buzz follows rising global tensions and increased political debate around crypto regulation. According to market watchers, meme coins tend to thrive during such times as retail investors seek alternative assets with high upside potential.

Dogecoin prediction models suggest that if macroeconomic and political conditions continue to stir volatility, meme coins like DOGE could become short-term favorites once again. This was echoed by recent social media trends and Google search spikes for Dogecoin news and forecasts.

Looking Ahead: Make or Break at $0.1750

The near-term Dogecoin challenge is straightforward: reclaim and hold above the $0.1750 resistance. A close above that level, supported by volume, could quickly drive prices toward $0.18 and potentially $0.1850. Intraday momentum could also receive a boost if the 15-minute chart confirms a breakout above $0.1743.

On the downside, failure to hold $0.17 would likely pull DOGE back toward $0.1675 and test support at $0.1640.

While the current setup reflects compression and indecision, the convergence of bullish technical signals, growing derivatives optimism, and strong trading volume puts Dogecoin in a favorable position heading into May 8.

“Dogecoin has always been unpredictable,” one analyst concluded. “But when volume rises and the crowd gets involved, DOGE tends to surprise on the upside.”

Key points:

• Bitcoin price hangs near $97,000 as traders await today’s FOMC minutes.

• Bitcoin holding $95,000 as support is key for bullish price expansion in the short term.

• Select altcoins are holding their respective support levels, opening the gates for a short-term rally.

Bitcoin (BTC) bulls are trying to knock down the immediate resistance at $97,895 and challenge the all-important $100,000 level. Crypto analytics platform Santiment said in a post on X that Bitcoin wallets holding between 10 and 10,000 Bitcoin are positive about further gains as they have acquired 81,338 Bitcoin over the past six weeks.

Investors have also been piling into BlackRock’s spot Bitcoin exchange-traded fund for the past 16 days, which has boosted its new capital inflows to about $4.7 billion, according to ETF Store President Nate Geraci.

Bloomberg ETF analyst Eric Balchunas also suggested that the spot Bitcoin ETF “will have triple gold’s ETF assets under management in 3 to 5 years.”

According to Bitfinex data, Bitcoin must hold above $95,000 to signal a “structural shift” into bullish territory, opening the doors for a rally to an all-time high. However, if the $95,000 level cracks, the analysts expect Bitcoin to witness a deeper correction.

Could Bitcoin challenge the $100,000 resistance? Are select altcoins showing signs of a short-term up move? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin rebounded off the 20-day exponential moving average ($93,091) on May 6, indicating that the sentiment remains positive and traders are buying on dips.

There is minor resistance at $97,895, but if the level is crossed, the BTC/USDT pair could challenge the psychological resistance at $100,000. Sellers are expected to vigorously defend the level because a break above it could propel the pair to $107,000.

Time is running out for the bears. If they want to make a comeback, they will have to sink and sustain the price below the 20-day EMA. If they succeed, the pair could tumble to the 50-day simple moving average ($87,441).

Ether price prediction

The bears are struggling to pull Ether (ETH) below the moving averages, indicating a lack of selling at lower levels.

Buyers will try to take advantage of the situation and push the price above the immediate resistance at $1,873. If they do that, the ETH/USDT pair could pick up momentum and soar toward $2,111. There is minor resistance at $1,957, but it is likely to be scaled. 

Sellers are likely to have other plans. They will try to tug the price below the moving averages, opening the gates for a fall to $1,537. Buyers will try to defend the $1,537 level, but if they fail in their endeavor, the pair may collapse to the vital support at $1,368.

XRP price prediction

XRP (XRP) fell below the moving averages on May 4, but the bears could not sink the price to the $2 support.

The flattish moving averages and the RSI just below the midpoint suggest that the XRP/USDT pair may remain stuck between the resistance line and the $2 support for some more time.

A break and close above the resistance line signals a potential trend change. The pair could then rally toward $3. Conversely, a break and close below $2 opens the gates for a collapse to the $1.72 to $1.61 support zone.

BNB price prediction

The failure of the bears to sustain BNB (BNB) below the moving averages indicates demand at lower levels.

The bulls will have to try and overcome the barrier at $620 to clear the path for a rally to the strong overhead resistance at $644. Sellers will try to halt the recovery at $644, but if the bulls prevail, the next stop could be $680.

This positive view will be invalidated in the near term if the BNB/USDT pair turns down and breaks below the $576 support. That heightens the risk of a fall to $520. Buyers are expected to aggressively defend the $500 to $520 zone.

Solana price prediction

Solana (SOL) is finding support at the moving averages, signaling a positive sentiment where dips are being purchased.

The bulls will try to strengthen their position by pushing the price above the $153 resistance. If they can pull it off, the SOL/USDT pair could climb to $180 and then to $200. That signals the pair may swing inside the large $110 to $260 range for a while.

Sellers will have to drag the price below the 20-day EMA to prevent the upside. The pair could then tumble to the 50-day SMA ($133). That indicates a consolidation between $110 and $153 for a few days.

Dogecoin price prediction

Dogecoin (DOGE) has been clinging to the moving averages, signaling a balance between supply and demand.

If the price closes below the moving averages, the bears will try to pull the DOGE/USDT pair to the support of the range at $0.14. The bulls will attempt to keep the pair inside the range by buying near $0.14.

On the upside, buyers will have to drive and maintain the price above $0.21 to suggest a short-term trend change. The pair could rally to $0.25 and subsequently to the pattern target of $0.28.

Cardano price prediction

Cardano (ADA) is witnessing a tough battle between the buyers and sellers near the moving averages.

The flattish moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price moves up from the current level, it is expected to face selling at $0.75. A break and close above $0.75 could propel the pair to $0.83.

On the downside, there is solid support at $0.58. If the price rebounds off $0.58, the ADA/USDT pair could form a range. Sellers will seize control on a break below the $0.58 support. The pair may then descend to the $0.54 to $0.50 support zone.

Related: Can XRP price reach $4 in May? Analysts are watching these key levels

Sui price prediction

Sui (SUI) rebounded off the 20-day EMA ($3.14) on May 6, indicating that lower levels are attracting buyers.

There is minor resistance at $3.50, but if it is crossed, the SUI/USDT pair could ascend to $3.90. Sellers are expected to defend the $3.90 level with all their might because a break above it could propel the SUI/USDT pair to $4.25 and eventually to $5.

Instead, if the price turns down and breaks below the 20-day EMA, it suggests that the bulls are rushing to the exit. The pair risks dropping to the solid support at $2.86 and then to the 50-day SMA ($2.61).

Chainlink price prediction

Chainlink (LINK) is finding support at the 50-day SMA ($13.66), but the failure to start a strong rebound suggests the bears have kept up the pressure.

If the 50-day SMA gives way, the LINK/USDT pair could slump to $11.68. Buyers will try to defend the level, but the relief rally is likely to face selling at the moving averages. If the price turns down from the moving averages, the pair could fall to the support line of the descending channel.

Contrarily, if the price turns up from the current level and maintains above the 20-day EMA ($13.99), the pair could rally toward the resistance line. Buyers will have to pierce the resistance line to signal that the downtrend could be over.

Avalanche price prediction

Avalanche (AVAX) has slipped below the 50-day SMA ($19.90), indicating that the range-bound action could continue for a few more days.  

If the price skids below $18.50, the AVAX/USDT pair could drop to the support of the range at $15.27. Buyers are expected to aggressively defend the $15.27 level, as a break below it may resume the downtrend.

Alternatively, a bounce off the current level suggests the bulls are trying to keep the pair inside the upper half of the range. Buyers will have to drive the price above $23.50 to start an up move to $28.78 and then to the pattern target of $31.73.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.