DOGE reclaims its January level- Are short-sellers subdued?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

The 4-hour chart was bullish at press time.

Bulls had slight hope based on the bullish pendant pattern.

Dogecoin [DOGE] saw a sharp rally after Twitter replaced its typical blue bird logo with an image of DOGE. The meme coin rallied 21% on 3 April but consolidated in the past few hours, hovering below $0.10000.

The overall price action chalked a bullish pendant pattern which could tip bulls for more upward traction.

Bitcoin’s [BTC] price movement exhibited a strong resemblance to gold in the recent weeks, reinforcing the king coin’s long-supported narrative of being a safe-haven asset.

How much are 1,10,100 BTCs worth today?

As per blockchain analytics firm Kaiko, BTC’s correlation to gold hit a multi-year high of about 50%. On the other hand, its correlation with U.S. stocks dipped considerably, exacerbated by the collapse of high-profile banking entities.

According to a blog post published early on Sunday morning by an official of the Arbitrum Foundation, the company started selling ARB tokens for stablecoins even before the governance community of token holders had “ratified” the almost one billion dollar budget for the organization.

Read More: Top Mastercard-Backed Blockchain App Migrates To Hedera; Is HBAR Price Gunning For $1?

In accordance with the Arbitrum Improvement Proposal (AIP-1) on Arbitrum’s DAO, the 750 million tokens kept aside would be used to pay for special grants, reimburse appropriate service providers, and cover ongoing administrative and operational expenditures of the foundation. The majority of the

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Seeking to Hold Advances: Sally Ho’s Technical Analysis – 2 April 2023

Bitcoin (BTC/USD) clawed back some of its recent pullback early in the Asian session as the pair traded as high as the 28467.90 area after buying pressure emerged around the 28333.62 level. Selling pressure strengthened around the 28826.45 level in recent trading sessions, representing a test of the 78.6% retracement of the recent depreciating range from 29190.04 to 27512.97. At the end of March, BTC/USD absorbed the 28293.42 and 28344.24 levels, representing the 76.4% and 78.6% retracements of the same depreciating range. BTC/USD appreciated approximately 19.9% in March and has gained about 71% year-to-date. Bulls are increasingly eyeing the 30127.80 area, an upside price objective associated with buying pressure around the 15460 and 19568.52 levels.

Following the recent appreciation

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First Citizens Bank is now the 30th largest commercial bank in the US, with $167 billion in total assets and $119 billion in deposits as of March 10. The acquisition of Silicon Valley Bank's deposits and loans is expected to boost the bank's assets and expand its operations in California's tech hub.

By doing so, the company has ended its credit agreement with Silvergate and reclaimed the 34,619 BTC that was being held as collateral against the loan, according to a Securities and Exchange Commission filing.

This has pushed its price to a one-month high.

While the general market traded sideways in the last week, Monero [XMR] witnessed a price rally that caused the privacy coin to exchange hands at a one-month high.

Read Monero [XMR] Price Prediction 2023-24

Trading at $165.35 at press time, XMR’s value jumped by 7% in the last 30 days. On a year-to-date, XMR’s price has gone up by double digits, per data from CoinMarketCap.

Who runs the world? XMR buyers

Increased XMR accumulation in the past two weeks launched the coin into a new bull cycle on 12 March, since which its price has grown by 17%.

With the Moving average convergence/divergence (MACD) line facing north and resting on the trend line, the bull cycle was underway at the time of writing and was poised to continue.

The Aroon Up Line (orange), in an uptrend at 100%, lent credence to the strength of the current bullish trend in the XMR market. When an asset’s Aroon Up line is close to 100, the uptrend is strong, and the most recent high was reached relatively recently.

Is your portfolio green? Check the XMR Profit Calculator

Conversely, XMR’s Aroon Down Line was pegged at 21.43% at press time. Generally, when a coin’s Aroon Down line is close to zero, the downtrend is weak, and the most recent low was reached long ago.

Further, an assessment of the alt’s price movements on a daily chart showed the short-term 50-day SMA resting above the long-term 200-day SMA.

This golden cross is generally considered an indication of an upward trend. Moreso, XMR’s price traded above the moving averages at press time, which is also read as a bullish signal.

As expected, the surge in XMR accumulation placed the buyers in control of the market at press time. As a result, the Positive Directional Index (green) at 21.76 was solidly positioned above the Negative Directional Index (red) at 15.09.

This suggested that buyers’ strength exceeded the sellers’ in the current XMR market.

Source: XMR/USDT, TradingView

Interestingly, despite the unwavering price growth in the last month, some traders remained cautious and chose to bet against any further rally in XMR’s price, on-chain data revealed.

According to Coinglass, XMR’s funding rates have been mostly negative for most of March.

Source: Coinglass

However, these traders have been plunged into losses as the alt’s price increases. A look at XMR liquidation data showed that the last two weeks have been marked mostly by short liquidations.

Source: Coinglass

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Abiodun Oladokun Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.YOU MAY LIKEMonero scores high on social ranking, but is it enough to rejuvenate the bulls

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