Dogecoin (DOGE) Price Remains Strong: Why Bulls Could Target a Rally to $0.078

Audy Castañeda
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Dogecoin (DOGE) Price Remains Strong: Why Bulls Could Target a Rally to $0.078

Dogecoin price begins to recover

Afterwards a foremost drop, Dogecoin price achieved support near the $0.055 zone. DOGE traded as low as $0.0557 and started a new rise. There was a decent move above $0.0600 and the price developed above $0.0606.

Recently, there was a sharp rise in Dogecoin like Bitcoin and Ethereum, and it was able to break above the $0.0620 resistance. The price rallied above the 50% Fibonacci retracement level of the main dip from the $0.0772 high to the $0.0557 low.

Furthermore, there was a break above a key downtrend line with resistance near $0.0630 on the 4-hour chart of the DOGE/USD pair. It is now trading above the $0.065 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0665 level.

The first major resistance is near the $0.0690 level or the 61.8% Fibonacci retracement level of the main decline from the $0.0772 high to the $0.0557 low.

A close above the $0.0690 resistance could send the price looking toward the $0.0725 resistance. The next major resistance is near $0.0780. Any further gains could send the price looking toward the $0.080 level.

Is crash supported in DOGE?

If DOGE fails to gain pace above the $0.0690 level, it could initiate a correction to the downside. Initial support on the downside is near the $0.0642 level.

The next major support is near the $0.0606 level. If there is a break below the $0.0606 support, the price could drop further. In the indicated case, the price could fall towards the $0.055 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Main support levels: $0.0642, $0.0625, and $0.0606.

Main resistance levels: $0.0665, $0.0690, and $0.075.

Dogecoin is showing positive signs above the $0.0642 level against the US Dollar. DOGE could go higher if it holds above the $0.0606 support.

 • DOGE started a decent rally above the $0.0642 resistance against the US dollar.

• Price is trading above the $0.065 level and the 100 SMA (4-hours).

• There was a break above a key downtrend line with resistance near $0.0630 on the 4-hour chart of the DOGE/USD pair (data feed from Kraken).

• The price could correct to the downside, but the dips could be attractive near the $0.062 area.

By Audy Castaneda

Google’s Gemini and ChatGPT at AI War

Leonardo Perez
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Google’s Gemini and ChatGPT at AI War

The well-known ginormous high-tech search Google is moving quite fast on its model of AI (Artificial Intelligence) Gemini.  Some researchers say Gemini “smashes GPT-4.”  It is of paramount importance to highlight that the company is adding enterprise AI tools to its cloud platform.

SemiAnalysis, the research firm, has stated that Google has foresight Gemini AI model will crush the OpenAI offering by packing far more computing power.

Competition in AI intensifies

These claims were rejected by some experts, suggesting somehow that the data came from Google’s own internal marketing materials. One of them, OpenAI CEO Sam Altman said, “Amazing Google got that Semi-Analysis guy to publish their internal marketing/recruiting graph hahaha.” The rumors seem to indicate that Google is just creating this perception.

The semi-analysis report written by Dylan Patel and Daniel Nishball on August 28 was titled “Google Gemini Eats The World – Gemini Smashes GPT-4 By 5X.”

Said analysis has as a basis the fact that Google had access to much better processors and computing power. It has ignited a debate in AI forums about whether more computing power translates into better AI performance and all that jazz.

Researchers at Google’s Artificial Intelligence division DeepMind are working on Gemini, a next-generation, multi-modal AI model that can change many things as we know them.

Some people expect Gemini to be launched later in 2023. On the one hand, Gemini can accept text, video, audio, and images and output text and images; this is what means to be multimodal. On the other hand, ChatGPT is currently only text-based and has limitations to accessing the Internet.

In the same vein, Python programmer and AI enthusiast ‘Teknium’ commented:

    “I hope someone dethrones OAI, soon. But to say Gemini Smashes GPT-4 by 5x makes it sound like it is 5x better than GPT-4, it’s not, its 5x compute. Not necessarily correlated to quality.”

While OpenAI’s ChatGPT garnered attention in 2022 and became popular, a number of different tech giants such as Google and Meta are developing powerful AI models. Thus, 2023 is shaping up to be a pivotal year for progress in LLMs.

Nevertheless, Google is already facing the music and a class-action lawsuit over the alleged misuse of consumers’ personal data used to train its AI models.

Google Cloud incorporates Llama and Claude Artificial Intelligences

In addition to competing, Google is reportedly making allegiances with companies such as Meta and Anthropic to bring their AI models to Google Cloud.

Google Cloud customers will be able to access Meta’s Llama 2 LLM, as well as AI startup Anthropic’s Claude 2 chatbot. They can customize the models with business data for their own applications and services.

Just as it has monopolized Internet search, it wants to position itself as a one-stop-shop for cloud customers to access leading generative AI.

The company is also deepening its partnership with Nvidia to accelerate computing power to develop large AI models.

By Leonardo Pérez

Bitcoin Price Remains Vulnerable unless it Breaks above $26,500

Leonardo Perez
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Bitcoin Price Remains Vulnerable unless it Breaks above $26,500

Bitcoin price is trying to break above the $26,200 resistance. BTC needs to clear $26,200 and $26,500 to initiate a decent recovery wave.

Bitcoin is still struggling to break above the $26,500 resistance zone. The price is trading above $26,000 and the 100-hour simple moving average. There was a break above a short-term bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data from Kraken) The pair could attempt a further rise if it breaks above $26,200 and $26,500.

Bitcoin Price Faces Obstacles

Bitcoin price initiated a short-term bullish move from the $25,720 area. BTC was able to overcome the $26,000 resistance zone, but it still faces many obstacles.

During the recent rise, it broke the 23.6% Fibonacci retracement level of the downward move from the high of $26,779 to the low of $25,778. In addition, there was a break above a short-term downtrend line with resistance near $26,000 on the hourly chart of the BTC/USD pair.

Bitcoin now trades above $26,000 and the 100-hour simple moving average. On the upside, immediate resistance is near the $26,175 and $26,200 levels.

A clear move above the $26,200 level could send price towards the key resistance at $26,500. Intermediate resistance is near the 61.8% Fibonacci retracement level of the downward move from the $26,779 high to the $25,778 low at $26,400. This is shown in a graphic of the pair BTCUSD developed by TradingView.com

To initiate a decent rise, the price should be above $26,500. In the indicated case, the price could test the $27,000 level. Any further gains could set the pace for a further rise towards $28,200.

Further Drop in BTC?

If Bitcoin fails to break above the $26,200 resistance, it may initiate another fall. Immediate downside support is near the $25,900 level.

The next important support is near the $25,800 level. A break to the downside below the $25,800 level could send the price further down. In the indicated case, the price could drop as low as $25,400.

Bitcoin volatility currently remains subdued as investors are awaiting the outcome of the SEC’s decision on the Bitcoin spot ETF due in early September. Likely, after a week there could be more clarity on where the BTC price is headed.

Bitcoin Transaction Volume at 3-year Low

Chain data shows that Bitcoin transaction volume has fallen to 3-year lows. According to Santiment’s data, this includes the amount of peer-to-peer payments, miner fees, exchange fees and withdrawals. This can be observed in a graphic published by Santiment.

Analysts have also been throwing up warning signs for investing in Bitcoin at this time. Considering previous cycles, August and September have been periods of correction for Bitcoin and the crypto market in typical.

Bloomberg senior commodity strategist Mike McGlone explains that Bitcoin has already experienced a strong rally this year. Therefore, its price cannot be expected to continue to rise going forward. Let’s wait for what the SEC has to say on the ground about the Bitcoin ETF applications submitted to them.

By Leonardo Pérez

Shibarium Surpasses 100,000 Wallet Mark after Relaunch of SHIB Bridge

Audy Castañeda
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Shibarium Surpasses 100,000 Wallet Mark after Relaunch of SHIB Bridge

Shiba Inu (SHIB) is a meme cryptocurrency on the Ethereum blockchain. It was created in August 2020 by an anonymous developer named Ryoshi, whose identity is as mysterious as that of Bitcoin creator Satoshi Nakamoto. As the name suggests, SHIB is inspired by the Japanese dog breed, Shiba Inu.

Shytoshi Kusama, co-founder of the SHIB token, said the bridge was arranged with the help of Sandeep Nailwal, co-founder of Polygon Labs.

Shibarium, a new layer 2 blockchain which is intended to encourage the development of their own DeFi ecosystem for Shiba Inu (SHIB), has surpassed 100,000 wallets on its platform, with 35,000 of them in the first 24 hours after Shibarium’s relaunch on Aug. 28. Shibarium is Shiba Inu’s Layer 2 blockchain project

Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, confirmed that Shibarium was back up and running in an Aug. 28 blog post.

At the time, Kusama noted that Shibarium had 65,000 wallets with 350,000 transactions; however, those numbers have since increased significantly, rising 55.8% and 20.2%, respectively, according to Shiariumscan.io.

Shibarium’s block explorer shows that there are now 101,277 wallets that have facilitated 420,897 transactions in 344,614 blocks, with an average block time of 5 seconds. This can be observed in a graphic of the number of wallet addresses went from 65,000 to over 100,000 within 24 hours of Shibarium’s relaunch, developed by Shiariumscan.io.

In a statement, Kusama said the relaunch proved that the funds are and always were safe.

The pseudonymous figure also thanked Sandeep Nailwal, co-founder of Polygon Labs, for providing assistance to Shibarium with its reboot, quickly after the incident began, I called Sandeep from Polygon directly and without hesitation, he helped provide additional resources to ensure a seamless outcome to the situation. And that’s why our move to fork Polygon was the right one.

Positive Aspects of the relaunch of Shibarium

The relaunch of Shibarium reflected positively on the price of SHIB, rising 3.6% to USD 0.00000825 in the last 24 hours, according to CoinGecko. This is shown in a graphic of SHIB price in the last 24 hours presented by CoinGecko; however, SHIB is still 14.3% below its price of USD 0.00000963 at the time of the disruption.

At the time of the outage, Kusama blamed the “MASSIVE flow of transactions and users” when it launched, and later said they found an instance where there were “thousands and thousands of contract creations and normal transactions” in a single block, causing it to go into security mode. It is estimated that about USD 2.5 million in funds were trapped on the bridge at the time.

According to @kaaldhairya #Shibarium is like a newborn baby that is overwhelmed by so many excited family members coming to greet it, this time it is ready, but please treat it with love and care.”

In the following days, the Shibarium team claimed to have scaled the server infrastructure by 1,500% to better handle on-chain congestion.

Shibarium is an Ethereum Layer 2 network that uses SHIB for gas rates. The project focused on building gaming applications and metaverses on the platform.

By Audy Castañeda

Binance’s Lightning Network Capacity Surpasses the 100 BTC Milestone within Two Months of Adoption

Audy Castañeda
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Binance’s Lightning Network Capacity Surpasses the 100 BTC Milestone within Two Months of Adoption

Binance has recently incorporated the Bitcoin Lightning Network Layer 2 protocol into its platform, providing users with the ability to make deposits and withdrawals using this protocol. In a period of less than two months since this event, the platform has reached a significant milestone in relation to this protocol.

Binance Experiences Growth in its Lightning Node

According to data provided by analytics platform Amboss, shared by Chinese reporter Colin Wu on X, Binance’s Lightning node has experienced remarkable growth. The exchange platform currently ranks fourteenth in terms of capacity, having a total of 77.7 BTC of capacity within the network, which collectively totals 4,873.39 BTC.

From this data, one can infer the enthusiasm received by the Lightning network. Hence users of the platform are actively using Binance’s Lightning node to process their Bitcoin transactions.

This achievement comes after rumors suggested that Binance’s implementation of the Bitcoin Lightning Network was not gaining impressive traction, claiming that users were not creating channels on the platform.

In response to this, Amboss make clear that Binance, unlike some of its competitors such as Kraken, does not disclose node connection details, this means that “general users” cannot open direct channels with Binance.

The Lightning Network Becomes Vital for Bitcoin’s Continuity

Bitcoin was created with a fundamental focus on decentralization and security, without granting considerable attention to its processing power.

Some argue that Bitcoin’s decentralization and security are more important than its processing power, however, it is imperative that Bitcoin manages to scale if it is to be widely adopted for microtransactions and other transactions.

This is where a Layer 2 network such as the Lightning Network becomes important to help Bitcoin scale in its quest to be adopted as a global payment system.

The Lightning Network operates through nodes, which function as tunnels through which user transactions are processed.

For context, Bitcoin processes 7 transactions per second (TPS). This is considerably low compared to newer blockchains such as Cosmos, Solana and Polygon.

These have capacities of 10,000, 24,000 and 65,000 TPS respectively. However, Bitcoin can speed up transactions with the help of the Lightning Network. This is especially true considering that Layer 2 has a capacity of 1 million TPS.

Binance recognized the need to incorporate the protocol into its platform due to the massive increase in Bitcoin transactions. By doing so, the exchange can process user transactions faster and more efficiently.

What is the Importance of the Lightning Network at Binance?

The Lightning Network, as a Layer 2 solution, addresses Bitcoin’s scalability challenge by enabling fast, low-cost transactions off the main chain, which is crucial for Bitcoin to fulfill its potential as an everyday transactional currency.

The adoption of the Lightning Network by a major exchange such as Binance underscores the growing acceptance of this technology and the belief in its ability to improve user experience and solve network congestion issues.

The integration of the Lightning Network at Binance, while a positive development, may have a longer-term impact on the perceived usefulness and adoption of Bitcoin, rather than being the sole direct cause of recent price fluctuations. Moreover, this is not the first time Binance has reached a milestone with this node, a prime example being the 5,000 BTC milestone.

Ultimately, the continued adoption of scalability solutions such as the Lightning Network will help strengthen Bitcoin’s fundamental foundation and market position as it seeks to overcome technological and adoption challenges.

By Audy Castañeda

Bitcoin and Ether Trade Flat as SEC Aims at NFT Firm

Audy Castañeda
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Bitcoin and Ether Trade Flat as SEC Aims at NFT Firm

Bitcoin and Ether changed a little Tuesday morning in Asia, while 10 other top 10 non-stable cryptocurrencies traded mixed. Cardano’s ADA led gains following bullish comments from founder Charles Hoskinson. He predicted a price rise beyond Ether and Bitcoin. Solana’s SOL posted further losses, despite last week’s news of Solana Pay’s partnership with Shopify.

Analysts expect the generally bearish summer mood in the cryptocurrency market to pick up in the fall. Elsewhere, the Forkast 500 NFT index continued to fall, reflecting more bad news for the NFT industry.

The U.S. Securities and Exchange Commission (SEC) announced Monday that it charged Los Angeles-based media company Impact Theory LLC with securities violations related to its NFT offering. Meanwhile, U.S. stock futures were trading flat after Monday’s gains.

Gloom Summer

According to data from CoinMarketCap, Bitcoin was down 0.12% over the past 24 hours at US$ 26,050.51 as of 07:00 am in Hong Kong. The token is down 0.30% for the week. The world’s leading cryptocurrency reached a high of $26,198.58 in early morning trading before falling back. Ether also fell 0.40% to $1,650.23, a weekly loss of 0.99%.

Michaël van de Poppe, chief executive of Amsterdam-based cryptocurrency trading firm MN Trading, said via email that “it is possible that another sell-off is coming, but we have currently experienced the standard August-September correction, so it seems likely that we will not continue that fall for long and rather have an uptrend from now on.”

Van de Poppe’s comments were in line with a report from JPMorgan Chase & Co. that forecast “limited downside” for the cryptocurrency market as losses diminish. Analysts at the U.S. banking giant found a drop in the number of Bitcoin-linked futures contracts on exchanges that have yet to settle, a sign that the downward price movement is losing momentum.

Van de Poppe pointed to the upcoming Bitcoin halving event, which is expected to occur on April 16, 2024, as reason for optimism going into the fourth quarter of this year. The halving event will cause the amount of new Bitcoin issued every 10 minutes to halve, increasing its scarcity.

This is widely expected to produce an increase in the price of the token. He also highlighted this week’s U.S. release of employment data and the purchasing managers’ index as possible further increases for the Bitcoin price.

Van de Poppe said that the SEC’s decision on Bitcoin exchange-traded fund applications by investment heavyweights BlackRock, Fidelity and others will also have an influence,. Some of those decisions could come as soon as Saturday.

Cardano blockchain founder Charles Hoskinson, who appeared at the Denver-based Rare Evo conference on Saturday, estimated that ADA will overtake Bitcoin and Ethereum to become the world’s largest cryptocurrency. ADA is currently the seventh largest cryptocurrency in the world, with a market capitalization of $9.36 billion.

In the meantime, Solana’s SOL led the losers. It fell 1.35% to $20.50 for a weekly loss of 3.61%. Those losses came despite news that Solana Pay, a free-to-use payment protocol built on Solana’s blockchain, has partnered with Canada-based e-commerce platform Shopify to enable stable coin payments in USDC for online purchases without intermediary fees.

The token gained briefly on Aug. 24, the day of the Solana Pay announcement. It added 7% to $21.98 before pulling back.

Benjamin Stani, director of business development at Hong Kong-based digital asset broker Matrixport, said Solana’s integration with a conventional shopping app was a minor victory for the industry and would not have much effect on the markets.

By Audy Castañeda

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