Bitcoin’s hashrate reached a new all-time high on February 26. Daily active users have increased in recent weeks, and other metrics have been bullish.

Bitcoin [BTC] Ordinals surpassed the benchmark of successfully enrolling over 200,000 NFTs. This milestone was reached quickly, as it’s only been a couple of months since Ordinals’ release. The total number of ordinals registered so far has reached 207,269, and image-type ordinals represented the majority.

However, it was interesting to note that the volume declined after registering the highest number of ordinals on February 9.

While more NFTs have been minted in recent weeks, BTC’s mining industry saw growth when its hash rate reached a new all-time high on February 26, 2023. The increase in hash rate reflected an influx of new miners into the network, and Ordinals may have played a part in driving this rise.

One possible reason for miners’ interest in Ordinals may be the impact it had on the BTC price. As the BTC price increased, the revenue generated from mining became more lucrative, resulting in an increase in the number of miners. As the hashrate reached a new ATH, it became clear that miners were bullish on BTC and, by extension, Ordinals.

BTC Prepared on the Metrics Front

According to Glassnode, Taproot’s use of BTC hit an all-time high a few days ago, thanks to Ordinals using the protocol for enrollment. As the popularity of Ordinals skyrocketed, so did the use and adoption of BTC Taproot. Not only this, but Bitcoin NFTs also had an effect on network usage, which was evident from Santiment’s data.

The number of BTC transactions increased in recent weeks. Furthermore, BTC daily active addresses followed a similar pattern and increased. Both of these uptrends can be attributed to the growing popularity of ordinals.

Will Ordinals’ Achievements Be Reflected on BTC’s Chart?

As the popularity and enrollment of Ordinals continue to increase, the chances of this development reflected in BTC’s chart cannot be underestimated. CryotoQuant’s data revealed quite a few key metrics that suggested that BTC could break its resistance near the $25,000 zone in the following days.

The derivatives market remained confident in BTC as its buyer-buy and sell ratio indicated buying sentiment was dominant. The BTC funding rate also looked bullish, raising the chances of a price uptrend. Also, the BTC exchange reserve was declining, which is a positive sign as it indicates lower selling pressure. At the moment, BTC was trading at $23,371.22, with a market capitalization of over $451 billion.

By Audy Castaneda

The market structure was bullish on higher time frames. Establishing a range could offer a period of consolidation.

In January, Fantom rallied from $0.16, and it hit $0.65 in early February. It represented a 230% bullish move, and at the time of writing, FTM was trading near the support zone at $0.43.

It seemed unlikely that such a strong move could happen over the next month or two.

Markets generally need time to consolidate before such a move, up or down. Fantom was in one of those consolidation phases. The asset showed signs of forming a range, which traders can use in the coming weeks.

Range Formation Meant Traders May Look to Bid FTM at Lows

The range extended from $0.43 to $0.6, with the midpoint at $0.515. This range was less than a month old. In addition, the extremes of the range have only been tested twice each. The fact that the mid-range mark was held as support and resistance suggested that the range was viable.

A bullish order block was detected at the bottom of a range. From this level, FTM saw a violent move north to reach $0.6 in mid-February. At the time of writing, the price was testing the same region once again.

The RSI slid below the neutral 50 mark, to highlight bearish momentum. It underscored the possibility that a downtrend could start. However, the OBV has been increasing in recent weeks. It showed constant buying pressure despite the range formation.

If the OBV continues to rise in the coming weeks, a break above $0.6 could push towards $0.85 and $1.1. Until then, buying and selling near the ends of the range could be a profitable option for Fantom traders.

A Rise in Idle Circulation Marked Previous Local High After Headlines Posted Gains

The 30-day MVRV ratio fell into negative territory. It rose to 3-month highs at the end of January, but it has tumbled ever since. This indicated that holders took profit and reinforced the selling pressure seen in recent weeks. Although not strong enough to start a long-term downtrend, it was enough to stop the explosive rally.

The 90-day idle circulation experienced a surge on February 12, and another on February 18. The recent spike also marked a local top for FTM.

Therefore, this was another metric that traders can keep an eye on to warn of big sell-offs. Meanwhile, development activity was steady and continued without any correlation to price action, which should encourage long-term buyers.

To conclude, according to Ambcrypto.com, traders can look to buy FTM at $0.16. Furthermore, the $0.50-$1.50 level can be an area where demand can step in. If the RSI goes above neutral 50, and the CMF mounts over the zero line, buyers can look to get in.

By Audy Castaneda

At the turn of the year 2022/2023, the DOGE price was only US$0.070. In the first weeks of the year, the price rose steadily. In the middle of the month, DOGE was able to rally above $0.091, after a strong rally.

In recent weeks, the Dogecoin price has seen a stronger rise. However, the gains were lower than many other major cryptocurrencies. But the growth potential of the meme coin remains high in the coming weeks.

In the last weeks of January, the Dogecoin price rally continued, breaking above $0.097. In February, the price plunged to $0.082. After a further rise to $0.090 in mid-February, the price recently fell back to $0.082. However, the overall trend points to a positive Dogecoin forecast.

Why DOGE Price Increased Just a Little?

The Dogecoin rate has been able to rise in recent weeks, but has generally lagged behind the percentage gains of other cryptocurrencies and especially the other major meme coin, the Shiba Inu coin. The Dogecoin course has “only” gained about 15 percent in value since the turn of the year.

This was mainly because Dogecoin was particularly strong compared to the other coins in Q4 2022. It could see a very strong rise compared to other coins before the FTX crash. This increase was somewhat put into perspective by the accident. However, the Dogecoin course was particularly large at the time compared to other coins.

What is the Dogecoin Forecast for March 2023?

Dogecoin was able to rise significantly in recent weeks, but less than other coins. In general, as a meme coin, Dogecoin is particularly volatile and can experience sharp rises and falls in short periods. However, in the medium term, it generally follows the general market and therefore the development of the price of Bitcoin.

As the overall market is very likely to continue rising in the coming weeks, there is a positive Dogecoin forecast for the coming weeks. It could well be that Dogecoin sees strong rallies in the coming weeks and could rise massively accordingly.

The Dogecoin price should increase in March if the Bitcoin price continues to rise during this period. If Bitcoin breaks above the $25,000 resistance, Dogecoin is very likely to break above the $0.010 level.

Dogecoin could also rise more sharply if Bitcoin sees only a slight rise in the coming weeks. A 20% increase in the coming weeks seems very likely. But a massive rise of over 50% would also be possible in a very bullish market. A meme coin is always hard to predict.

A Dogecoin forecast of $0.095 to $0.012 is then assumed by the end of March.

Dogecoin could see a massive rise in the coming weeks. However, it is still a meme coin and could see a sharp drop in value again soon. The DOGE is still very speculative and should be well considered as an investment. Still, the potential gains are huge.

By Audy Castaneda