The crypto market has been under pressure lately, with Bitcoin (BTC) facing resistance and signs of seller exhaustion emerging. Amid this uncertainty, analysts believe Dogecoin (DOGE) and an Ethereum-based token are positioned for a significant run.
But what is the investor attraction to these digital assets? Let’s discuss Bitcoin’s potential seller exhaustion and why experts are bullish on Dogecoin and this Ethereum token as the market prepares for a breakout!
Bitcoin Shows Signs of Seller Exhaustion: Is a Rebound Coming?
Bitcoin has faced notable declines recently, but signs of seller exhaustion are emerging, hinting at a potential rebound.
On August 5, 2024, Bitcoin fell to $49,121.24, its lowest level since February. Despite this, it quickly rebounded, rising 25.7% to $61,751.86 within just four days. The price continued to climb, reaching $64,489.71 on August 26, reflecting an additional 4.4% gain. However, BTC ended August with an 8.9% drop, closing at $58,768.78.
IMG Title: Bitcoin Price History for August 2024. Source: CoinMarketCap
September saw Bitcoin experience a 10.9% decline, falling from $59,062.07 on the 1st to $52,598.70 by the 6th. Nonetheless, BTC recovered with an 8.4% increase, surpassing $57,000 on September 10.
Analysts suggest that this recent bounce is a sign that sellers are losing steam, indicating BTC could be gearing up for its next upward move.
With this potential seller fatigue, experts are optimistic about BTC’s prospects. Valentin Fournier, a BRN analyst, highlighted that Bitcoin might start a bullish trend if it breaks above the recent high of $59,750.
However, he warned that market volatility is still elevated, and the potential for further declines remains, especially with the Federal Reserve's interest rate decision coming up on September 18.
Dogecoin Jumps 10.76% in Ten Days: Is a Bullish Run Imminent?
In August 2024, whale activity, defined as transactions from investors holding at least 0.1% of DOGE’s total supply, dramatically decreased. Outflows from these whale wallets plummeted by 80.7%, falling from 181.29 million DOGE to just 17.42 million.
This substantial drop in whale transactions contributed to a 16.6% decline in DOGE’s price, which fell from $0.1229 on August 1 to $0.1025 by August 21 and further decreased by 1.95%, ending the month at $0.1005.
Despite this downturn, DOGE has rebounded strongly, gaining 10.76% in just ten days, rising from $0.09434 on September 1 to $0.1045 on September 10. Dogecoin currently trades at $0.10, and analysts are optimistic about a potential rally.
Meanwhile, Crypto Tony suggests that DOGE could see a significant surge if it reclaims the $0.11 mark, which he views as a key entry point.
Additionally, Trader Tanigrade has identified a bullish inverse head and shoulders pattern on DOGE's chart. He believes that DOGE, now at the right shoulder of this pattern, is poised for an upswing despite its current trading level being below previous highs.
Ethereum-Based FXGuys Poised for a Bullish Run in September and Beyond
FXGuys is a decentralized platform designed to transform Forex trading. It offers advanced tools like analytics, social trading, and a funding program that helps skilled traders access capital and earn profits. The goal is to create an environment where traders can grow and succeed.
Additionally, the FXGuys decentralized platform provides holders with earning opportunities through Trade2Earn. With this feature, you earn $FXG tokens with every trade you make, whether profitable or not. The standard profit split is 80% for traders and 20% for FXGuys. As you achieve consistent profits and grow your account, your share of the earnings can increase, maximizing your earnings.
Accumulated tokens in your dashboard wallet can be redeemed for trading perks, such as lower profit targets, higher drawdown limits, and other tools designed to enhance your trading performance.
The $FXG token offers an impressive potential return of 566% for early investors, with its price set to rise from $0.015 during the private sale phase to $0.10 by the end of the presale.
Currently, you can purchase $FXG at the low price of $0.015 during the private sale phase. In ten days, the Stage 1 public presale will begin, and the price will increase progressively.
In Stage 1, $FXG will be priced at $0.03, and it will continue to rise through subsequent stages, reaching $0.04 in Stage 2, $0.05 in Stage 3, $0.06 in Stage 4, $0.07 in Stage 5, and finally $0.08 in Stage 6 before launching at a price of $0.10.
$FXG Expected to Surge Over 10,000%
As FXGuys grows and draws in more traders, the demand for $FXG tokens is anticipated to increase, which could drive up its value. With Bitcoin showing signs of resistance and seller fatigue, investors are keen to capitalize on $FXG’s potential for substantial gains.
Unlike well-established tokens like DOGE, $FXG is projected to surge by 10,000% once it launches on major centralized and decentralized exchanges. Can you find a better opportunity elsewhere? It’s highly unlikely!
For more information about the FXGuys Presale:
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the viewsof Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
