Crypto
Dogecoin Forms Similar Trend That Led To 2021 Rally, But There’s A Problem | Bitcoinist.com
Dogecoin became one of the most popular cryptocurrencies in the last bull market after going on an impressive rally back in 2020 after forming a descending triangle. Even now, the meme coin continues to enjoy the spoils of that rally, remaining one of the largest cryptocurrencies in the space. The meme coin has now formed a similar descending angle, but the question is, can it replicate the same rally as 2020?
Dogecoin Coin Forms Descending Triangle Similar To 2021
In a Sunday post, crypto analyst @ali_charts on Twitter pointed out that Dogecoin’s chart had formed a similar pattern to one seen before the meme coin rallied in 2021. This pattern referred to as a descending triangle is usually seen right before a cryptocurrency goes on a massive rally.
The chart shared by the analyst shows an eerily similar movement pattern to DOGE’s price movements in the years leading up to 2021. And as this pattern has formed almost perfectly, the analyst expects that there could be a significant rally in the future of the digital asset.
DOGE forms descending triangle similar to the one preceding 2021 rally | Source: Twitter
Now, the last time this happened, the price of DOGE exploded by over 2,300%, going from less than $0.002 to more than $0.6 in a matter of months. So if the pattern holds true in this case like it did before, then an exceptional rally could be on the horizon.
As with any analysis, the crypto analyst points out that he is currently waiting for confirmation on this trend. “I’ll be looking at a sustained monthly close above $0.80 for confirmation,” he said.
Why This Could Be Different
Although the descending triangle presented by the crypto analyst does look very similar to Dogecoin’s price movements before it rallied in 2021, there is one important factor that is missing from the current equation and that is billionaire Elon Musk’s relentless shilling of the cryptocurrency.
DOGE price pumped in 2021 as a result of Musk's Twitter posts | Source: DOGEUSD on Tradingview.com
Back at the start of 2021, Dogecoin was an obscure cryptocurrency, until Musk started posting about it on his Twitter account. Musk, who has hundreds of millions of followers, was arguably the sole reason behind DOGE’s 2,300% rally, and if it were to repeat itself, then something akin to Musk’s posts about the meme coin would have to happen.
For now, most of the billionaire’s time looks to be focused on Twitter, which he bought in 2022 for $44 billion. However, Musk wields more influence than ever over the crypto market and if he were to begin posting about DOGE once again on his social media platforms, then it could well trigger another massive rally. Otherwise, even a 50% jump from here without the billionaire’s influence would be impressive.
Nevertheless, DOGE is still maintaining its position as one of the largest cryptocurrencies in the space. It’s up 2.89% in the last day, bringing its market cap above $10.4 billion. This makes it the 8th-largest cryptocurrency ahead of heavy hitters such as Solana (SOL) and Polygon (MATIC).
Crypto
Hong Kong firm HKVAX gets approval to run city’s third cryptocurrency exchange
With its expertise in security token offerings (STO) and real-world asset (RWA) tokenisation, HKVAX aims to offer over-the-counter trading, exchange and custody services, the company said in a statement published on Friday.
The licence “demonstrates Hong Kong’s resolve to lead in the virtual-asset industry”, while HKVAX aims to establish the city as “the STO and RWA centre for Asia and beyond”, co-founder and chief executive Anthony Ng said in the statement.
The company’s trading platform and onboarding system are still “undergoing final preparations”, the company said in a notice on its website.
Crypto
From $37B to $24.5B: DAO Treasuries Experience Significant Downturn – Blockchain Bitcoin News
Crypto
Deadline Extended! Argentinians Seize Last Chance for Cryptocurrency Amnesty!
- Local exchanges like Bitso and Lemon report significant increases in digital currency deposits since the amnesty’s announcement.
- Carlos Peralta of Bitso noted a surge in inquiries, suggesting higher future participation before the deadline extension.
In Argentina, the cryptocurrency amnesty program, initiated in July, has surprisingly exceeded expectations according to local exchanges. This initiative allows Argentinians to declare their cryptocurrency holdings to the government without fear of repercussions.
The deadline for this declaration has been extended to October 31
The Argentine government has extended the deadline for asset regularization through Decree No. 864/2024, published on September 30, 2024. This extension modifies the dates of the regime established by Law No. 27.743 on Palliative and Relevant Fiscal Measures, allowing fiscal residents in Argentina and non-residents who were previously fiscal residents to voluntarily declare assets both domestically and abroad until October 31, 2024, for the first stage. The subsequent stages have been extended to January 31, 2025, and April 30, 2025, respectively.
Furthermore, the decree specifies that funds regularized up to September 30, 2024, can be withdrawn starting October 1, 2024, without retention, provided that no new regularizations are made after that date. Funds not exceeding USD 100,000 will be exempt from retention starting November 1, 2024, and those exceeding that amount must be kept in special accounts or allocated to authorized investments until December 31, 2025, to avoid a 5% retention.
Fiscal transparency and the integration of undeclared assets into the formal economy
Representatives from cryptocurrency exchanges such as Bitso and Lemon have reported a significant uptake in participation since the program’s announcement. They observed a record increase in digital currency deposits, suggesting a strong willingness among Argentinians to comply with the new regulations.
Carlos Peralta, the leader of Public Affairs at Bitso Argentina, noted a spike in inquiries even before the extension was announced, indicating a high level of interest.
“Perhaps now with more time, they decide to enter” Peralta commented, hinting at the potential for even greater participation in the coming weeks.
Similarly, Juan Pablo Fridenberg, Director of Public Affairs at Lemon, highlighted that September saw the highest volume of cryptocurrency deposits in the platform’s history.
“Although we do not know how many users have effectively joined, as this information is only available to the Federal Administration of Public Revenue (AFIP), we can affirm that the volume exceeded July’s by 23%,” said Fridenberg.
As we usually report on Crypto News Flash, this initiative by the Argentine government aims to bring transparency to the cryptocurrency market, which has traditionally operated with minimal oversight. By encouraging citizens to declare their digital assets, the government hopes to integrate these into the formal crypto economic system, reducing the risks associated with unregulated markets.
The positive response from the public and the extension of the deadline reflect the growth, as we have been reporting on Crypto News Flash, this may accept and normalize cryptocurrencies in Argentina. This move is part of a broader effort to stabilize the financial system and restore trust among investors and the public in the potential of digital currencies as legitimate financial assets.
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