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Showing posts with the label correlation

Dogecoin 'Shorts' Helped DOGE Rally 21%

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Dogecoin had been trading within a descending channel since the end of April. Throughout May, it kept oscillating within the setup. Nevertheless, in June, it attempted to break above. Even though a handful of candles were registered outside the channel, DOGE couldn’t sustain there for long and re-entered the bearish set-up. After spending around ten days in it, DOGE successfully flipped the upper trendline as support. Evidently, that set up the stage for the 21% pump that followed. In effect, the meme asset went on to breach $0.07280, a level previously seen exactly a month back. DOGE/USDT by TradingView Also Read: Shiba Inu: Can the Moon Guide SHIB to $0.00001? What instigated Dogecoin’s pump? Usually, bullish traders help an asset’s price ascent. However, in Dogecoin ’s case this time, the opposite has happened. A recent Analysis by Santiment pointed out that the DOGE market has been witnessing “aggressive shorting.” In fact, the ...

Crypto x Stocks: Is Un-Correlation in Play?

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The stock market and the crypto market have started moving in opposite directions. Yesterday was quite a rough day for stocks. Owing to the revelation of the $100 billion deposit loss and a possible government seizure, the price of FRC stock rolled down the cliff. In just a day, it dropped by more than 49.37% and closed at $8.10 yesterday. As a result, it’s down by more than 90% on the YTD timeframe. First Republic $FRC ‍ Down *another* 40% today and now -93% YTD. pic.twitter.com/SxJPjTz7m2 — TradingView (@tradingview) April 25, 2023 Also Read: Coinbase Sees ‘Smart Money’ Worth $8.6 Million Flow Into its Ecosystem In hindsight, both the Nasdaq and S&P 500 registered a streak of red candles and closed in red after noting losses of around 1.5% each. Crypto, on the other hand, has been trading in green. Over the past 24 hours, the global crypto market cap has risen by 2.6%. As shown below, Bitcoin and Ethereum are up by around 4% each from their April 25 lows. BTC/USD...