The post Dogecoin’s Historical Performance Points to Potential Price Targets $3.80 appeared first on Coinpedia Fintech News Crypto analysts are pointing to a fascinating trend in Dogecoin’s historical performance that could hint at potential price targets for the current bull cycle. According to the analysis, Dogecoin has consistently reached or surpassed the 1.618 Fibonacci extension, which currently projects a target of $3.80 for this cycle. Dogecoin Aim For $3.80 In a recent tweet, a prominent crypto trader highlighted Dogecoin’s historical behavior, noting its tendency to achieve significant milestones based on Fibonacci extensions. The current 1.618 Fibonacci extension level suggests a potential target of $3.80 for Dogecoin’s price during the ongoing bull cycle. In all of #Dogecoins bull cycles it has never failed to meet or surpass the 1.618 Macro FIB extension measured from previous bull market highs to bear market lows. The current 1.618 FIB on #DOGE currently sits at $3.80. While I think this can be more difficult to achieve then… pic.twitter.com/9UE0rE3zCY— Kevin (@Kev_Capital_TA) April 26, 2024 While acknowledging challenges posed by market dynamics and capital saturation, the trader emphasized the relevance of historical patterns in forecasting potential outcomes for Dogecoin’s price trajectory. Further into analysis analyst, suggests that Dogecoin’s 3-day RSI (Relative Strength Index) consistently maintained above the 50 level throughout its journey to new all-time highs (ATH). Based on the historical pattern observed with the 3-day RSI, the trader suggests that Dogecoin is poised for a bounce from the current range, potentially leading to upward movement in price. As you can see here when it comes to #Dogecoin in its previous bull cycle the 3 day RSI never lost the 50 level on its path to new ATH's. If we're to keep similar structure like we have been then we want to see #DOGE bounce from this exact same range we're in and eventually head… pic.twitter.com/xQP4zVZiVs— Kevin (@Kev_Capital_TA) April 26, 2024 Other Notable Price Targets Alongside the $3.80 target, the trader identified additional price targets based on Dogecoin’s historical performance. These include $0.95 and $1.35 for the current bull cycle, representing significant milestones that align with past price movements. The analysis highlights the importance of considering historical trends and Fibonacci levels as valuable tools for assessing potential price movements in the crypto market. Dogecoin Price Analysis As of now, Dogecoin (DOGE) is trading at $0.1511, showing a minor decline of 0.33% over the past 24 hours. The trading volume has also decreased by 31.87%, amounting to $959 million. Despite these fluctuations, Dogecoin’s market capitalization remains stable at approximately $21.3 billion.
The post China Might Unban Crypto in Upcoming 3 Months: Experts Predict appeared first on Coinpedia Fintech News China, known for its strict stance against cryptocurrencies, is reportedly considering lifting its ban on Bitcoin in the upcoming months. This development comes as Hong Kong, a Chinese Special Administrative Region, makes significant moves towards embracing Bitcoin by approving Bitcoin exchange-traded funds. The Chinese Ban on Cryptocurrencies China’s ban on cryptocurrencies began in September 2017 when the government imposed strict regulations on Initial Coin Offerings (ICOs), leading to the shutdown of cryptocurrency exchanges. The ban aimed to curb financial risks and illicit activities associated with cryptocurrencies. It included prohibitions on mining, trading, and ICOs. The government also cited environmental concerns related to Bitcoin mining as one of the reasons behind the ban. In 2021, China escalated its crackdown on cryptocurrency mining, leading to the shutdown of large-scale mining operations across the country. This move resulted in a significant exodus of mining operations to other countries with more favourable regulatory environments. The aftereffects of the ban were substantial, with a dramatic drop in Bitcoin’s hash rate and a shift in the global mining landscape. After effects of the Ban China’s ban on cryptocurrencies caused a ripple effect across the industry. The clampdown on mining led to a notable decrease in Bitcoin’s hash rate, as miners relocated to countries with more lenient regulations. This shift also impacted Bitcoin’s price, causing temporary market volatility. The ban’s effects on the broader cryptocurrency ecosystem were also notable, with Chinese crypto exchanges and other crypto-related businesses relocating to more favourable jurisdictions. This migration of talent and capital affected China’s position in the global cryptocurrency industry. Hong Kong’s Bitcoin ETF Approval: A Turning Point? The recent approval of spot Bitcoin and Ether ETFs in Hong Kong may signal a change in China’s stance on cryptocurrencies. The Hong Kong Securities and Futures Commission approved these ETFs, which are set to begin trading on April 30, 2024. This move makes Hong Kong the first Asian financial hub to embrace cryptocurrencies as mainstream investment tools. The approval of Bitcoin ETFs in Hong Kong has several implications for China. As a Special Administrative Region, Hong Kong has a separate legal and financial system, allowing it to make independent decisions regarding financial products. However, Hong Kong’s moves towards becoming a global digital asset hub may encourage mainland China to reconsider its ban on cryptocurrencies. Influence of Hong Kong’s Crypto-Friendly Stance on China With Hong Kong’s Bitcoin ETFs gaining popularity, China might see an opportunity to reengage with the cryptocurrency market. The success of these ETFs could demonstrate the potential for regulated and compliant cryptocurrency investment, alleviating some of China’s concerns about financial stability and illicit activities. Additionally, the success of the US’s spot Bitcoin ETFs, which have drawn significant net inflows, may further influence China’s decision to unban Bitcoin. These developments suggest that China could benefit from embracing cryptocurrencies in a regulated manner, potentially boosting its position in the global financial market.
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