Wolfpack Finance Daily Debrief
Market Update: Cryptos Respond to Key News Cycles
Dogecoin (DOGE) experienced a significant price boost following a notable social media post from CEO Elon Musk, underscoring the influence of major figures on the meme coin market. The coin surpassed the $0.19 resistance level, briefly reaching $0.199, a 6.32% spike attributed partly to speculation surrounding its spot ETF approval (80% odds cited by analysts), intensified by the coinciding news of Musk possibly apologizing for controversial remarks. The price action reflects a potential strategic bounce amidst reduced political headwinds for SpaceX.
Concurrently, Ethereum (ETH) moved higher, climbing approximately 2.3% over the last 24 hours, drawing investment possibly influenced by regulatory advancements like the CLARITY Act. Technical charts indicate a potential continuation of bullish momentum for ETH.
Dogecoin (DOGE) – Key Drivers and Analysis
Dogecoin’s recent treasury showcase showed price rising towards the $0.20 level, suggesting liquidity building on the breakout from recent consolidating lows. The lion’s share of gains occurred ahead of Elon Musk’s suggested resolution to the feud between the CEO and Donald Trump, – “his recent comments ‘went too far'”. Weaker Rallies also saw chatter about a higher probability of DOGE ETF approval jumping to 80%, driven by institutional interest signals from CFTC-sanctioned derivatives. A significant spike was observed at $0.1955, sending trading volume up 827% YoY.
Looking at technicals, DOGE is attempting a surge above the key psychological pivot point at $0.19 and the crucial 50-day Exponential Moving Average (EMA) near $0.1933-40. Recent miner profit (miner revenue) on-chain metrics have improved significantly, as the coin traded into “Green Profit Zone,” aided by higher HODL (hold long-term) accumulation. The key support tightened moving forward near $0.186. The next immediate hurdle appears at $0.214.
Ethereum (ETH) – Market Dynamics and Technicals
Ethereum charted a mixed day, breaking past the $2,850 level briefly, but corrected back near the daily Doji pivot. The primary positive driver cited last week was the record investment wave into Ethereum Futures funds reaching a cumulative $125 million intra-day volume. This injection, combined with ongoing regulatory debate (CLARITY Act), fueled the move past the $2,850 level. Presenting a bullish case, ETH closed above vital moving averages ($2,472-$2,395), with indicators like RSI keeping positive momentum for upward potential.
However, a Doji candlestick formation and potentially exhausted buying from the previous week present cautious elements for short-term traders. While bullish momentum remains with an ADX reading of 21, technical alerts monitor approaches to the key $2,900 resistance zone.
