Whales take profit as Dogecoin (DOGE) and Cardano (Cardano (ADA) recover from the selling pressure caused by the US and German Governments selling large amounts of Bitcoin (BTC). Meanwhile, the whales and dolphins looking for huge returns are jumping into DTX Exchange, with its novel trading platform features and potential for a huge ROI.
DTX Exchange offers something new to the industry
Many new projects in crypto seem like cookie-cutter versions of existing projects. So investors get excited when a new idea arrives with much-needed functionality.
DTX Exchange is one such project, as it offers something totally new. More than just an exchange, it’s a brokerage where you can trade stocks, bonds, forex, and CFDs, among other things.
But its hybrid model means that it’s built on the blockchain – so people can also trade crypto and tokenized Real World Assets such as gold.
And that’s not all. As it’s built on the blockchain, everything is decentralized and trustless.
The benefits for traders are that no KYC is needed, and high leverage of up to 1000x is offered. Furthermore, futures traders can verify that DTX is not betting against them – something that traders have frequently accused platforms like Binance of doing.
DTX is currently in presale at $0.04 per coin, and will launch at 200% from here at $0.12. Experts predict that the coin could easily 100x from there, or more if market conditions allow.
Dogecoin (DOGE) Price up over the daily and weekly charts – whales take profits elsewhere
After a slow couple of years for the Dogecoin (DOGE) price, whales and retail alike are excited by the recent signs of life shown by the resilient memecoin. Technical analysis from the past three months suggests a bullish trend for Dogecoin (DOGE).
After hitting a low of $0.120348 on May 1st, Dogecoin’s price (DOGE) has been on a steady upward trajectory, currently trading at $0.124917 at time of writing.
Looking at the daily chart we can see a series of higher lows and higher highs, an important sign of an uptrend. Dogecoin’s price (DOGE) breached and held above the psychologically important $0.12 level, which is now a strong support zone.
That said, zooming out to the weekly timeframe, the Dogecoin (DOGE) price has formed a bullish engulfing candle, suggesting a potential trend reversal. But if Dogecoin (DOGE) can stay above the $0.12 mark, despite recent market volatility, this is a very positive sign for bulls.
However whales are well aware that if Dogecoin (DOGE) reaches $0.17, there is a large amount of resistance, and so high sell pressure is likely.
Cardano (Cardano (ADA) price could be in trouble as whales move some of their capital elsewhere
Cardano (ADA) has struggled to find a close above the boundary of its 50-day day EMA (green) for nearly three months now. The bearish crossover of the 20-day EMA (orange) and the 50-day EMA set the stage for a rather extended downtrend.
The buyers strived to trigger an uptrend but failed to jump above the $0.48-$0.51 resistance range. Consequently, the price action chalked out a classic symmetrical triangle-like structure on Cardano (ADA)’s daily chart.
The recent decline below the crucial $0.42 resistance level (then support) reaffirmed the bearish edge and confirmed the symmetrical triangle breakout. As a result, the altcoin lost nearly 15% of its value in less than three weeks as it found support and traded near the $0.37 region.
A convincing close at this level could put Cardano (ADA) on a path to recovering its recent losses. But the altcoin will likely face resistance near the 20-day and 50-day EMAs.
Only a close above these levels can help the bulls start a near-term uptrend. This would help Cardano (ADA) retest the $0.48 level before likely reversing. Currently, Cardano (ADA) is trading at $0.40.
If the bears continue to exert more pressure, Cardano (ADA) could immediately test the next major support level at the $0.35 mark.
However, amid market uncertainty, Cardano (ADA)’s Funding Rates on most exchanges saw a downtrend over the past few days. However, Cardano (ADA)’s long/short ratio for ADA/USDT on Binance in the past 24 hours stood at 3.7.
This shows optimism in the market as there are more long positions than short positions.
Nevertheless, this is a good time for whales to take profit and seek more lucrative and sure gains, such as DTX Exchange.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
