The altcoin market gained some momentum following the July 13 victory of Ripple. However, the analysis points to a period of pause for DOGE. Meanwhile, a limited number of altcoins manage to make gains.
Dogecoin (DOGE) could drop to $0.07152 in the coming hours
Technical analyst Danielle du Toit reported that the DOGE chart paused after rising 4.5%. Most altcoins were trading in the red today, but DOGE was one of the lucky tokens. It climbed to $0.0733 at one point in the past 24 hours. This increase brought DOGE’s weekly performance to 12.01%.
DOGE’s price is pulling back a bit after hitting its daily high of $0.07466. Despite this slight correction, it is still trading slightly above the daily low at $0.0672. The first critical support for DOGE will be the $0.07322 region. If the bears break this level, DOGE price could drop to the previously mentioned $0.07152 level in the next few hours.
On the other hand, if the next 2-hour candles can close above $0.07322, the bulls will head to the next resistance level at $0.07409. The expectation for a drop to $0.07152 is due to DOGE’s cooling off price action after the intraday rally.
Lens Protocol witnessed NFT prices drop to $50
According to a report by Chinese crypto researcher Colin Wu, the base price of Lens Protocol Profiles NFTs on OpenSea, the popular platform for NFTs, has witnessed a significant drop. The digital collection in question had dropped more than 60% last week. NFTs are currently priced at around 50 USDC. It was noteworthy that the base price was the lowest price currently listed for sale.
This unexpected drop was linked to the launch of Lens’s test invite system on July 13. Meanwhile, another possibility is that the NFT market overall has been on the decline in recent weeks. According to their data, the NFT market has fallen by around 20% in the last 24 hours.
In response to Wu’s tweet, a commenter stated that the current situation offers a favorable opportunity to get these NFTs at a discounted price. Expressing his personal opinion, the Twitter user said, “I think it’s a good time to get a job.”
These coins gain momentum as DOGE signals bearish
Especially Optimism (OP), 8% gain in the last 24 hours is in the foreground. In addition to the price increase, OP’s 24-hour trading volume has also increased by more than 90% over the past day. Thus, it took its weekly performance even further to 23.44%.
With the recent momentum, the OP managed to climb above the strong resistance at $1,478. It currently continues to trade above this key point. The bulls that have stepped in will try to pull the price down to $1,557 later. This level is an important support level for the OP.
SHIB and BONE
SHIB and BONE prices are also positively different from the market today. Transactions of Tier-2 Shibarium “Puppynet”, which is in the testing phase of Shiba Inu, reached a milestone concurrent with the ascent. The data shows that the number of transactions on Puppynet is approaching 30 million.
According to Puppyscan, the Shibarium beta Puppynet has completed 30 million transactions since its launch on March 11. Thus, it reached 10 million transactions on May 20 and 20 million on June 11.
However, the transaction rate and wallet addresses are expected to increase as lead developer Shytoshi Kusama disclosed the Worldpaper of the Shiba Inu ecosystem, all Shibarium partners and the TREAT token during the Blockchain Futurist Conference in August. The long-awaited Shibarium will likely launch on August 16, as it coincides with the third anniversary of the Shiba Inu and is also the birthplace of Ethereum. cryptocoin.com We have included the details in this article.
During the developments, SHIB price is up 2.5%. The BONE price also gained 3.5% at one point.
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