DTX Exchange VulcanX Launch Hype Sparks $300K Single Day Rally, DOGE & SOL Slip
The post DTX Exchange VulcanX Launch Hype Sparks $300K Single Day Rally, DOGE & SOL Slip appeared on BitcoinEthereumNews.com.
Advertisement     The launch of VulcanX on the DTX Exchange has ignited a surge, leading to a $300K rally in just one day. While excitement builds around this milestone, major cryptocurrencies like Dogecoin (DOGE) and Solana (SOL) have experienced slight declines due to various factors. This article explores the impact of VulcanX’s launch, how it captured market attention, and what it means for the crypto landscape amid DOGE and SOL’s current slip. Dogecoin (DOGE) Struggles Below $0.1: Bearish Momentum and Low Volume Signal Further Declines With Dogecoin (DOGE) currently trading below the critical $0.1 mark and adding another zero to its price, the token is struggling and in a prolonged downtrend. This is a huge psychological hurdle for those who have infused in Dogecpin (DOGE), and the asset’s lack of movement indicates deeper market issues. The ongoing downward movements of the 50-day and 100-day exponential moving averages further lend credence to the gloomy forecast. Moreover, the volume profile supports an even more bleak forecast. The abnormally low trading volume reflects a lack of interest in buying Dogecoin (DOGE). Because there are no buyers, Dogecoin (DOGE) is vulnerable to additional drops, with the next potential support levels around $0.08 or even lower. The 200-day EMA, which is well above the current price level, indicates a bearish long-term outlook. Advertisement   Solana (SOL) Price Downtrend Raises Concerns Solana (SOL) is currently hovering around $130. It recently declined by over 14% to drop below its 50-day and 200-day EMAs, signalling a bearish phase. Although the current volume profile implies that selling pressure is starting to decrease, this might offer an opportunity for buyers to come in, driving the price higher in the near run. In addition, the RSI is exhibiting signals of approaching oversold territory, hanging around 42. This might signal that…
Filed under: News - @ September 8, 2024 7:16 pm