Hot Topics on October 13;
1. A whale deposited $11 million in assets on Aave and borrowed $8.45 million in stablecoins to repay debts and avoid liquidation
2. Beluga Protocol was attacked, and the loss expanded to 108.9 ETH
3. New York Fed survey: Large banks expect the Fed to stop shrinking its balance sheet in Q3 next year
4. Grayscale Bitcoin Trust Fund GBTC discount rate has narrowed significantly to 16.5%
5. Former Alameda CEO: Zhao Changpeng’s tweet “contributed” to the collapse of FTX
6. BTC and ETH options contracts with a nominal value of $640 million and $290 million will expire and be delivered today
analyze
Flatbread
Yesterday's white market showed a volatile downward trend, and the low fell to 26555 and rebounded. Congratulations to those who followed yesterday's thinking and made a profit of 400 points on the short position. The current currency price is running around 26788. The four-hour level market has probed twice but failed to break the previous low and rebounded. It was suppressed by the ma200 moving average and failed to break through. The K-line closed with an upper shadow and fell again. The MACD short position gradually shrank and the double lines were glued together, showing signs of a golden cross. The short-term market has temporarily stopped falling, and the probability of volatility is expected to be high. If the K-line closes positive at the daily level, there is a chance of a rebound. If it does not stand firm at 27300, there is still a risk of falling. The overall trend is weak and there is a possibility of a break in the future. The idea suggests a rebound with high altitude as the main and low multi as the auxiliary. The upper pressure is 27000-27300, and the lower support is 26500-26000.
ETH
Ethereum's trend yesterday was weaker than that of Bitcoin, and it showed an overall downward trend. It fell to the lowest support of 1520 and rebounded. Congratulations to those who followed yesterday's thinking, and their short orders made a profit of nearly 50 points. The current price of the currency is running around 1540. The four-hour level market broke through the previous low to form a bottom divergence structure and rebounded. It touched the ma7 moving average and was blocked and fell back. Although it stopped falling in the short term, the rebound strength was poor. It is currently in a weak shock at the bottom. Sideways consolidation is a good signal for the continued decline of shorts in the future market. The current trend is similar to the market in June last year. This month, long positions must be accompanied by stop losses. The overall trend is weak and continues to look downward. The idea is to rebound high and low as the main supplement. The upper pressure is 1550-1570, and the lower support is 1500-1460
Dogecoin has been performing well in the cryptocurrency market recently, attracting the attention of a large number of investors. However, it is quite difficult to predict whether its price will reach $1 in 2023.
First, the cryptocurrency market is very volatile, and prices are affected by many factors, including market demand, investor sentiment, and the overall economic environment. Dogecoin currently has a low market value, and it will require more investment and market recognition to achieve price increases.
Secondly, despite the high popularity of Dogecoin on social media, its fundamental value is relatively low. Compared with other cryptocurrencies, Dogecoin's technology and application scenarios are relatively limited and lack real practical value support.
Source: TradingView
Dogecoin (DOGE) price
Down 1% over the past 24 hours, the internet meme token had re-entered the top 10 cryptocurrencies by market cap before today’s losses.
At $0.058112, DOGE is down 5% in a week and 6% in a month, and compared to the beginning of the year, the original internet meme token is also down 13%, in contrast to many other major tokens (such as BTC, ETH, XRP, SOL).
However, the oversold situation that has occupied DOGE for the past few months may have put it in a good position for a strong rebound, which puts the cryptocurrency on track for a strong year-end performance.
Dogecoin Price Prediction: Dogecoin Climbs to Top 10 Cryptocurrencies – Is $1 Price Possible in 2023?
Based on technical indicators alone, many analysts expect DOGE to see a recovery soon.
Its relative strength index (purple) is almost approaching 30 again after spending nearly two months below 50, during which time the indicator actually spent much of the time below 40 or lower.
Source: TradingView
Likewise, DOGE’s 30-day exponential moving average (yellow) has been trading well below its 200-day MA (blue) for the past few months, another sign that the coin is severely undervalued and in desperate need of some good news.
The problem, however, is that DOGE’s support level (green) is still falling and there is a high chance that it will be breached again. A break below $0.580 could trigger more losses.
If we were talking about a normal asset (e.g. a stock in a useful company), then the above indicators would almost guarantee a rebound in the near future.
However, this is not the case when talking about internet meme tokens like DOGE, which lack fundamentals and utility.
Therefore, skeptics might be inclined to conclude that Dogecoin is suffering from a long-term decline that may not be reversed during the current bear market.
Another clear sign is that large holders are more likely to be selling tokens rather than accumulating them at the moment, as indicated by recent large transfers.
In another sign of weakness, DOGE’s 24-hour trading volume has fallen from around $9 billion last November to roughly $175 million today, another indicator of the market losing interest in the coin.
Therefore, the outlook for DOGE does not look promising and it continues to rely on the potential introduction of cryptocurrency payments by Company X (formerly known as Twitter).
While Company X is indeed working to introduce some form of digital payments on its platform, it is unclear whether this includes cryptocurrency payments, nor whether DOGE will be involved.
But assuming it eventually does happen, the price of DOGE will surge, reaching $0.1 in a few weeks and then begin its climb to $1.
But if this never materializes, then it’s reasonable to suggest that Dogecoin could continue its current slide, dropping to $0.50 or even lower in the coming months.
Dogecoin may look very weak right now, but there are more promising meme tokens on the market right now, including some pre-sale tokens that are about to be listed on exchanges, which are expected to rebound sharply after listing.
Finally, predicting cryptocurrency prices is a risky task, and overly optimistic or pessimistic forecasts can be misleading. Investors should conduct comprehensive research and risk assessment when making decisions and treat market fluctuations rationally.
In conclusion, although Dogecoin has made some achievements in the cryptocurrency market, it is difficult and uncertain to predict whether it can reach a price of $1 in 2023. Investors should remain rational and consider multiple factors when making decisions.
ARB
1. Reasons for optimism: Currently, TVL ranks 4th, and it ranks first in all data in the L2 track. The public chain ETH is the absolute king, and ARB is the king on ETH. It also has the most popular native protocols. After the Cancun upgrade, the transaction fee has dropped significantly, and the ecology is more prosperous. It is the most worthy investment in the L2 sector.
2. Risk and return coefficient: medium-low risk, medium-high return
3. Valuation logic: According to the public chain valuation method, the valuation of the top L2 can reach 6-20% of the public chain. Here we take 10% for calculation, which is 10% of Ethereum's 1.6 trillion. ARB's peak valuation in the bull market in 2025 may reach 160 billion.
