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Dogecoin trades form the largest chunk in all of Robinhood’s crypto portfolio, says report

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The start of the pandemic had triggered an avalanche of new users in the digital payment sphere. Several exchanges and trading platforms benefited from this spike as the new users used its services to their fullest potential. Robinhood was one of the companies enjoying a slice of the bull run with half-yearly earnings bettering all of the 2020s by a factor of more than 45.

In Robinhood’s second-quarter financial reports, the firm stated that the year-to-date earnings from cryptocurrencies were a whopping $233 million. The spike becomes apparent when compared to 2020’s earnings which were just $5 million. Officials from the company embraced the new wave of users and encouraged more to participate.

One surprising fact from the report was that 60 percent of the revenue came from Dogecoin trades. The meme coins massive spike in May had resulted in hundreds of thousands of new users. Elon Musk’s added jumpstart to Dogecoin’s spike further fuelled another influx of users. Since Dogecoin’s last run, the cryptocurrency witnessed price stagnations interspersed a few bullish spikes.

At press time, Dogecoin was trading for $0.29 with a total market cap of $38.97 billion. A 9 percent increase in the weekly timeframe had elevated the trading volume to $38.98 billion, placing it in the 7th position on the cryptocurrency charts. DOGE’s performance only made Robinhood’s cryptocurrency asset grow multifold.

The company’s total revenue was tagged at %565 million for the second quarter of 2021. This was a whopping 131 percent increase compared to the same time frame from last year.

Dogecoin [DOGE] Takes Elevator with Bull as Prices Begin Capitulating

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As greener pastures abound in the world of digital assets, more users have begun to test their luck. Over the past week, the cryptocurrency market witnessed a flux of new investments, which in turn triggered bull runs. The massively popular Dogecoin also enjoyed its share of the climb by rising by over 34 percent. 

After hitting all-time highs and becoming Elon Musk’s center of attention earlier this year, Dogecoin’s price fell back into a lull. The cryptocurrency was trading for $0.275 with a total market cap of $35.3 billion. A 3 percent price increase had elevated Dogecoin’s trading volume to $5.03 billion. 

Dogecoin 1 hour:

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Dogecoin [DOGE] Takes Elevator with Bull as Prices Begin Capitulating 3

With Dogecoin’s support holding below the $0.24 mark, the cryptocurrency only has to watch out for it on the way down. A majority of the indicators pointed to a price capitulation after the previous week’s rally. 

Dogecoin’s upper and lower Bollinger bands moved parallel to each other as the price pattern became interspersed with reds and greens. Even the RSI steadied itself in the middle of the graph indicating a balance between the buyers and sellers. 

The MACD line and the signal line dipped after a bearish crossover on August 1. 

Dogecoin 1 day: 

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Dogecoin [DOGE] Takes Elevator with Bull as Prices Begin Capitulating 4

Long-term charts showed a cryptocurrency steadily lifting its support steadily. With the value at $0.17, Dogecoin users would hope that the addition of capital would trigger a spark. 

The daily RSI was a friend of the bull as the graph touched the overbought threshold for the first time since the start of May. Bollinger bands diverged strongly from one another as a price cloud began to form. 

Dogecoin’s daily MACD charts moved upwards in tandem as the histogram displayed 23 consecutive green candles. 

No respite for Dogecoin [DOGE]; price remains vulnerable to major retracement

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The cryptocurrency market went for another downward spin. Mimicking this latest movement was Dogecoin [DOGE] which sustained double-digit losses along with its peer crypto-assets. The market has been choppy and signs of decisive trends were wiped out by the bears’ incessant onslaught.

Doge’s volatility has declined and was consolidating above a psychological support area since its fall from the ATH. The digital asset is yet to see a sharp price movement in either direction.

Dogecoin [DOGE] declined by 11.81% over the past 24-hours which drove its price to $0.32. At the time of writing, the meme coin registered a market cap of $42.74 billion and a 24-hour trading volume of $4.30 billion.

Dogecoin [DOGE] Daily Price Chart:

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No respite for Dogecoin [DOGE]; price remains vulnerable to major retracement 7

Dogecoin [DOGE] formed a local top in the first week of June before hitting a reverse with six steady and back-to-back red candles. This was indicative of the fact that the market investors were watching to make quick profits in the short-term, a phenomenon and a trend that holds true for most top assets in the market right now.

The 50 DMA [Pink] continued to resist the meme coin while the 100 DMA [Blue] hovered below its price candles. The low volume could further the Dogecoin’s chances for a much-needed bullish flip.

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No respite for Dogecoin [DOGE]; price remains vulnerable to major retracement 8

The red closing candle of Awesome Oscillator also depicted a weak but bearish momentum in the coin market after a brief respite. The MACD also switched over to face a bearish crossover which evidenced a low buying demand in the DOGE market. Even the RSI depicted a similar trend of extensive bearish pressure after it rejected at the 50-median line demonstrating an increasing sell pressure in the market.

Currently, Dogecoin remains vulnerable to a retracement to its immediate support level of $0.24. If the bulls fail to defend this area, the token could target the next support of $0.05, a level that was last seen in April.

The resistance levels for Dogecoin, on the other hand, stood at $0.42, $0.56 and $0.69 respectively.

Cryptolocally adds Solana [SOL] as Exchange Looks out for Surge in New Customers

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The cryptocurrency market attained massive coverage over the past couple of weeks due to the significant rise in prices and acceptance across the globe. As bigwigs like Tesla revealed their involvement with Bitcoin, the talk surrounding the world’s largest cryptocurrency took a turn for the better.

As more people have their interest piqued by digital assets and what they do, it becomes imperative that companies in a position of power use their resources to help customers. That is exactly what CryptoLocally has done by listing Solana [SOL] on its peer-to-peer marketplace. This move was seen as one of several steps intended to bring further decentralization to the Solana trading ecosystem.

Sources close to CryptoLocally stated that Solana’s addition to the platform will only elevate the exchange’s status in terms of customer experience. Solana, commonly referred to as SOL is an open-source, highly functional crypto project. It leverages the blockchain’s permission-less nature to seamlessly provide high utility decentralized finance or DeFi solutions.

Solana’s rising popularity in the cryptoverse has only enabled it to become more open in terms of region wise trading. Both Solana and CryptoLocallay are working towards providing a decentralized platform for users that is safe and simple to use. With the listing, Solana aims to become more actively traded which will in turn benefit CryptoLocally users.

The team at Solana have added that the token is head and shoulders above its counterparts in terms off usability and functionality. In their latest press release they said:

“ Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized applications (DApps). While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.”

CryptoLocally believes in functionality and that aligns with the latest Solana listing. The integrated functions within SOL brings down the overall validation time and speeds up contract execution. Users will be able to tap into the power offered by SOL by navigating CryptoLocally’s waters.

CryptoLocally’s native community can also be excited for the future as GIV holders have voted to list DOGE soon. The latest rise in the ‘memecoin’ value has created a new market for new entrants. The exchange has assured its users that it will stick to the same basic trading principles that has allowed it to become an industry favourite.

XRP, Litecoin, Dogecoin Price Analysis on 1st August 2020

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Since 31st July, the collective cryptocurrency market cap has increased from $315 billion to $340 billion on 1st August. Over the past hour, the market cap had dropped by $5 billion but taking that small correction out of the picture, the trend has been outrightly bullish. Some of the top altcoins have taken advantage of the rally and registered high gains on their individual markets as well.

XRP

XRP 1 hour chart e1596281997257

XRP has been one of the biggest benefactors since the bullish rally started towards the end of July. The token is up by 9.23% over the last 24-hours and it is important to notice that the recent pushed occurred from an ascending channel breakout, which led to the massive hike. The asset was able to break above its resistance at $0.249, which had held strong since March 2020. The price currently traded between the range of $0.269 and $0.264.

One major concern for XRP is the fact that trading volume has decreased over the past 48-hours. The price has moved up in the same period, which is a possible indication of a bearish divergence. Hence, a drop in price could be expected in the next few hours.

Relative Strength Index or RSI also suggested the exhaustion of the buyers as sellers may start coming into play.

Litecoin

Litecoin 1 hour chart e1596282034682

Bitcoin’s silver counterpart Litecoin has been doing well in the charts too. After trailing behind Cardano for over a month, LTC was able to surpass ADA tokens to reclaim 7th position in the rankings. However, in spite of rising up to 5.45 percent over the past-day, it is important to note that Litecoin is currently picturing a bearish pattern. A rising wedge pattern can be observed for Litecoin, which after a period of time may trigger a pullback down to $54.

Parabolic SAR remains bullish for Litecoin as the dotted lines were pictured under the candlesticks but RSI displayed the actual picture Litcoin is struggling to break into the overbought zone, which is likely going to bring the selling pressure back into the charts.

DOGECOIN

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For Dogecoin, it is difficult to expect anything from its altcoin. The 30th ranked token jumped more than 50 percent during its famous Tik-Tok publicity and now over the past-day, the asset has jumped another 16.36 percent. However, a period of correction is clearly evident in the charts.

A breakout was observed from a descending channel pattern with the future trend remaining pretty uncertain.

Relative Strength Index or RSI recently indicated the rise of buying pressure but selling pressure was quick to snap out its momentum.