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After underperforming its peers in the last few weeks, Dogecoin price is finally on fire. The biggest memecoin in market capitalization has experienced a 16.4% surge within the last 24 hours, soaring to its highest level since December 2021. Bitcoin Cash is also leading the charts with a 15% surge as the investors stack the BTC fork ahead of its April 4 halving.
Crypto prices started the week on a very bullish note as the Bitcoin price soared above $71,000. The pioneering crypto token was struggling to overcome the supply above $71k, but the back-to-back legal blows triggered a market-wide sell-off on Wednesday.
The first bearish development was the US Department Of Justice's charges against the leading digital assets exchange, Kucoin and its two founders. The markets took a bearish turn as the charges included severe criminal offenses like money laundering. The market reaction was not surprising as Kucoin is currently one of the biggest crypto exchanges in the world.
As the markets were absorbing the Kucoin news, the court's ruling in SEC's favor increased the selling pressure across the whole crypto market. The ruling stated that the Securities and Exchange Commission's case against the biggest US-based crypto exchange, Coinbase, could be heard by a jury trial. Nevertheless, Dogecoin (DOGE) and a few other altcoins showed strength and closed the day in green.
Bitcoin Cash is a fork of Bitcoin that occurred in August 2017. Therefore, both digital assets have a lot in common, including the halving event, which cuts the number of new coins being created in half. While the Bitcoin halving is still 3 weeks away, the Bitcoin Cash (BCH) network's halving is set to occur before that on April 4.
Therefore, the ongoing rally can be attributed to speculation about the halving as the BCH supply will be reduced after the major event.
As visible on the following BCH/USD chart, the price has flipped the $390 resistance into a support level, and the bulls are now aiming for a retest of the supply zone above $720. However, despite a bullish outlook, it is not advisable to chase this rally as the price often takes a bearish turn after major events and news like halving.
DOGE is currently the most valuable memecoin and boasts a market capitalization of $31 billion. This makes it the 9th biggest digital asset in terms of market caps. The memecoin king has been on a phenomenal run for the last two days and has finally broken above the $0.207 resistance level. Doge price prediction can become extremely bullish if it clears the $0.228-$0.238 regions, which is the 0.618-0.65 Fib golden pocket.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
