Economist Henrik Zeberg says that a loss of strength for the dollar could be the catalyst that breathes new life into crypto assets.

Zeberg tells his 136,000 followers on the social media platform X that lower bond yields and a weakening dollar index (DXY), which pits the dollar against a basket of other major foreign currencies, will create an “amazing environment” for risk assets like crypto.

To ride the crypto rally, Zeberg says he has his eye on JasmyCoin (JASMY), a blockchain-based personal data storage project.

“I think a push lower in DXY and yields will create an amazing environment for crypto into the last phase of this risk asset bull market.

I think the next phase for Jasmy is wave three!

Later wave four into summer (while DXY bounces)  – and then the final boost into late summer – early Autumn.

It may be that the target “only” becomes $0.3ish… but for now, the above is my main thesis.

I AM THE JASMY-FATHER!”

The economist appears to be using the Elliott Wave theory in his analysis. The theory states that a bullish asset will witness a five-wave move to the upside before topping out.

Zooming in on JASMY’s technicals, Zeberg says that the moving average convergence divergence (MACD) and the relative strength index (RSI) indicators are in the process of crossing bullish on the daily chart.

The RSI and MACD are both momentum indicators that traders use to spot points of potential trend reversals.

Says Zeberg,

“Bullish cross-over on MACD.

RSI breaking the downward trend.

We have seen that before….. just before the 400-500% Run higher.

This time, I expect the move to be BIGGER!

All onboard?”

At time of writing, JASMY is worth $0.02, up over 6% in the past day.

As for Bitcoin (BTC), Zeberg previously said the crypto king will be ready to enter a “melt-up” phase once its monthly RSI hits 70.

”So I got $110,000-$115,000 for Bitcoin. It is actually a part of a larger pattern. I see that this is either the beginning of a new bull [run], but it needs to take a long break after the blow-off top.

But we haven’t gotten to the really steep part of it yet. We see that we get to [an] RSI above 70, that is really when we see the steep part.”

At time of writing, Bitcoin is trading for $64,400 with its monthly RSI hovering at 68.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

An analyst who continues to build a following with timely crypto calls says he has his radar locked on three altcoins.

Pseudonymous trader The Crypto Dog tells his 776,300 followers on the social media platform X that he’s bullish on an Ethereum (ETH) challenger and a pair of memecoins as the digital asset market bounces.

“Seems NEAR, WIF and PEPE are my golden tickets right now.”

On Near (NEAR), the crypto analyst says that he unloaded some of his Bitcoin (BTC) and Ethereum holdings to accumulate the ETH rival.

“You might have seen me try NEAR long last month. Didn’t work out with the whole market pullback, but kept my hunch it would outperform when we bottom.

I moved a chunk of spot ETH and BTC into NEAR earlier to ride into new yearly highs. Longed as well but closed too early.”

At time of writing, NEAR is trading for $6.84.

Looking at Pepe (PEPE),  the trader says the memecoin looks strong on the three-day chart.

“One hell of a chart.”

At time of writing, PEPE is worth $0.0000086, up over 6% in the last 24 hours.

As for Floki (FLOKI), the trader says the memecoin looks very bullish on the higher time frame.

“Maybe I should look at FLOKI too, that chart is a monster zoomed out.”

At time of writing, Floki is worth $0.00019, up over 9% in the past day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Rattanamanee Patpong

The cryptocurrency market has been battered by recent storms, with many altcoins experiencing significant price drops. XRP, however, seems to be weathering the tempest with a hint of defiance. While its price has dipped, on-chain data reveals intriguing trends that suggest a potential silver lining for XRP investors.

XRP Accumulation On The Rise: Diamond Hands Or Whale Whispers?

Despite the price decline, a surprising trend has emerged. The number of investors holding between a thousand and 1 million XRP tokens has actually grown by 0.20% over the past month, according to data from Santiment. This could signify a growing population of “diamond hands” – investors who hold onto their XRP despite market volatility, believing in its long-term potential.

However, another possibility exists. The decrease in the number of whales holding between 1,000 and 1 million XRP tokens could indicate these larger investors are consolidating their holdings, potentially accumulating even greater amounts of XRP. This consolidation could be a precursor to future market moves by these whales.

Source: Santiment

Technical Indicators Whisper Of A Price Reversal: Bullish Undercurrents?

Technical analysis paints a cautiously optimistic picture for XRP. The Chaikin Money Flow (CMF), an indicator that tracks the flow of money into and out of an asset, has been trending upwards despite the price decline.

This “bullish divergence” suggests that even as the price falls, there might be a hidden buying force accumulating XRP. Investors might be interpreting the price drop as a buying opportunity, anticipating a future upswing.

Total crypto market cap currently at $2.29 trillion. Chart: TradingView

A Sea Of Uncertainty: Legal Battles And Market Headwinds

While the on-chain data and technical indicators offer some positive signs, it’s crucial to acknowledge the storm clouds still lingering over XRP. The ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow. The outcome of this case could significantly impact XRP’s price and overall market perception.

Furthermore, the general health of the cryptocurrency market remains a significant factor. If the broader market continues its downward trend, it could drag XRP down with it, regardless of any positive on-chain developments.

A Coin To Watch?

XRP’s current situation is a curious mix of resilience and vulnerability. The uptick in smaller investors and potential whale consolidation suggest some underlying belief in XRP’s future. The technical indicators hint at a possible price reversal, but the legal battle and broader market uncertainties create a complex landscape.

Featured image from VitalMTB, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.