sophia5stist

@sophia5stist

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Trump also nominated pro-crypto Paul Atkins to replace Gensler as SEC chair and cited Atkins’ role as co-chairman of the Digital Chamber’s Token Alliance as one of the reasons for the nomination.

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President-elect Donald Trump is reportedly considering handing the CFTC oversight over crypto during his upcoming term, which would also classify most crypto projects as commodities if they meet certain criteria.

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Nestled within the FIT21 legislation was a provision to regulate digital assets under either the SEC or the Commodity Futures Trading Commission (CFTC), depending on the specific digital asset’s level of decentralization.

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In May, Congress passed the Financial Innovation and Technology for the 21st Century Act (FIT21). The market structure bill outlined a comprehensive regulatory framework for digital assets. However, the bill was halted in the Senate and was never passed into law.

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Thus, a retest of the 50-day EMA and a drop to $0.34 and $0.32 can occur before its next bullish leg up.

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The important observation is that RSI eased back to 50 during the same time (as illustrated above) as the 50-day EMA was tested. Other similar confluences include the daily bearish engulfing pattern and ascending trendline breakout below, underlying the strong similarity of the past and present setup.

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In March 2024, a similar bullish breakout created liquidity lows near $0.12 and $0.10, after which DOGE retraced before continuing the trend.

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While the long-term trend remains bullish, Dogecoin can drop to collect liquidity between $0.32 and $0.34 before exhibiting a higher high value. As observed, DOGE’s recent lows at $0.365 were swiped on Nov. 26, but further liquidity lows remain around $0.34 and $0.32.

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Data from Santiment, a data analytics platform, also mentioned that DOGE’s “mean dollar invested age” is flashing a bullish signal. The mean age of investment is down 31% in eight weeks for the crypto asset, indicating that dormant coins are returning to circulation. With respect to bullish momentum, the platform mentioned in an X post,

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Previously, when the RSI’s overbought condition “eased back” to 50 in March 2024, a strong uptrend was observed on its daily chart. Based on the chart, the analyst hinted that a breakout above $0.50 over the next few days could happen “at any time.”

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An overbought condition on the relative strength index (RSI) indicates the possibility of traders selling the crypto asset, which can cause a short-term decline in value.

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Despite a 16% decline this week, Trader Tardigrade, a crypto pattern analyst, pointed out that Dogecoin’s strong overbought signal of the daily RSI has been reset.

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The futures basis refers to the difference in price between spot and futures market pricing, measured as a percentage of spot. In Bitcoin bull markets where all-time highs occur, the basis can reach 30% or more, reflecting increased speculation over BTC price growth to come.

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“I can’t explain to you how absolutely insane this image is,” he told X followers alongside an illustrative chart.

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