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RT @wcm_eth: thou need not chase a hundred spells… when one spell ruleth them all: $wcm

Crypto markets continue their slide, cooling off from a red hot July. Bitcoin, of course, sets the tone, and it's down again today to mark a nearly three-week low. But two of the crypto majors today are suffering worse than most: Dogecoin and XRP. Total market capitalization has plunged 3.4% today to below $3.9 trillion just weeks after setting a new all-time high above $4.2 trillion. As you might expect from such a drop, trading volume has dried up, falling nearly 7% today to $180 billion. The selloff comes as markets position themselves ahead of Federal Reserve Chair Jerome Powell's crucial Jackson Hole speech on Friday, where any hawkish surprise could trigger further downside. Traditional markets reflect the same shift in sentiment, but the riskiest of risk assets are faring worse. The Crypto Fear & Greed Index has nosedived to neutral territory at 53 points, down from last week's greed reading of 60. This signals that bullish momentum is quickly evaporating and market participants are becoming increasingly risk-averse. Now, two of the most bullish coins in the past few weeks are suffering the consequences of the sudden slamming of the brakes: Elon Musk’s favorite meme coin Dogecoin, which is often highly volatile, and XRP, the Ripple-linked token that exploded in value after favorable regulatory conditions swung its way earlier this year. Could the bottom be in? Sorry, traders, but the charts suggest there’s more pain ahead. Here’s why: Dogecoin: Death by a thousand cuts Dogecoin's price action today tells a brutal story of failed breakouts and cascading liquidations. The meme coin opened at $0.225 (marked as “O” on the chart below) and has collapsed to close at $0.212 (that’s “C” on the chart), marking a 4.42% daily decline. The intraday low at $0.211 (the “L” mark in the chart) briefly tested critical support before a weak bounce, but the damage was already done. The technical indicators paint an increasingly bearish picture in the short term. Dogecoin price data. Image: Tradingview Dogecoin’s Relative Strength Index, or RSI, is now at 41, which demonstrates how momentum has turned decidedly negative. RSI measures the balance between buyers and sellers on a scale from 0 to 100. When RSI drops below 50, it indicates sellers are dominating buyers. At 46 for DOGE, we’re seeing accelerated sell pressure without yet reaching oversold conditions below 30. Yes, that’s as bad as it sounds. The bottom line is this chart screams more downside is likely, since sell-happy traders aren’t even close to reaching levels where buyers would then step in and bounces typically occur. The Average Direction Index, or ADX, for $DOGE is particularly concerning. ADX measures trend strength, regardless of direction, but likewise on a scale from 0 to 100. Readings above 25 typically confirm a trend is in place while below 20 suggests no clear trend, and therefore choppy, directionless trading to come. DOGE is at 17. That means Dogecoin is stuck in another no-man’s land, indicating that momentum after the initial price spike weeks ago is now dying. This typically results in continued sideways-to-down grinding that slowly bleeds investor confidence. What’s more, the exponential moving average configuration is also flashing “danger” signals. Traders use EMA to gauge price supports and resistances by taking the average price of the asset for a given period of time. For DOGE, the 50-day EMA is sitting above the the 200-day EMA (as shown by the green and orange bands on the chart). That’s typically bullish (the shorter term average price is higher than the longer term one). But here’s the rub: the prices are very close, suggesting DOGE is in a compression zone. The current price of Dogecoin has fallen below the 50-day EMA and can easily break below the 200-day EMA. That’s not what traders like to see. If this pattern continues, it may be a confirmation that the golden cross from the previous days was a false start, and the spike was just momentum driven instead of a real shift in the trend. The coin is currently inside a symmetrical triangle that could easily last throughout all of September. And as seasoned crypto traders know, September is typically not a great month for markets, so that might spell trouble for DOGE. Key Levels: Immediate support: $0.20 (psychological level from previous consolidation) Strong support: $0.140 (major Fibonacci retracement) Immediate resistance: $0.23 (weak resistance zone) Strong resistance: $0.25 (top of the triangle pattern) $XRP price: Breaking bad XRP's chart reveals a similar collapse, with the token opening at $3.063 before crashing to close at $2.911 for a 4.95% daily decline. The significance of XRP losing the $3.00 support level cannot be overstated: It might sound overly simplistic, but round numbers often act as magnets for stop-losses and margin calls for traders. XRP price data. Image: Tradingview Over on Myriad, a prediction market developed by Decrypt's parent company Dastan, traders have been keeping a close eye on this precise price point for XRP. Traders have been divided on where they think XRP goes next: up to $4 per coin, or back down to $2. Just days ago, Myriad users placed the odds at 75% that XRP heads to the moon. But now? Those odds have sunk to just 54%. The charts suggest the flip in bearish sentiment is warranted. XRP's RSI is at 43, which puts it in distinctly bearish territory. When RSI falls below 45, it typically signals a shift in market structure from bullish to bearish. At 43, we're seeing confirmation that buyers have lost control, but we're not yet at the level where contrarian traders start looking for oversold bounces. This "dead zone" between 30-45 often sees the most painful grinding lower as neither momentum traders nor value hunters are interested. If the pattern holds, the support should be the area in which the RSI is at its lowest. And it could be at around $2.50 to $2.70 when we see some real clash between bulls and bears. The ADX at 23 tells us something important. The overly bullish trending of weeks past is struggling to keep momentum. Given the bearish price action, if prices keep going down and the ADX pushes above 25 in coming sessions, it would confirm a bearish trend is taking hold, likely triggering systematic selling from trend-following algorithms. But if the XRM Army is looking for copium, here it is: XRP’s EMA setup is forming a golden cross. The 50-day EMA crossing above the 200-day is what traders call a golden cross, and it’s normally a classic bullish signal. But with the current price now trading below the 50-day EMA, XRP’s closing weekly cable will play a key role in how traders read the charts. There is a chance traders attempting to buy the dip at these moving-average levels will have to wait for longer times than expected in order to match either their stop-loss or take-profit triggers, adding to sell pressure in the short term as other volatile assets become more appealing. Key Levels: Immediate support: $2.75 (200-day EMA and previous resistance from May) Strong support: $2.34 (major horizontal support from Q2 accumulation zone) Immediate resistance: $3.2 (triangle resistance) Strong resistance: $3.39 (broken triangle pattern)

🚀 Major Move in Crypto Policy! Big news as 🇺🇸 Bo Hines, former White House Crypto Council Director, joins Tether as a Strategic Advisor. This is a significant development for the entire industry. Here’s why it matters: · 💪 Power Play for Tether: Brings unparalleled high-level regulatory insight directly to the world's largest stablecoin issuer. · 🤝 Bridge to Policymakers: Bo's experience is crucial for navigating the evolving regulatory landscape and fostering constructive dialogue. · 🔮 A Confident Signal: This hire signals Tether's serious commitment to compliance, stability, and shaping the future of digital finance. A huge win for Tether and a strong vote of confidence for the ecosystem! $SPELL

🚨 $1M Bitcoin by 2026? Mike Novogratz Warns It Could Spell Economic Trouble Bitcoin’s meteoric rise continues to stir bold predictions, but Galaxy Digital CEO Mike Novogratz says a million-dollar Bitcoin within the next year or two isn’t necessarily a win for investors — it could signal deep trouble for the U.S. economy. --- 🔑 Key Takeaways Bitcoin Hits New Heights – BTC surged to an all-time high of $124,128, sparking renewed debate over its future trajectory. Novogratz Sounds Alarm – The Galaxy Digital CEO warns that a $1M Bitcoin next year would mean the U.S. is in “a shitty place domestically.” Stability Over Moonshots – Novogratz says he’d prefer a lower Bitcoin price alongside a stable U.S. economy. Speculative Voices Grow Louder – Figures like Arthur Hayes and Samson Mow predict Bitcoin could reach $750K–$1M as early as 2026. Debt & Treasury Concerns – Novogratz warns U.S. debt problems and corporate Bitcoin treasury plays may be fueling a bubble. --- 📈 Bitcoin’s Soaring Price and Investor Speculation Bitcoin has climbed nearly 99% in the past 12 months, now trading around $118,000. While some analysts see this as the beginning of a parabolic run, Novogratz cautions against cheering too soon. “People who cheer for the million-dollar Bitcoin price next year, I was like, Guys, it only gets there if we’re in such a shitty place domestically,” he said during an interview on the Coin Stories podcast. --- 🏦 Economic Risks Behind a $1M Bitcoin Currency Devaluation Impact – A collapsing national currency often drives investors toward safe-haven assets like gold or Bitcoin. Civil Society at Risk – Novogratz argued that economic turmoil leading to skyrocketing Bitcoin prices would come at a steep social cost. Debt-to-GDP Concerns – He criticized the U.S. government’s inability to rein in debt, pointing to higher deficits under Treasury Secretary Scott Bessent. --- 🚀 The Other Side: Bullish Bitcoin Predictions Despite Novogratz’s warnings, leading Bitcoin advocates remain bullish: Arthur Hayes (BitMEX Founder) predicts BTC could hit $750K–$1M by 2026. Samson Mow (Jan3 Founder) has gone further, suggesting Bitcoin could touch $1M “maybe this year, maybe next.” --- 📊 Treasury Adoption Frenzy – Bubble or Breakthrough? Novogratz also expressed concern about corporations rapidly adding Bitcoin to their balance sheets: Galaxy Digital reportedly receives five calls weekly from companies exploring BTC adoption. He warned this excitement could mirror classic bubble behavior, where hype outpaces fundamentals. Venture firm Breed Capital previously cautioned that many Bitcoin treasury companies may not withstand market cycles. --- ⚖️ Conclusion – Growth or Fragility Ahead? The path to $1M Bitcoin is riddled with uncertainty. For some, it represents financial revolution. For Novogratz, it’s a red flag of systemic weakness in the U.S. economy. Whether Bitcoin reaches $250K, $750K, or even $1M, the deeper question remains: Will it happen because of strength in adoption or weakness in traditional finance?$BTC $ETH --- 🔥