Bitcoin stabilises around $95,000, driven by significant ETF inflows. Trump Official meme coin stands out ahead of a dinner with Donald Trump, while Dogwifhat’s price rises sharply as it eyes its first positive monthly returns. Both coins are garnering attention from investors looking for potential gains in a volatile market.
As of now, Bitcoin’s price is stabilising around $95,000, buoyed by noteworthy inflows into spot BTC ETFs. A notable player in the meme coin arena is Trump Official, which is gaining attention particularly with a stakeholder dinner slated to be attended by former President Donald Trump. Another meme coin that’s making waves is Dogwifhat, with its price soaring 47% this April and showing promise for positive monthly returns for the first time this year.
Currently, Bitcoin is settling at $95,045, after three weeks of gains. While it met resistance at $95,758 last week, it seems poised for a potential climb past $100,000. Spot ETF inflows have surged, totalling about $591 million just on Monday, contributing to seven days of consistent growth. This week alone, there were net inflows of $3.06 billion, a clear sign of rising investor confidence, perhaps driven by easing US-China trade tensions.
The Relative Strength Index (RSI), currently at 67.75, suggests strong bullish momentum but also warns of possible overbought conditions. Should Bitcoin break past the $96,000 mark, the upward movement might well accelerate. That said, caution is advised as a reversal could occur if the RSI hits 70. Price support could likely materialise between $92,000 and $93,000 should a downward dip happen.
Turning the focus to meme coins, Trump Official has rallied 95% from its April 7 low of $7.14, now pricing at $14.00. However, lingering below the 100-day Exponential Moving Average (EMA) at $15.10 hints at diminishing bullish enthusiasm. With the RSI at 64.77, a decline from earlier overbought levels signifies potential bearish pressure is on the horizon.
Despite this, Trump Official is still performing above the 50-day EMA, which is trending up, thus indicating a possibility for recovery. The token is experiencing heightened on-chain activity, particularly after an announcement for a dinner involving the coin’s top 220 holders and Trump himself on May 22, potentially augmenting positive sentiment.
In other meme coin news, Dogwifhat, part of the Solana ecosystem, has rebounded impressively, surpassing its all-time low of $0.30 on April 7. Its current trading price reaches about $0.61. Holding steady above the 50-day EMA at $0.53 suggests positive momentum in the wider market. Traders are now looking for signs of a breakout above the 100-day EMA at $0.78, eyeing targets such as the psychological resistance level of $1.00 and the 200-day EMA at $1.26.
April’s returns for Dogwifhat are standing at 47%, following a tough start to the year. This turnaround contrasts sharply with losses registered earlier, and there’s a good chance it could post positive monthly returns. However, with the RSI at 65.76 and drifting from overbought territory, profit-taking is likely, and if selling intensifies, the price could fall further towards the 50-day EMA, or even revisit lower support levels at $0.40 and $0.30.
Finally, it’s worth noting that investing in cryptocurrencies carries significant risks, and potential investors must conduct thorough research. Historical data suggests high volatility and significant potential for loss, and traders need to be prepared for fluctuations in market sentiment. The views expressed in this article reflect those of the author and are not intended as investment advice.
