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Dogecoin forecast: Elon Musk tipped to ‘test new highs above $1' in crypto 'rebound'

Dogecoin forecast: Elon Musk tipped to ‘test new highs above $1' in crypto 'rebound'

After a quiet couple of days, positive news about Dogecoin being added to Coinbase inspired a sudden surge in price for the “meme cryptocurrency” on Wednesday. It shot up by more than a third within the space of just a few hours and today is still trading at around $ 0.40 (£0.28). Backed by self-proclaimed “Dogefather” Mr Musk, the token has risen more than 12,000 percent since the start of the year, and hit an all-time high last month of $ 0.72 (£0.51).

And crypto analyst Motiur Rahman believes it will surge once more.

Writing in his May report for Daily Forex after the coin dipped at the end of last month, he stated: “Based on price action, it is anticipated that Dogecoin will rebound as investors are expected to get back into the market.

“The short-term moving averages are still gapping up.

“It is an indicator that the price is overall trending up faster than the historical average despite the current correction.

“Looking further ahead, Dogecoin charts point to potential growth, as evidenced by its weekly charts.

“The Dogecoin price chart shows an upward trajectory with consistent gains for six months. The upside momentum is supported in its price action this month.”

And Mr Rahman tipped Tesla CEO Mr Musk to play an important role in that forecast.

He added: “Elon Musk has had a big impact on Dogecoin’s price action. He is the sole reason why Dogecoin is where it is today.

“Dogecoin has experienced significant growth from being a joke coin into one of the most valuable cryptocurrencies and can attribute most of its success to Elon’s tweets and large following, which propelled it to its current success.

READ MORE: Dogecoin warning: Crypto tipped to plunge again as chart forecasts drop to $ 0.18 in days

“Musk, who still shows interest in Doge, recently stated that Dogecoin would be used to fund SpaceX’s trip to the Moon next year.

“However, he later called Dogecoin a “hustle” on primetime television, and nobody was sure if he was joking or not.

“In any case, whether positive or negative, it is likely that the buzz of publicity which has already been created around Dogecoin will continue to keep the interest high and may well produce a strong recovery in the coin’s price.

“This will be one of the factors that might not just see Dogecoin push past its recent highs but possibly test new highs above $ 1 as well.”

Mr Musk celebrated the recent news of Dogecoin being added to Coinable by sharing a meme on Twitter of the token, adding “it’s inevitable”, in an apparent reference to the incoming surge.

He has also called on people to submit ideas for Dogecoin improvements and upgrades and fuelled rumours he is working with doge developers.

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Mr Musk’s support, alongside his dwindling interest in Bitcoin and other cryptocurrencies, has added legitimacy to Dogecoin.

Britain’s Financial Conduct Authority (FCA) has previously warned investors of the risks that come with investing in cryptocurrency.

They said: “If consumers invest, they should be prepared to lose all their money.

“Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering.

“Significant price volatility, combined with the difficulties valuing [Bitcoin] reliably, place consumers at a high risk of losses.”

Express.co.uk does not give financial advice. The journalists who worked on this article do not own cryptocurrency.

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This post originally appeared on Daily Express :: Finance Feed

Inflation fears push gold & silver to three-month highs

Inflation fears push gold & silver to three-month highs

Gold and silver prices have jumped to their highest levels in over three months as the latest dip in US Treasury yields and concerns about growing Covid-19 cases in Asia continue boosting demand for the safe-haven assets.

“It seems inflation fears are finally translating into higher precious-metals prices, and ETF [exchange-traded fund] investors are starting to swing into net buyers again,” John Feeney, business development manager at Sydney-based bullion dealer Guardian Gold Australia told Bloomberg.

Spot gold was trading at around $ 1,860 an ounce on Wednesday, after hitting $ 1,875 earlier in the week – the highest price seen since late January. Meanwhile, silver reached $ 28.75 an ounce – its highest level since February – before dropping to $ 27.82, according to Bloomberg Commodity Overview.
Also on rt.com Weaker dollar & coronavirus surge boost gold’s safe-haven appeal 
“Treasury yields are falling and, on the other hand, there seem to be fears about virus resurgence in Singapore, Taiwan, and the broader Asian-Pacific markets … driving up demand for safety,” Margaret Yang, a strategist at DailyFX said, as cited by India’s NDTV.

On Monday, Federal Reserve Vice Chairman Richard Clarida said the US economy hadn’t hit the benchmark of “substantial further progress” needed for the regulator to start scaling back asset purchases. In an attempt to protect the national economy in the face of the coronavirus pandemic, the Fed has been buying $ 80 billion in treasuries and $ 40 billion of asset-backed mortgages a month, while keeping the interest rate close to zero.

For more stories on economy & finance visit RT’s business section

Author: RT
This post originally appeared on RT Business News

US gasoline prices stuck at 7-Year highs as East Coast fuel shortages continue

US gasoline prices stuck at 7-Year highs as East Coast fuel shortages continue

Gasoline prices remained elevated, with many stations staying shut despite the restart of operations at the Colonial Pipeline network following the May 7 cyberattack.

Reuters reports prices were at the highest in seven years, and almost 11,670 gas stations remained closed on Monday, according to data from GasBuddy. The latest data from the company shows a decline in that number, to 11,217 stations.

GasBuddy’s Patrick De Haan also said that as of 9 pm on Monday, 73 percent of fuel stations in Washington DC were still out of gasoline—the nation’s capital was the hardest hit by fuel shortages, with close to 90 percent of stations out of fuel at the end of last week.
Also on rt.com Colonial Pipeline hackers reportedly bagged $ 90 MILLION in bitcoin before shutting down
A ransomware attack shut down the Colonial Pipeline network on May 7, cutting off some 45 percent of gasoline and diesel supply for the East Coast and prompting government agencies to scramble for alternative methods of transportation and granting temporary waivers from legislative restrictions for the transportation of fuels such as the Jones Act, which prohibits foreign-flagged vessels from moving between US ports.

At the same time, the shutdown prompted thousands to make a run on gas stations in most of the East Coast, despite calls against panic buying. This led to some thousand stations warning that they were running out of gasoline and diesel last week. According to Energy Secretary Granholm, rural areas in the Southeast were likely to start receiving fuels at a normal rate by last weekend. The panic buying spree sent the national US average gasoline price above $ 3 per gallon for the first time since 2014.

“The Southeast will continue to experience tight supply this week as terminals and gas stations are refueled,” an AAA spokeswoman said, as quoted by Reuters. “Over the weekend, gas prices started to stabilize, but are expected to fluctuate in the lead up to Memorial Day weekend.”

This article was originally published on Oilprice.com

Author: RT
This post originally appeared on RT Business News

Pound to euro exchange rate: Sterling in 'rangebound' despite new highs earlier this week

Pound to euro exchange rate: Sterling in 'rangebound' despite new highs earlier this week
Sterling stood just above the 1.16 handle yesterday as it did not benefit from the weaker dollar like other currencies did, according to one finance expert. The pound has been trading from the mid-to-low €1.16s since the start of the week, but it has this morning dropped further.
However, sterling did perform better yesterday than Monday, where it experienced a “quiet day” and remained in the low-€1.16s.

This is despite the pound hitting new highs for 2021 over the weekend.

On Monday, Mr Brown said: “Sterling had its best day against the euro since last December yesterday, rallying to three week highs.

“This is as the market reacted positively to the weekend’s election results, and the perceived lower risks of a second Scottish independence referendum.”

So, what does this mean for your travel money?

The ban on international travel was lifted on Monday, May 17, meaning that Britons are now permitted to holiday abroad.

The UK’s travel traffic lights system means that holidaymakers can travel to “green” countries without having to quarantine on return.

These destinations include Gibraltar, Iceland, Singapore, Australia, and New Zealand.

However, travel experts have warned that “extra caution” is due in the coming weeks when booking holidays and swapping travel money.

James Lynn, CEO and co-founder of Currensea, said: “While it’s excellent news international travel is opening up, the proposed traffic light system will mean there will still be an element of disruption this summer, both to travel companies and consumers.

“Extra caution and careful planning will be really important when it comes to planning holidays this year – and keeping abreast of the latest updates will be key.

“Financial safety when travelling must also be top of mind for consumers. Sudden changes and cancellations, which remain likely could put travellers at risk if the right precautions aren’t taken.”

In other travel news, British Airways launched £40 PCR tests yesterday to help drive down the price of COVID-19 testing before travel.

BA’s CEO Sean Doyle said: “We are working hard to drive down the costs, so we just launched a £40 PCR test today.

“We are working with the Government and are pushing them to drive down the costs of testing.”

Author:
This post originally appeared on Daily Express :: Travel Feed

Kusama (KSM) price hits new highs as parachain auctions begin to take shape

Major protocol upgrades are one of the most potent sources of price movement for cryptocurrency projects as community members and investors get excited about new features and traders rush in to “buy the rumor and sell the news”. 

One protocol that has seen its price rise to new rights this week despite the overall bearish conditions affecting the market is Kusama (KSM), an experimental blockchain platform and a sister chain to the Polkadot’s platform. Kusama is designed to provide an interoperable and scalable framework for developers.

Data from Cointelegraph Markets Pro and TradingView shows that after dropping to a low of $ 378 on May 10, the price of Kusama rallied 55% to a new all-time high at $ 591.55 today thanks to a record $ 1.568 billion in 24-hour trading volume.

Kusama (KSM) price hits new highs as parachain auctions begin to take shape
KSM/USDT 4-hour chart. Source: TradingView

Three reasons for the recent price appreciation for KSM include the upcoming launch of parachain auctions, recent integrations that helped enhance the interoperability of Kusama with other networks and increased opportunities to stake or lock up KSM to earn a yield.

Parachains are on the verge of launching

The most significant development for Kusama of late came on May 12 when the project announced that the most recent upgrade proposal was approved by the council and is now a public referendum.

This development provided token holders a three-day window between May 12 and May 14 to vote for the different parachains, crowd loans and auctions that they want to see on the Kusama network.

Since KSM tokens are required to be able to participate in voting, demand for the token immediately increased following the announcement and it continues to rise on May 14 despite an overall downturn in the cryptocurrency market.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KSM on May 11, prior to the recent price rise and before the announced passing of upgrade v0.9.1.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Kusama (KSM) price hits new highs as parachain auctions begin to take shape
VORTECS™ Score (green) vs. KSM price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score fluctuated in and out of the green zone over the previous week before climbing to a high of 70 on May 11 at roughly the same time that the price of KSM began to break out to a new all-time high over the next 32 hours.

Interoperability integration provides a spark

A second source for KSM’s price growth over the past month was the April 23 announcement that Chainlink awarded a grant to ChainSafe Systems to help expand support for Kusama on the Chainlink Oracle Pallet.

As seen in the tweet, the expanded support enables developers to build hybrid smart contracts on DOT and KSM parachains along with other substrate chains, significantly enhancing their interoperability capability.

With one of the originally stated goals of the Polkadot network being increased interoperability across all blockchain networks, this development helped reassure community members that meaningful steps were being taken in regards to this goal by enlisting the most trusted and widespread oracle platform in the crypto ecosystem.

New staking and yield opportunities

A third motivating force behind demand for KSM is the attractive yield opportunities offered to token holders willing to stake their KSM tokens on the network or with new parachains.

Data from staking rewards shows that the average rate of return for staking and delegating KSM on the network is 13.72% while running a validator node earns 14.72%.

As part of the parachain auction process, projects like Karura have elected to conduct a crowd loan which involves community supporters bonding their KSM with that protocol for the duration of the parachain lease in return for the native token of the parachain.

The crowd loan allows the project to meet the requirements to obtain a parachain lease for a specified period of time and all KSM tokens are returned to the contributors after the lease is up.

In return for locking their tokens for an extended period of time, community members are rewarded with the native token of the parachain in question but lose the ability to earn KSM staking rewards.

The crowd loan model is an innovative new fundraising design for crypto projects that has excited community members who are eager to obtain their favorite KSM-based tokens while also being able to retain ownership of their KSM.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.