The memecoin “Jeo Boden” has taken the crypto world by storm, riding on the back of a lukewarm comment from former US President Donald Trump. The whimsical cryptocurrency, a playful misspelling of President Joe Biden’s name, experienced a huge increase after Trump mentioned it at an NFT event in Florida. What was once a subject of amusement has now become a serious investment, as Boden surged 20% following Trump’s offhand remark. Related Reading: $20 On The Horizon For XRP? Unpacking A Potential 650x Surge And What It Means Trump Rally Or Fleeting Frenzy? Analysts Divided The cryptocurrency community has been divided over the impact of Trump’s mention of Boden. Some analysts, such as Samantha Wilkins, believe that any mention from a prominent figure like Trump is positive for the memecoin. They contend that Boden has shown to be a tenacious and astute investment, and that the excitement around it has only grown as a result of Trump’s remark. Trump Speaks on $BODEN at NFT Event “That’s a Lotta Money for a Coin, I Don’t Like That Investment” Audio Source: @realDannyNelson pic.twitter.com/8NcpuCc6ZI — db (@tier10k) May 9, 2024 However, some experts remain skeptical. They caution that Boden’s value is built on hype rather than utility, making it susceptible to swift market shifts. A single negative tweet from Trump or a change in market sentiment could cause Boden to come crashing down as quickly as it rose. Will Trump Re-Boden The Market? Adding another layer of intrigue to the Boden saga, the prediction platform Polymarket has created a contract speculating on the likelihood of Trump mentioning the memecoin again before July. Currently, the contract’s “yes” shares are trading at $0.05, indicating an 11% chance that Trump will utter the word “Boden” in the coming months. Source: Polymarket This unique situation presents an unusual scenario where the value of a memecoin hinges on the whims of a former president. If Trump revisits Boden in a future speech or tweet, it could trigger another surge in price. However, if he remains silent, the current hype surrounding Boden may fizzle out, leaving investors holding a depreciating digital punchline. Jeo Boden is currently trading at $0.2799. Chart: TradingView Boden: A Gamble On Speculation The rise of Boden serves as a cautionary tale for memecoin enthusiasts. While these tokens can offer explosive returns, their value is often tied to fleeting trends and external factors beyond their control. With the enigmatic Trump as a wildcard influence, the future of Boden remains uncertain. Related Reading: XRP All Talk, No Action? Social Media Booms, But Price Stuck In The Bear Pit Investors eagerly await the next chapter in this bizarre crypto story, as the saga of Boden continues to unfold. It is a gamble on speculation, where the coin’s value dances on the edge of uncertainty. The Boden phenomenon highlights the unpredictable nature of memecoins and the risks associated with investing in such volatile assets. Featured image from Reddit, chart from TradingView
Dogecoin now finds its current price movement moving with a peculiar lack of action. In this case, the lack of action points to low volatility, especially in the last few days. Notably, on-chain data from IntoTheBlock has revealed that the crypto is now at its lowest point in the last 30 days. Related Reading: Did […]
Dogecoin, the meme-inspired cryptocurrency that took the internet by storm in 2021, has seen a recent uptick in price. However, experts are cautioning investors against mistaking this blip for the start of a moon mission. Related Reading: $20 On The Horizon For XRP? Unpacking A Potential 650x Surge And What It Means DOGE Price Volatility Takes A Vacation One factor tempering enthusiasm is Dogecoin’s current lack of volatility. While price swings are often a hallmark of the cryptocurrency market, DOGE’s volatility has hit a 30-day low. This calmness suggests the recent price increase might not translate into a sustained upward trend. Memecoins like Dogecoin thrive on volatility, and the current lull suggests a period of price stability, which isn’t necessarily bad, but it’s unlikely to trigger the explosive rallies we’ve seen in the past. Source: IntoTheBlock Dogecoin Network Activity: Apathy Or Accumulation? Another dampener on the celebratory champagne showers is the low user activity on the Dogecoin network. The number of active addresses, which indicates user engagement, is currently hovering around 52,000. This is a significant drop compared to March 2024, when a surge in active addresses coincided with a price jump to $0.22. Total crypto market cap currently at $2.18 trillion. Chart: TradingView Historically, spikes in Dogecoin’s user activity have foreshadowed price increases. The current low suggests a lack of excitement or, perhaps, a period of accumulation by investors who are waiting for the right moment to jump in. DOGE Stuck In Consolidation: A Sideways Serenade Or Coiling For A Leap? For the past few weeks, Dogecoin’s price has been stuck in a consolidation phase, oscillating between $0.14 and $0.16. This sideways movement, while frustrating for those hoping for a quick return, could be a sign of a different kind of preparation. Doge price action in the last 24 hours. Source: Coingecko Consolidation periods often precede significant breakouts. While it doesn’t guarantee a future surge, it suggests the price is finding support and could be coiling for a potential leap. Related Reading: XRP All Talk, No Action? Social Media Booms, But Price Stuck In The Bear Pit A Glimmer Of Hope: MVRV Z Score Hints At Undervaluation A beacon of optimism comes from the MVRV Z Score, an indicator that suggests Dogecoin might be currently undervalued. This metric essentially compares the market value of a coin to its historical value. A score below a certain threshold suggests the coin might be undervalued and has room for growth. A Slow Burn Or A Surprise Spark? The current data paints a picture of a cautious future for Dogecoin’s price. While a major rally seems unlikely in the immediate future, there are underlying hints that suggest potential for growth. The low volatility and user activity could be signs of consolidation and accumulation, respectively, both of which could precede a future price increase. Featured image from @inevitable360/X, chart from TradingView
The post Why Toncoin (TON) Price is Surging? appeared first on Coinpedia Fintech News
Interestingly, after breaking a long consolidation, Toncoin has shown its strength since January. Price has risen 272% since then, reaching $7.5 highs. This has created significant buying pressure, keeping the token on an uptrend when the larger tokens are bearish. Will Ton go higher than this? If so, can we expect an all-time high in …
The Ethereum (ETH) market is buzzing with activity after a whale (an investor with significant holdings) made a splash by withdrawing a whopping $18 million worth of ETH from Binance, a leading cryptocurrency exchange. Related Reading: Transaction Fees To The Rescue! Bitcoin Miners Find Solace In Network Activity This move, meticulously tracked by blockchain analysis […]
Ripples of uncertainty continue to surround XRP, the cryptocurrency created by Ripple Labs. Once a high-flyer, XRP has seen its price plummet amidst a protracted legal battle with the US Securities and Exchange Commission (SEC). But even as dark clouds loom, some analysts see a silver lining, predicting a future surge for the digital asset. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff A Legal Tug-of-War Dampens XRP Price The SEC lawsuit, filed in December 2020, alleges that the altcoin is an unregistered security. This classification, if upheld, could severely restrict XRP’s trading and dampen its value. The legal wrangling has taken its toll, with its price dropping a staggering 84.7% from its 2018 peak of $3.40. The recent months haven’t offered much respite, with XRP experiencing a near 20% decline in the last 30 days alone. Technical Indicators Flash Red In The Short Term Technical analysis, a method used to predict price movements based on historical data, paints a concerning picture for XRP in the immediate future. Analysts point to recent price chart breakdowns, suggesting continued downward pressure. XRP 30-day price action. Source: CoinMarketCap A Bullish Case For XRP Despite the current headwinds, some analysts remain optimistic about the coin’s long-term prospects. Armando Pantoja, a well-respected crypto analyst, believes XRP has the potential to reach between $8 and $20 by 2026. This would represent a phenomenal increase of up to 3,557.6% from its current price. $XRP true value is $8-$20 by 2026. It’s the easiest trade of my life. 1. Historical Precedent Powerhouse 2. Institutional Adoption Tsunami 3. Market Trends and Utility Explosion 4. Future Financial Services Demand 5. Legal Clarity & Partnerships will Boom pic.twitter.com/fv2WlkuNHk — Armando Pantoja (@_TallGuyTycoon) May 7, 2024 Pantoja bases his bullish prediction on several factors. He points to XRP’s historical performance, highlighting its meteoric rise in 2017, where it surged over 650 times to its peak. This, according to Pantoja, serves as a precedent for future growth. Institutional Adoption Another factor fueling optimism is Ripple’s growing list of partnerships with established financial institutions. Integration with giants like Bank of America and Royal Bank of Canada could significantly boost the altcoin’s value by increasing its utility and mainstream adoption. Recent collaborations with HashKey DX and SBI Ripple Asia further bolster the case for institutional acceptance, potentially propelling XRP’s price upwards. XRP market cap currently at $28.7 billion. Chart: TradingView.com Upgrades To The XRP Ledger Ripple hasn’t been sitting idle either. Through its development arm, RippleX, the company has introduced key upgrades to the XRP Ledger (XRPL), the technology that underpins XRP. Notably, the XLS-68d specification allows platforms to cover transaction fees for users without distributing free coins. This simplifies the onboarding process and could attract new users to the XRP ecosystem. Market Trends And Community Optimism Pantoja also emphasizes broader market trends that could benefit XRP. The increasing demand for efficient financial services could create a perfect storm for XRP’s adoption. Additionally, Pantoja anticipates a legal victory for Ripple, paving the way for further partnerships and market expansion. Related Reading: Whispers In The Deep: Why Are Ethereum Whales Disappearing? The XRP community itself seems to echo this optimism. Social media engagement surrounding the altcoin has spiked, and the number of total holders and active addresses continues to rise. This suggests that despite the current challenges, many investors remain confident in XRP’s long-term potential. Featured image from Wikipedia Commons, chart from TradingView
The post Altcoin Dump Ahead Before Inevitable Rise; Top Crypto Analyst Shares appeared first on Coinpedia Fintech News
The cryptocurrency market has recently been trending on wobbly sentiments, two weeks after the fourth Bitcoin (BTC) halving. The total cryptocurrency market cap slipped more than 3 percent in the past 24 hours to about $2.4 trillion on Wednesday as Bitcoin bulls struggled to establish control. According to most crypto analysts, the notable silence in …
The post Solana DEX Jupiter Reveal Key Developments; Price Recovery Ahead? appeared first on Coinpedia Fintech News
Solana DEX Jupiter’s community is set for key developments as it is working on numerous fundamental backend revamps to enhance user engagement on the platform. The upgrade includes lowering latency and enhancing robust perpetual contracts while strengthening the platform’s resilience. Refined token search function to aid the users in quickly finding their interested tokens and …
The post Solana Struggles Despite Clearing Congestion! Will SOL Price Reclaim $200 In May? appeared first on Coinpedia Fintech News
The cryptocurrency industry continues to trade under a strong bearish influence as top crypto tokens struggle to hold their respective values above the important support levels, indicating uncertainty in the future price action of these altcoins. On the other hand, despite adding 21.68% within the past seven days, the Solana price has recorded a correction …
Tom Lee, co-founder of research firm Fundstrat, has ignited fresh bullish sentiment in the cryptocurrency world with his prediction of a Bitcoin price surge to $150,000 by the year’s end. Lee, a prominent Bitcoin advocate, remains confident despite a recent price dip and ongoing inflation concerns. Related Reading: Marathon Digital Mints Massive Market Cap Gain: […]
The once-booming meme coin Pepe (PEPE) has hit a rough patch, experiencing a price drop of nearly 10% in the past 24 hours. This sudden downturn comes amidst a flurry of questions surrounding massive token withdrawals from a major exchange and the overall future of the meme-inspired cryptocurrency. Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price? PEPE Price Takes A Tumble Just a few months ago, PEPE was riding high, capturing the attention of crypto enthusiasts with its rapid price surges. However, the tides seem to have turned. The recent price drop has cast a shadow of uncertainty over the meme coin’s future trajectory. While some might attribute the dip to a typical correction in the volatile cryptocurrency market, recent on-chain data paints a more intriguing picture. Whale Movements Spark FUD According to Etherscan, a blockchain analytics platform, a massive withdrawal of nearly 1 trillion PEPE tokens, valued at almost $8 million, occurred two days ago. The origin of the transfer remains shrouded in mystery, with a high-security Gnosis Safe Proxy wallet facilitating the movement. Source: Etherscan This wasn’t an isolated event either. Data reveals another withdrawal of 322.48 billion PEPE tokens, worth around $2.7 million, from the same shadowy address just a day prior. The timing of these hefty transactions couldn’t be more perplexing. They coincided with an unexpected 17% surge in PEPE’s price, leading to speculation and fear, or FUD, within the cryptocurrency community. Theories range from market manipulation tactics to the possibility of unforeseen regulatory crackdowns, causing jitters among investors. Total crypto market cap currently at $2.2 trillion. Chart: TradingView Community Sentiment: Bullish Despite The Wobble Interestingly, despite the price drop and surrounding uncertainty, CoinGecko data indicates that the PEPE community remains largely bullish. This unwavering optimism is further bolstered by the influx of 703 new PEPE holders in the past day. PEPE price action in the last 24 hours. Source: CoinMarketCap Prominent cryptocurrency figures like renowned analyst David Gokhshtein, who thinks PEPE will continue to be Dogecoin’s major rival in the imminent bull market anticipated later this year, are fanning the bullish flames. I think you’ll see a crazy battle between $PEPE & $DOGE this meme season. — David Gokhshtein (@davidgokhshtein) May 6, 2024 Related Reading: Breaking Free: Analyst Eyes $1.68 Breakout For XRP After Years In The Shadows Investing In PEPE: Proceed With Caution Meanwhile, as the community sentiment leans towards optimism, and some experts see significant growth potential, the recent price drop and the enigma surrounding the large token withdrawals highlight the inherent volatility of the cryptocurrency market. Featured image from KnowYourMeme, chart from TradingView
The post Crypto Market Watch: Bitcoin, Ethereum, and Solana Trends and Price Analysis appeared first on Coinpedia Fintech News
Bitcoin, Ethereum, and Solana are all in focus as Crypto World analysts delve into the details of the current trend. The analyst noted that recent data shows a substantial inflow of around $217 million into spot Bitcoin ETFs on Monday, signaling continued institutional interest in the crypto market. Grayscale, in particular, has seen significant inflows …
The post FTX Token To Retest $3 This Week As FTT Price Jumps 38% Today? appeared first on Coinpedia Fintech News
The bearish price sentiment in the cryptocurrency industry is on a constant rise as top altcoins struggle to breach their important resistance levels. However, mid-cap and low-cap altcoins have recorded a positive price action, highlighting a switch of interest among investors toward these altcoins. On the other hand, the FTX token has displayed a strong …
The post AI, RWA, and Gaming Tokens to Stack Right Now appeared first on Coinpedia Fintech News
Analyst Altcoin Buzz stressed that narratives matter in cryptocurrency, especially when some assets like Bitcoin and Solana are rising while others are not moving much. Narratives serve as big clues about how people feel about the market. The analyst explained the importance of narratives across four favorite cryptocurrency sectors: AI (Artificial Intelligence), gaming, real-world assets …
In a post on X, crypto analyst Miles Deutscher laid out his strategic predictions for high-performing cryptocurrencies in the upcoming week to his 501,700 followers. His analysis delved deep into Bitcoin’s trading patterns, the surging AI-driven altcoin sector, and specific tokens that are displaying considerable potential due to recent developments and broader market dynamics. Bitcoin And AI Crypto Tokens Are Set To Dominate This Week At the forefront of Deutscher’s analysis, Bitcoin has recently returned to its previous trading range between $60,000 and $69,400 after experiencing a sharp drop. This movement was characterized as a significant deviation, suggesting manipulation or a shakeout of weak hands before a potential rally. “Bitcoin is at the top of my watchlist for this week. Had a big fakeout/deviation to the downside, and now back within the range,” Deutscher stated. He pointed out that the key factor to watch is whether the current range’s lower boundary will hold, which could serve as a strong foundation for an upward trajectory. Moreover, the AI sector has been particularly resilient and robust recently, bouncing back significantly amidst broader market recoveries. Deutscher highlighted the sector’s potential for outperformance, driven by several upcoming major events. These include Apple’s Worldwide Developers Conference (WWDC), NVIDIA’s earnings announcement, and the anticipated release of ChatGPT 5. “AI is one of those unique narratives that retains constant mindshare due to its endless real-life news flow/hype,” Deutscher explained. Related Reading: Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’ One specific AI token which Deutscher watches closely due to its alleged partnership with Apple is Render (RNDR), making it a prime candidate for speculation around the upcoming Apple event. Historically, RNDR has also led the AI token sector during market rotations. Furthermore, Deutsches focuses on Near Protocol (NEAR), Fetch.ai (FET), AIOZ Network (AIOZ). He grouped these tokens together due to their correlation but noted their recent technical performance, where they bounced cleanly off daily support levels and established higher lows. More Altcoins To Watch TON: Recently the center of attention, TON experienced a drop after the Token2049 event in what Deutscher described as a “sell-the-news” scenario. However, recent investments by firms like Pantera signal continued interest and potential undercurrents of growth. Ethena (ENA): With the market sentiment turning bullish again, Deutscher anticipates a return to positive funding rates, which typically benefit tokens like Ethena. Recent activity from the Ethena team, including increased reward boosts and optimistic social media posts from its founders, further bolster the bullish case. “Also hearing rumors of a T1 exchange listing,” Deutscher added, suggesting an impending increase in liquidity and exposure. Related Reading: Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential Jito (JTO): Jito is reportedly developing what Deutscher referred to as the “Eigen Layer of Solana,” aiming to replicate the success and hype surrounding the Eigen project’s layer solutions. Despite the challenges of a recent airdrop, Deutscher sees potential if the team executes well, particularly as the restaking narrative has not yet fully penetrated the market. PopCat (POPCAT): Despite facing some fear, uncertainty, and doubt (FUD) related to copyright issues over the weekend, POPCAT continues to exhibit strong price action, pushing toward new highs. “POPCAT seems the best contender, for now, not a single cat meme coin has yet to hit a $1B market cap,” noted Deutscher, highlighting its standout performance. Ethereum Finance (ETHFI): In the realm of liquidity reward tokens (LRT), ETHFI remains a notable mention despite a broader sector sell-off post-Eigen. Deutscher believes the selling may have been overreactive, and with total value locked (TVL) still on the rise, a reversion to mean on prices could be imminent. SEI Network (SEI): As anticipation builds for the launch of the new layer one blockchain, Monad, later this year, SEI is seen as a strategic play. Categorized within the parallelized Ethereum Virtual Machine (EVM) narrative, SEI experienced a substantial sell-off but is poised for recovery as the market focus shifts towards upcoming launches. Friend (FRIEND): After recommending FRIEND at $1.30, Deutscher continues to see upside potential, particularly as it approaches more significant centralized exchange listings. He advises keeping an eye out for major pullbacks as opportunities to buy. Featured image from Matt Paul Catalano / Unsplash, chart from TradingView.com
The post Here is What’s Next for Toncoin (TON), Avalanche (AVAX) & Dogecoin (DOGE) Price appeared first on Coinpedia Fintech News
Bitcoin remains stuck within a range, failing to rise beyond $64,500 after a brief recovery from the local lows at $56,500. With this, the crypto markets have turned slightly bullish as traders Besides, the altcoins within the top 10 briefly follow the star crypto, while others are preparing for diverse price action. Toncoin (TON) Aims …
The post Altcoins Show Strength While Bitcoin Stuck Within A Range: WLD, NEAR & RNDR Price Close to Triggering a Fresh Upswing appeared first on Coinpedia Fintech News
The cryptocurrency markets are flipping now and then as bulls and bears show equal strength at regular intervals. Mainly because the Bitcoin price remains stuck within a range after a brief upswing, allowing the altcoins to swell a bit. Therefore, some of them, like Worldcoin (WLD), Near Protocol (NEAR), & Render Protocol (RNDR), are believed …
Maximilien de Hoop Cartier, heir to the famed jewelry dynasty, was arrested by US authorities for allegedly laundering millions of dollars for a Colombian drug cartel. Cartier, who primarily resides in France but holds Argentine citizenship, now faces a slew of charges related to money laundering and unlicensed money transmission. Related Reading: Bitcoin Bull Michael […]
Smart contracts platform Avalanche (AVAX) is generating excitement in the crypto community with a potential breakout signal. Prominent analyst World of Chart has identified a bullish technical pattern that could propel AVAX prices significantly higher in the coming days. Related Reading: PEPE Primed For A Big Leap: 80% Price Increase Incoming? Falling Wedge Pattern Hints At Upside World of Chart points to the presence of a “falling wedge” pattern on AVAX’s price chart. This pattern typically forms during a consolidation phase, with price action confined between two converging trendlines that slope downwards. $Avax Forming Falling Wedge Incase Of Breakout Expecting Upside Continuation Successful Breakout Can Lead Massive Rally In Coming Days#Crypto #Avax pic.twitter.com/YJHJYarrSw — World Of Charts (@WorldOfCharts1) May 5, 2024 The key aspect of this pattern lies in the diminishing price range within the wedge, suggesting a buildup of buying pressure. A breakout from the upper trendline is often interpreted as a bullish signal, indicating a potential reversal of the downtrend and the start of a price surge. Avalanche Poised For Takeoff? AVAX might see a significant upswing if it is able to break above the upper trendline of the falling wedge, according to World of Chart. Following the breakout, there may be a substantial price increase as a result of this ascent, which would confirm the bullish formation. The expert draws attention to the possibility of significant momentum and an explosive upward advance. Total crypto market cap currently at $2.3 trillion. Chart: TradingView The possibility of an AVAX breakout has ignited discussions and speculation among crypto investors and traders, particularly those who actively follow technical analysis. Related Reading: XRP Holders Stack Coins Despite Price Dip: Bullish Signal Or HODL Of Desperation? Investor Caution Advised Despite Bullish Outlook While the potential for a bullish breakout is high, World of Chart emphasizes the inherent volatility and uncertainty of the cryptocurrency market. External factors beyond technical analysis can significantly impact price movements. Technical Indicators Paint A Positive Picture Beyond the falling wedge pattern, other technical indicators seem to be adding weight to the bullish narrative for AVAX. The recent price increase of over 16% in a single week suggests a potential shift in investor sentiment. Additionally, the impressive surge in trading volume signifies heightened market activity and growing investor interest in AVAX. Source: Coingecko Related Reading: 900 Million Telegram Users Send TON Token Soaring 15% – Details Eyes On The Prize: Will Avalanche Deliver? The coming days will be crucial, with all eyes glued to the price action and any signs of a breakout. A successful breakout could lead to significant gains for AVAX holders, while a failed breakout could dampen investor enthusiasm. Featured image from Pexels, chart from TradingView
The post Ethereum Displaying Strength Against Bitcoin, Will Altcoins Outperform BTC in the Coming Days? appeared first on Coinpedia Fintech News
The weekend was expected to be slightly volatile but the sluggish behaviour of Bitcoin compelled the other major altcoins to remain stuck within a region. The token has held on to crucial support, which suggests the bulls are preparing for the next move. In the meantime, the second-largest crypto, Ethereum, has been displaying acute strength …
Michael Saylor, the tech entrepreneur who steered MicroStrategy into a Bitcoin behemoth, is back in the headlines. This time, he’s not championing the orange coin, but rather aiming his laser focus at its altcoin rivals. Related Reading: Fear Back For 1st Time Since October As Crypto Greed Takes The Backseat At the recent Bitcoin For […]
The US Securities and Exchange Commission has long been at loggerheads with the crypto industry, especially concerning the security status of some cryptocurrencies. Ripple CEO Brad Garlinghouse recently had some strong opinions on the matter that he’s not afraid to share. While speaking at an interview, Garlinghouse noted that the SEC is “grossly wrong” in […]
The post Top Altcoins To Turn $1 Into $10 This Week appeared first on Coinpedia Fintech News
Last week brought a bullish comeback to the market as BTC price witnessed massive buying demand and surged toward the $65K mark. Though the dominance of BTC is currently rising, any minor pullback might trigger top altcoins to turn $1 into $10 this week. Reversal For Altcoins Amid Bearish Pressure Last week, Bitcoin’s market dominance …
The post Shiba Inu Defies Market Trends with a Staggering 1009% Surge in Burn Rate appeared first on Coinpedia Fintech News
Shiba Inu, one of the top meme coins by global market cap, is in the news again with a major update. Despite recent significant selloffs, the meme coin’s price has shown remarkable resilience, defying market norms and maintaining an upward trend above the critical resistance of $0.00002315 at press time. What is taking the token …
The price of Shiba Inu (SHIB), the self-proclaimed “Dogecoin killer,” has been caught in a technical tug-of-war, with bears attempting to push it lower and bulls clinging to signs of hope. Analysts are scrutinizing the memecoin’s chart pattern and on-chain data to decipher its next move. Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook Descending Triangle Looms: Will SHIB Fall Or Fly? A descending triangle formation has emerged on SHIB’s 3-day chart. This pattern typically indicates a potential price decline, as the asset’s price gets squeezed between converging support and resistance lines. The big question for SHIB holders: will the price break below support and continue its descent, or will it defy gravity and break out of the triangle, sparking an uptrend? Falling Demand Raises Concerns For Shiba Inu Adding fuel to the bearish fire, SHIB has witnessed a significant drop in demand. Data from Santiment reveals a worrying trend: the daily active addresses for SHIB have plummeted by more than 50% over the past month. This suggests a shrinking user base and potentially lower trading volume, which can put downward pressure on the price. Source: Santiment New Investors Give SHIB The Cold Shoulder Further dampening spirits is the sharp decline in new addresses joining the SHIB party. According to on-chain data, the number of new addresses created daily to trade SHIB has nosedived by 51% in the same period. This lack of fresh blood entering the market could exacerbate the selling pressure. Shiba Inu is currently trading at $0.000024. Chart: TradingView SHIB’s High Valuation: A Recipe For Sell-Off? Another factor causing concern is SHIB’s Market Value to Realized Value (MVRV) ratio. This metric compares the current market price with the average acquisition price of all SHIB tokens. Currently, SHIB’s MVRV ratio sits at a lofty 38%. When this ratio is high, it suggests the asset might be overvalued, potentially triggering existing holders to cash in on their profits and contribute to a sell-off. SHIB monthly price action. Source: CoinMarketCap A Silver Lining? Despite the prevailing bearish sentiment, a glimmer of hope flickers for SHIB. The coin’s weighted sentiment has surprisingly turned positive recently, indicating a shift in market perception. This newfound optimism could translate into a price breakout, defying the descending triangle’s bearish implications. Related Reading: Bitcoin Update: $120 Million Futures Liquidated As Price Takes A Beating Can Bullish Sentiment Propel SHIB To Higher Ground? If the positive sentiment persists, analysts predict a potential price surge for SHIB, reaching $0.00003. This would be a welcome change for investors who have witnessed a recent price slump. Meanwhile, SHIB’s Fibonacci retracement level shows that the memecoin’s price may drop further 15% to trade at a low of $0.000018 if the bears continue to put pressure on it and it falls below support. SHIB investors now have more cause for concern as this underscores the possible repercussions of a bearish breakthrough. Featured image from Pexels, chart from TradingView
The post L2 Tokens Soars As Optimism (OP) Price And Axelar (AXL) Price Surge! Eyes 30% Pump This Week? appeared first on Coinpedia Fintech News
The cryptocurrency industry continues to display an increase in price volatility with mid-cap and low-cap altcoins recording the highest price fluctuations, highlighting an increase in the buying and selling pressure for these tokens within the crypto space. Furthermore, Layer-2 projects have experienced a significant uptrend in their respective portfolio over the past few days, indicating …
Altcoins have suffered more in the crypto market following the Bitcoin price crash, leaving a lot of investors in losses. This is not out of the ordinary as these altcoins are known to have a higher volatility compared to Bitcoin, hence, their price swings can be more pronounced. Given the recent decline, the expectation is that the altcoins will recover. However, one analyst does not agree with that assessment. Altcoins Headed For 40% Crash In an analysis posted on X (formerly Twitter), seasoned crypto analyst Benjamin Cowen shocked the crypto community with his expectations for altcoins. According to the analysis, the worst is far from over for the altcoin market, as there are still more crashes to come. Related Reading: Crypto Analyst Reveals Why $59,800 Is An Important Level For Bitcoin Cowen explained that this was analyzed using altcoins versus Bitcoin pairs, and it seems each one looks weak against the apex cryptocurrency. This is due to the expected rate cuts, and historical performance suggests that a decline will follow. The crypto analyst pointed to the 2019 rate cuts and how altcoins had reacted to that development back then. Following the rate cuts, altcoins plunged against Bitcoin, with major players recording up to 40% losses during this time. “Perhaps this time is not different? This would mean ALT/BTC pairs drop another 40% from here over the next few months,” Cowen said. Cowen expects this to place out regardless of what happens in the market in the meantime. He explains that even if the market does recover in the short term, it does not invalidate the thesis. “Short-term countertrends do not invalidate this view,” he stated. If this repeats, then it could turn an already harsh market trend even bloodier. The altcoin market cap has already fallen below $1 trillion as of the time of writing, but a 40% decline from here could send it as low as $600 billion. Bitcoin Crash Drags Down Crypto Market While the Bitcoin crash has been brutal, the impact on altcoins has been much more pronounced. Ethereum has held up nicely with less than a 4% decline during this time, but others such as Stacks (STX), Arweave (AR), Neo (NEO), and Sei (SEI) are down an average of 9% in the last 24 hours. Related Reading: Ethereum Price Prediction: Crypto Expert Says ETH Is Yet To Bottom Against Bitcoin Meme coins were also not left out of the bloodbath, with market leader Dogecoin dropping 6% to $0.126 and Pepe (PEPE) plunging 7.74% to $0.0000063. Bonk (BONK) recorded a 5% decline to eliminate some of its gains from last week, and Shiba Inu fell 4.18%. Amid all of this, though, there have been some market winners, with Optimism (OP) recording 12% gains. Cosmos (ATOM) followed with a 9.8% increase, and Starknet (STRK) rose 9%, making them the top gainers of the day, according to data from Coinmarketcap. Altcoin market cap at $952 billion | Source: Altcoin total market cap from Tradingview.com Featured image from Analytics Insight, chart from Tradingview.com
The post Crypto Market To See 30-40% Crash; Bitcoin Price To $52k is Inevitable appeared first on Coinpedia Fintech News
For the first time since September 2023, Bitcoin’s (BTC) price had a red monthly close in April 2024, which coincided with its halving month. Bitcoin price dropped around 15 percent in April to close the month trading about $60,590. The flagship coin has since continued with the bearish outlook and slipped more than 6 percent …
The post Crypto Whales Are Stacking These Altcoins For Maximum Profits in May appeared first on Coinpedia Fintech News
After the Bitcoin halving, which occurred towards the end of April, the cryptocurrency market has been anticipating a potential rally. However, Bitcoin’s price movements have been relatively subdued. In response, institutional investors, commonly called crypto whales due to their large holdings, have adjusted their strategies. They’ve shifted their focus from Bitcoin to altcoins, seeking opportunities …
Cardano (ADA), the smart contracts platform known for its energy-efficient Proof-of-Stake consensus mechanism, has been generating buzz lately. On-chain data reveals a significant uptick in large transactions, hinting at a potential return of the whales – major investors who can significantly impact cryptocurrency prices. Related Reading: Polygon In Peril: Will MATIC Bounce Back Or Stay Stuck In The Sub-$1 Doldrums? Whales Making Waves On The Cardano Sea IntoTheBlock, a blockchain analytics firm, reported a surge in Cardano transactions exceeding $100,000. Over the past week, the average daily volume for these large transactions reached nearly $14 billion. Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days. For comparison, this is a third of Bitcoin’s current volume, 5x as much as Litecoin’s volume and over 16x that of Dogecoin! pic.twitter.com/xU2XMoEQbM — IntoTheBlock (@intotheblock) April 29, 2024 This represents a third of Bitcoin’s transaction volume within the same timeframe, showcasing a surge in activity on the Cardano network. Interestingly, the data dwarfs Dogecoin’s large transaction volume by a whopping 16 times, highlighting the increased interest in Cardano compared to the meme coin. Unveiling The Mystery: Are Whales Buying Or Selling? While the high transaction volume is undeniable, its implication for Cardano’s price remains unclear. Large transactions can represent both buying and selling activity, making it difficult to predict a definitive price direction. ADA market cap currently at $16 billion. Chart: TradingView.com However, the sustained volume exceeding $10 billion throughout the week, even during a recent price dip, suggests continued movement within the network. This could indicate institutional investors entering the Cardano market or signify significant internal token transfers within the ecosystem. Data Hints At Bullish Undercurrents While the exact nature of the large transactions remains to be seen, Santiment, another on-chain analytics platform, provides a potentially bullish signal. Their data suggests a growing accumulation trend among large holders. Addresses containing between 100,000 and 100 million ADA have been steadily increasing their holdings since the beginning of April. This accumulation by whales could be a positive sign for Cardano’s future price, indicating their confidence in the project’s long-term potential. Technical Analysis Paints A Target-Rich Environment Market analyst Cobra Vanguard has weighed in on the recent developments, employing technical analysis to predict Cardano’s price trajectory. Vanguard identifies an expanding price channel that Cardano has been trading within since the start of the year. This pattern suggests higher highs and lower lows, potentially indicating continued price volatility. Based on this analysis, Vanguard outlines several price targets for ADA, with the first hurdle at $0.52. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? If successfully breached, the analyst predicts further climbs towards $0.57, $0.61, and $0.67. The ultimate target sits at a bullish $0.77, potentially marking a significant price increase for Cardano. Cardano: A Sea Of Opportunity Or A Whale’s Playground? The recent surge in large transactions on the Cardano network has undoubtedly generated excitement within the cryptocurrency community. While the exact reasons behind the high volume remain unclear, the potential involvement of whales and the uptick in accumulation by large holders paint a cautiously optimistic picture. Featured image from Invyce, chart from TradingView