Ordinals are a relatively novel innovation within the crypto space, but ORDI, the cryptocurrency with the Ordinals namesake, is within the grasp of the bears. According to the latest market data provided by CoinCodex, the token is down nearly 5% within the last 24 hours despite Bitcoin making an 11% gain within the past week. Related Reading: Here Are 5 Reasons To Be Bullish On Bitcoin, Analyst Says Up And Down The Rabbit Hole Even though the market seems bullish for Bitcoin and the market as a whole, Ordinals seem to go against the grain. Analysts are hopeful that ORDI is on the path to a potential bullish breakthrough, however, this seems unlikely. Although BRC-20 standard tokens are following the general market trend, ORDI in itself is bland, offering no other utility, unlike others within the same category. But its utility in bringing NFTs to the Bitcoin blockchain might provide some value to the mix. A recent “State of the Union-esque” done at Christie’s Art and Tech Summit showed that the NFT market’s relationship with the traditional art world is in a transitional stage. “We know that there is a provenance verification opportunity here. We all know it and we all know that the art world is resisting it because it suggests transparency, which we say we want but we don’t really want,” Pace Gallery CEO Marc Glimcher said at the event. If Bitcoin Ordinals keeps attracting developers to its niche, further expanding the codebase on Github, there might be a chance that an increase in development for the open-source platform will lead to overall higher adoption of the BRC-20 standard that will increase investor confidence towards the asset. $50 ORDI Closer Than Expected? Despite volatility being a double-edged sword for the most part, ORDI bulls are in a great position to push the token to its limits; At the time of writing, ORDI sustained a solid 26% rally in the weekly frame. And at $41.33, the price offers little resistance to the overall positive mood of the market, which might lead to a bullish takeover within the next couple of days. ORDI price up in the weekly frame. Source: Coingecko Related Reading: AVAX Brushes Off Bearish Pressure With 11% Rally – Details Once this occurs, ORDI has a higher chance of meeting the $50 mark within the next few weeks. But the high volatility also means that this move of accumulation will be a gamble for investors and traders as more and more analysts eye a bigger breakthrough in the long run. This scenario is highly dependent on the general market upswings that might or might not occur these next few weeks. Investors and traders should monitor the market and look for other opportunities before considering a runback to ORDI. Featured image from Pexels, chart from TradingView
The post SEI & ORDI Prices Top the Leader Board, Will They Hit $0.5 & $50 This Weekend? appeared first on Coinpedia Fintech News
The markets have turned bullish ahead of the spot Ethereum ETF launch, which is scheduled on July 23, 2024. With this, the Bitcoin price soared above $66,500, while the Ethereum price is eyeing a rise above $3500 in the next bullish attempt. Due to this, altcoins are displaying immense strength as the prices of Sei …
The post Top Altcoin Investment Strategies Amid Crypto Bull Run and Ethereum ETF Launch appeared first on Coinpedia Fintech News
Bitcoin and Ethereum on the Rise! Youtuber Austin Arnold on the channel ‘Altcoin Daily’ has made some predictions on which altcoins he thinks traders and investors should look out for and keep on the radar in the coming months. He vehemently says that Bitcoin and Ethereum prices have been on an upward trend making them …
The post This Altcoin With $80 Million To Be The Next 100X Gem? appeared first on Coinpedia Fintech News
With the rising price volatility in the cryptocurrency market, mid-cap and low-cap altcoins have regained momentum and have added massive valuations to their respective portfolios with many altcoins hinting at a huge breakout rally. In this article, we will uncover one altcoin that has a market capitalization of less than $100 Million and has a …
The post Terra Classic LUNC Gains 30% in a Week Amid Positive TFL Bankruptcy Updates appeared first on Coinpedia Fintech News
Terra Classic is on a roll! Despite the Terra Classic community’s rejection of a proposal to create an independent community website, the LUNC token experienced a significant price rally. This unexpected increase is linked to positive developments from Terraform Labs (TFL) amid its Chapter 11 bankruptcy proceedings. Let’s delve into the details! Community Rejects Independent …
The post $BANANA Token Price Surge Ahead of Binance Listing appeared first on Coinpedia Fintech News
The leading cryptocurrency exchange by globally registered users and daily average trading volume, Binance, announced the introduction of Banana Gun ($BANANA) as the first project on the Binance HODler Airdrops. Notably, $BANANA is the native token for the Banana Gun bot ecosystem, which provides trading tools for on-chain tokens. Binance announced that users who subscribed …
The post Dogecoin & Shiba Inu Price Losing the Momentum: Here is What’s Next for These Memecoins! appeared first on Coinpedia Fintech News
After the recent upswing, the bulls have become a little passive as the major tokens are consolidating around the gains. Meanwhile, the prices of popular memecoins like Dogecoin & Shiba Inu are going against the trend. Will they remain bearish throughout the day or trigger a healthy rebound after hitting the local lows? Dogecoin (DOGE) …
The post Crypto Market Today: Bitcoin Rebounds to $64k as Market Hits $2.5 Trillion appeared first on Coinpedia Fintech News
The total crypto market stabilized around $2.5 trillion after Bitcoin (BTC) price rebounded from the support level of around $64k in the past 24 hours. The demand for digital assets grew, fueled by institutional investors seeking to hedge against global economic uncertainties. Furthermore, it is safe to say that digital assets offer better long-term insurance …
The post Ripple Price Rises by 46% in the Last 48 Hours: Are You Late to the XRP Bull Party? appeared first on Coinpedia Fintech News
XRP price was speculated to be dead as the token demonstrated more or less stagnant behaviour since the start of Q2. While the other altcoins were receiving enough buying pressure at frequent intervals, XRP failed to attract the masses. As a result, the token was struggling to reclaim the levels above $0.55 as the bears …
The post Altcoins at the Foothill of Huge Explosion: Prices of WLD, AR & INJ Could Rise 20% in the Next Few Days appeared first on Coinpedia Fintech News
The crypto markets appear to have been taken over by the bulls as the major tokens have risen above their crucial resistance zone. Bitcoin rose above $65,000, while Ethereum was above $3,500, & XRP, which remained passive for quite a while, has soared by over 40% in the past couple of days to reach $0.6. …
Popular analyst Javon Marks projects a significant 44X increase in Filecoin (FIL), therefore transforming the token from its present value of $4.40 to $190. Related Reading: Render (RNDR) Attracts Big Investors: $1 Million+ Whale Moves On The Rise This daring prognosis that he calls an “uphill run” has attracted the interest of the bitcoin community. Based on careful technical study and a hopeful perspective of the future of the market, this ambitious projection shows a startling 4310% growth. Technical Discovery Sparks Hope Marks’ faith in Filecoin’s promise derives from a recent technological discovery. Marks underlined in his most recent study posted on social networking site X that Filecoin has broken a significant resistance trendᅳa sign usually indicating a positive future. Though first seeming as a tiny technical bounce, Marks sees this breakthrough as a big indicator of long-term bullish momentum. $FIL (Filecoin) may only be preparing here for a more than 44X back to the $190 levels as prices hold well broken out of a once critical resisting trend. As prices hold this breakout, sideways action and pullbacks may only contribute to this >4,310% uphill run. https://t.co/tVPvBKX7mn pic.twitter.com/Vipqp2Xypj — JAVON⚡️MARKS (@JavonTM1) July 11, 2024 Breaking this level of resistance is a good indication of continuous optimistic tendencies. Even if we see some sideways trade or slight pullbacks, the long-term view remains absolutely bullish as long as the prices maintain above this prior barrier. Market Mood And Institutional Interest Beyond technical study, Marks notes other general market elements that could support Filecoin’s development. Institutional investors, many of whom value distributed storage solutions, are showing fresh interest in cryptocurrencies generally. Filecoin’s strong technological architecture helps it to profit from this trend. It is impossible to overestimate the growing institutional curiosity in distributed storage solutions, the analyst suggested. The demand for Filecoin’s services will naturally rise as more businesses grasp and use these technologies, therefore increasing the value of the currency. Marks also underlined the generally rising attitude in the bitcoin market. Filecoin stands out among many investors looking for chances with great potential for growth because of its excellent technical basis and market relevance. Present Market Activity And Prices Filecoin fetches for $4.40 at the time of writing, a tiny 1.9% rise over the past trading session. Within a 24-hour range of $4.10 to $4.25, the token’s price has varied very steadily but somewhat higher tendency in the short run. These increases have been seen among changing investor attitude and different market situations. FIL market cap currently at $2.4 billion. Chart: TradingView.com With a good trading volume of $180 million over the past 24 hours, Filecoin indicates strong market activity. Reaching as $2.5 billion, its market capitalisation confirmed its prominence in the crypto scene. Optimism Among Variability The analyst counsels investors to approach with cautious optimism even with the positive indications. The natural volatility of the bitcoin market implies that, despite best intentions, forecasts can frequently fall short because of unanticipated market dynamics. While the technicals and market circumstances are positive, investors need to be cautious of the risks, Marks said. Strong signs might be overwhelmed by unexpected changes; the crypto market is famously erratic. Investors have to be aware of these hazards and control their expectations accordingly. Related Reading: Ethereum Seen Hitting $5,000 as German Bitcoin Sell-off Shakes Market A Possible Game Change Strong technical indications and favourable market circumstances help Javon Marks’ study of Filecoin to present a convincing picture of its future. Filecoin’s special position in the distributed storage space might definitely help to open the path for notable expansion as the bitcoin industry develops. Filecoin is under constant observation by both experts and investors, hence the next months will show if this ambitious projection will materialise or if market volatility will once again change the scene. Featured image from Binance Academy, chart from TradingView
The post Crypto Market Enters Bullish Phase: Santiment Reveals Top Two Altcoins to Buy this Week appeared first on Coinpedia Fintech News
Amid a roller coaster of emotions in the recent past, the crypto market has entered a fresh new phase of bullish speculations. The Bitcoin’s (BTC) fear and greed index surged to 65 percent on Tuesday, signaling crowd greed and heightened fear of missing out (FOMO). Rising Crypto Buying Pressure Earlier today, leading stablecoins issuer Tether …
Render (RNDR), the governance token of the distributed GPU rendering system, has seen a big rise in whale activity, which means that big investors are paying more attention. Related Reading: Notcoin (NOT) Ignites Crypto Market, Analyst Predicts 25% Rally Santiment says that on July 14, the number of deals worth $1 million or more went through the roof. This made people aware that the price of the token could change a lot. Large transactions often show what big buyers are doing, so they have a big effect on how the RNDR market moves. Institutional Interest And Market Influence The large number of whales trading RNDR coins shows that big buyers see the token as a valuable asset. When whales jack up their buying activities, the price may go up, otherwise it remains stagnant. It’s clear from this pattern how important establishment players are in setting market trends. In the past, when there were more whale trades, the price of RNDR tended to go up. Looking back at similar events in March and May, we can see that RNDR’s price went from being bearish to being positive. This shows that whale behaviour is linked to price increases. The price of RNDR was $6.20 at the time of the news, down 8.85% in the last 24 hours. Even though there is a short-term drop, other signs point to a possible positive trend. Render market cap currently at $2.4 billion. Chart: TradingView.com Network Activity And Market Sentiment In addition to whale action, Render network metrics have gotten a lot better. IntoTheBlock data shows that the number of active addresses on the network has increased by 100% in the last week, which means that the number of users is growing. In addition to the increase in new members, there has been an 86% growth in the number of new locations. The mood in the market about RNDR has also improved. Analysts at Santiment say that the Weighted Sentiment measure has turned positive, which means that the market as a whole has better feelings about RNDR. Price increases often happen before positive mood does, because it shows that buyers are becoming more confident. Render Price Forecast Related Reading: Analysts Unanimous: Solana (SOL) To Soar 100% – Details Even though current sentiment has been negative and the Fear & Greed Index has been neutral, the long-term picture for Render Token is still positive. Render has a probability of increasing in price by around 226% and hit $21.51 by mid-August, according to current predictions. But the token’s success over the last 30 days, with 47% “green” days and 8.63% price fluctuation, makes it important to be careful. Featured image from Asia Crypto Today, chart from TradingView
MakerDAO, the leading DeFi platform, has revealed a significant $1 billion investment in tokenized US Treasury securities in a move that has rocked the crypto industry. This strategic action is likely to change the basic principles of the decentralized finance (DeFi) ecosystem. Related Reading: Coinbase Sounds The Alarm: Crypto Market Rollercoaster To Persist Major Players […]
The post Top 3 Undervalued Tokens For 10X Surge This Year! appeared first on Coinpedia Fintech News
The cryptocurrency market has displayed increased price volatility this week, highlighting an increase in the buying-and-selling pressure in the crypto space. Moreover, top tokens have successfully retested their important support levels, indicating a potential bullish price action in the coming time. On the other hand, mid-cap and low-cap altcoins have recorded the highest gains, indicating …
The post Solana Price Prediction: Here’s What’s Next for the SOL Price Rally! appeared first on Coinpedia Fintech News
The short-term price action of Solana has become extremely uncertain as the buying and selling pressure has exhibited a similar intensity. This has caused the price to be stuck within a range, which is one of the pivotal levels. While bulls are failing to lift the levels above the range, they are also offering a …
The post Pepe Price Loses Crucial Support As Whale Transaction Declines To $48 Million: Is Pepe Heading Toward A Crash? appeared first on Coinpedia Fintech News
This week, the price of Pepe has not shown significant swings, consistently falling below key support levels. While the Bitcoin price has difficulty attracting buyers, the meme coin market is experiencing an increase in liquidations. Furthermore, interest from large-scale investors in the Pepe meme coin has decreased recently, potentially leading to a sharp drop in …
The post Strategies to Identify Altcoins Capable of Yielding $1 Million in Returns appeared first on Coinpedia Fintech News
Many investors who bought altcoins during the previous bull market are now grappling with losses and wondering about the prospects for recovery. Chief among these factors is the absence of a altcoin season. Since the FTX crash, only a handful of coins have managed to surpass their previous highs against Bitcoin, signaling a subdued market …
The post Altcoins Like XRP And ADA Are Dead; Analyst Says Focus On These Coins appeared first on Coinpedia Fintech News
On Crypto Banter’s Dylan’s Trading Show, the analyst said that when trading altcoins, it is crucial to watch market dominance. Currently, dominance is trending down, which is positive for altcoins. This downward trend is characterized by lower highs, and a further decline to around 54% would be ideal. The perfect scenario involves a further drop …
The post Crypto Market Today: Why Ethereum and Solana Are Must-Buys in This Dip appeared first on Coinpedia Fintech News
Bitcoin and Ethereum have recently experienced significant price drops, causing widespread concern among investors. Bitcoin’s fall below $55K triggered major trading signals, breaking the short-term uptrend since last August. Historically, similar corrections have lasted over two months before a bull run resumes. VirtualBacon, a Crypto analyst points out that the recent market dip isn’t just …
For Chainlink (LINK), the waters of the bitcoin market are moving in its favor. Inspired by recent accumulation from big investors and forecasts of an upward trend, the asset is exhibiting signs of life following a period of slow performance. Nonetheless, the path to recovery might be a meandering one as experts have conflicting projections for the next years. Related Reading: Mass Adoption? NEAR Protocol Sees 17 Million Unique Addresses In 30 Days Whales Build Chainlink During Crisis Market observers are fixated on the behaviour of “whales,” or heavily weighted investors. Renowned crypto analyst Ali Martinez claims that these whales have been on a purchasing frenzy, grabbing an amazing 6.2 million LINK tokens valued $76.88 million during the most recent price drop. According to this “buy-the-dip” approach, whales find promise in LINK and think the present low price offer a good purchase possibility. For his part, crypto expert Michael van de Poppe sees a seasonal pattern of “finding bottoms in June of every year.” According to him, most likely than not, such patters are having the same bottoming procedure so far this year, and will “start to crawl upwards from hereon.” $LINK has been getting a seasonal pattern of finding bottoms in June of every year. Very likely, it’s having the same bottoming procedure in 2024 and will start to crawl upwards from here. pic.twitter.com/5T4GikNrFa — Michaël van de Poppe (@CryptoMichNL) July 8, 2024 Forecasts From Analysts: An Ocean Of Possibilities Analyst opinions on LINK’s future course vary. With LINK hitting $14.92 by July 15th, a surge of 12%, CoinCheckup, a crypto trading site, projects a quite calm ride ahead. Forecasting a 30% jump in the following seven days followed by a notable 154.88% growth within a year, CoinCheckup, a price prediction tool, presents a more clearer picture and links the altcoin to a price of $32.83. Not everyone, meantime, is raising a positive flag. Another crypto analyzer tool, CoinCodex, presents a more wary image. By August 9th, their projection points to a 66.07% increase that will bring $21.39. Their technical indicators, however, show a “bearish” attitude towards LINK; the Fear & Greed Index ticks around 28 (the fear zone). Network Evolution And Regulatory Headwinds Although optimistic forecasts and whale activity point to good things ahead, LINK’s road forward is not without difficulties. Regulatory obstacles still brings forth issues as governments all over struggle with how to monitor the always changing bitcoin terrain. Also of big importance for LINK’s future direction will be changes in networks and more general market trends. Related Reading: Polygon Records Over 1 Million Active Addresses – Impact On MATIC Price Foggy Road Ahead For Chainlink? Regarding LINK, the existing circumstances offers investors a typical “wait and see” scenario. Thought the very recent hike in the price and whale activity give some promises, varied analyst forecasts and constant regulatory worries make it hard to see a clear road forward Featured image from Pexels, chart from TradingView
Polygon (MATIC), which is the Layer-2 scaling solution for Ethereum, is currently experiencing an unusual circumstance. Although there has been a significant increase in the amount of network activity, the price of the cryptocurrency continues to be uncertain. Both a potential technical breakthrough and a persistently negative mindset are preventing it from moving forward. Related Reading: Mass Adoption? NEAR Protocol Sees 17 Million Unique Addresses In 30 Days Polygon: Can Active Addresses Raise The Bar? Polygon’s network was humming on July 8th, with an astounding 1.18 million active addresses. For the same period, this easily outpaced Ethereum (365K) and Bitcoin (594K). The increase in user activity stoked expectations of a positive breakout, especially as MATIC was trading over a crucial $0.50 barrier level. Co-founder of Polygon Mihailo Bjelic excitedly provided this statistics, emphasising the increasing use of the network. Some cryptocurrency fans, meanwhile, were quick to label this as a “vanity metric.” They contended that robust economic fundamentals or important transactions are not always correlated with raw address count. Number of active addresses (24h): Polygon: 1.18M Bitcoin: 594k Ethereum: 365k Not too shabby, I guess.. — Mihailo Bjelic (@MihailoBjelic) July 8, 2024 Although resistance lingers, the falling wedge pattern suggests a breakout. Taking into consideration the technological aspects, it seems that things are getting better for MATIC. As the token has been moving in a falling wedge formation, which is commonly seen as a sign that an upswing in the market is about to occur, the pattern has been observed. In addition, as a result of a recent spike in price, MATIC came dangerously close to crossing the threshold of $0.50 for a brief while. It is probable that this is an indication of a future breakout, particularly if the volume of trade grows. MATIC market cap at nearly $5 billion today. Chart: TradingView.comBut the bulls are up against an unyielding obstacle. As the mark has shown to be a strong resistance level in the past, a clear break above it is essential to the validation of the falling wedge breakout. Moreover, the general mood of the market is still biassed towards the bears. At the time of writing, MATIC was down 10% in the weekly timeframe, data from Coingecko show. Bullish Binance, But Can They Move The Market? Meanwhile, the biggest cryptocurrency exchange in the world, Binance offers some optimism. When it comes to MATIC, Binance, users seem to be far more optimistic than the whole market. With a solid long to short position ratio of 3.2052, they appear to have a high conviction in the potential of MATIC going forward. Related Reading: XRP Stages A Comeback: Aims To Reclaim $0.50 After Recent Plunge It’s encouraging to see such strong enthusiasm on a significant exchange. But it’s not clear if it will be sufficient to counter the general pessimism. For MATIC, the next several days will be critical. A falling wedge breakthrough might occur if it can generate enough volume to break over the $0.50 barrier and maintain the momentum. But if the barrier holds and the bearish attitude persists, MATIC can experience more downside pressure. Featured image from cryptodnes.bg, chart from TradingView
The post Will The Epic 2017 Altcoin Boom Repeat Soon? Indicators Have Aligned For Something Huge appeared first on Coinpedia Fintech News
Is the market already recovering from its lows? Various indicators across different time frames, from weekly to medium-term, suggested that the market had likely exhausted its downward trend, as pointed out in the latest analysis by Blockchain Backer. The latest discussion stresses the importance of confluence—where multiple indicators align—to gauge market trends. Historical examples, like …
The post Bitcoin’s Price Volatility Signals Potential Bull Run by Q3: Key Metrics Explained appeared first on Coinpedia Fintech News
Bitcoin’s recent price volatility, dipping to $53,500 amid significant sell-offs by the German government and Mt. Gox creditors, has sparked investor attention. Despite this, the price has rebounded to $57,500, indicating resilience in on-chain metrics. Major US institutions like BlackRock and Fidelity are buying Bitcoin ETFs despite the price drop. However, one analysis reveals that …
The post Solana Active Address Drop: Is SOL Price Headed for a Massive Crash? appeared first on Coinpedia Fintech News
The market has experienced significant volatility over the past 48 hours, leading to unstable conditions in both Bitcoin and the altcoin market. This volatility has particularly impacted Solana, leading to notable liquidations. As a result, a strong battle has been observed between buyers and sellers. Concurrently, various on-chain metrics for Solana have taken bearish positions, …
The post Has Memecoin Mania Over: When Will PEPE Price Regain the Lost Momentum to Reclaim $0.0001? appeared first on Coinpedia Fintech News
While the crypto markets have been crashing since the beginning of the day’s trade, the memecoins have also lost control over the rally. The popular ones are facing massive pullbacks of over double-digit margins. Pepe’s price also appears to be in huge distress, as the token has been failing to rebound after a steep correction. …
The post Crypto Investment Strategy: Top 5 Best Bet Altcoins Amid Market Crash appeared first on Coinpedia Fintech News
In a recent video, analyst Michaël van de Poppe delves into the ongoing crypto crash and why his altcoin strategy failed. All this and much more! Read on. Understanding the Current Crypto Crash Van de Poppe begins by noting the significant downturn in the crypto market, with altcoins like Arbitrum and Optimism hitting unprecedented lows …
Dogwifhat, the once-high-flying Solana-based meme coin, suffered a brutal week, mirroring a broader crypto market correction and raising questions about the sustainability of the meme coin craze. Related Reading: Dogecoin Decimated: $5 Million Liquidation Sparks 14% Price Plunge Meme Coin Mania Meets Market Mayhem WIF, the token powering Dogwifhat, saw its price plummet 15% in just 24 hours. This dramatic drop erased all the gains from a recent rebound rally. The sell-off wasn’t isolated to Dogwifhat; the entire crypto market experienced a double-digit tumble, with major altcoins like Ethereum and Cardano feeling the heat. Analysts point to a combination of factors behind the downturn, including renewed concerns about inflation and a recent sell-off by the German government and Mt. Gox, a defunct cryptocurrency exchange. The price of $WIF dropped 15% as the market fell. A whale deposited 900K $WIF($1.64M) to #Bybit 10 hours ago, leaving 974K $WIF($1.76M).https://t.co/qJwlxcWy15 pic.twitter.com/amIkvwKfNG — Lookonchain (@lookonchain) July 4, 2024 The pain for Dogwifhat was further amplified by a whale of a different kind: a large investor. LookOnChain, a blockchain whale tracking agency, identified a major Solana whale dumping 900,000 WIF tokens in a series of transactions. This fire sale, amounting to roughly $1.64 million, undoubtedly contributed to the downward spiral. Dogfight On Derivatives: Bulls Trampled, Bears Feast While the Spot market witnessed a bloodbath, the WIF derivatives market displayed a curious mix of activity. Trading volume surged by a surprising 25%, propelling Dogwifhat to the coveted title of third most-demanded meme coin behind Dogecoin and Pepe Token. This surge in volume might suggest increased interest, but a closer look reveals a different story. Lurking beneath the surface was a brutal battle between bullish and bearish investors. More than $3 million in WIF positions were liquidated in the last 24 hours. This liquidation primarily targeted long positions, meaning investors who bet on the price going up were forced to sell at a loss as the price plummeted. While some might see the increased volume as a sign of potential revival, the liquidation figures paint a starker picture – many bulls got trampled by the bears feasting on the market downturn. A Buying Opportunity Or A Boneheaded Move? Despite the carnage, not everyone has lost faith in Dogwifhat. The plummeting price has attracted some opportunistic “Solana whales” who view the current price as an attractive entry point. This glimmer of hope hinges on the possibility that Dogwifhat can recapture its past glory. Related Reading: Buy The Dip? XRP Whales Doing Exactly That – Is A Price Rally Next? In Q1 2024, Dogwifhat was a meme coin darling, riding the wave of the meme coin craze to a $4 billion market cap and a place in the top 30 global crypto rankings. However, the recent downturn serves as a stark reminder of the inherent volatility of meme coins, which often lack the utility or strong fundamentals of established cryptocurrencies. The future of Dogwifhat remains uncertain. Whether it can claw its way back from the doghouse or fade into obscurity depends on several factors, including broader market trends, community support, and potential developments within the Dogwifhat ecosystem. Featured image from Shutterstock, chart from TradingView
The cryptocurrency market continues to navigate choppy waters, with many digital assets experiencing significant price drops. However, XRP seems to be charting a different course. While the broader market sentiment remains cautious, large investors, often referred to as “whales,” have been quietly accumulating XRP. This bullish behavior by whales, coupled with positive technical indicators, has some analysts predicting a potential surge for XRP in the coming months. Related Reading: Polkadot Under Fire: 20% Price Drop Follows $87 Million Spending Outrage XRP Whales Dive Deep: A Sign Of Confidence Or Opportunism? According to data from Santiment, a blockchain analytics firm, the holdings of XRP whales (addresses holding over 1 billion tokens) have grown from nearly 40% in mid-June to 42% at the time of writing. This significant increase in whale accumulation suggests a growing level of confidence in XRP’s future potential. The recent buying spree by whales could be interpreted in two ways: It could be a sign that they believe XRP is undervalued and poised for a rebound. Alternatively, they might see the current dip as an attractive buying opportunity. While the intentions behind the whale activity remain unclear, the impact is undeniable. The influx of large buy orders can help stabilize the price and even trigger a short-term rally. However, analysts caution that whale activity alone cannot guarantee a sustained price increase. Long-Term Holders Stay Put Beyond whale movements, on-chain analysis offers further insights into XRP’s potential trajectory. Dormant circulation, a metric that tracks the movement of tokens held in long-term storage, paints a promising picture. Currently, the dormant circulation of XRP is low, indicating that long-term holders are not offloading their assets. This suggests a belief in the long-term viability of the Ripple ecosystem and a potential reluctance to sell at current prices. The low dormant circulation is a positive sign. It indicates that long-term holders are holding onto their XRP, which can help prevent a further price decline. This could create a solid foundation for a future price increase. Related Reading: Dogecoin Decimated: $5 Million Liquidation Sparks 14% Price Plunge What Do Technical Charts Say? Technical analysis, which studies historical price data and chart patterns, also offers a glimmer of hope for XRP bulls. The Relative Strength Index (RSI), a momentum indicator, currently suggests that XRP is oversold. This could be a sign that a price rebound is imminent. The price of XRP was $0.41 at the time of writing, data from Coingecko shows. This is a drop of 4.82% over the previous day. However, given the recent whale activity, the value may level off at the indicated price or maybe move toward $0.45. A Cautiously Optimistic Projection While the recent whale accumulation, low dormant circulation, and positive technical indicators paint a cautiously optimistic picture for XRP, the cryptocurrency market remains unpredictable. The success of XRP’s potential surge will hinge on several factors, including broader market sentiment, regulatory clarity surrounding Ripple’s ongoing legal battle with the SEC, and any unforeseen events that could impact the market. Featured image from Pexels, chart from TradingView
Jamie Coutts, the chief crypto analyst at crypto firm Real Vision, recently ranked layer-1 networks using their network growth. Interestingly, the networks that topped the list aren’t the usual names that crypto community members might be accustomed to. SUI And Mantle Network Top The List According to the list that Coutts shared on his X […]