Solana (SOL), the high-speed blockchain network, is facing a balancing act. While experiencing a short-term price bump, analysts warn of a potential plunge if a key technical level crumbles. Related Reading: Floki Inu Moment Of Glory: Analysts Forecast Explosive 200% Rally Bullish Flicker Amidst Bearish Gloom SOL’s price has seen a recent uptick of 3.60%, currently hovering around $162. However, this seemingly positive movement comes against the backdrop of a broader downward trend. Analysts attribute this shift to a change in market sentiment. Meanwhile, the altcoin’s RSI is 48, which denotes a neutral position. As a result, SOL has room to move in either direction because it is neither overbought nor oversold. A drop in trading activity has been observed, which is typical of periods of consolidation. A spike in trade volume following a breakout should confirm the trajectory of the trade. Lifeline Or Looming Abyss? Crypto analyst Alan Santana emphasizes the significance of the Exponential Moving Average 100 (EMA 100) as a critical support level for SOL. The EMA 100 acts as a technical indicator, reflecting the average price over the past 100 days. ✴️ Support Weakens | Solana To Crash Below 100#SOL | #Solana A trend following system uses a moving average as the main tool to generate trading signals for a system trader; the moving average is like the holy grail of technical analysis, together with the RSI. The moving… pic.twitter.com/9d5NrjuWWR — Alan Santana (@lamatrades1111) May 14, 2024 Historically, SOL has found support at this level during bullish periods. In September and October 2023, price breakouts above the EMA 100 signaled positive market sentiment. However, the recent trend reversal has cast a shadow over this once reliable indicator. A Potential Price Plunge Santana warns that a drop below the current EMA 100, sitting at roughly $140, could trigger a significant downturn for SOL. This breach could instill fear among investors, potentially leading to a sell-off and pushing the price even lower. The analyst cautions of a possible plunge below $100 if such a scenario unfolds. Solana: Beyond The Technical While the technical analysis paints a concerning picture, it’s crucial to remember the inherent volatility of the cryptocurrency market. Short-term predictions based on technical indicators may not always hold true. Other factors, such as industry news, regulations, and broader market trends, can also play a significant role in price movements. Related Reading: Buckle Up, XRP Fans: Analyst Eyes Price Explosion To $0.65 In Next 5 Days For instance, a positive regulatory stance towards cryptocurrencies could boost investor confidence and lead to a price increase, even if technical indicators suggest a downtrend. Conversely, negative news surrounding a blockchain hack or security vulnerabilities could trigger a sell-off, defying bullish technical signals. The Road Ahead Solana’s future trajectory remains uncertain. Will the $140 price point become a launchpad for a recovery, or will it crumble, sending SOL tumbling down deeper? Featured image from Pngtree, chart from TradingView
Previously only available on the Ethereum blockchain, the DEX will now operate on both Shibarium and Ethereum.
The ether-bitcoin ratio slides to a three-year low, extending year-to-date losses to nearly 16%.
ShibaSwap, the native decentralized exchange (DEX) of the Shiba Inu ecosystem, has officially launched on Shibarium, Shiba Inu’s layer-2 scaling solution. This strategic move was announced via X, signifying a major step forward in leveraging the scalability and cost-efficiency of Shibarium while maintaining the security features of the Ethereum blockchain. The SHIB army received this […]
The post Behind the $20 Million Sonne Finance Hack; Unveiling the Technical Details appeared first on Coinpedia Fintech News
Staggeringly, a crypto attacker succeeded in the hack on Sonne Finance to conduct a heist using a very complex exploit that drained the company’s assets, bringing in about $20 million to the attacker. The attack played out for a few days, spotting carefully the backdoor of Sonne Finance’s VELO integration with the Optimism network. The …
The post Polygon (MATIC) Price All Set For 30-40% Rally appeared first on Coinpedia Fintech News
The cryptocurrency industry is gradually rebounding from the recent correction, led by Bitcoin (BTC) price that pumped above $66,000 in the last 24 hours. The total crypto market cap rallied around 6 percent to about $2.51 trillion on Thursday, thus resulting in more than $113 million of short liquidations. The recent spike in meme stocks …
The post SHIB Whales Make Major Move Of 3 Trillion SHIB to Robinhood appeared first on Coinpedia Fintech News
A recent tweet from Whale Alert revealed that an anonymous whale moved a staggering 3 trillion SHIB, worth $75 million, from an unknown wallet to Robinhood. SHIB whales have been highly active this week. Previously, Cumbersome transferred 144 billion SHIB meme coins to Coinbase, and before that, 50.36 billion Shiba Inu were deposited to OKX. …
The post Blast Announces June 26 Airdrop with Increased Token Allocation appeared first on Coinpedia Fintech News
Ethereum Layer-2 network, Blast, has officially announced that it will conduct its much-anticipated airdrop on June 26th. The announcement was made through a post on Blast’s social media account on X, where the team also mentioned an increase in the airdrop distribution share due to a slight delay from the initially planned date in May. …
The post Coinbase Targets Service For Self-Managed Pension Funds: Bloomberg appeared first on Coinpedia Fintech News
Coinbase is poised to develop a service targeting Australia’s self-managed pension sector, as reported by Bloomberg. Self-managed funds in Australia have increasingly held crypto since March 2019, with nearly A$1 billion ($664 million) allocated to crypto. This trend might be driven by the anticipated US spot ETF approvals, but MD John O’Loghlen claims it is …
The post Bitcoin Derivatives Signal Bullish Surge as BTC Crosses $66,000! appeared first on Coinpedia Fintech News
Bitcoin’s price soared past the $66,000 mark, rising nearly 8% last night, driven by strong bullish sentiment in the derivatives market. The current funding rate of 0.00869196 underscores long traders’ dominance, while the buy-to-sell ratio of 0.525 to 0.475 reflects a prevalent buying interest. Open interest has hit $16.1 billion, with a significant 24-hour increase …
The post SHIB Price Jumps 8.8% as ShibaSwap Launches on Shibarium Blockchain appeared first on Coinpedia Fintech News
SHIB’s price shot up by 8.8% over the last 24 hours as the DEX associated with Shiba Inu, ShibaSwap, went live on the Shibarium blockchain, an Ethereum layer 2 built by the SHIB token team. The developers emphasized that the increased use of the Shibarium blockchain for transactions will result in a faster burn rate …
The post FLOKI DAO Approves 15.25 Billion Token Burn appeared first on Coinpedia Fintech News
FLOKI’s price rallied over 6% today in response to the significant token burn proposal of a whopping 15.25 billion tokens by FLOKI DAO. An overwhelming 99.84% of votes were in favor of the proposal. The FLOKI community anticipates positive price momentum in the days to come due to the approval of this enormous proposal. FLOKI …
The Chicago Mercantile Exchange (CME) is gearing up to introduce spot Bitcoin trading, responding to the growing demand for the leading digital asset on Wall Street, the Financial Times reported on May 16. CME is the world’s largest futures BTC trading medium and has been in talks with crypto traders to establish a regulated marketplace […]
The post CME gears up to launch spot Bitcoin trading, challenging Binance’s dominance appeared first on CryptoSlate.
One trading desk has seen an uptick in call buying activity with targets of as high as $120,000 for December 2024.
The once-feverish NFT marketplace, where digital art and collectibles commanded millions, now resembles a deserted online bazaar. A new report paints a stark picture – a 97% plunge in trading volume since 2021 and a staggering 95% of NFT projects holding zero market value. This dramatic decline begs the question: is the NFT market headed […]
The post Summer Correction Seems To Be Ending As Bitcoin Starts to Move Upward, Analysts Weigh In appeared first on Coinpedia Fintech News
Bitcoin (BTC) has witnessed a remarkable surge, marking its most significant single-day gain in nearly two months, shortly after the release of US Consumer Price Index (CPI) data on Wednesday. This surge, pushing BTC past $66,252, comes amidst expectations of a potential easing of monetary policy by the Federal Reserve (Fed) and a positive outlook …
The authorities destroyed two underground operations in Fujian and Hunan, and the police also froze 149 million yuan worth $20 million linked to the USDT banking operations.
The post Breakout Rally For The Graph (GRT) Price To Result In A 60% Surge? appeared first on Coinpedia Fintech News
Amid increased price volatility in the crypto market, the star crypto, Bitcoin price has successfully reclaimed the $65K mark. Moreover, top altcoins have recorded a significant jump in their respective portfolios, highlighting an increase in the bullish influence. Moreover, The Graph price has recorded a significant bullish momentum by adding approximately 16% within the past …
Pertsev was found guilty of money laundering on Tuesday by a Dutch judge.
Quick Take According to Farside data, the Bitcoin (BTC) exchange-traded funds (ETFs) saw the largest inflow since May 3, witnessing a $303 million inflow on May 15; all ETFs experienced positive inflows except for BlackRock IBIT and Hashdex DEFI Bitcoin ETF. Fidelity FBTC led the charge with an impressive inflow of $131.3 million, bringing its […]
The post Grayscale GBTC registers rare inflow amid $303 million Bitcoin ETF surge appeared first on CryptoSlate.
The post Bitcoin Spot ETF Volume Spikes Up: Will Grayscale & BlackRock Lift the BTC Price Rally? appeared first on Coinpedia Fintech News
Just a few hours ago, Bitcoin price displayed a bearish trade setup, with the possibility of falling by more than 12% and reaching levels below $60,000. However, recent price action appears to have squashed the bearish narrative, with the price poised to reach the next barrier at $68,000 during the next bullish wave. While multiple …
The price of XRP, the native token of Ripple, has been a topic of much debate lately. While some analysts predict a significant price jump this weekend, others remain cautious due to the coin’s recent struggles and the ongoing legal battle between Ripple and the SEC. Related Reading: Pepe Power! Meme Coin Surges On Back Of GameStop Nostalgia Stalled At The Starting Line: XRP’s Recent Performance XRP has been stuck in low gear, failing to break past the $0.54 resistance level for weeks. This sluggishness extends to the broader timeframes, with the coin experiencing a decline in the past month, week, and even the last 24 hours. At the time of writing, XRP was trading at $0.5185, down 3.8% in the last 24 hours, but managed a measly 0.4% uptick in the last week, data from Coingecko shows. Weekend Surge On The Horizon? Coincodex, a prominent crypto prediction platform, stands out from the crowd with a bullish forecast. They predict a substantial price increase for XRP, with the coin potentially reaching $0.648 by Tuesday, May 21st. This would represent a jump of over 32% from its current price. However, even Coincodex acknowledges the potential for a different scenario. The report mentions the possibility of consolidation around $0.4952 or even a price drop if profit-taking intensifies. Legal Clouds Dampen Enthusiasm Many experts believe the ongoing lawsuit between Ripple and the SEC is a significant factor behind XRP’s underperformance. The SEC alleges that XRP is a security, while Ripple argues it’s a currency. This legal battle has cast a shadow over the cryptocurrency, leading to investor hesitation. There is a glimmer of hope, however. The article reports that the lawsuit is nearing its conclusion, with a final judgment expected from Judge Analisa Torres this year. A definitive resolution, especially if it favors Ripple, could pave the way for a significant price increase in the future. Some analysts, as the report mentions, even predict XRP could surge to $47 during the next bull run. Weighing The Bullish And Bearish Signs The future of XRP remains uncertain. Coincodex’s prediction offers a ray of optimism for a near-term price jump. However, the recent price slump, ongoing legal battle, and cautious investor sentiment paint a more complex picture. Related Reading: Floki Inu Moment Of Glory: Analysts Forecast Explosive 200% Rally Looking Ahead: A Post-Lawsuit Future For XRP? The resolution of the SEC lawsuit could be a turning point for XRP. If Ripple prevails, it could remove a major obstacle to wider adoption and institutional investment. This, combined with a potential bull run in the broader cryptocurrency market, could propel XRP to new heights. However, even a favorable outcome wouldn’t guarantee smooth sailing. The cryptocurrency market remains volatile, and XRP faces competition from other established players. Featured image from Pexels, chart from TradingView
The post Bitcoin Soars to $66K as Retail Investors Drive $135M Buying Spree! appeared first on Coinpedia Fintech News
Bitcoin experienced a significant surge last night, rising nearly 8% and crossing the $66,000 mark. This impressive rally is fueled by retail investors, particularly those holding between 0.1 and 1 BTC, who have collectively purchased $135,700,000 worth of Bitcoin over the past 30 days. This inflow of retail investment underscores the growing confidence and participation …
BTC price action has its doubters after swiftly jumping to new May highs, but some see Bitcoin continuing upward momentum into price discovery.
In a recent analysis, James Coutts, Chief Crypto Analyst at Realvision, signaled a potential bullish turn in Bitcoin’s near future, attributing the forecasted change to shifts in global liquidity measures, specifically the Global Money Supply (M2) index which is widely seen as most important price catalyst. Coutts detailed this anticipation in a thread on X, where he examined the relationship between major economic indicators and Bitcoin’s price cycles. Global Money Supply And Its Correlation With Bitcoin Coutts’ analysis begins with the M2 money aggregates, which consist of cash, checking deposits, and easily convertible near money. He tracks these aggregates across the 12 largest economies, all adjusted to USD. This measure, he suggests, is central to understanding liquidity flows within the global fiat, credit-based financial system. According to Coutts, “The money stock often moves in one direction, with significant drops like those seen in 2022 being rare and typically brief.” Related Reading: Bitcoin Soaring Toward $84,000: Insights From Glassnode Co-Founders Currently, the Global M2 is neutral, but Coutts predicts imminent changes: “There is a sea of red across my macro & liquidity dashboard, but signs are emerging that this is about to change. Global M2 holds the key for the next leg of the cycle due to its high correlation with $BTC bull cycles.” The rate of change in M2 money supply is more critical than its nominal value. Coutts noted, “The chart confirms what our MSI performance table suggests: Bitcoin usually moves with shifts in M2 momentum.” He explained that despite the global money supply MSI indicator being in an uptrend, the momentum remains sluggish, maintaining a Neutral MSI. For a shift to a bullish MSI signal, an increase in momentum is necessary, requiring a combination of dollar depreciation, credit expansion, and increased government debt issuance. Coutts pointed out the crucial role of credit conditions, as evidenced by corporate bond spreads (BBB/Baa) compared to the US 10-year Treasury yield, which have historically aligned with significant inflections in Bitcoin’s cycle. “These spreads are currently narrowing, indicating that corporations are managing to issue and roll over debt despite the high interest rates resulting from the record hikes in 2022 and 2023,” he observed. Related Reading: $291 Billion Asset Manager Founder Predicts Bitcoin Will Hit $420,000 Using the chameleon trend indicator on the corporate spread index, Coutts suggests a strategy: “Long Bitcoin when the index shows a bearish trend (red) and stay alert for potential trend reversals (turning green).” The Role Of the Dollar And Future Outlook A key to this cycle, according to Coutts, is the behavior of the DXY (Dollar Index), which measures the US dollar against a basket of foreign currencies. “The Dollar is range-bound. A break below 101 would be rocket fuel for Bitcoin,” he asserted, emphasizing that market sentiment on liquidity is often reflected in real-time by DXY movements. Coutts also touched upon the US debt situation, suggesting that without a conservative shift in Congress advocating for fiscal responsibility, more deficit spending is likely on the horizon, which could further influence liquidity conditions favorable to Bitcoin. Coutts concluded with a note of caution mixed with optimism: “While my framework needs 2/3 MSI indicators to turn Bullish for macro headwinds to turn into tailwinds, Bitcoin price action will probably sniff out this inflection in the macro before most indicators react.” His analysis suggests that if Bitcoin breaks above its all-time highs, it would be unwise to bet against it, anticipating potential climbs towards $150,000 in this cycle. “The DXY holds the key to the Bitcoin cycle as it prices in mkt expectations on liquidity in real time. And liquidity is coming. Watch the 101/102 level on DXY If that breaks, then we should see ~$150k btc this cycle,” he remarked. At press time, BTC traded at $66,090. Featured image created with DALL·E, chart from TradingView.com
Increased transactions on the Shibarium blockchain will lead to a higher burn rate for the SHIB token, reducing its circulating supply.
The post QCP Predicts Bitcoin Surge to $74K Amid Strong Institutional Support appeared first on Coinpedia Fintech News
QCP, a leading trading desk, predicted Bitcoin (BTC) would rise to $74,000. Interestingly, Bitcoin rose 7.54% in 24 hours to $65K after the CPI data release, prompting this bullish forecast. This shows a strong institutional support call for BTC. The times are changing! Breakout Triggered by CPI Numbers In a Telegram broadcast, QCP noted that …
The break in Bitcoin’s daily downtrend and heightened demand from whales indicate Bitcoin’s price could jump, but analysts expected it to take a few weeks.
The CME is already the top bitcoin futures exchange by open interest, while the offshore, non-regulated Binance dominates the spot market.
The curtain fell on the first-quarter 13F filings with the US Securities and Exchange Commission (SEC) on Wednesday, and the reports revealed a seismic shift in institutional investment patterns toward spot Bitcoin exchange-traded funds (ETFs), with Millennium Management emerging as a frontrunner in this new asset class. Millennium Becomes The King Of Bitcoin ETFs Millennium […]