Home Blog Page 1152

Analyst Says Shiba Inu Will Explode When This Happens

Elendu Benedict
-
0
Analyst Says Shiba Inu Will Explode When This Happens

Market analyst Crypto Jack has asserted that Shiba Inu will see an upward explosion if the token breaks free from a crucial price structure.

Shiba Inu put in a strong performance earlier in the week, surging to $0.00001947 on Tuesday. Its bullish uptick ensured it surpassed Avalanche to become the 12th largest cryptocurrency by market cap.

However, a global market downturn on Wednesday triggered a correction for the crypto market, with Shiba Inu also facing the heat. For context, the dog-themed meme coin is down 6.40% in the past 24 hours, relinquishing all its weekly gains to the latest retracement.

Meanwhile, market analyst Crypto Jack has identified an important price structure standing in the path of Shiba Inu’s explosive uptrend, arguing that the top-ranking meme coin will surge extensively if it breaks from the pattern.

Analyst Shows Shiba Inu’s Major Price Impediment

In a Thursday X post, Crypto Jack noted that Shiba Inu is in a price range. The accompanying SHIB/USD 1D chart shows that the meme coin started forming the price pattern after hitting the three-month high on September 27.

Shiba Inu price prediction
Shiba Inu price prediction

Notably, the $0.000020 to $0.000021 zone formed the range top, while the $0.000015 zone became the lower region. SHIB has continued to trade within the range for over one month now.

Crypto Jack asserted that Shiba Inu must break past the range’s upper boundary to “explode to the upside.” Meanwhile, the analyst’s chart shows he expects a revisit of the lower zone before breaking past the resistance at $0.000021.

Explosive Upside After Defying Resistance

Meanwhile, the market watcher had earlier identified the $0.000021 resistance as a must-breach for sustained Shiba Inu upsides. In an earlier report, he noted that if SHIB breaks above the supply zone, the next stop would be around $0.000027.

Furthermore, analyst Crypto Sheriff expects Shiba Inu’s next stop to be around $0.0002 after breaching the resistance. The renowned market speculator also targeted an ambitious surge to $0.001, representing an over 5,400% increase from the current market price.

Notably, Shiba Inu currently trades at $0.00001745 as at press time, down almost 2% in the past seven days and 20.3% away from Crypto Jack’s upper range price.

Ethena Revisits $0.35 Support: Can It Hold or Slip to $0.20?

Albert Brown
-
0
Ethena Revisits $0.35 Support: Can It Hold or Slip to $0.20?

The high supply trendline prolongs the downfall in Ethena (ENA). Will the failure of the bullish trend lead to a major crash?

With the crypto market taking a quick bearish turn mid-week, the downside risk in altcoins is increasing. Ethena revisits crucial support as buyers struggle to generate a breakout momentum.

Will this bullish failure result in a slip to $0.20, or is Ethena ready for a breakout rally this November? Let’s find out. 

Ethena Back At $0.35

Maintaining a declining trend in the daily chart, ENA price action shows a constant bullish failure to surpass a long-coming resistance trend line. Despite the recent bounce-back from $0.19 to $0.45, accounting for a 131.90% surge, Ethena failed to cross above the said resistance. 

CRYPTO:ENAUSD Chart Image by Trojan69420

The bullish rally extended from September 6 to October 16. However, the failure to overcome the overhead resistance has led to a downward trend, closing near the 23.60% Fibonacci level at $0.3263.

Currently, Ethena is trading at $0.3535, following an intraday drop of 2.51%, which has formed a bearish candle with higher price rejection.

Notably, the daily RSI line shows no bullish divergence to suggest a potential reversal. As bearish momentum builds, Ethena struggles to break below the 20-day EMA and is now testing the dynamic support of the 50-day EMA.

Will Ethena Hold $0.32?

As Ethena continues to form lower highs, the risk at the 23.60% Fibonacci level increases. Furthermore, the broader market correction warns of a breakdown below the $0.30 psychological mark. 

A breakdown below the 23.60% Fibonacci level at $0.3236 will likely test the previous low formation near $0.2634. Meanwhile, the critical support at $0.20 remains a potential downfall target. 

On a more optimistic note, despite these short-term challenges, rising anticipation for a bullish November suggests a possible breakout above the resistance trendline. Should Ethena break this barrier, potential targets include the 50% and 78.60% Fibonacci levels at $0.5448 and $0.9579, respectively.

Bitcoin “Going According to Plan,” Says Seasoned Trader, Projects Imminent Rebound to $78,000

Albert Brown
-
0

An analyst has emphasized that the drop of Bitcoin to $69,000 aligns with his forecast, eyeing a rebound to $78,000.

Bitcoin’s price experienced a significant pullback, dropping from $72,500 Thursday evening to below $69,000 by early Friday. This decline reduced the gains the token had built up since the beginning of the week.

The broader crypto market mirrored Bitcoin’s movements, leading to a 5.3% dip in market capitalization. As of this writing, Bitcoin’s value has fallen 3.93% in the past 24 hours but has maintained a 2.95% price increase over the last seven days.

However, market analyst Ali Martinez highlighted that Bitcoin’s price movements were consistent with his projections. On October 26, he noted that if Bitcoin held above $65,000, it could rise to $72,000, pull back to $69,000, and eventually rally toward $78,000.

With Bitcoin testing the $69,000 support level at a current price of $69,384, it remains approximately 0.55% away from this anticipated support zone. If this key level holds, it could indicate the next phase for Bitcoin. According to the analyst, if Bitcoin maintains the $69,000 support and rebounds, the price could advance toward $78,000.

 

Indicators Point to Pullback

Further technical indicators align with the expectation of a potential retracement. Bitcoin’s price is near the upper boundary of the Bollinger Bands, suggesting it recently tested the upper limit and is now experiencing a pullback. This typically indicates that the asset was overbought and may be due for a retracement to the mean (middle band).

TradingView
BTC 1-day Chart / TradingView

Additionally, the RSI stands at 58.24, placing it in neutral territory. This level indicates that while Bitcoin is neither overbought nor oversold, it has recently come down from a higher value. This downward movement suggests that buying momentum is weakening, signaling potential for further retracement.

Search Trends for Bitcoin and Retail Engagement

Meanwhile, recent data shows that while Bitcoin approached its all-time high, search trends remained subdued. Insights indicate that Google searches for “Bitcoin” have been notably low despite the recent price surge.

Historically, retail engagement during bull runs has coincided with spikes in search volumes. For example, Bitcoin’s rally to $20,000 in the 2017/2018 cycle correlated with an index level above 80 on Google Trends. Similarly, the rally in late 2020 to 2021 saw significant interest.

In 2024, Bitcoin’s rally initially drew considerable search interest in the first quarter, aligning with its peak at $73,750 in March. However, over the subsequent seven months, search activity waned.

As Bitcoin approaches record highs again, Google Trends continues to show low search interest, hinting that retail engagement may not yet have peaked. This pattern suggests that while the price has surged, retail participation and a bull market could still be in the process of building.

Solana Slips Below $169: Will $158 Support Hold?

Albert Brown
-
0
Solana Slips Below $169: Will $158 Support Hold?

With a failed rising channel and a third consecutive bearish day, can Solana (SOL) maintain support at $159?

Solana has faced a significant decline as the cryptocurrency market witnessed a 3.8% drop to $2.33 trillion again this week. The fifth biggest cryptocurrency in the industry witnessed a 5.05% drop in the past 24 hours, with its cap falling below $78 billion.

Solana is currently trading at $165.61 as the broader market volatility warns of a bearish continuation. Will Solana survive the market crash conditions for a bounce back this week?

Another Retest of $159?

On the daily chart, Solana’s decline has extended to the third day of correction, with a 9.50% drop from a seven-day peak of $183.30 to its current market price. This marks the third consecutive bearish candle, featuring an intraday pullback of 1.48%.

The downtrend has breached the 61.80% Fibonacci level at $169.49. Despite an inverted head-and-shoulder breakout, Solana’s price action has failed to sustain momentum and is now heading toward the 50% Fibonacci level at $159.54.

Solana Price Chart

Solana Price ChartThe growing bearish influence is reflected in the MACD and signal lines, which are showing a bearish crossover. However, the simple moving averages remain positive, buoyed by a recent golden crossover between the 50-day and 200-day SMAs.

Solana’s Failed 4-hour Rising Channel 

On the four-hour chart, a sudden decline has led to pronounced bearish price action. Solana has broken below a long-standing support trend line of a rising channel pattern. 

Solana Price Chart
Solana Price Chart

This marks the end of the short-term correction rally and warns of a downfall to the 200 EMA in the four-hour chart at $156.62. Meanwhile, two crucial supports for Solana stand near the $158 support zone and the $150 support zone. 

Will Solana Survive the Market Crash?

Last week, Solana witnessed a lower price action from the $158 support zone, increasing the possibility of a quick turnaround. Meanwhile, the altcoin also finds quick support near the $165 mark, which has supported the Solana price since October 21. In case of a bullish turnaround, a potential retest of a broken trend line in the four-hour chart is possible. 

In the longer term, if Solana stages a comeback from the 50% Fibonacci level at $159.54 on the daily chart, potential price targets could be $169.49 and $188.65 in the short term. By the end of the month, the $200 psychological mark may also be within reach for Solana.

Ethereum Surged from $126 to $4,860 in Last Cycle: What If XRP Surges the Same Way?

Abdulkarim Abdulwahab
-
0
Ethereum Surged from $126 to $4,860 in Last Cycle: What If XRP Surges the Same Way?

This article explores the potential for XRP to mirror Ethereum’s explosive price surge from 2020 amid speculation and recent market developments.

Ethereum recently experienced an abrupt price surge that propelled its price into the $2,700 range, marking a fresh monthly high for the altcoin king. Before this, Ethereum’s price performance had been less impressive over the last few weeks while the broader market had been in a substantial uptrend.

Historically, Ethereum stands among the top-performing cryptocurrencies, with an impressive growth trajectory since its inception. One of its best performances was seen during the last cycle when it reached an all-time high close to the $5,000 level.

Illustratively, as of January 2020, ETH traded as low as $126, but a year later, following Bitcoin’s third halving cycle, Ethereum’s value had risen to above $1,400, marking an over 10X return.

Meanwhile, the uptrend continued, intensifying as time went by. It initially reached $4,362 by May 2021 before the first major pullback, which dropped its price to the $1,800 range. By November 2021, Ethereum touched an all-time high of $4,859. From the $126 low in January 2020 to the peak in 2021, Ethereum registered explosive growth of 3,756%.

XRP Surge Compared to Ethereum

However, during the 2020/2021 cycle, XRP, which follows closely behind Ethereum in the rankings, experienced a less impressive price surge. Specifically, XRP saw a 954% increase during a similar timeframe, rising from a low of $0.1858 in January 2020 to its cycle peak of $1.96 by 2021.

In contrast, during the 2017/2018 season, XRP successfully rivaled Ethereum, demonstrating better price performance. At one point, it even outranked Ethereum, achieving the status of the second-largest cryptocurrency by market cap on January 7, 2018.

XRP Ethereum market cap
XRP Ethereum market cap | CoinMarketCap

Many believe that XRP’s weaker performance in 2020/2021 was due to the SEC’s lawsuit at the time. However, XRP has triumphed in the legal battle, and now market participants continue to speculate on XRP’s potential for this season.

XRP Price if It Mirrors Ethereum’s History

An intriguing perspective is whether XRP could mirror Ethereum’s 3,756% price surge from the last cycle. If XRP were to replicate Ethereum’s history, such a magnitude of price increase would propel XRP from its current value of $0.5455 to a market value of approximately $21.

Analyst Says Bullish Flag in Shiba Inu 3D Chart Could Lead to 80-90% Price Surge

Albert Brown
-
0
Analyst Says Bullish Flag in Shiba Inu 3D Chart Could Lead to 80-90% Price Surge

An analyst has spotted a bullish flag on Shiba Inu (SHIB) three-day chart, predicting a breakout above resistance.

Shiba Inu (SHIB) has struggled to maintain upward momentum in recent times, remaining within a confined trading range. The asset’s current price stands at $0.00001747, reflecting a 6.04% decline over the past 24 hours.

Despite this lackluster performance, an analyst on the social media platform X has identified a potentially bullish pattern that could improve SHIB’s trajectory.

Shiba Inu Bullish Flag Formation Identified

Clifton Fx, a crypto analyst known for his market insights, shared with his over 17,000 followers an analysis highlighting a bullish flag formation for SHIB. The chart presented by Clifton Fx displays a descending channel characterized by parallel trendlines that have served as resistance and support levels.

This structure indicates a prolonged downtrend for SHIB/USDT observed since its peak in March. The asset’s current price hovers near the upper boundary of this channel, suggesting a possible test of this resistance.

Image
Shiba Inu 3-day chart by Clifton

The analysis further notes that a breakout above the upper trendline could signal a strong bullish rally. The projected move, marked by a green zone on the chart, indicates that SHIB could potentially rise to $0.00003500, representing an approximate 89.76% increase from its current level.

Shiba Inu Lead Developer Responds to Criticism About SHIB’s $0.01 Target

This analysis emerges amidst ongoing discussions within the Shiba Inu community regarding its future and recognition in the crypto space. Shytoshi Kusama, the lead developer of the Shiba Inu team, recently responded to critiques about SHIB’s progress toward its $0.01 target. 

This response followed a post by Nick Tomaino, a partner at 1confirmation, who listed what he considered the most influential crypto projects, omitting Shiba Inu. Kusama’s reaction pointed to a sense of underappreciation, expressing frustration over the project being overlooked despite its ranking by market cap.

The conversation escalated when a user remarked that SHIB would not be taken seriously until it reached $0.01. Kusama addressed the sentiment by emphasizing SHIB’s significant achievements, highlighting that only a portion of the crypto community had fully acknowledged its impact.

Large-Scale Token Burns

Adding to recent developments, Shibburn, a platform that tracks Shiba Inu burns, reported a substantial token burn of 5.58 billion SHIB tokens. This transaction, recorded at 20:31 (UTC) yesterday, originated from an anonymous wallet and has attracted attention across the SHIB community. Burning reduces the circulating supply, theoretically boosting the value of remaining tokens based on basic supply-demand dynamics.

The origin of the transaction was later confirmed by Shiro Neko, a new meme coin with a cat theme. Shortly after the burn, Shiro Neko disclosed on X that they initiated the $100,000 SHIB burn as a gesture of goodwill and an attempt to strengthen ties with the Shiba Inu community. Their post playfully asked if “cats and dogs can now be friends,” sparking curiosity and conversations within the SHIB ecosystem.

Tether Reports Record $2.5B Net Profit for Q3 2024

Elendu Benedict
-
0
Tether Reports Record $2.5B Net Profit for Q3 2024

Leading stablecoin issuer Tether has reported a quarterly group net profit of $2.5 billion as key financial metrics reach new all-time highs.

Tether’s impressive quarterly financial strides continued on Thursday after the stablecoin issuer reported another massive profit. In the October 31 attestation report, Tether recorded a net profit of $2.5 billion in the year’s third quarter.

After disclosing a record-breaking $5.2 billion profit in the first half of the year, the latest $2.5 billion quarterly earnings take the firm’s nine-month consolidated profit to an unprecedented $7.7 billion. Furthermore, the USDT issuer recorded a group equity of $14.2 billion and total assets of $134.4 billion, its highest ever.

Meanwhile, over 50% of the $2.5 billion profit emanated from Tether’s exposure to US debts. The stablecoin issuer reported realizing $1.3 billion from US Treasury holdings and $1.1 billion from its gold stash. Gold surged to new all-time highs, growing over 15% in the last quarter.

Tether Expands US Treasury Holdings

The largest stablecoin by market cap also reported an uptick in its exposure to US debts in Q3. Tether disclosed that it holds $105 billion in its Treasury reserves, with a record $102.5 billion invested in the US Treasury.

The figures show Tether bought $4.9 billion in US debt notes in the third quarter, as the firm only held $97.6 billion in the second quarter. With the buy-ins, Tether ranks as the 18th largest entity with direct and indirect exposure to US debts.

Meanwhile, Tether’s USDT circulating supply also trends at a new all-time high of $120 billion. Audited by Italian accounting firm BDO, the attestation report revealed a 30% growth in USDT minting and issuance. The uptick means that Tether’s USDT controls over 67% of the stablecoin sector’s market cap.

Tether’s Bitcoin Holding

Furthermore, Tether maintains its Bitcoin stash, holding $4.8 billion worth of the crypto. The report also shows that Tether’s investment arm owns an additional 7,100 BTC, worth almost $500 million. Notably, the stablecoin issuer further bolsters its excess reserve buffer with gold worth $5 billion.

Tether’s financial record solidifies its position as a key player in the crypto industry and the blossoming stablecoin sector. The firm recently denied allegations that the US Department of Justice was investigating its operation, with its CEO Paolo Ardoino referring to the rumors as old noise.

Amid Bitcoin Dip, Analyst Insists on $78K as Next Target: Can BTC Reach This Level?

Albert Brown
-
0
Amid Bitcoin Dip, Analyst Insists on $78K as Next Target: Can BTC Reach This Level?

As the pullback within the rising channel intensifies, will Bitcoin drop below $68,000 or rally toward $78,000?

The crypto market has declined by 5.68% today, crashing back to $2.28 trillion from the $2.418 trillion peak on Tuesday. Amid the crashing market, Bitcoin has revisited the $69,300 level. 

Crashing from the 7-day high of $73,600, the BTC price has dropped by 5.84%. With a correction rally at play, will the biggest crypto crash under the $68k mark? Find out now!

Bitcoin Tests Crucial 4-hour Support 

On the 4-hour chart, the recent pullback in Bitcoin is testing a crucial support trendline, which forms a rising channel pattern.

BITSTAMP:BTCUSD Chart Image by Trojan69420

The bearish correction began with a double-top pattern near $72,700. After facing rejection above the $73,000 mark, the neckline of the bearish pattern was established at $71,600.

Following this double-top breakout, the BTC price has returned to the support trendline near the 38.20% trend-based Fibonacci retracement level within the rising channel. Currently, it is finding support, as indicated by a lower price rejection, hinting at a potential bullish comeback.

However, Bitcoin must surpass the 50% Fibonacci level at $70,310 for a sustained recovery. A successful bullish recovery could see Bitcoin challenge the peak of the double top at $72,700. Conversely, a drop below the support trendline could trigger a significant sell-off in Bitcoin.

The next crucial support levels to watch in case of a decline are $67,500 and the $65,000 mark.

Analyst Ali Martinez Targets $78k

Despite the sudden crash, widely followed crypto analyst Ali Martinez retweeted his recent analysis, which predicted a minor pullback to $69,000. Highlighting the number 69 in his recent tweet, Martinez reiterated an analysis that revealed if Bitcoin stood above $65,000, a price jump to $72,000 was possible. 

However, he also highlighted that a pullback to $69,000 is possible before starting a bullish trend to $78,000. As the first three variables of Martinez’s prediction stand true, is the next potential target for Bitcoin standing at the $78,000 mark? 

Well, the trend-based Fibonacci levels in the 4-hour chart predict the next all-time high near $75,620. Meanwhile, an extended rally could target $82,183, or the 161.80% Fibonacci level. 

Bitcoin Options Worth $2 Billion Expire Worthless As BTC Dips to $68K

Abdulkarim Abdulwahab
-
0
Bitcoin Options Worth $2 Billion Expire Worthless As BTC Dips to $68K

Today, as the crypto market flipped bearish again amidst the ongoing correction, the derivative market for Bitcoin and Ethereum is feeling the heat.

Recent market data shows that 28,000 Bitcoin options with a notional value of approximately $2 billion became worthless today, November 1, at a max pain of $69,000.

The expired Bitcoin options contracts have a notable put-call ratio of 0.92. This implies there were almost as many put options (bets on a price drop) as call options (bets on a price increase).

Bitcoin Dips to $68K

This development in the derivative market coincided with Bitcoin crashing to as low as $68,779 early today, reflecting a massive intraday drop of 5.34% from the daily peak value of $72,662. This correction follows Bitcoin’s four consecutive daily green candles this week, during which it traded at lofty levels last seen in March.

At press time, Bitcoin has yet to recover, continuing to trade below the $70K level, which dampens the bullish sentiment in the market.

$350 Million in Ethereum Options Expired

Bitcoin’s pullback has also impacted the market sentiment around Ethereum. Today, the ETH derivative market saw 137,000 options expire, with a put-call ratio of 0.69 and a max pain at $2,550. The expired Ethereum contracts have a notional value of $350 million. This figure is nearly six times lower than the amount of Bitcoin options that expired today.

Ethereum’s Poor Performance Relative to Bitcoin

Notably, Ethereum registered a more dramatic drop of 6.8% today, falling from $2,647 to $2,467. Interestingly, while Bitcoin traded near its all-time high this week, Ethereum lagged significantly, only reaching $2,720—over 44% below its all-time high.

In March, Ethereum traded in the $4,000 range when Bitcoin was at $73,000. Essentially, Ethereum’s performance against Bitcoin has worsened over the last seven months, failing to capitalize on Bitcoin’s uptrend as it historically has.

In fact, in October, the gap between Bitcoin and Ethereum reached historic levels, with Bitcoin leading ETH by over $1 trillion. That gap has continued to widen ever since.

Now that the crypto market sentiment is becoming bearish, market watchers are pinning hopes on the U.S. elections taking place next week for a potential bullish sentiment, contingent upon Americans electing a pro-crypto president.

Peter Schiff Trolls MicroStrategy’s $42B Bitcoin Purchase Plan, Calls Michael Saylor the ‘Egg Man’

Lele Jima
-
0
Peter Schiff Trolls MicroStrategy’s $42B Bitcoin Purchase Plan, Calls Michael Saylor the ‘Egg Man’

Longstanding Bitcoin critic Peter Schiff reacts to MicroStrategy’s plan to purchase $42 billion worth of BTC, refers to the company’s chairman Michael Saylor as the egg man. 

Yesterday, the Crypto Basic reported that MicroStrategy plans to increase its Bitcoin holdings by raising $42 billion for the upcoming BTC acquisition. 

The business intelligence firm disclosed that it will raise the funds over the next three years by issuing $21 billion in equity and another $21 billion worth of fixed-income securities.

Schiff Calls Saylor ‘the Egg Man’  

Interestingly, Schiff highlighted MicroStrategy’s Bitcoin acquisition plan in a recent tweet. The major Bitcoin critic shared a cautionary story relating to speculative risk, dubbed the Egg Man. 

Narrating the story, Schiff said an investor who learned about egg futures aggressively acquired the asset through his broker.

According to Schiff, the investor started his acquisition spree with an initial purchase of 1,000 egg futures contracts and eventually boosted his holdings to 2 million. This raised the price tremendously from $0.25 to $1.75, representing a spike of 600%. 

Given the massive surge in the price of egg futures, the investor moved to sell all 2 million contracts only to discover that he had been the only buyer of the asset, making him the egg man. 

Notably, Schiff is suggesting that Saylor might find himself in the same situation as the egg man due to his aggressive Bitcoin acquisition strategy. 

“Michael Saylor is the Egg Man,” Schiff remarked.

Previous Criticism 

The financial commentator has been a major critic of Saylor and MicroStrategy due to their heavy exposure to Bitcoin. In August, he warned that this exposure might crash MicroStrategy below its competition over the next four years. 

Schiff issued the forecast after Saylor claimed MicroStrategy’s stock had soared 995%, surpassing other assets like S&P 500, Gold, and Bonds since August 2020. 

Additionally, Schiff forecasted earlier this year that MicroStrategy’s ‘leverage buying’ of Bitcoin might eventually lead to its doom. 

Saylor and MicroStrategy Remain Bullish on Bitcoin 

Despite Schiff’s negative projections and comments, Saylor has continued to lead MicroStrategy’s Bitcoin acquisition spree. This move aligns with his ambitions to make MicroStrategy a Bitcoin Bank in the future. 

Interestingly, the company has been making major progress toward achieving this goal, as it currently holds 252,220 BTC. With Bitcoin trading at $69,219, MicroStrategy’s 252,220 Bitcoin portfolio is worth $17.45 billion. 

1...1,1511,1521,153...2,662Page 1,152 of 2,662