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Tether Mints 1B USDT on Ethereum as Cumberland Injects $906.7M into CEXs

Albert Brown
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Tether Mints 1B USDT on Ethereum as Cumberland Injects $906.7M into CEXs

Tether Treasury has minted another $1 billion on Ethereum, bringing its total issuance over the past year to 23 billion USDT.

This latest minting event has triggered significant transfers of USDT to major centralized exchanges, signaling possible shifts in market liquidity and investor sentiment. Crypto surveillance platform Spot On Chain called attention to these movements in a recent update.

Cumberland’s Role in USDT Transfers

After the minting, Tether transferred 183.2 million USDT to Cumberland, a trading firm. Notably, Cumberland has been actively moving USDT into various centralized exchanges (CEXs), with a total of 953 million USDT received from Tether since the market crash on August 5, 2024. 

Notably, Cumberland has injected 906.7 million USDT into prominent exchanges like Coinbase, Kraken, OKX, Binance, and Bullish post-crash. The largest recipient, Coinbase, received 106.07 million USDT in the last 24 hours, accumulating a total of 468.96 million USDT from Cumberland since August 6, 2024. 

Kraken followed with 64.13 million USDT deposited in the past 24 hours, amounting to 207.58 million USDT overall. Despite no recent deposits to Binance and Bullish, they have received 81.64 million USDT and 32.00 million USDT, respectively, since August 6. This activity highlights Cumberland’s strategic role in distributing USDT stablecoin across major liquid platforms.

Bitcoin Traders Eye Stablecoin Inflows

Amid these developments, Bitcoin traders are closely monitoring stablecoin inflows, which are seen as potential indicators of market movements. 10x Research, a digital asset research firm, noted that the $2.5 billion stablecoin inflow, including the recent $1 billion USDT mint, could have a bullish impact on Bitcoin. 

They emphasized the importance of tracking these money flows, as they can act as tailwinds or headwinds for cryptocurrency prices. The firm pointed out that a significant portion of the USDT and Circle-issued stablecoins last week could suggest fresh capital entering the market, potentially leading to further price gains if this trend continues.

The Minting is a Pattern

The recent USDT minting event on Ethereum follows a similar pattern observed in July when Tether minted 1 billion USDT on the Tron Network. Historically, such large-scale minting activities have influenced Bitcoin and other crypto’s price movements. 

Previous instances, such as the March minting of 3 billion USDT, were followed by extended bullish trends. Data from CryptoQuant indicated that the circulating supply of USDT has increased by 30 billion since late 2022, contributing to improved market liquidity and investor confidence.

Litecoin Bullish Exhaustion Warns 7.75% Correction Ahead

Albert Brown
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Litecoin Bullish Exhaustion Warns 7.75% Correction Ahead

With a rising wedge completing a bearish pennant pattern for Litecoin, the bullish grip over trend control weakens. A 7.75% risk looming over Litecoin warns of a bearish fracture in the crucial 4-hour support trendline. 

Despite the bullish recovery in Bitcoin prices in a highly volatile backdrop, Litecoin struggles to sustain the uptrend.

With a lack of support from trading activities, a bearish reversal looms over the LTC prices. Will Litecoin survive the sudden threat of a 7.75% correction to $58?

Litecoin’s Rising Wedge Turns the Tables

In the 4-hour chart, Litecoin’s recovery run after the bearish crash last Monday forms a V-shaped pattern. The reversal rally accounts for a price jump of 26.87% over the last nine days. 

Litecoin Price Chart
Litecoin Price Chart

However, the rally rises under a bearish influence, leading to an overhead resistance trendline. With the recovery rally failing to gain trend momentum, the declining volatility results in a rising wedge pattern. 

Coupled with the prevailing downtrend, the rising wedge completes a bearish pennant pattern in the 4-hour chart.

Currently, Litecoin is trading at $63.44 as it reveals a second consecutive bearish candle with higher price rejection from the resistance trendline. Hence, Litecoin faces the threat of a negative cycle breaking under the rising wedge pattern. 

Litecoin’s Target Levels

The stochastic RSI lines (blue and red) give a bearish crossover in the overbought zone, reflecting bullish exhaustion.

Furthermore, the recovery rally has surpassed the 20, 50, and 100 EMAs at $62.14, $61.75, and $63.33, respectively. However, the upcoming negative cycle puts stress on the 100 EMA and may shortly result in a breakdown.

Based on the Fibonacci retracement level over the correction phase, the bull run is struggling to surpass the 50% Fibonacci level at $64.46. Furthermore, the bullish dominance at the 100 EMA in the 4-hour chart is at risk as the supply pressure increases. 

A bearish breakdown below the support trendline holding the reversal rally will result in a massive crash for Litecoin. If the bearish trend begins, the next support levels are the 38.20% Fib level at $61.78 and the 23.60% Fib level at $58.46. The base level of the Fibonacci retracement is at $53.11.

Is the XRP Reserve Fee a Barrier to Adoption? Bitcoin Investor Weighs In

Abdulkarim Abdulwahab
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Is the XRP Reserve Fee a Barrier to Adoption? Bitcoin Investor Weighs In

The XRP reserve requirement for native wallets has recently come under scrutiny by prominent figures in the crypto community.

In a Tuesday post on X,  Davinci Jeremie, a Bitcoin investor for over a decade, raised questions concerning the cost of opening an XRPL account compared to accounts on rival networks.

XRP Reserve Fee Under Scrutiny

Jeremie himself answered the question, suggesting that it costs 20 XRP to open an XRP account, which is approximately $11 at its current value.

He believes this could be a significant hurdle for some when adopting XRP, especially since blockchain networks like Bitcoin and Ethereum do not require a reserve amount in wallets.

“It first freaked me out when I couldn’t send my XRPs back to a CEX to sell it,” narrated the founder of DogeBella in response to Jeremie’s post.

It is worth clarifying that the XRP Ledger network reduced the minimum operating balance of an XRP wallet to 10 XRP after a unanimous agreement by validators some years ago. However, the existence of this reserve requirement remains a point of concern among critics in the community.

In response to Jeremie’s post, an XRP proponent tried to justify the reserve by explaining that it does not actually “cost” anything to open an XRP wallet.

The commenter noted that the reserved balance is refundable and withdrawable should one choose to close the account or reset the wallet.

Justification for 10 XRP Reserve Requirement

Notably, the XRP Ledger community has clarified that the reserve requirement serves to protect the public network from excessive growth due to spam and malicious activity. They aim to ensure the ledger’s growth aligns with real tech advancements.

To achieve this, an account must hold a minimum amount of XRP. However, the XRP reserve is not inactive. Users can utilize it to pay for transaction fees. The XRPL ecosystem urges users to view the 10 XRP reserves as pre-funding an account to cover future transaction fees.

Minimum Operating Balance Seen as a Bullish Factor   

Interestingly, some community figures, such as Artur Kirjakulov, CEO of XPMarket.com, have proposed that the minimum operating XRP balance requirement could actually be a bullish factor for XRP. 

Kirjakulov’s theory suggests that as more people create wallets, it generates natural demand. He believes that the mandatory reserve fee could create a demand chain that impacts the price of XRP.

This view is influenced by the fact that there are now over 5 million XRP wallets, each requiring a reserve of 10 XRP. This means that a significant number of tokens—50 million XRP—are largely idle, which could affect the market.

Helium (HNT) Skyrockets 112% in 10 days, Bulls Eye $10 

Albert Brown
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Helium (HNT) Skyrockets 112% in 10 days, Bulls Eye $10 

The Helium trend reversal hit 112% within 10 days from the $3.470 low formation during the market crash last Monday. Will the increasing momentum in HNT’s recovery result in a 38% hike?

Helium’s high-speed recovery run, mostly unaffected by the broader market crash, continues to head toward the $10 milestone. The unstoppable bull run turned the year-to-date return in Helium positive to 5.22%.

With a boost in trading volume and a market crap approach $1.2 billion, the altcoin is likely to become one of the best performing Solana-based altcoins.

Helium’s Uptrend Exceeds $7.50

On the daily chart, Helium shows a rounding bottom reversal rally moving at breakneck speed. The ongoing rally accounts for a price jump of 112% from the $3.46 low formation last Monday. 

Helium Price Chart
Helium Price Chart

Currently, Helium trades at $7.34, with a 12% gain in the last 24 hours. However, the daily candle shows a pullback of 0.97% with a long tail revealing massive demand underneath. 

Based on the Fibonacci retracement over the correction phase, multiple high volume levels between $3 and $9.88 arise. The ongoing recovery run surpasses the 61.80% Fibonacci level at $6.336, following the critical 50% level breakout at $5.528. 

Essentially, the daily chart expresses a massive bullish influence over the Helium price trend. This increases the possibility of HNT’s price hitting the $10 psychological milestone. 

Underlying Bullish Growth Seems Unstoppable

In the 4-hour chart, the ascending prices of Helium show a higher high formation, leading to the generation of a resistance trendline. However, the underlying surge in bullishness forms a bullish trend continuation using the trendline as a neckline.

Helium Price Chart
Helium Price Chart

As visible in the chart above, Helium forms an inverted head and shoulder pattern. Currently, the altcoin trades near the neckline, teasing a bullish break. Furthermore, the MACD and signal lines are restarting a bullish trend. 

Will Helium’s Bull Run Hit $10?

The daily RSI line spikes into the overbought zone, surpassing the 70% boundary line as Helium skyrockets. However, a sideways shift near the 70% line could prolong the bull run. 

Furthermore, the super trend indicator shows a strong rally in action as the HNT price is quite high from the green line at $4.895. Hence, the indicator signals the bull run to be intact as long as Helium is above $4.895.

Coming back to the Fibonacci levels, the bull run is heading to challenge the 78.60% Fib level at $7.783. A bullish breakout rally will increase the chances of hitting the $10 psychological mark.

Based on the Pivot point standards, the neckline coincides with the first resistance pivot level at $7.520. A bullish breakout could reach to the third pivot resistance level at $10.95 after facing minor hurdle at the second pivot resistance at $8.925.

Expert Says XRP Has No Value If Price Stays Low, Asks What the Noise Is About If XRP Remains Low

Abdulkarim Abdulwahab
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0
Expert Says XRP Has No Value If Price Stays Low, Asks What the Noise Is About If XRP Remains Low

XRP is showing less-than-encouraging price performance despite the alignment and realization of highly hyped narratives that were expected to send it to the moon.

Rob Cunningham, a member of the XRP community, has taken note of XRP’s unimpressive performance and voiced his concerns. Recently, he stirred up conversation within the community by questioning the actual value of XRP and its related developments.

XRP Price Not Moving, No Value?

Cunningham expressed doubt about the significance of various advancements connected to Ripple, including the imminent launch of the RLUSD stablecoin. He implied that, despite the excitement surrounding these developments, the lack of significant movement in XRP’s price raises questions about their true impact.

He pointedly asked, “If the XRP price isn’t moving, can there really be any value?”

Notably, at the time of writing, XRP is trading around $0.5774. Over the past few days, it has stagnated around the $0.57 price level, having retraced significantly from the $0.64 it reached following the recent resolution of Ripple’s lawsuit.

In the lead-up to the final announcement, the XRP Army argued that the conclusion of Ripple’s legal battle would cement XRP’s status as a non-security and lead to a rally even stronger than the one seen in July 2023, when it doubled in value within a day. However, this has not materialized. XRP only surged by 30% and has since corrected those gains.

Cunningham’s remarks underscore a key question: If these much-hyped developments are as significant as they seem, why hasn’t the market responded with a noticeable increase in XRP’s value?

Also, the conversation centers on whether potential BRICS adoption, IMF discussions, and the anticipated launch of an XRP ETF would be genuinely reflected in XRP’s market price—or if the value remains largely speculative.

XRP Army Believes Value Remains

In response to Cunningham’s remarks, XRP believers have rallied to defend the cryptocurrency’s potential. They argue that XRP remains valuable, though its true value may not yet be fully reflected in the market price.

Accordingly, they stressed the importance of understanding the long-term potential of XRP beyond short-term price movements.

One X user, John Ogden, compared XRP to the early days of the Internet. He explained that when the Internet was primarily used by universities for research, few could foresee its future ubiquity. 

Ogden likened XRP to the bandwidth needed to transport information across the Internet, suggesting that as more users adopt the XRP Ledger, the value of XRP will naturally increase.

Another user, Robert Malloy, argued that XRP isn’t supposed to be experiencing significant price movement at this time. He suggested that the current situation is part of a broader “silent war” within the financial system. This seeks to suggest that XRP’s true potential will only be realized after a major economic shift.

On the other hand, critics like MaxYel remain unconvinced. MaxYel dismissed the narrative surrounding BRICS, the IMF, and other factors as mere hype designed to inflate XRP’s perceived value.

Cardano Not Dead, Can Still Rally 1,300% to $5, Expert Says

Abdulkarim Abdulwahab
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0
Cardano Not Dead, Can Still Rally 1,300% to $5, Expert Says

Crypto analyst Nick Valdez at the Discover Crypto channel asserts that Cardano (ADA) is not dead, highlighting the prospect of a possible 1,300% rally.

Valdez expressed this optimistic outlook in a recent analysis, countering a wave of negative narratives claiming that Cardano “is finished.” These critical views have gained traction as ADA’s price action has been underwhelming in recent months despite continued advancements in its blockchain technology.

For instance, Cardano recently hit a fresh low for the year at $0.2799, a sharp decline from its March high of $0.80. This downturn represents a staggering 65% loss for investors who bought in during the peak.

ADA has since recovered slightly, trading at $0.34 at press time. However, its current value still reflects a significant 21% loss for those who purchased the asset just last month.

Cardano Not Dead

Amid these price challenges, there has been considerable hype surrounding Cardano’s imminent hard fork, which will transition governance power to community members. While this development has been perceived as a bullish factor by many holders, ADA’s price has yet to reflect this optimism.

As a result, critics continue to argue that Cardano is dead, though staunch holders, including the blockchain founder Charles Hoskinson, have vehemently opposed this view.

In his analysis, Nick Valdez highlighted several reasons for market participants to remain optimistic about ADA’s future. He pointed to the significant development activity within the Cardano ecosystem, which ranks third among all blockchain projects. 

Furthermore, Valdez cited that ADA has formed a bullish chart pattern, known as the breaker block, and is on the verge of a stochastic RSI crossover. The analyst emphasized that these patterns have historically preceded major rallies for ADA.

Cardano to Hit $5

Based on these observations, Valdez theorized that naysayer articles are trying to suppress ADA prices right before a potential parabolic rally. He believes that, despite the bearish sentiment, Cardano has the potential to break a fresh all-time high this season, with the $5 mark within reach.

Accordingly, he urged investors to ignore the noise and focus on the underlying technical and developmental strengths of the Cardano network.

Notably, a $5 price point amounts to a return of 13X on investment for individuals purchasing ADA today. Other analysts have argued that Cardano could even rally up to $10 in this cycle, citing historical trends when ADA surged 30X.

Kusama Hints at Shiba Inu Going to the Moon

Lele Jima
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Kusama Hints at Shiba Inu Going to the Moon

Shytoshi Kusama, the enigmatic leader of the Shiba Inu project, suggests that SHIB and other ecosystem tokens will be going to the moon. 

The Shiba Inu leader made this known in reaction to an inquiry from the leading crypto trading platform HTX. In an X post yesterday, HTX asked its over 1.5 million followers to indicate the asset that will be “going to the moon!” This phrase is a popular term in crypto, signifying that an asset is expected to register significant gains. 

Shiba Inu Lead Reacts 

HTX’s call prompted reactions from crypto enthusiasts, with Shiba Inu’s lead joining the debate. In response, the Shiba Inu leader echoed “WOOF.” 

The WOOF term has gained popularity in the Shiba Inu community. It represents the sound of a dog’s bark. Since Shiba Inu is themed around dogs, SHIB enthusiasts have used WOOF to exchange pleasantries. 

However, with respect to HTX’s inquiry, Kusama uses “WOOF” to playfully suggest that Shiba Inu ecosystem tokens, including SHIB, BONE, and LEASH, have the potential to witness massive rallies. 

The Shiba Inu lead developer made the suggestion shortly after his presentation at yesterday’s session of the Blockchain Futuristic Conference. As reported earlier, Kusama detailed Shiba Inu’s successes since its inception and the ecosystem roadmap. 

Analysts Optimistic About Potential Price Surge 

In the meantime, Shiba Inu ecosystem tokens are still struggling to shake off the impact of the recent market downturn, which sent the prices of various assets crashing. At the time of writing, SHIB has posted a daily gain of 1.47%, with the token currently priced at $0.00001378. 

SHIBUSDT 2024 08 14 09 43 09
SHIBUSDT 2024 08 14 09 43 09

Despite Shiba Inu’s underperformance in recent times, several analysts have remained optimistic about a potential price increase for the asset. The Crypto Basic reported yesterday that a higher low pattern appeared on Shiba Inu’s chart, signaling a potential price increase. 

Interestingly, popular market watcher MMBTtrader speculates that SHIB could be gearing up for a parabolic 116.92% rally, potentially taking its price to $0.00003 in the short term. 

Meanwhile, some analysts have set more ambitious targets for Shiba Inu, with some projecting SHIB’s price to hit $0.0001 in a bull market. 

Goldman Sachs Reveals $418M Bitcoin ETF Holdings, Including 7M IBIT Shares

Albert Brown
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Goldman Sachs Reveals $418M Bitcoin ETF Holdings, Including 7M IBIT Shares

Goldman Sachs reveals that it holds about $418.65 million in spot Bitcoin ETFs, including nearly 7 million shares of the Blackrock iShares Bitcoin Trust (IBIT).

In a recent SEC filing, leading investment banking giant Goldman Sachs disclosed substantial positions in several Bitcoin exchange-traded funds (ETFs), signaling the firm’s continued interest in the crypto sector. 

This revelation comes at a time when the overall activity in 13-F Bitcoin ETF filings has been relatively quiet compared to the first quarter of the year, making Goldman Sachs’ disclosure particularly noteworthy. 

Bitcoin ETF Positions

According to the SEC filing, as first reported by Colin Wu, Goldman Sachs held a $418.65 million position in U.S. spot Bitcoin ETFs as of June 30.

The financial services giant disclosed significant investments across several major Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT). The bank owns nearly 7 million shares of the IBIT fund, valued at approximately $238.6 million, making it the third-largest holder of this ETF. 

Further details of the filing reveal Goldman Sachs’ diversified approach to Bitcoin ETFs. In addition to the iShares Bitcoin Trust, the firm held $79.5 million in the Fidelity Wise Origin Bitcoin Fund, $35.1 million in the Grayscale Bitcoin Trust, and $56.1 million in the Invesco Galaxy Bitcoin ETF.

Additionally, Goldman Sachs reported positions worth $8.3 million in the Bitwise Bitcoin ETF, $749,469 in the WisdomTree Bitcoin Fund, and $299,900 in the ARK 21Shares Bitcoin ETF.

Bitcoin ETFs Outpace All Other

Notably, the filing was made public on the same day that Nate Geraci, President of ETFStore, highlighted the dominance of Bitcoin ETFs in 2024. Geraci noted that the iShares Bitcoin ETF alone has attracted approximately $20.5 billion this year, significantly outpacing all other ETF launches in 2024. 

His comments emphasized the growing interest in Bitcoin ETFs, which have secured five of the top six ETF launches this year.

Bitcoin’s Future as a Store of Value

In parallel with these developments, Goldman Sachs CEO David Solomon recently addressed the potential role of Bitcoin as a store of value. During an interview with CNBC, Solomon acknowledged the possibility that Bitcoin could develop into a store of value akin to gold. 

While he maintained that Bitcoin remains a speculative investment, he expressed admiration for the technology underpinning cryptocurrencies, citing its potential to reduce friction within the financial system. However, Solomon refrained from making predictions about Bitcoin’s future price movements, focusing instead on its technological promise.

Speculation Heats Up: Potential Meeting Between Cardano Founder and Elon Musk Gains Traction

Sam Wisdom Raphael
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Speculation Heats Up: Potential Meeting Between Cardano Founder and Elon Musk Gains Traction

Rumors suggesting Elon Musk made it to the Cardano founder Charles Hoskinson’s Wyoming ranch have sprung up, but with minimal evidence as backup.

For context, Tesla Motors CEO and X CTO Elon Musk announced a live interview with GOP presidential candidate Donald Trump in an X Spaces session. The interview, expected to highlight several developments around the upcoming elections, was scheduled for Monday.

Shortly before the interview began, Musk disclosed that he would be organizing the session at his friend’s ranch in Wyoming. The billionaire posted a picture of himself sitting casually in the rustic wooden ranch. The room had a warm, cozy ambiance with wooden beams and a high ceiling.

Growing Speculations

Intriguingly, Charles Hoskinson responded to Elon Musk’s picture, quickly fueling speculation. He praised the ranch’s woodwork and complimented the owner’s taste, leading many to suspect that the property might be his. 

Hoskinson, who also owns a ranch near Wheatland, Wyoming, has always shown appreciation for rustic, wooden designs. The similarities between his property and the one in Musk’s photo added to the rumors that the billionaire could be visiting or renting Hoskinson’s ranch.

Following Hoskinson’s comments, Rick McCracken, a retired US Navy Senior Chief and prominent figure in the Cardano community, joined the conversation. He inquired about the type of wood used in Hoskinson’s ranch interior, subtly fueling the ongoing speculation. 

Hoskinson mentioned that the wood was sourced locally. This exchange only added to the growing rumors. Amid the speculation, Cardano Bull Dan Gambardello addressed the discussions in his latest market broadcast. 

Gambardello noted that Hoskinson’s initial remark sent the impression that he was referring to himself as the person with “good taste.” He suggested that this might or might not be the case. 

Here are the Facts

Further, Gambardello referenced a previous remark from Hoskinson, where he stressed that the session could help Musk notice the issues with X Spaces and fix them.

According to him, this earlier remark from Hoskinson could be a troll from a friend or it could be an honest concern with no secret undertone. Overall, the Cardano community figure concluded that it is unlikely that Musk was in Hoskinson’s ranch.

This is a more reasonable conclusion, as Hoskinson has previously confirmed that he and Musk are neither friends nor acquaintances. In June, when asked if he had leveraged the opportunity to engage with Musk, Hoskinson stressed that such opportunity could be once in a lifetime. As such, he is saving it for something big.

Also, while speaking with Tony Edwards on the Thinking Crypto podcast, Hoskinson confirmed that he is not an acquaintance of Musk. According to Hoskinson, his team has extended a hand to work with Musk’s team on some occasions, but they got no reply. 

Hoskinson noted that despite Cardano’s prominence in the crypto community, where Musk is a member, the Tesla chief has never mentioned Cardano. The Cardano founder speculated that this could be due to people around his circle advising against it.

Analyst Shares Shiba Inu Simple Trading Plan and Ideal Timing to Go Long

Albert Brown
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0
Analyst Shares Shiba Inu Simple Trading Plan and Ideal Timing to Go Long

Shiba Inu (SHIB) continues to struggle with its weekly and monthly lows, facing significant resistance as it hovers near critical support levels. 

Despite this challenging price action, analysts suggest that a trendline breakout could signal a potential bullish reversal. The market sentiment remains cautious, and technical indicators paint a mixed picture of what lies ahead for SHIB.

Analyst Spetsnaz emphasizes a straightforward strategy in navigating Shiba Inu’s current market conditions. The focus is on a potential breakout above the descending trendline that has been dictating SHIB’s price action.

According to the analyst, if the price manages to break through this trendline, it could present a favorable opportunity for a long position. However, if SHIB fails to break this resistance, the downtrend will likely continue, signaling further downward pressure on the price.

Shiba Inu Trading Plan
Image Source: https://x.com/spetsnaz_3/status/1823382090873712710

Will Shiba Inu Break the Downtrend?

As seen on the analyst’s chart, the SHIB market has been in a clear downtrend, with a descending trendline dictating price movements since June. This trendline has acted as formidable resistance, consistently pushing the price downward and preventing any sustained upward momentum.

The price action reveals a pattern of lower highs and lower lows, aligning closely with this trendline. However, the price is now attempting to test this resistance, a move that could determine the next phase of market direction.

Support levels play a crucial role in this scenario, with the first key level at $0.00001073, where SHIB has previously found buyer interest. Below this, significant support lies at $0.00000879, with a secondary level at $0.00000848, representing the last lines of defense against further declines. 

On the flip side, immediate resistance is noted at $0.00001375. A breakout above the trendline could indicate a potential upside, with higher resistance targets at $0.00002315 and $0.00002572.

More Holders Are Out of The Money

The latest data from IntoTheBlock highlights the current sentiment among SHIB holders. A smaller number of addresses fall within the $0.000008 to $0.000013 range, which are currently profitable.

Screenshot 71
Shiba Inu IOM | IntoTheBlock

Conversely, more are “Out of the Money,” particularly those who bought at higher prices, indicating potential selling pressure if prices remain subdued. The concentration of addresses out of the money at higher prices suggests potential resistance levels.

As the price approaches these levels, holders may attempt to sell. Further, if the price drops below $0.000013, the small group at break-even could start realizing losses, leading to a sell-off that might push the price lower.

Potential for a Bullish Reversal

In a related analysis, MMBTtrader, an analyst on TradingView, suggested that Shiba Inu might be preparing for a significant upward movement. 

Additionally, Maks Klimenko, another analyst, has identified a reversal pattern following a sweep of key lows around $0.00001333. This view is supported by the MACD indicator, which shows a bullish divergence, further bolstering the case for a potential price increase. The market remains in a critical phase, with the upcoming price movements likely to define the future trajectory of SHIB.

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