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Cardano Bulls in Jeopardy: Will ADA Break Out of Weekly Triangle Despite Market Pressures

Albert Brown
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Cardano Bulls in Jeopardy: Will ADA Break Out of Weekly Triangle Despite Market Pressures

Cardano’s recovery is at risk as the broader market faces a demand crunch. Will ADA start a bull cycle in a weekly triangle for a breakout run this week?

With an intraday jump of 4.27%, Cardano ranks lowest in the top 10 crypto-list with a market cap of $12.26 Billion. Trading at $0.341, the intraday recovery creates a bullish piercing candle, teasing a new bull cycle. 

As trading volumes increase to support a recovery run, Cardano hands at a crucial support trendline. So, let’s check the ADA price chart to find entry opportunities for the upcoming rally. 

Weekly Triangle Holds The Cardano Fate

With a recent bull cycle failing to reach the overhead trendline, Cardano is taking another retest of a support trendline on the weekly triangle. Last week, Cardano fell to $0.27 before a bullish comeback propelled the closing price to $0.328. Thus, the buyers maintain dominance over the $0.30 mark.

Cardano Price Chart
Cardano Price Chart

Starting the week on a bullish note, Cardano has increased by 4.27% to form a bullish candle. This increases the possibility of a morning star pattern to reignite a bull cycle. 

The sudden failure in uptrend delays the bullish crossover in the MACD and signal lines. However, the weekly RSI line maintains similar values despite a drop in bottom formation. Hence, the RSI line reveals a bullish divergence, bolstering the uptrend chances. 

4-Hour Chart Reveals Retest Run in Cardano

With a morning star anticipation in the weekly chart, Cardano prepares a large-scale bullish cycle in the shorter timeframes. In the 4-hour chart, Cardano takes another retest of the broken trendline. 

Cardano Price Chart
Cardano Price Chart

As per the Fibonacci levels, a sideways trend is visible between the 23.60% and 38.20% Fib levels. Currently, a small bull cycle is in play with three consecutive bullish candles, heading towards $0.35.

Further, the recovery surpasses the 20 EMA at $0.343, with all the other crucial EMAs (50, 100, and 200) maintaining a bearish alignment at $0.346, $0.361, and $0.379 on the 4H chart.

Will Cardano Surge?

As the broader market sentiment is at a critical stage, the recovery run in Cardano faces multiple hurdles. Based on the Fibonacci levels, ADA taking support at $0.331 reveals underlying strength. 

Hence, a bullish breakout of the overhead ceiling at $0.354 will increase the bullish momentum in Cardano. If the uptrend can live, ADA can scale to $0.390 or $0.449 this week.

Terra Classic Tax2Gas Upgrade Approved: Will LUNC Price Surge to $1

Albert Brown
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Terra Classic Tax2Gas Upgrade Approved: Will LUNC Price Surge to $1

The Terra Luna Classic (LUNC) community has successfully passed a pivotal upgrade, potentially shaping the token’s future trajectory.

The Tax2Gas proposal, developed by Genuine Labs, received overwhelming support, with over 67% of validators and delegators voting in favor. This crucial upgrade aims to streamline the tax handling process by integrating it directly into the transaction gas fees, thereby enhancing efficiency and minimizing manual calculations.

Screenshot 52
Vote results by Validator.info

Automating Tax Calculation with Tax2Gas

Previously, the tax management process for Terra Luna Classic involved labor-intensive manual calculations, which often led to inefficiencies. The newly approved Tax2Gas upgrade addresses these challenges by automating the tax calculation process. Notably, this automation is expected to reduce the likelihood of errors and enhance overall transaction efficiency within the LUNC ecosystem.

By embedding the tax calculation directly into the gas fees, the module aims to simplify the process for users and validators alike. Importantly, the upcoming module will oversee gas prices across 22 different denominations, ensuring that fees are applied only to successful transactions. 

In the next phase of implementation, thorough testing will reportedly be conducted to validate the module’s functionality and ensure its stability.

LUNC Price Reaction Post-Upgrade

Following the community’s approval of the Tax2Gas proposal, LUNC experienced a brief surge, with prices soaring by 6%, as highlighted in an X post by Collin Brown, a crypto supporter and blockchain researcher. Confirming with CoinMarketCap data, The Crypto Basic observed that LUNC surged from $0.00006518 on August 8 and closed at $0.00008702 on August 10.

After Tax2Gas passed, the LUNC price increase was short-lived, as the token’s value declined by 7.28% over the weekend. Despite the drop, LUNC still recorded a 29.24% increase over the past week.

Brown underlined the potential impact of the proposal’s approval and the subsequent impact on LUNC’s utility. He suggested that significant price increases could be on the horizon, with some speculation pointing towards a potential future LUNC rise to $1.

 

 

Binance’s Latest Burn Fails to Boost LUNC’s Value

The Tax2Gas upgrade comes at a time of notable activity within the Terra Luna Classic community. Recently, leading crypto exchange Binance burned 1,149,430,203 LUNC tokens, a move intended to reduce the excessive supply of Terra Classic. 

According to data from community-based tracking service Luncmetrics, Binance carried out this burn in a single transaction on August 1, 2024. Notably, the exchange transferred over 1.1 billion tokens to a dead address. However, despite the substantial burn, LUNC’s market value remained unaffected.

72% Cardano SPOs Signal Readiness for Chang Hard Fork Upgrade

Albert Brown
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72% Cardano SPOs Signal Readiness for Chang Hard Fork Upgrade

The Cardano network is approaching a significant milestone as up to 72% of its stake pool operators (SPOs) have signaled their readiness for the upcoming Chang hard fork upgrade.

These operators have demonstrated their preparedness by installing the latest Cardano Node 9.1.0 software, an update that is required for the highly anticipated upgrade. This development marks a step toward introducing the Voltaire Era, which aims to decentralize governance within the Cardano ecosystem.

Cardano Node 9.1.0 Update Signals Milestone

Notably, these 72% SPOs’ installation of Cardano Node 9.1.0 highlights the community’s foray into advancing the network’s infrastructure. This update brings essential changes, including a configuration file update from Node 9.0.0. It also ensures compatibility with key components such as GraphQL, Rosetta, Ogmios, and the Cardano wallet. 

 

As a result, the network is better positioned for the Chang hard fork, which seeks to redistribute governance responsibilities from Cardano’s development firm, IOHK, to ADA holders. This shift will empower the community to participate more actively in the network’s growth and evolution.

SanchoNet Govtool Relaunch and Exchange Readiness

In parallel with the Node 9.1.0 update, Intersect, a member-based organization within the Cardano ecosystem, announced the relaunch of the SanchoNet Govtool. This tool allows users to test governance features on the SanchoNet testnet, a critical step in preparing for the forthcoming hard fork. 

Additionally, the organization reported that several major wallets, including Lace_io and Eternl, have upgraded their preview testnet infrastructure to support CIP-95, a necessary component for the Chang upgrade. 

Furthermore, the announcement revealed that exchanges such as Bitfinex, Bitmart, and Blockchain.com have made substantial progress toward readiness for the hard fork. Notably, Binance and Coinbase are also advancing their efforts, with other exchanges like Bitget, Gate.io, KuCoin, and MEXC following suit.

Chang Hard Fork Timeline and DApp Integration

As the Cardano network inches closer to the Chang hard fork, the next potential hard fork date is set for August 17, 2024, with a secondary window on August 22, 2024, per Intersect. In preparation for this upgrade, Intersect has intensified its outreach to decentralized applications (DApps) to ensure a smooth transition. 

DApps utilizing Plutus V1 or V2 scripts must take note of the new cost models introduced with the upgrade, which will impact transaction fees. Meanwhile, the upgrade’s success is contingent on the continued progress of exchanges and the broader community’s adoption of the necessary software updates.

Ethereum Investor Awakens to $153,984,917 Profit After 9 Years of Wait

Mark Brennan
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Ethereum Investor Awakens to $153,984,917 Profit After 9 Years of Wait

A whale address that participated in the 2015 Ethereum ICO has moved 48,500 ETH to the OKX exchange after nearly a decade of dormancy.

At current market rates, this Ethereum transfer is valued at approximately $154 million. The whale address originally acquired 1 million ETH during the 2015 ICO at a price of $0.311 per ETH. 

As of today, Ethereum’s live price is $2,541. Its market cap is $306.29 billion, and its 24-hour trading volume is $14.86 billion. Ethereum has decreased by 3.94% in the last 24 hours, and its circulating supply is 120.27 million.

Considering that 48,500 ETH were bought for $15,083 during the ICO, the dormant address has awakened to an astonishing profit of over $153 million, which is a return of over 1,020,917%.

Following this recent transfer, the address now holds 15,600 ETH. According to cluster analysis, this whale’s total holdings may amount to a staggering 682,000 ETH, equivalent to approximately $1.756 billion.

Prominent Chinese reporter Colin Wu called attention to the latest activities of this early Ethereum adopter in a recent post on X.

Other Ethereum Entities Moving ETH After Years of Dormancy

The transfer of $154 million worth of ETH is one of the largest seen in recent months, and the movement of such a large amount of ETH has led to market speculation about potential implications. 

Last month, a wallet suspected of being connected to the Ethereum Foundation moved 92,500 ETH, worth approximately $300 million, after being dormant for over six years. 

Interestingly, the transaction was closely followed by another from an anonymous entity on July 30. This time, the Ethereum whale moved 1,111 ETH worth approximately $3.7 million to a new wallet after nine years of dormancy. 

These recent activities by large investors could signal that they are gearing up to take advantage of Ethereum’s potential rise. 

Notably, the recently observed 48,500 ETH to OKX exchange coincided with Ethereum’s recent volatile price activity, particularly following the market-wide collapse on August 5. The value of ETH had crashed to $2,100 but has since recovered, reaching $2,700 before retracing slightly. Essentially, this shift might suggest a stabilization in the crypto market after the August 5 crash.

104,156,526 XRP Transfer Detected On-Chain, Followed by a 3.9% Price Dip

Albert Brown
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104,156,526 XRP Transfer Detected On-Chain, Followed by a 3.9% Price Dip

The crypto community has been abuzz with speculation following the detection of substantial movements involving large amounts of XRP transferred between unknown wallets.

One of the most recent large-scale transfers on the XRPL network involved a colossal dispatch of 104,156,546 XRP, worth approximately $59,019,563. This transaction was detected by the leading crypto whale tracking service, Whale Alert, occurring on Sunday, August 11, at 15:04:10 UTC.

 

Following this event, XRP has been down about 3.9% in the past 24 hours but up over 20% in the past seven days, bringing its price to $0.5681 during this press.

Whale Alert flagged this transaction as part of a broader pattern of significant XRP transfers between unknown wallets. 

The sender’s wallet has been actively involved in previous transactions, including a significant transfer of 2.250 million XRP.

Notably, the sender’s wallet received an even larger transfer of 106.407 million XRP on August 9, 2024, further fueling speculation about the motives behind these substantial movements. 

Large Transfers Impact Market

Whale activities have a profound effect on market sentiment, often triggering price fluctuations. For instance, on August 5, 2024, a new wallet executed a transaction, moving 2.8 million XRP to another new wallet. 

Later, a more significant transfer amounting to $50,622,428 was detected during the bearish market phase of that day. This transaction, which involved the transfer of 95,678,794 XRP between two new and unidentified wallets, raised alarms as it coincided with a noticeable drop in XRP’s value.

Historical Context of XRP Whale Activity

This uptick in whale activity is part of a larger trend that has been evident over the past few months. In May 2024, Santiment highlighted that XRP whales had accumulated 3.17 billion tokens, significantly increasing network activity.

This accumulation aligned with several large-scale transactions, with key players acquiring 540 million XRP, worth over $270 million, within five weeks. Furthermore, during the same timeframe, there were reports of active accumulation by whales and sharks in Bitcoin, Ethereum, XRP, and Chainlink.

NowPayments Says Shiba Inu is a Movement, Not Just a Coin

Albert Brown
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NowPayments Says Shiba Inu is a Movement, Not Just a Coin

Shiba Inu (SHIB) has increasingly become a crucial part of the cryptocurrency ecosystem, as highlighted by NowPayments, a leading non-custodial crypto payment gateway.

In recent communications, the platform emphasized the multifaceted advantages of accepting Shiba Inu payments, positioning SHIB as more than just a meme coin but a movement.

 

NowPayments’ stance reflects the growing attention SHIB has garnered, particularly following the launch of Shibarium. It is clear that this development amplified the coin’s visibility within the crypto community.

Shiba Inu’s Rising Prominence

NowPayments has highlighted the immense potential of Shiba Inu, urging businesses to embrace SHIB payments and tap into the power of the SHIBArmy. The company has noted that Shiba Inu’s significance extends beyond its status as a crypto, calling it a movement driven by a passionate and active community.

This sentiment echoes the excitement that surrounded SHIB during its initial surge, which saw early investors reap significant profits. Now, after the launch of Shibarium, Shiba Inu is once again in the spotlight, drawing comparisons to the earlier boom that turned many into millionaires.

Integration of Shiba Inu Payments

Recall, in line with its advocacy for Shiba Inu, in 2023, NowPayments had introduced its Custodial Recurring Payments tool, specifically designed for NFT marketplaces to accept SHIB payments. 

Note that NowPayments supports over 300 cryptocurrencies and offers features like auto coin conversion, ensuring that businesses can provide flexible payment options to their customers. 

Shiba in Crypto Payments

Shiba Inu’s increasing prominence and positioning as a movement is evident not just in NowPayments’ advocacy but across the broader crypto payment landscape. Platforms like CoinGate have reported substantial growth in SHIB transactions, with a 76% increase in orders during the second quarter of 2024.

This surge can be attributed to CoinGate’s expansion of SHIB support to other networks, such as Binance Smart Chain (BSC) and Polygon, making it easier for users to adopt SHIB for various payments. Moreover, SHIB has been integrated into payment facilitators, including BitPay and Binance Pay.

The Shibarium Integration

Shibarium is the blockchain of Shiba Inu. Shibarium is the most important aspect of SHIB.

In 2023, NowPayments announced plans to integrate Shibarium, the layer-2 network of Shiba Inu, into its platform. This integration made NowPayments the first cryptocurrency payment gateway to support Shibarium once it went live on the mainnet.

According to NowPayments, this move received backing from Shiba Inu’s lead developer, Shytoshi Kusama.

Shiba Inu’s P2E Gaming

Additionally, Shiba Inu’s play-to-earn (P2E) game, Shiba Eternity, is expected to be a significant milestone for the Shibarium blockchain and its ecosystem tokens, SHIB and BONE.

Shiba Inu’s marketing lead, Lucie, has emphasized the importance of this game, which showcases the expanding utility of SHIB beyond just transactions.

Etherscan Persistent Error: Wrong Shiba Inu Total Supply Still Reported After Years

Lele Jima
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Etherscan Persistent Error: Wrong Shiba Inu Total Supply Still Reported After Years

Dr. Christopher Johnson (a.k.a Mr. Lightspeed), the President of Lightspeed Crypto Services and an advisor of Bad Idea AI, expresses frustration over Etherscan’s continuous display of inaccurate Shiba Inu (SHIB) data. 

In an X post yesterday, Mr. Lightspeed said Etherscan’s reported total supply for Shiba Inu is “100% wrong.” 

He noted that Etherscan’s data still displays Shiba Inu’s total supply as 999,982,346,380,367 (999.98 trillion) SHIB. The Bad Idea AI advisor asserted that this information is completely inaccurate. According to him, Shiba Inu’s correct total supply is calculated by subtracting burned tokens from SHIB’s max supply. 

“That’s the super simple version of the math,” Mr. Lightspeed remarked. 

Shiba Inu Supply on Etherscan and CoinGecko 

At press time, data from Etherscan shows that Shiba Inu has a max total supply of 999,982,346,341,694 (999.98 trillion) SHIB. The blockchain analytics platform did not indicate Shiba Inu’s total and circulating supply. 

SHIB total supply on Etherscan
SHIB total supply on Etherscan

In addition to Etherscan, CoinGecko claims that Shiba Inu boasts a total supply of 999.98 trillion tokens. However, CoinGecko data displayed Shiba Inu’s circulating supply, which currently stands at 589.27 trillion. 

The inaccurate display of Shiba Inu’s total supply on Etherscan and CoinGecko suggests that both analytic platforms have yet to subtract the number of SHIB burned since the token’s inception. 

Total Supply Drops to 589.27 Trillion After Hefty Burns 

For context, Shiba Inu launched in August 2020 with a total supply of 1 quadrillion SHIB tokens. Interestingly, Shiba Inu’s total supply has decreased significantly due to the huge amounts of tokens burned so far. 

At press time, 410,727,951,111,035 (410.72 trillion) SHIB have been incinerated, leaving Shiba Inu with a total supply of 589,272,048,888,964 (589.27 trillion). 

While analytics platforms like CoinMarketCap have updated Shiba Inu’s total supply with accurate information, others like Etherscan and CoinGecko have yet to provide the necessary update. 

The need for blockchain analytics platforms to provide accurate information for assets like Shiba Inu cannot be overemphasized. It is common knowledge that new investors are always advised to conduct due diligence before investing in digital assets. Consequently, inaccurate data, like those displayed for SHIB on Etherscan and CoinGecko, could discourage newcomers from investing in Shiba Inu. 

Polygon (Matic) Eyes Bullish Reversal, Will Matic Hit $1?

Albert Brown
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Polygon (Matic) Eyes Bullish Reversal, Will Matic Hit $1?

Polygon (Matic) hints at a morning star pattern to fuel a trend reversal rally from crucial support at $0.38. Will the bullish trend in MATIC reclaim $1 with a breakout run?

With a falling channel trend stuck at $$0.38, Polygon bulls are teasing a trend reversal rally. As the underlying demand grows for the MATIC token, the short-term sentiments tease a bullish continuation amid the broader market slowdown. Will Polygon reclaim $0.50 for a breakout rally this week?

$0.38 Support Halts The Falling Channel Trend

Taking another support from the $0.38 level after a span of 2 years, Polygon shows a falling channel in action. With the altcoin price failing to sustain above critical levels, the downfall warns of a breakdown.

Polygon Price Chart
Polygon Price Chart

However, the weekly candle last week forms a long-tail candle, suggesting a strong underlying demand that is able to overturn the supply pressure. With a positive cycle incoming in the falling channel, Polygon eyes a breakout run to reclaim lost levels. 

Supporting the bullish revival, the weekly RSI line shows a bullish divergence in the last two low formations, teasing a jump ahead. Further, the weekly RSI line hovers above the oversold boundary with increased reversal chances. 

Currently, the Polygon price trades at $0.409 and starts the week with a 1.24% price jump. Thus, Polygon signals a potential uptrend this week if the broader market remains stable or recovers. 

Polygon Derivatives Hits Crossroads

Despite a decline in OI, the Polygon is down to $107 Million, with the volume hitting $170M by an 87% rise.

Polygon Derivatives Data
Polygon Derivatives Data

Further, the Long/Short ratio of the past 24 hours is under 1, at 0.9004, reflecting a bearish narrative. However, the top traders on Binance on account basis reveal 1:3  in bullish support.

Will Polygon Hit $1?

With the Doji candle at a crucial support level, the price action traders anticipate a trend reversal in Polygon. Further, it increases the chances of a morning star pattern at the baseline. 

Thus, the altcoin may shortly experience a breakout rally of a falling channel pattern. As per the Fibonacci levels, the uptrend could hit the 50% Fibonacci level at $1.050. 

Expert Reveals Holding Just 3,011 XRP Can Place Investors on XRP Rich List

Lele Jima
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Expert Reveals Holding Just 3,011 XRP Can Place Investors on XRP Rich List

Edo Farina, the CEO of Alpha Lions Academy, highlights the number of XRP that automatically puts investors on the XRP rich list. 

In a viral video making rounds within the XRP community, Farina provided insights on what it takes for investors to be ranked among the top wealthy XRP holders globally. 

Amount of XRP Needed to Rank Among Top 10% Largest Wallets 

According to him, investors can be among the top 10% of the biggest XRP wallets with just 3,011 XRP. Farina indicated that as of June 2024, the number of XRP required to be in the top 10% ranking was around 3,299 XRP. 

However, following the surge in XRP price, the number of XRP needed to be in this category dropped to 3,011. This represents a decline of 8.72% within a short period of three months. With XRP priced at $0.5643, these 3,011 XRP tokens cost about $1,699.  

As of yesterday, August 11, Farina claimed that only 523,615 wallets are holding at least 3,011 XRP. Despite the number of wallets currently positioned in the top 10% XRP rich list, Farina indicated that an individual may own multiple wallets. For instance, he claims to own between 15 and 20 XRP wallets. 

Top 5% Rich List 

Furthermore, Farina highlighted the number of XRP required to be among the top 5% biggest XRP wallets, noting that this category requires a holding of 10,099 XRP tokens. He classified investors holding 10,000 XRP as sharks, adding that there are 252,594 wallets in this category.  

According to Farina, investors should strive to hold at least 10,000 XRP, as this holding positions them for massive success. At press time, investors can acquire these 10,000 XRP at $5,643. He recommended that investors adopt the DCA strategy to accumulate these 10,000 XRP tokens. 

Additionally, Farina asserted that investors holding at least 10,000 XRP could “cash out” earlier than those with smaller amounts, especially when the token hits ambitious targets like $10 to $100.  

However, he speculated that people with small XRP holdings can still be on the rich list in the future once scarcity sets in. Specifically, he highlighted factors such as burns and locking of XRP in nostro/vostro accounts as potential drivers that could bolster the asset’s scarcity and bring more investors into the rich list. 

Top 1% Rich List 

Meanwhile, Farina stated that to be considered a whale and categorized in the top 1% XRP rich, an investor must hold a minimum of 61,237 XRP, which can be purchased at $34,556. 

According to information displayed in the video, 52,361 wallets are currently in the top 1% XRP rich list. 

Shiba Inu 8% Slide Brings $0.000012 Support into Focus: Will It Hold

Albert Brown
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0
Shiba Inu 8% Slide Brings $0.000012 Support into Focus: Will It Hold

A bearish reversal on Sunday nullifies the bullish trend in Shiba Inu over the week. Undermining the recovery run, will sellers break below the $0.000012 level and the crucial support trendline in action?

Trapped in a bearish trend, Shiba Inu experiences a constant decline with minor recoveries along the way. With multiple failed bullish attempts, the bears control the second biggest meme coin price action today. 

Further, the rising liquidations in the crypto market increase the fear surrounding the meme coins. With the bears attempting a bearish breakdown of the support trendline, will buyers survive the intense supply over $0.000012? 

Bearish End Undermines 11% Surge. 

In the daily chart, Shiba Inu trades close to the declining support trendline of a falling channel pattern. Following the bullish success of maintaining dominion over the support trendline on the Monday crash, the meme coin jumps 11% on Thursday. 

Bitcoin Price Chart
Bitcoin Price Chart

However, the bulls quickly lose the momentum following the engulfing candle before reaching the $0.000015 mark. A slow and steady surge in supply near $0.0000145 results in a pullback phase, leading to a 4.97% drop on Sunday. 

Calculating from the high formed on Sunday at $0.00001468, Shiba Inu is down by 8.11% within 24 hours. Further, the bearish run undermines the bullish outgrowth on Thursday, threatening a drop to $0.000012 or the support trendline. 

Coming to the technical indicators, the MACD and signal lines are on the verge of a bullish crossover despite the Sunday drop. Meanwhile, the 20-day EMA continues to act as a dynamic resistance, causing the ongoing reversal. 

Will Shiba Inu Surpass $0.000015?

With an ongoing bear cycle, the bullish chances are over the ledge. However, the 4-hour chart reveals a hope for recovery. 

As per the Fibonacci levels, the ongoing crash forms a streak of five bearish candles to test the 23.60% Fib level at $0.00001331. Nevertheless, a bullish candle ends the streak with Shiba Inu aiming for a recovery run with a post-retest jump. 

Bitcoin Price Chart
Bitcoin Price Chart

Sustenance above the 23.60% Fib level will keep the reversal chances alive. Further, if there is a bullish breakout of the overhead ceiling at $0.0001457, then $SHIB will likely reach $0.00001560 or the $0.00001662 level in the coming days. 

On the downside, the support levels are at the $0.00001200 psychological mark and the $0.00001127 low. 

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