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Litecoin Big Move: Bollinger Bands Founder Signals Imminent LTC Breakout as Bands Tighten

Albert Brown
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Litecoin Big Move: Bollinger Bands Founder Signals Imminent LTC Breakout as Bands Tighten

John Bollinger hints at a potential breakout for Litecoin (LTC) as Bollinger Bands suggest imminent price movement amidst low volatility.

John Bollinger, the creator of the Bollinger Bands indicator, recently suggested that Litecoin might be on the verge of significant price movement. This revelation came during a conversation with an analyst pseudonymously known as Bamboo. Bamboo had asked Bollinger for his insights on the monthly chart of LTC, leading to a discussion about a potential market shift.

Analyzing Litecoin Monthly Chart

Bamboo posted an image of the monthly chart for Litecoin, which spans the candlestick patterns since 2014. The chart featured Bollinger Bands and indicated that Litecoin has been in a downward movement in recent times.  LTC currently trades at $73.36, down 82.23% from its all-time high.

Bollinger

Bollinger Bands, which consist of a middle band and two outer bands, now reveal relatively narrow bands compared to the high volatility periods of 2018 and 2021. Notably, LTC has seen substantial price increases after periods of low volatility (narrow bands).

However, Bollinger advised switching between linear and logarithmic scales to gain a clearer perspective on the trend.

About Time For LTC to Wake Up?

Bollinger’s suggestion to switch scales led to further analysis. The linear scale confirmed that LTC has been consolidating within a narrow range, suggesting market indecision. Further, the middle band, acting as a dynamic support and resistance level, was very close to the current price. 

Historically, Litecoin has experienced significant price movements following periods of consolidation with narrow Bollinger Bands. This pattern indicates that traders should watch for a decisive move above or below the bands as an indication of the next major trend.

“Squeezy, squeezy. About time for LTC to wake up,” remarked the veteran market analyst. Essentially, Bollinger’s remark highlighted the potential for an imminent breakout for Litecoin.

High Transactions Signal Possible LTC Surge

Supporting this potential awakening, data from IntoTheBlock shows Litecoin’s robust network activity. As of July 12, Litecoin processed $2.85 billion in daily large transactions over $100,000. This activity outpaces other Layer 1 cryptocurrencies like Dogecoin, which sees only $590 million in large transactions daily. 

Bollinger IntoTheBlock
Bollinger IntoTheBlock

This significant whale activity highlights Litecoin’s active network and substantial involvement from large holders. From July 5 to 10, transaction volumes peaked at $3.3 billion and then settled around $2.4 billion, indicating sustained high activity levels.

At press time, Litecoin is hovering around $73.33, reflecting a 1.46% gain over the past 24 hours. LTC also saw a 1.14% price increase last week.

Ethereum ETFs Hit $10.2 Billion in Assets Across 9 Funds, Day 1 Volume Exceeds $1.1 Billion

Mark Brennan
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Ethereum ETFs Hit $10.2 Billion in Assets Across 9 Funds, Day 1 Volume Exceeds $1.1 Billion

The launch of Ethereum ETFs achieved a milestone of over $1.1 billion in trading volume on their first day. 

Ethereum ETFs have recently significantly impacted the market, with $10.2 billion in assets across nine ETFs. On their debut day, trading volumes exceeded $1.1 billion, showcasing strong investor interest.

 

Inflows and Trading Volumes

Fidelity (FETH) had an inflow of $71.3 million, while Grayscale ETHE had an outflow of $484 million. BlackRock and Bitwise ETFs led the way with $266.5 million and $204 million in inflows, respectively.

 

Bloomberg analyst Eric Balchunas suggested that if BlackRock’s Ethereum ETF (ETHA) exceeds $200 million in trading volume, Ethereum ETFs might outperform his previous estimate that they would capture only 20% of Bitcoin inflows.

 

Bitwise CIO Matt Hougan suggests that investors are unlikely to replace Bitcoin with ETH but rather hold both as part of a diversification strategy. He recommended starting with this portfolio: 60% in Bitcoin ETP, 30% in Ethereum ETP, and 10% in Crypto Equities ETP.

In an X post, Balchunas also noted that ETH ETFs significantly outperform other ETFs launched in the past 12 months when excluding Bitcoin ETFs.

 

In May, the Securities and Exchange Commission (SEC) gave preliminary approval for ETF issuers, allowing them to list these funds on exchanges. The impact of ETH ETF performance will also depend on changes in U.S. political and regulatory attitudes toward the crypto industry.

WadzPay Awaits Breakout Run Despite Issues with High Supply

Albert Brown
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WadzPay Awaits Breakout Run Despite Issues with High Supply

WadzPay (WTK) approaches the bottleneck within a triangle pattern, teasing a breakout run shortly despite challenges posed by its high supply.

Experiencing a deadly correction wave, the WTK token is gradually rising to reinstate the bullish trend. However, the constant increase in supply pressure keeps the bullish growth under check and limits the possibility of reversal.

The asset faces a triangle pattern that holds the battlefield, with bulls trying to end the correction phase and the lower high formation. Will a bullish breakout result in a massive spike in WadzPay, or is a downfall imminent?

Converging Trends to Decide WadzPay Fate

With a bullish reversal from the crucial support level of $0.0256, WadzPay token begins the journey to overcome the prevailing downtrend. The previous downfall accounts for a 71% decline within five weeks from the peak of $0.0894. 

The recovery wave sprouts from $0.0256 and leads to a contracting wave in a lateral fashion. Further, the reduction in sharp volatile moves, reflecting a lack of trend momentum, leads to the generation of two converging trendlines. 

WadzPay Price Chart

With this, the triangle pattern formed in the chart above traps the WadzPay token. Further, the sideways trend approaching the bottleneck leads to a similar move in the momentum indicators.

WadzPay Price Chart

The MACD and signal lines are merged while the daily RSI line moves along the halfway line. However, the RSI indicator offers a bullish perspective in a shorter timeframe.

On a closeup in the 4H chart, the daily RSI line shows a bullish divergence in the last two dips at the support trendline. Thus, the shorter timeframes offer a higher likelihood of a bull cycle in the WadzPay token. 

Will WTK Bulls Break the Triangle?

Despite the dark clouds of massive overhead supply pressure, the underlying demand for the WadzPay token is increasing. As the RSI line provides a divergence, the lower price rejection candles support the uptrend chances. 

With the triangle and 23.60% Fib level break, the WTK token could reach the 50% Fibonacci level at $0.0575. On the downside, a break under the crucial support trendline could drop the WadzPay Token to $0.0256. 

 

Citi Predicts $5.4B Ethereum ETFs Inflows in Six Months While Analysts See ETH at $5k

Albert Brown
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Citi Predicts $5.4B Ethereum ETFs Inflows in Six Months While Analysts See ETH at $5k

Amid the spot Ethereum ETFs debut on U.S. exchanges, Citi predicts a substantial inflow volume in six months, with analysts projecting an Ethereum rally to a new ATH.

The crypto market is witnessing a transformative event with the debut of spot Ethereum ETFs on U.S. exchanges. 

According to a recent CNBC report, Citi anticipates potential inflows of up to $5.4 billion for these ETFs in the next six months, a substantial amount that underscores the growing interest in regulated crypto investment vehicles. 

Notably, this launch follows the earlier introduction of spot Bitcoin ETFs, which saw around $17 billion in inflows within six months.

Multiple Issuers Enter the Market

Notably, several issuers, including Bitwise Asset Management, have introduced their spot Ethereum ETFs simultaneously, offering investors a range of options based on cost and operational efficiency. Notably, Grayscale sees the highest fees at 2.5% with ETF trading occurring on major exchanges, including the NYSE, CBOE, and NASDAQ.

Per the CNBC report, Katherine Ding, General Counsel and Chief Compliance Officer at Bitwise, hailed the SEC’s approval of the Bitwise Ethereum Fund as a regulated and efficient way for investors to diversify their crypto holdings. 

Further, despite the initial market response, analysts predict that Ethereum could reach the $5,000 mark this year as institutional money begins to flow in. It is important to note that amid the debut of spot Ethereum ETFs, ETH itself is currently changing hands at $3,457.20, falling over 2% in the past 24 hours.

Screenshot 2024 07 24 at 124349

SEC Stance on Staking and Regulatory Challenges

However, the SEC’s position on not allowing staking Ether within ETFs poses a potential headwind for adoption. Historically, approvals reportedly relied on the jurisdictional hook of futures trading, which, according to CNBC, Ethereum and Bitcoin lack. 

Consequently, new regulatory frameworks must be developed. The SEC’s priority is to prevent fraud and manipulation, and regulated futures trading markets help address these concerns. Consequently, ongoing research and communication with the SEC are essential for advancing these products.

Continuing Dialogue and Future Prospects

Bitwise, for instance, continues to engage with the SEC about potential plans for other cryptocurrencies, including Solana, although no decisions have been finalized. The success of these ETFs is in their launch performance, trading volume, and the ability to integrate them into client portfolios through financial advisors. 

Additionally, looking abroad to historical regulatory measures may offer insights for securing approval for products beyond Ethereum and Bitcoin.

Shiba Inu Team Says Altcoin Season Is Coming 

Lele Jima
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Shiba Inu Team Says Altcoin Season Is Coming 

Shiba Inu’s marketing lead, Lucie, hints at imminent altcoin season, a period characterized by increased activities and rising prices for alternative cryptocurrencies, like SHIB. 

The marketing lead made the assertion while reacting to BlackRock’s recent promotional video for its iShares Ethereum Trust ETF (ETHA). 

BlackRock’s Promotional ETHA Video 

In the video, BlackRock U.S. Head of Thematic and Active ETFs Jay Jacobs highlighted Ethereum’s unique features. According to Jacobs, Ethereum’s appeal lies in its utility. 

He said Ethereum can be likened to a global platform for decentralized applications, noting the growing demand for ETH. As interest in Ethereum increased, BlackRock introduced the iShares Ethereum Trust ETF to give investors exposure to the second-biggest cryptocurrency. 

BlackRock was among the eight issuers that received the SEC’s approval to launch a spot-based ETF for Ethereum. 

The company’s ETH ETF commenced trading yesterday at 09:30 AM (EST), shortly after the promotional video was published, hitting $22.5 million in volume for the first 15 minutes of trading. 

Altcoin Season Is Coming 

Reacting to BlackRock’s ETHA promotional video, Lucie noted that despite the growing interest in crypto, critics still circulate FUDs (Fear, Uncertainty, and Doubt), causing concerns among investors. 

She suggested that BlackRock released an Ethereum ETF video for potential investors amid this panic. As a result, the marketing lead urged crypto investors to think big, adding that the altcoin season is on the way. 

Shiba Inu Performance in Previous Altcoin Season 

Most crypto investors are looking forward to this cycle’s altcoin season, which could potentially lead to increased price spikes in digital assets other than Bitcoin, like Shiba Inu. 

Recall that during the 2020/2021 altcoin season, the price of Shiba Inu skyrocketed massively, rallying millions of percent to an all-time high of $0.00008845 on October 28, 2021. 

At the time, the market did not have many positive events compared to now. Consequently, people speculate that the recently introduced ETFs could usher in the biggest and largest altcoin season. They project that funds would flow from the traditional financial sector into the altcoin market via the Ethereum spot ETFs. 

In the meantime, experts have released bullish predictions for altcoins, including ETH and SHIB. As for SHIB, there are projections that the dog-themed token would surpass its ATH to new records ranging between $0.0001 and $0.001 during the imminent altcoin season. 

Whether Shiba Inu will hit these targets before the end of the 2024/2025 altcoin season remains to be seen. 

Post 400% Jump, SOLYMPICS Eyes $0.010 with a Triangle Break

Albert Brown
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Post 400% Jump, SOLYMPICS Eyes $0.010 with a Triangle Break

Picking up on the trend of the Paris Olympics, the 400% rise from SOLYMPICS teases a breakout run to $0.0050.

Based on the upcoming Paris Olympics 2024, the newly released SOLYMPICS token, a low market cap altcoin, has recorded a quick upsurge. As its market cap stays under $2 million, the $2.35 million 24H trading volume results in a 146% volume to market cap ratio.

With high trading activity compared to its market cap, SOLYMPICS witnesses strong demand and high bullish momentum. Will the initial demand and the high momentum uptrend boost SOLYMPICS to $0.010?

Minor Correction for a Breakout Run In SOLYMPICS 

Trading at $0.001771, the SOLYMPICS token has witnessed a massive surge in its early days from the initial price of $0.000921 to the peak at $0.004168. However, a high momentum rally results in a bullish exhaustion, starting a minor correction phase. 

Currently, the bearish reversal from the peak tests the crucial horizontal support zone at the $0.001671 level. The downfall accounts for a price drop of 57% in market value and slump under the $0.0020 level.

SOLYMPICS Price Chart

Furthermore, the declining trend forms a resistance trendline market in the price chart above. As the $0.001671 support zone holds the altcoin from facing further correction, SOLYMPICS is trapped within a descending triangle pattern.

Will $SOLYMPICS Win the Olympic Meme Coins Race?

As the Paris Olympics starts on July 26, the meme coins based on the Olympic theme are picking up pace. Amid the race, the quick 400% rise in the initial hours of its trading, $SOLYMPICS showcases strong underlying potential.

With the triangle breakout run, the meme coin is likely to surpass the $0.0050 psychological level for a surge to potentially $0.010. Hence, with the 5x potential rally in the coming days, SOLYMPICS is a great choice in its segment.

On the flip side, a downfall under the $0.001671 support level will likely drop SOLYMPICS for a major crash. The next support levels for the meme coin are at $0.0012 and the psychological mark of $0.0010.

Bitcoin vs Gold Debate Heats Up As Peter Brandt Reacts to Elon Musk Remarks on USD Devaluation

Albert Brown
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Bitcoin vs Gold Debate Heats Up As Peter Brandt Reacts to Elon Musk Remarks on USD Devaluation

Elon Musk’s comments on the U.S. dollar’s devaluation sparked debates about Bitcoin’s viability as a store of value, with experts weighing in on the issue.

Elon Musk’s recent commentary has once again ignited speculation about Bitcoin’s potential as the ultimate store of value. The businessman and investor, known for his pivotal roles at SpaceX and Tesla, Inc., highlighted the significant devaluation path of the U.S. dollar, likening it to hyperinflation scenarios observed in Zimbabwe.

This critique of current monetary policies has drawn attention to the perceived loss of purchasing power of the dollar.

Brandt and Schiff Weigh In

Veteran trader Peter Brandt joined the conversation, emphasizing the declining purchasing power of the U.S. dollar over time. Brandt highlighted that a dollar’s purchasing power at his birth has reduced to just five cents today. This led him to consider Bitcoin as a potential store of value. 

However, Chief Economist and Global Strategist Peter Schiff countered this view, arguing that the devaluation of the dollar does not inherently mean Bitcoin holds value. Schiff suggested holding gold as a more reliable hedge against the dollar’s decline.

In response, Brandt acknowledged gold’s long-term value but also pointed out that a balanced portfolio, including stocks and Bitcoin, could outperform gold alone.

The crypto community also responded energetically to these discussions. Some praised Brandt’s acknowledgment of the generational differences in economic opportunities, while others questioned Bitcoin’s practical value compared to gold. The debate underscored the diverse opinions within the community regarding the viability of Bitcoin as a store of value.

Courchesne’s Perspective on Bitcoin as a Reserve Asset

This debate comes only a day after Bryan Courchesne, CEO of Digital Asset Investment Management (DAIM), appeared on CNBC’s ‘Fast Money’ to discuss the potential of Bitcoin as a U.S. reserve asset. Courchesne noted the Department of Justice’s significant holdings of approximately 200,000 BTC, making the U.S. the sovereign state with the largest Bitcoin holdings globally. 

He suggested that transferring this Bitcoin to the Department of the Treasury could enable it to accumulate and hold Bitcoin as a long-term strategic asset. This move could potentially position Bitcoin as a reserve asset, though Courchesne acknowledged the complexities and challenges involved.

In the midst of these discussions, the price of Bitcoin stands at $66,019.39, with a 24-hour trading volume of $34,540,641,124. This represents a slight price decline of 0.69% in the last 24 hours, yet a 0.68% increase over the past week.

XRP From Cents to Triple Digits: Expert Explains Rise to $100

Abdulkarim Abdulwahab
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XRP From Cents to Triple Digits: Expert Explains Rise to $100

A notable crypto educator, “Common Sense Crypto,” outlines justifications for why XRP could pull a run that drives its value to triple-digit beyond $100.

In a recent post on X, Common Sense Crypto attempted to counter the view of XRP naysayers who disbelieve the popular view of XRP attaining $100 and above. Critics, even among the XRP Army, cite extraordinary market cap as a major factor for the disagreement. 

However, the crypto educator highlighted the paths through which he believes such an ambitious target could be a reality.

Ways $100 Could Be a Reality for XRP

First, he cited Ripple CEO Brad Garlinghouse, who predicted a $5 trillion market cap for the crypto market earlier this year. Notably, the global crypto market is currently around $2.4 trillion. Meanwhile, Garlinghouse expressed that even a $5 trillion cap would be a conservative estimate for this bull market.

Common Sense Crypto is banking on Garlinghouse’s optimistic projection to draw inspiration on XRP’s potential value.

Furthermore, the crypto educator referenced Archax, the UK’s premier crypto exchange, which plans to process $50 trillion in tokenized value via XRP Ledger in the coming years. The ambitious plan emerged from its CEO Graham Rodford during Ripple’s Swell conference last year.

The crypto educator, though unsure how Archax intends to achieve the bold claim, noted that Archax is just one tokenization partner and expresses certainty that there are a few more. Essentially, he sees the development impacting the value of XRP, making a triple-digit price tag a realistic possibility for him.

It is worth noting that other industry pundits like Panos Mekras, the co-founder of Anodos Finance, have argued that Rodford’s view of XRPL processing $50 trillion in tokenized value is “complete nonsense,” stressing that it lacks reality.

Common Sense Crypto also believes that the end of Ripple’s three-and-a-half-year lawsuit is another factor that could make the $100 XRP value a reality. He expressed that institutions would “begin to flood in to get ahead of the competition.”

Lastly, the crypto educator noted that the XRP public supply is shrinking rapidly, and demand for XRP may soon increase, impacting its price. Notably, per the latest record, 12,620,915.2 XRP has been burned from its 100 billion max supply.

XRP Hitting $100

The commentator highlighted that XRP needs a $5 to $10 trillion cap to attain the $100 XRP value. While acknowledging the ambitious feat required, he expressed he would rather not bet against what’s coming.

At press time, XRP costs $0.6032, with a 0.53% gain over the past day.

Court Sets Date for Victims of Terra Collapse to File Crypto Loss Claims

Sam Wisdom Raphael
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Court Sets Date for Victims of Terra Collapse to File Crypto Loss Claims

The Terraform Labs bankruptcy case has set up a date for victims of the Terra collapse to file crypto loss claims.

A court has established a key deadline for filing initial crypto loss claims, marking a significant step closer to relief for those affected by the Terra ecosystem collapse.  Notably, victims must submit their claims by August 21, 2024, at 18:00 ET or 22:00 UTC, per a recent disclosure.

A Step Toward Relief for Terra Victims

This deadline enables victims to take part in the Chapter 11 bankruptcy proceedings of Terraform Labs. Recall that in May 2022, the Terra ecosystem experienced a severe collapse. The downfall began with the depegging of the purported stablecoin TerraUSD.

This led to an enormous $40 billion loss for investors, with TerraUSD and Terra tokens dropping almost 99%. The crisis spread beyond Terra, triggering a contagion across the broader crypto market. In response, Bitcoin (BTC) plummeted to $17,593 just a month later.

Terraform Labs, the development firm behind the Terra ecosystem, filed for Chapter 11 bankruptcy in January 2024. This step was an effort to handle the aftermath of the implosion and restructure amid financial difficulties.

As part of the ongoing bankruptcy proceedings, the court has now mandated that anyone with a crypto loss claim against Terraform Labs must file by the August deadline. This is crucial for those who want to participate in voting on the proposed Chapter 11 plan. Eligible claimants are individuals who suffered losses from Terraform Labs Pte Ltd before Jan. 21, 2024, and the ones who suffered losses from Terraform Labs Limited before July 1, 2024.

However, it is important to note that missing the deadline will not prevent future claim submissions but will impact voting rights on the plan. Also, the filing is solely for voting on the plan, not for fund distribution to victims. Details on fund distribution will be addressed later in the plan.

Notably, victims can submit their claims online or by mail. Epiq Corporate Restructuring, LLC is handling the process as the appointed claims agent. They will oversee the submission and processing of claims. For detailed instructions and necessary forms, claimants can visit the Epiq Corporate Restructuring website.

Terraform Labs’ Case with the SEC

The August deadline is crucial for victims of the Terra collapse. It offers a chance to have their losses acknowledged in the bankruptcy proceedings. Legal experts and financial advisors are advising all eligible claimants to act promptly.

The recent announcement comes a month after Terraform Labs reached a settlement with the U.S. Securities and Exchange Commission (SEC) in June 2024. Under the settlement, Terraform Labs agreed to pay $4.47 billion.  

Moreover, subsequent reports from The Crypto Basic confirmed that the court directed Terraform Labs to undelegate and burn 150 million LUNA tokens. In addition, the court also ordered the reopening of the Terra Classic shuttle bridge.

Cardano User Turns 0.5 ADA to 25,000 ADA: Details

Lele Jima
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Cardano User Turns 0.5 ADA to 25,000 ADA: Details

A lucky Cardano user successfully converts 0.5 ADA to a whooping 25,000 ADA. Here is the method he used to achieve this feat.

The crypto market is filled with stories of investors making huge returns from modest investments and someone losing a huge fortune during trades. A recent event in the Cardano ecosystem illustrates both scenarios, as an anonymous user benefitted immensely from another user’s pricing mistake during pool creation. 

Transaction Details 

According to reports, an anonymous user luckily converted a meager sum of 0.5 ADA ($0.2047) into a whopping 25,000 ADA ($10,235). 

Notably, the unknown user sold 5 Dedium (DEDI) tokens at an inflated price of 4,670 ADA each due to a pricing error made by another user during pool creation. According to DexHunter founder Melon, the trade was executed on DexHunter, a leading Cardano-based decentralized exchange (DEX) aggregator known for its real-time routing updates. 

Another Cardano enthusiast, Conundrum, also confirmed the development via an X post yesterday, emphasizing that the lucky user turned 0.5 ADA into 25,000 ADA via the trade. 

Conundrum indicated that a DEDI token was sold at 0.0925 ADA during its presale, which commenced on July 18, 2024. Notably, the user added a link to the transaction details, illustrating that the transaction occurred yesterday at around 10:16 AM (UTC). 

Although the unknown lucky user made a massive return in the trade, Conundrum suggested that someone else got “rekt” in the process. For context, “Rekt” is a phrase in the crypto market indicating that a trader was utterly ruined due to losses from a trade. 

Dedium Defends DexHunter, Shares Tips for Safe DEX Trading 

Meanwhile, some community members blamed DexHunter for the pricing mistake. Reacting, Dedium, a Cardano-based decentralized GPU gaming network and the project behind the DEDI token defended DexHunter, noting that the DEX should not be blamed for any mistake. 

The official X handle of Dedium urged users to always stick to an order book for trading DEDI, emphasizing the importance of verifying transactions before confirming them to avoid incurring losses. 

It suggested that the trading tip extends beyond DexHunter to other decentralized exchanges on Cardano, including AXO and Sundae. 

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