Home Blog Page 1414

Analyst Sets $7.5 as Next Critical XRP Target After Breakout of Multi-Month Triangle

Sam Wisdom Raphael
-
0
Analyst Sets $7.5 as Next Critical XRP Target After Breakout of Multi-Month Triangle

Crypto market analyst EGRAG expects XRP to reach $7.5 as its next critical target following a breakout from a multi-month symmetrical triangle.

EGRAG disclosed this in an analysis of XRP price action from mid 2020 till date. Data from his chart confirms that XRP has been trading within a larger yellow-labeled symmetrical triangle since 2020, recording lower highs and higher lows since it slumped from the $1.96 high in April 2021.

A Multi-Month Symmetrical Triangle

Symmetrical triangles typically feature two converging trendlines. The analyst called attention to these trendlines, labeling the upper descending trendline the “genuine wake up line” and the lower ascending triangle the “atlas line.” While the genuine wake up line has mounted resistance against any price explosion, the atlas line has served as support.

Interestingly, after retesting the genuine wake up line amid the spike to $0.93 last July, XRP formed a smaller white-labeled symmetrical triangle within the larger yellow-labeled one. For context, after XRP surged to $0.93 in July 2023, it faced a major correction, recording a downtrend since then.

Now, despite the ongoing market drop that has pushed XRP below the $0.50 psychological support, EGRAG believes a breakout from the white-labeled triangle is imminent. He expressed confidence that this breakout will surely occur, setting up an initial target of $1.5 for XRP immediately after the breakout.

XRP Targets $7.5

Remarkably, beyond the $1.5 target, EGRAG sets an ambitious $7.5 price goal, representing a massive 1,457% increase from XRP’s current price. Notably, this price territory aligns with the Fibonacci 1.618 zone, which the analyst regards as a critical target level between $6.5 and $7.5.

He noted that profit-taking trades would occur at this price level, emphasizing its significance. While this target might appear audacious to some market participants, EGRAG expects XRP to transcend it to greater heights. According to him, if XRP secures a weekly close above Fib. 1.618, it would soar to the Fib. 2.414 and 2.618 territory.

EGRAG revealed that this territory aligns with mid-double digit prices. When asked about specifics, the analyst mentioned $25 to $45. With most investors pointing out the ambitious nature of these targets, some have cited the XRP ETF, the upcoming stablecoin and the growing XRPL DeFi ecosystem as potential developments that could help drive prices to these levels.

Meanwhile, XRP continues to face turbulence below the $0.50 level, currently trading for $0.4815, with a 3.7% drop over the past 24 hours. At the current position, XRP’s relative strength index (RSI) has dropped to 32, potentially leaning toward oversold levels. A slump below 30 would indicate that XRP is due for a price reversal.

Crypto Educator Confirms Buying Shiba Inu Dip, Targets 130% Profit

Abdulkarim Abdulwahab
-
0
Crypto Educator Confirms Buying Shiba Inu Dip, Targets 130% Profit

Famous crypto educator Rafaela Rigo reveals buying Shiba Inu dip, anticipating a rally that drives SHIB to $0.00004988.

Shiba Inu has not escaped the recent onslaught from the market bears. As of Monday, Shiba Inu was already trading in the red, but the trend worsened overnight, with SHIB crashing to $0.00002218. As of now, Shiba Inu has not shown signs of recovery, as it still trades around its intraday low.

Analyst Confirms Buying Shiba Inu Dip

Notably, prominent market observers view the recent downturn as a favorable Shiba Inu buying opportunity. Rafaela Rigo, a well-known crypto educator, is among the market analysts purchasing the Shiba Inu dip.

In a post on X, Rigo revealed that she has committed more funds to buy additional SHIB tokens, adding to the dip she previously bought. This post updates one from 11 days ago when the analyst projected an incoming 130% rally for Shiba Inu amid its prolonged downtrend.

At that time, Shiba Inu showed signs of a comeback, trading in the $0.000026 range. However, this trend did not last, and SHIB has since retraced by about 15%. Despite this, the crypto educator continues to see these retracements as buying opportunities.

According to the accompanying chart, the analyst eagerly awaits a comeback that drives SHIB to $0.00004988. Other prominent market analysts share Rigo’s sentiment. 

Community Analyst Confirms SHIB in Buy Zone

In a post today, Shiba Inu community analyst SHIB Knight weighed in on the recent market downturn. He noted that while Bitcoin dipping below $68K might appear significant in the short term, it is just typical market activity on the weekly chart. 

SHIB Knight added that Bitcoin might drop to $63K, which he considers a retest of the bullish breakout. From there, he expects new all-time highs (ATHs). 

Notably, a retest of $63K for Bitcoin would significantly impact altcoins like Shiba Inu. Consequently, SHIB Knight emphasized in an earlier update that Shiba Inu is in a buying zone based on technical formation on the weekly chart. 

He stressed that those looking to capitalize on the bull season with SHIB should view prices between $0.00001859 and $0.00002322 as an accumulation zone before an aggressive breakout. SHIB Knight anticipates an ATH of $0.0001 for Shiba Inu this month.

Mog Coin And MEW Investors Cash In; Raboo Now Eyed As The Next 100X Crypto

Esra Zuhal
-
0
Mog Coin And MEW Investors Cash In; Raboo Now Eyed As The Next 100X Crypto

Mog Coin and cat in a dogs world (better known as MEW) have turned in life-changing gains for some lucky early adopters who got in on both tokens’ crypto presale opportunities. Better known as ICOs, getting in on the right project as early as possible has been the surefire way to crypto riches. Furthermore, in June, analysts identified the next potential 100x crypto presale with new AI-powered SocialFi meme coin Raboo. Entering Stage 4 of its presale, Raboo has drawn over 8,000 users in on the early action, raising over $1.6 million thus far. Here’s why analysts are eyeing Raboo as the next 100x crypto.

Raboo rattles off a 60% run entering Stage 4 of crypto presale ICO

The next potential 100x crypto investment opportunity has come in the form of the AI/SocialFi meme coin Raboo. Crypto whales across the pond have taken notice of Raboo, leading to consecutive quick sellouts in its previous stages. Priced at just $0.0048, prospective investors are still at an unparalleled advantage to get in on a meme coin with the potential to go on a parabolic run in 2024.

Raboo takes the meme coin format to a whole new level with its unique application of AI and SocialFi/post-to-earn mechanics. With its AI meme-generating tool called Rabooscan, Raboo holders can earn $RABT tokens for producing and disseminating memes. This, in turn, engages and grows the user base, increasing buy-side pressure and Raboo token prices for early investors. $RABT holders can also join contests and challenges to earn Raboo tokens or stake their holdings for passive income. Raboo’s crypto presale is a rare opportunity to get in on a 100x crypto at the absolute lowest possible prices.

Early presale investors are locked in for a 233% gain in token price increases throughout the Raboo presale—and succeeding exponential growth once $RABT lists and launches on exchanges. If you’re looking for the next 100x crypto that’s still under the radar, you can’t miss out on Raboo.

Mog Coin surges to new all-time highs in May

Mog Coin has captivated investors by delivering outsized gains for early investors. In the past 30 days alone, Mog Coin has turned in a 108% profit, positioning the meme coin for continued growth in June. Currently, Mog Coin sits at a $388 million market cap, giving it some decent upside potential to do a 2x to 5x at current prices. However, it’s no longer a 100x crypto candidate at this stage of the ballgame. Nevertheless, Mog Coin still has a good runway to generate respectable gains for investors in 2024.

MEW makes a splash in cat coin sector on the rise

MEW, officially known and stylized as “cat in a dogs world,” brings a feline sensibility to the meme coin sector headlined by dog-themed coins. A beneficiary from the hot meme coin speculation on Solana, MEW features a total supply of 88.8 billion tokens in circulation. MEW’s deflationary tokenomics burns 90% of the project’s liquidity pool tokens to keep prices stable. This strategy has drawn investors across the cryptosphere, causing MEW tokens to pump by almost 500% shortly after its launch in April 2024. MEW’s early success has seen it blow up to a $430 million market capitalization, which gives it limited upside like Mog Coin compared to newer 100x crypto candidates like Raboo.

The final word

While MEW and Mog Coin have delivered outsized gains for early investors, both meme coins’ market caps are already approaching half a billion. That gives them a potential 2x-10x gain from this point. However, low-cap gems like Raboo come once in a blue moon—and YOU could get in the early action at the absolute lowest buy-in by joining the presale.

You can participate in the Raboo presale here.

Telegram
Twitter

Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

5 Best Upcoming Crypto To Buy Now: Journey From Rags To Riches

Esra Zuhal
-
0
5 Best Upcoming Crypto To Buy Now: Journey From Rags To Riches

Embarking on the cryptocurrency journey can feel like navigating through uncharted waters, with the promise of untold riches luring many to set sail. While Bitcoin and Ethereum have long dominated the seas of digital currency, newer players are emerging, offering tantalizing opportunities for investors to ride the waves from rags to riches. This article will highlight the five most promising upcoming cryptocurrencies that could potentially change your financial landscape. From innovative technologies to visionary teams, these coins are poised to make a splash in the ever-evolving crypto market. So, fasten your seatbelts as we take an in-depth look at the next big contenders in the crypto sphere.

5 Best Upcoming Crypto To Buy Now: A snippet

Let’s begin our expedition towards the best cryptocurrencies out there. Invest wisely to make profits; this article will guide you through your journey from rags to riches.

  1. 5thScape (5SCAPE)
  2. DarkLume (DLUME)
  3. Quantum Quartz (QQZ)
  4. Meme Kombat (MK)
  5. Render (RNDR)

Reviewing The Cryptocurrencies That Will Make You Wealthier In 2024

All trading enthusiasts do not have a big dime to invest in cryptocurrency trading. For those looking to make a fortune with less investment must read on to know the details of the potential wealth generating projects in 2024.

  • 5thScape (5SCAPE)

5thScape stands out as a beacon of innovation and potential in the vast ocean of cryptocurrencies. At its core, 5SCAPE isn’t just a cryptocurrency; it’s a revolutionary concept reshaping how we perceive virtual reality (VR) and blockchain integration. The brainchild of a team of visionaries, 5SCAPE aims to create a virtually interactive metaverse where users can interact, trade, and build without constraints. Imagine stepping into a digital utopia where the only limit is your imagination – that’s the promise of 5SCAPE.

Click here to visit the Presale Page of 5thScape

What sets 5SCAPE apart is its seamless integration of blockchain technology with immersive virtual experiences. By leveraging blockchain for secure transactions and ownership verification within the metaverse, 5SCAPE paves the way for a new era of digital interaction.

With its visionary team and groundbreaking technology, 5SCAPE has garnered attention from investors and tech enthusiasts alike. Its potential to disrupt multiple industries, from gaming to healthcare, makes it a compelling investment opportunity for those willing to ride the wave of innovation.

  • DarkLume (DLUME)

As we delve deeper, we encounter DarkLume – the epitome of interaction and gaming in the digital realm. Built on cutting-edge VR technology, this venture ensures complete anonymity for its users while facilitating fast and efficient transactions.

In an era where entertainment is paramount, DarkLume’s emphasis on its virtually interactive landscape makes it a torchbearer of trust in cyberspace. 

Click Here To Visit DarkLume VR

Whether it’s capitalizing your funds or living a luxurious life within virtual worlds, DarkLume provides a sanctuary for those seeking refuge in the world of fantasies. The project allows seamless transactions within the ecosystem by pairing VR elements with blockchain. DLUME, its native currency, is a versatile asset that processes all transactions. Partake in the ongoing presale to reap maximum benefits.

  • Quantum Quartz (QQZ)

QuantumQuartz aims to revolutionize transaction processing and data storage by harnessing the power of quantum mechanics. Traditional blockchain networks often need help with scalability issues, limiting their potential for mass adoption. However, QQZ offers a glimpse into a future where blockchain technology can support widespread usage without compromising on performance. Thanks to its quantum-enhanced consensus mechanism, the ability to process vast amounts of data at lightning speed sets this project apart from others in the category. This scalability and robust security features make QQ a compelling choice for enterprises and developers alike.

  • Meme Kombat (MK)

Meme coins have captivated the crypto community with their blend of humor and speculative potential. Meme Kombat embraces this trend, integrating meme culture with engaging play-to-earn mechanics. This unique cryptocurrency provides a fun and community-driven experience and introduces innovative gaming elements that reward users for their participation. With its lighthearted approach and potential for viral popularity, Meme Kombat stands out in the crowded meme coin market, appealing to both casual users and dedicated gamers.

  •  Render (RNDR)

Decentralized GPU rendering offers a transformative approach to creative processes, allowing artists and developers to leverage collective computing power. Render (RNDR) stands out in this space by providing a decentralized network that facilitates efficient and cost-effective rendering services. This enables creators to produce high-quality graphics and animations without expensive hardware. Render’s integration with major content creation platforms and partnerships with industry giants enhance its appeal, making it an attractive option for professionals seeking innovative and scalable rendering solutions.

Final Words On The Best Upcoming Crypto To Buy Now

After navigating through a number of cryptocurrencies, we recommend one that outshines the rest of the cryptos – 5thScape. With its visionary approach to virtual reality and blockchain integration, 5SCAPE transcends traditional boundaries, offering investors a chance to not only ride the wave of financial success but also shape the future of digital interaction. So, seize the opportunity and journey towards riches with 5thScape – the best next crypto of the decade. So, strap in and get ready to navigate the crypto seas – the journey from rags to riches awaits.

Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Dogecoin Price Plunges to 40-Day Low, Here’s What to Expect

Mark Brennan
-
0
Dogecoin Price Plunges to 40-Day Low, Here’s What to Expect

Dogecoin’s price was below the $0.000014 mark on June 11 as bears forced the downtrend to 40-day lows, but on-chain data trends signal cooling selling pressure.

Dogecoin Price Hits 40-Day Low

The global memecoin markets have received a fair amount of traction in the recent weeks. But curiously, a rare trading pattern has emerged which has seen investors shift focus toward mid-range memes at the expense of mega-cap assets like Dogecoin (DOGE) and Shiba Inu (SHIB).

Dogecoin price action | DOGE/USD | TradingView
Dogecoin price action | DOGE/USD | TradingView

The chart above shows that Dogecoin price downtrend is now approaching danger zones. Since the downtrend began around May 26, DOGE price has now lost 22.54%, as it tumbled below $0.0137 at the time of writing on June 11.

Similar to SHIB, DOGE price has been stuck in a downward trajectory to since the last week of May. Meanwhile the likes of PEPE scored new all-time highs, and Floki Inu (FLOKI) also recorded significant gains in the aftermath of the Ethereum ETF approval.

As Dogecoin price struggles for momentum, on-chain data shows that existing holders are now growing increasingly unwilling to sell.

DOGE Long-term Holders Have Cut Selling Pressure by 98% This Week

After nearly two weeks of intense bearish pressure, recent on-chain data trends suggest that DOGE sellers are now showing fatigue signals. If sustained, this move could possibly spark a rebound phase in the days ahead.

Santiment’s Age Consumed chart tracks the intensity of selling pressure coming from long-term investors. It multiplies the total daily number of DOGE coins traded by the number of days since they were last moved.

Essentially the Age Consumed metric spikes when a large number of long-term holders are actively selling, and it declines when the selling pressure cools.

Dogecoin price vs. DOGE Age Consumed | Santiment 
Dogecoin price vs. DOGE Age Consumed | Santiment

As illustrated above, Dogecoin Age Consumed hit 663 billion on June 7, sparking the latest wave of price dips recorded during the crypto market crash in the aftermath of the US Non-Farm Payrolls data released on Friday.

But this week, the Dogecoin selling pressure has cooled off considerably. The latest data shows that DOGE Age Consumed only reached 11 billion on June 11, marking a whopping 99% decline from last week’s peak selling activity.

This suggests that with Dogecoin prices now trending at 40-day lows, the majority of long-term holders are now unwilling to sell at the current unfavorable prices.

Dogecoin Price Forecast: $0.13 Support to the Rescue

Drawing insights from the Dogecoin on-chain data analysis above, DOGE’s price could be on the verge of a major rebound phase if the 98% decline in selling activity persists.

The Bollinger band technical indicator also affirms this optimistic DOGE price forecast.

Dogecoin Price Forecast (DOGE/USD)
Dogecoin Price Forecast (DOGE/USD)

As seen above Dogecoin price has now slipped below the critical support level at $0.14. Strategic investors on the sidelines could consider it positive signal that the bottom is near and start to enter new positions in the days ahead.

In effect, Dogecoin price now looks likely to hold firm at the $0.013 support level as the week unfolds.

Analyst Projects $173K as Bitcoin Next Target After $66K Retest

Abdulkarim Abdulwahab
-
0
Analyst Projects $173K as Bitcoin Next Target After $66K Retest

Amid the ongoing Bitcoin correction, analyst EGRAG identifies $173K as the next target, citing historical observation backing a potentially bullish July.

While Bitcoin traded above $70,000 within the last 24 hours, the premier asset has since collapsed significantly, hitting a new daily low of $66,741. This retracement has also led to a decline in the broader altcoin market, particularly affecting meme coins.

Meanwhile, prominent voices continue to emphasize that the bullish trend is ongoing, seeing the dips as another buying opportunity. The optimism stems from various factors, particularly historical data, as Bitcoin’s cycle movement often reflects past trends.

Bitcoin Mirroring 2017 Bull Trend

In his latest on Bitcoin, analyst EGRAG reiterated his long-standing belief that BTC’s current trend echoes its 2017 pattern, especially during a crucial consolidation phase.

He pointed out that in 2017, Bitcoin experienced four months of consolidation around the Fibonacci 1.0 level. Per the update, this accumulation stage was followed by a dramatic surge in the fifth month.

EGRAG emphasized that Bitcoin is currently exhibiting a similar pattern, with four monthly candles consolidating around its previous all-time high.

Notably, Bitcoin set a new ATH of $73,650 in March but has been on a downtrend since, struggling to re-enter and sustain the $70,000 threshold.

$173K Seen as BTC’s Next Target

Meanwhile, the analyst predicts that Bitcoin will not experience a breakthrough yet this month. He mentioned that while the consolidation will linger in June, it would set the stage for an explosive July. 

EGRAG forecasts that this rally could propel Bitcoin to a peak of around $173,000, which he considers the asset’s next stop. At press time, Bitcoin was trading at $66,923. Accordingly, a surge to $173K requires a 158% price growth.

Notably, analyst Rekt Capital has echoed EGRAG’s sentiment. However, he projected September as the ideal date for a breakout, banking on historical data.

Will it Be Up Only Soon?

Meanwhile, amid these breakout anticipations, on-chain analyst Ali Martinez has urged caution. Martinez recently highlighted historical data showing that Bitcoin typically experiences bearish performances in the third quarter of the year, with an average return of 6.49% and a median return of negative 2.57%.

However, this historical observation has not invalidated his near-term optimism for Bitcoin. In a previous update, he argued that the next potential local top for BTC could be around $89,200, a prediction made when the asset was still in the $70,000 range.

In a more recent update, Martinez highlighted an incoming relief rally from the ongoing dip. He noted that the TD Sequential technical indicator had presented a buy signal on Bitcoin, predicting a potential rebound of one to four candlesticks.

Bitcoin and Cardano Top Trending List with Market and Development Buzz

Zabi
-
0
Bitcoin and Cardano Top Trending List with Market and Development Buzz

Santiment reports Bitcoin (BTC) and Cardano (ADA) lead crypto discussions due to market dynamics and updates, with mixed sentiment from the community.

Bitcoin and Cardano have emerged as the most talked-about cryptos, per updates by market intelligence platform, Santiment. These coins have captured significant social interest due to ongoing developments and market dynamics.


Cardano’s Smart Contract NFTs and Upcoming Updates

Cardano is at the forefront of social interest largely due to discussions around its smart contract NFTs and the potential update set to introduce greater network decentralization. 

The sentiment towards Cardano is similarly balanced between optimism and skepticism. Bearish views are focused on concerns about the project’s founder, Charles Hoskinson, and competition with other projects like Ethereum and BitShares. Doubts persist about Cardano’s ability to deliver on its promises.

However, the bullish sentiment remains robust, driven by strong community support, continuous development, and a focus on scalability, interoperability, and sustainability.

Significant movements of ADA to single pool operators have also been noted. Cardano is poised for a pivotal month, with the upcoming update to node version 9.0, paving the way for the much-anticipated Chang fork.

Bitcoin Market Cap and Sentiment Analysis

Elsewhere, Bitcoin is currently experiencing a fierce battle between bulls and bears around the $70,000 level. Its market cap stands at $1.377 trillion, a figure being closely compared to Apple’s $2.998 trillion. The sentiment surrounding Bitcoin is a mix of bullish and bearish perspectives.

On the bearish side, there are concerns about the strength of the US Dollar index (DXY) potentially leading to a decline in Bitcoin and Ethereum prices. Discussions also highlight the comparison between the market caps of Bitcoin and Ethereum. 

Conversely, the bullish sentiment is fueled by positive price actions suggesting a potential parabolic move, Bitcoin’s consolidation at its 2021 all-time high, a reduced supply on centralized exchanges, and strong community support.

Community Reactions

The crypto community has shown a positive response to Cardano’s developments. Enthusiasts emphasize the platform’s strong fundamentals, brand strength, real-world use cases, decentralization, and active developer community.

Comments highlight that Cardano and Bitcoin make a great pair, with the potential for smart contracts on Bitcoin being supported via Cardano.

These discussions come on the heels of Charles Hoskinson’s remarks on what he considers the most significant milestone in Cardano’s history. The June update is expected to bring substantial advancements especially in the area of decentralization.

Peter Brandt Identifies Ethereum Head and Shoulders Top, Prices at Risk of Further Dips

Sam Wisdom Raphael
-
0
Peter Brandt Identifies Ethereum Head and Shoulders Top, Prices at Risk of Further Dips

Market Veteran Peter Brandt calls attention to a head and shoulders pattern on the Ethereum chart, indicating higher chances of further price dips from this level.

Brandt’s disclosure coincides with a correction recorded by Ethereum (ETH) on the back of a broader market-wide collapse. Notably, this latest correction follows a previous price surge from Ethereum, which allowed it to retest the pivotal $3,900 price threshold on June 5. 

After the retest, the bears took control of the scene. The bearish pressure was triggered by a similar price correction witnessed by Bitcoin (BTC), the leading crypto asset. As Bitcoin crashed below the $68,000 territory, the rest of the market has collapsed, resulting in Ethereum’s drop to the lower portion of the $3,500 zone.

Ethereum Forms a Head and Shoulders Pattern

Despite this recent price decline, chart data confirms that Ethereum remains in an uptrend. However, the formation of the head and shoulders structure, as identified by Brandt, could lead to a reversal toward the downside. A head and shoulders pattern occurs when an asset witnesses three price tops, with the middle one higher than the first and last ones.

One feature of this pattern is that each of the three price tops comes before a substantial drop. Notably, the middle top price represents the head, while the first and second tops represent the shoulders. Analysts confirm the formation of the structure when the price dips below the neckline.

In Brandt’s chart, Ethereum dropped below the neckline when it crashed to $3,501 today. Despite a recovery to $3,540, ETH remains below the neckline. While Brandt identified the head and shoulders pattern, he stressed that the formation is still arguable, suggesting an uncertainty. This indicates that the pattern could be invalidated.

A Possible Price Drop

However, should the formation prevail, Ethereum is likely to record further price dips due to a bearish trend reversal. Crypto analytical account Knepala further confirmed that ETH does not show strength on the daily timeframe, calling attention to multiple momentum indicators. 

Ethereum Technicals Show Failing Strength
Ethereum Technicals Show Failing Strength | Knepala

For instance, the Relative Strength Index (RSI), a momentum oscillator for assessing the strength of Ethereum’s price movements, has collapsed. The RSI has dropped sharply to 44 amid the price slump. Such a sharp decrease confirms that the selling pressure is high and the downward push is strong.

Meanwhile, in the derivatives market, Ethereum is witnessing a surge in volume and a drop in long positions. Per Coinglass data, volume has skyrocketed 156% to $28.35 billion, while the long/short ratio has dropped to 0.8965, indicating an increase in short positions, as traders bet on further declines.

Ethereum Derivatives Market Coinglass
Ethereum Derivatives Market | Coinglass

Ethereum currently changes hands at $3,529 as of press time, down 3.8% over the last 24 hours. CryptoQuant author ShayanBTC revealed that the Taker Buy Sell Ratio has also plummeted below 1, suggesting that bears are aggressively selling. According to him, if this metric does not pick up, ETH could see further drops in the short term.

Avalanche Price Forecast: Can this $150M Signal Keep AVAX above $30?

Mark Brennan
-
0
Avalanche Price Forecast: Can this $150M Signal Keep AVAX above $30?

Avalanche price dropped below $31.50 on Tuesday , June 11, reflecting a 25% decline in the last 20-trading days, vital on-chain trends suggests growing fatigue among AVAX short-term sellers.

Ethereum ETF Approval Sends Avalanche Price into 25% Decline

Avalanche price has struggled for traction in recent weeks. The AVAX markets turbulence can be traced back to the news of spot Ethereum ETFs reported by Bloomberg analysts on May 21.

Following the negative swing in US Non-Farm data, the bearish pressure on Avalance price action has further intensified.

Avalanche price action since Ethereum ETF approval | AVAX/USD | TradingView
Avalanche price action since Ethereum ETF approval | AVAX/USD | TradingView

As seen in the chart above, AVAX price has slid below $32 mark at the time of writing on June 11, trending at 25-day lows. A closer look at the chart show that AVAX is now on the verge of losing the long-term support level at $30.

But curiously, after nearly 20 days on the back foot, on-chain data shows that Avalanche holders are now growing increasingly unwilling to sell. While the overall sentiment within the ecosystem is still overwhelmingly bearish, this move could trigger a rebound phase in the coming days.

Investors Have Staked AVAX Worth $150 Million Amid Price Dip

Clearly, bears have dominated the AVAX markets since the Ethereum ETF approvals news first broke on May 21. Paper-hand swing traders exited their AVAX positions to seek profitable options within the Ethereum ecosystem ahead of the ETF launch.

However, some core Avalanche investors and node validators have been doubling down, staking their AVAX coins rather than selling into the market FUD (Fear Uncertainty and Doubt)

The chart below tracks real-time changes in the number of AVAX coins deposited with the PoS staking smart contracts. An increase in staking often suggests bullish sentiment and long-term optimism among node validators and vice versa.

Avalanche price vs. AVAX Staking Trends
Avalanche price vs. AVAX Staking Trends

As illustrated by the blue trend line inthe chart above, investors held a total of 260.3 million AVAX in staking contracts as of May 22. But as the price downtrend intensified, resilient investors began to stake more coins.

At the time of writing on June 11, the total staked AVAX now stands at 265.4 million AVAX. This essentially means that investors and node validators have staked 5.1 million AVAX in the 20 trading days between May 22 and June 11.

An increase in staking deposits during a price downtrends is often interpreted as a bullish rebound signal for a few reasons. Firstly, by locking up coins in staking contracts, investors essentially reduce the available short-term market supplies, there by cooling the selling pressure.

Valued at the current prices the 5.1 million newly-staked AVAX are worth approximately $150 million on the open market.

More so, it shows that the most aggressive sellers may have exited, while the majority of the current holders are now seeking to tide over the bearish period with passive income from staking.

In summary, by locking a large amount of AVAX within a short period, the node validators could significantly reduce the bearish pressure on Avalanche price action in the days ahead.

AVAX Price Forecast: $30 Support to Stand Firm?

Avalanche price has reached a 20-day low of $31.47 at the time of writing on June 11, down 25% from peaks recorded on May 21. However, the dwindling market supply amid the $150 million staking deposits could set the stage for AVAX price to enter a bullish reversal from the $30 support level.

 

Avalanche price forecast (AVAX/USD)
Avalanche price forecast (AVAX/USD)

The Bollinger band technical indicator further affirms the bullish price forecast. It shows that AVAX price is on the verge to hitting the lower-limit band at $31.45.

If that key support level holds as predicted, Avalanche price will likely rebound towards $35 in the days ahead.

On the flip side, AVAX bulls could mount the next support buy-wall at the $25 psychological support if the $30 support caves.

Ripple Hires New SVP for Stablecoin Launch Amid Standard Custody Acquisition 

Lele Jima
-
0
Ripple Hires New SVP for Stablecoin Launch Amid Standard Custody Acquisition 

Ripple makes a major push toward launching its USD-backed stablecoin following the appointment of Standard Custody CEO Jack McDonald as its Senior Vice President (SVP) Stablecoins.  

In an exciting development, Ripple has appointed Standard Custody CEO Jack McDonald as Senior Vice President (SVP) Stablecoins. 

Ripple made this known in a press release today while announcing the acquisition of Standard Custody & Trust Company.  Despite the appointment, Ripple disclosed that McDonald will continue to fulfill his duties as CEO of Standard Custody. 

The development comes over two months after Ripple announced plans to launch a USD-backed stablecoin on the XRP Ledger (XRPL) and Ethereum networks later this year. 

According to Ripple, the upcoming stablecoin will help bridge the gap between traditional finance and blockchain while bringing more liquidity to the XRPL’s native decentralized exchange (DEX). 

Ripple to Leverage McDonald’s Expertise for its Stablecoin Launch

McDonald’s appointment holds immense significance to Ripple, given his wealth of experience in the financial sector. According to Ripple, McDonald boasts over 30 years of experience in various financial fields, including asset management, digital assets, and investment banking.

Consequently, he is expected to use his vast financial expertise to lead Ripple’s stablecoin team and launch the company’s stablecoin into the market later this year. McDonald disclosed this in an X post today. 

In response to the development, Ripple CEO Brad Garlinghouse welcomed McDonald to the stablecoin team, emphasizing his familiarity with the XRP Ledger. The Ripple CEO is excited that McDonald will lead the company’s stablecoin initiative. 

Furthermore, Garlinghouse also expressed excitement about Ripple’s acquisition of Standard Custody, an initiative that has been in the works for several months. 

Ripple Completes Standard Custody Acquisition 

Recall that Ripple announced plans to acquire Standard Custody in February 2024. Despite finalizing the agreement, Ripple could not complete the acquisition as both parties waited for approval from the New York State Department of Financial Services (DFS). 

In its recent announcement, Ripple said it had received the necessary approval to acquire Standard Custody and has finalized the deal. 

With the Standard Custody deal finalized, Garlinghouse emphasized that Ripple completed two major acquisitions in one year, including Metaco. 

Notably, Ripple acquired Metaco in May 2023, allowing the former to onboard institutional clients for its payment solutions.  

1...1,4131,4141,415...2,667Page 1,414 of 2,667