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XRP Price Outperforms Crypto Markets as Open Interest Holds at $540M

Mark Brennan
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XRP Price Outperforms Crypto Markets as Open Interest Holds at $540M

XRP price stalled at $0.51 on May 2, 2024, and despite wobbling with the market over the past month, derivatives traders are showing remarkable resilience.

XRP price is Outperforming the Market

XRP price suffered volatile swings in April, as it recorded a 24% decline for the month. But remarkably, a closer look at the recent market activity suggests that XRP has outperformed Bitcoin, Ethereum and the broader crypto market in the last 10 days.

XRP Price Action | TradingView
XRP Price Action

Since April 23, XRP price has declined 10.1% according to the the market data depicted above.

Meanwhile, the TOTAL CRYPTOCAP chart which tracks the market capitalization of all listed crypto assets, shows a decline of 13.3% during the same 10-day timeframe between April 23 and May 2.

This essentially indicates that XRP price has outperformed the overall crypto markets by a 3% margin in the recent week.

Speculative Traders’ Optimism Behind XRP Price Resilience

Looking beyond the price charts, recent trends observed in the derivatives markets suggest optimistic speculative traders are behind XRP’s resilient price performance relative to the broader crypto sector.

Coinglass’ Open Interest chart below tracks real-time swings in the value of active futures contracts opened for a specific cryptocurrency asset.

XRP Open Interest vs. Price 
XRP Open Interest vs. Price

On April 23, XRP open interest stood at $562.3 million. At the time of publication on May 2, that figure has declined to $540.2 million, with $22 million deficit representing a 4% decline.

Meanwhile, XRP price dropped by 10.1% during the same 10-day period between April 23 and May 2.

When open interest holds steady with smaller declines compared to price, strategic investors may interpret it to be a bullish signal.

Firstly, it suggests that despite the drop in price, market participants are maintaining their positions, making hedge purchases rather than exit. This continued show of interest in XRP indicates underlying confidence among existing holders.

Secondly, the relatively stable open interest may indicate fatigue among sellers, which is often a precursor to a rebound phase.

XRP Price Forecast: Bulls to Hold $0.50 Support

Drawing inferences from the market data analyzed above, a stable open interest could keep XRP price above $0.50 in the days ahead. However, the prospect of a definitive rebound toward $0.60 still relies heavily on demand returning to the broader crypto markets.

On a positive note, the Bollinger bands technical indicator shows that XRP is currently trading just above the 20-day SMA at $0.51, giving bulls the upper hand in the near-term.

XRP Price Forecast 
XRP Price Forecast

If the bulls move to extend the recovery phase further, they could face a major resistance at $0.55, as depicted by the upper-limit Bollinger band indicator.

On the contrary, the bears could seize control if XRP loses the $0.45 psychological support. However, that outcome seems unlikely in the near term with the open interest holding steady, and a potential buy-wall mounted at the $0.48 level.

New Era of The Sports Industry. Support Young Football Players Through Tokens

Esra Zuhal
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0
New Era of The Sports Industry. Support Young Football Players Through Tokens

Blockchain Sports is the first international sports project building the future of world football, by combining advanced IoT, AI, VR, and blockchain technologies. At the beginning of the year the official presentation of the Blockchain Sports Ecosystem project gathered more than 5000 people under the roof of Coca-Cola Arena, one of the biggest indoor arenas in the Middle East.

Many world-famous football legends like Kevin Kuranyi, a German professional player, Zico and Romario from Brazilian national team, David Trezeguet, who played for the Italian national team and is a double champion of France and Italy, Westley Sneijder a Dutch former professional player with a record for the number of matches played, Marco Materazzi, a former player from the Italian team, and others joined the project as ambassadors and curators.

Dmitriy Saksonov, CEO of Blockchain Sports, and the team have already established three football academies in Brazil (Rio De Janeiro, Acopiara, Sobral) and scouted over a hundred talented young players from favelas to become the first digitized athletes. The project, supported by the Brazilian government, announced the launch of its custom blockchain solution, Atleta Network. Among numerous groundbreaking products, the network encompasses NFT Marketplace with digital cards representing each academy player.

These cards are created by implementing athlete tokenization. This process allows users to directly support their favorite athletes through a secure and transparent ledger via purchasing digital tokens.

How athlete tokenization works

Blockchain Sports breaks down the athlete tokenization process into five clear stages, ensuring transparency and accessibility.

Stage 1: Identifying the Stars of Tomorrow

The project employs a rigorous quality assessment process. A team of experts analyze an athlete’s performance and current skills. During games and training sessions, players wear IoT sensors that capture their statistics, such as speed, activity time, etc. This meticulous evaluation culminates in assigning a fair market value to each athlete, ensuring a balanced foundation for the tokenization process.

Stage 2: Building trust. Partnering with the athletes’ organizations

Transparency is paramount. The athlete’s affiliated organization plays a vital role by providing verified data and endorsing the tokenization. This ensures the legitimacy and qualifications of the athletes, fostering a secure and trustworthy environment for all participants.

Stage 3: From player to pixel. Minting the tokens

Once verified, Blockchain Sports leverages blockchain technology. They mint unique ERC-1155 standard tokens, or simply digital cards, for each athlete. These tokens represent ownership and a connection to the athlete’s journey.

Stage 4: Balancing the ecosystem

Accessibility is key. Blockchain Sports strategically issues the tokens, offering 20% to the public. This ensures widespread participation within the ecosystem. The remaining 80% are securely stored in an escrow, specifically allocated to create liquidity pools. These pools guarantee a robust marketplace for future trading, allowing users to easily buy, sell, and trade their athlete tokens.

Stage 5: The Initial Athlete Offering (IAO)

The grand finale arrives with the IAO. This pivotal event allows users to start purchasing tokens of their chosen athletes.

BCSports’ athlete tokenization isn’t just about a new financial instrument; it’s a game-changer for the entire sports industry. Traditionally, athlete investment was an exclusive club for institutions and the wealthy. Now, passionate users can finally join the game, directly supporting their favorite players and sharing in their triumphs.

For athletes, tokenization breaks free from the limitations of traditional sponsorships. They can directly connect with their fan base, monetizing their talent and building a deeper connection with their supporters.  This system also empowers athletes with greater transparency and control over how they’re marketed.

The impact goes beyond individual athletes and users.  A dynamic new ecosystem is emerging within the sports industry. Organizations gain powerful tools for fan engagement and revenue generation, while sponsors unlock targeted partnerships with tokenized athletes, reaching a passionate and highly engaged audience.

Join the movement

Visit Our Website to learn more about  academies, athlete partnership  and upcoming products.

Watch exclusive athlete training content on instagram

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Can Developers Create XRP out of Thin Air? XRPL Validator Provides Insight

Abdulkarim Abdulwahab
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Can Developers Create XRP out of Thin Air? XRPL Validator Provides Insight

Recently, Vet, an XRP Ledger dUNL validator, explored the speculative scenario of individuals minting XRP tokens out of nowhere. 

In a post on X, Vet asked community members whether it was possible to generate new XRP tokens out of thin air.

Creating XRP out of Thin Air

Notably, this hypothetical scenario assumes the emergence of a bug in the XRPL system that developers could leverage to mint XRP tokens they are not authorized to possess. Given that the XRPL validator was not frankly soliciting public input on the possibility, he provided the answer promptly.

Vet stated that if someone were to discover a bug enabling the creation of XRP out of thin air, the transaction would fail. In particular, the system would raise the “tecINVARIANT_FAILED” error message.

How XRPL Invariant Checker Works

Notably, the Invariant Checker is one of the security features of XRPL. It comprises a series of checks, distinct from regular transaction processing, to ensure that specific functions remain valid across all transactions.

XRPL developers created this mechanism to guarantee the blockchain’s integrity from yet-to-be-discovered bugs or even those intentionally introduced by bad actors. 

The invariant checker operates automatically following each transaction. It scrutinizes the transaction’s details for accuracy before confirming its outcomes on the ledger.

Specifically, the XRPL invariant checker assesses transaction fees, account roots not deleted, XRP balance, ledger entry types match, trust lines, bad offers, no zero escrow, and valid new account root.

Should the transaction results violate any of the XRPL’s regulations, the invariant checker declines it with the “tecINVARIANT_FAILED” result.

Furthermore, the XRPL validator noted that this exception serves as the final safeguard that prevents corruption on the public XRP blockchain.

Interestingly, the Bitcoin network itself fell victim to a bug which resulted in this issue. In August 2010, an attacker exploited the vulnerability in the network to mint 184 billion BTC, earning the bug the title “184 Billion Bitcoin Bug.” Bitcoin’s anonymous creator Satoshi Nakamoto fixed the issue after five hours.

Invariant Checker with XRPL AMM

In response to Vet’s update, a commenter inquired about the situation before the Invariant Checker was added to the fix for the recently resolved AMM bug.

In reply, Vet clarified that the security checker existed during the AMM development, but it did not make it into the release. However, the RippleX team acknowledged the oversight and rectified it.

Moreover, the XRPL validator noted that with the additional safety measures now in place, such oversights are less likely to occur, which he considers a positive development.

Pro-XRP Attorney Corrects Congress on Misconceptions Surrounding Ethereum Classification as Security 

Lele Jima
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Pro-XRP Attorney Corrects Congress on Misconceptions Surrounding Ethereum Classification as Security 

Attorney Morgan says the SEC is not classifying Ethereum as a security but investigating whether certain transactions involving the offer and sale of ETH constitute investment contracts. 

Renowned XRP advocate and lawyer, Bill Morgan, has taken to X to correct Congress on misconceptions surrounding the classification of Ethereum as a security. 

Congress Labels SEC Actions Toward Ethereum as Contradictory 

Attorney Morgan made the correction while reacting to an X post by the U.S. House Committee on Financial Services claiming that the Securities and Exchange Commission (SEC) classified ETH as a security. 

The committee, which oversees the U.S. financial services industry, stated that the SEC’s attempt to give ETH the securities tag contradicts previous statements made by its chairman, Gary Gensler, regarding the regulatory status of the second-largest cryptocurrency. 

For context, during a congressional hearing last year, Gensler refused to respond to inquiries about whether ETH is security. 

The Republican arm of the Financial Services Committee emphasized its dedication to holding the SEC accountable for its perceived regulatory overreach. 

Pro-XRP Lawyer Corrects Congress 

As expected, the development elicited reactions among crypto proponents with Attorney Morgan correcting Congress’ misconception about the matter. 

Morgan clarified that the SEC is not moving to classify ETH as a security. Instead, the regulatory agency is investigating whether specific transactions involving the offer and sales of ETH constitute investment contracts. 

The pro-XRP lawyer highlighted the need for Congress to identify the difference between classifying an asset as a security and investigating whether certain transactions involving the asset qualify as securities. 

He criticized the policymakers for failing to read the summary judgment decision in the SEC v. Ripple lawsuit. According to Morgan, the ruling judge held that a token in itself is not a security, but certain transactions involving the token may be an investment contract. 

In particular, the judge Analisa Torres ruled that XRP in itself is not a security. However, she declared that Ripple violated securities law when it offered and sold XRP to institutional clients. 

Similarly, the SEC’s investigation focuses on whether certain ETH transactions constitute securities. 

Consensys Moves to Stop SEC From Giving ETH the Security Tag  

News about the investigation went viral in March after Forbes reported that the SEC had issued a subpoena to the Ethereum Foundation. 

Prior to issuing a warrant to the Ethereum Foundation, the SEC also subpoenaed other top U.S.-based crypto businesses regarding its investigation. 

With all indications pointing to the SEC’s efforts to put ETH under its regulatory purview, Consensys, a private blockchain firm and major Ethereum supporter, sued the regulatory agency in a Texas federal court last month. Consensys aims to stop the SEC from classifying ETH as a security. 

Shiba Inu Price Forecast: This $120M Signal Could Decide the Next Move

Mark Brennan
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Shiba Inu Price Forecast: This $120M Signal Could Decide the Next Move

Shiba Inu price sank toward $0.000020 on Thursday May 2, reflecting a 26% free fall in the last 10 days, with trading volume trends suggesting more downside ahead.

Shiba Inu Records 25% Freefall in 10-days

Shiba Inu has dominated media headlines in April for various bullish events, ranging from a $12 million fundraise for critical network development to the 1.7 billion token burns during the month. But curiously, the SHIB token’s short-term price action has not benefitted demonstrably from these events’ positive tailwinds.

Shiba Inu (SHIB) Price action | TradingView 
Shiba Inu Price Action

After the buzz generated by the ecosystem team’s $12 million fundraise in last month, Shiba Inu price failed to sustain the uptrend. Since April 23, SHIB price has been in a 26.74% free fall, dropping as low as $0.000020 on May 1.

Shiba Inu Trading Volume Surges $127 million Amid 16% Price Dip

At press time on May 2, Shiba Inu is exchanging hands for $0.000023 per token, having staged a mild 2% recovery within the daily timeframe. However, vital market trends suggest that the bulls are unlikely to maintain the upward trajectory in the near-term.

Shiba Inu’s trading volume trends illustrated in the Santiment chart below tracks the dollar value of all SHIB transactions executed on a given day.

Shiba Inu Trading Volume vs SHIB Price | Santiment 
Shiba Inu Price vs SHIB Trading Volume | Santiment

On April 28, Shiba Inu recorded a $44.1 million trading volume, its lowest in 70 days, dating back to Feb 25. But, on a more worrying note, the latest data shows SHIB trading volume hit $171.2 million on May 1, which represents a $127 million surge from the 70-day low recorded last week.

Typically, a surge in trading volume is often attributed to increased demand and market participation. But in rare cases, when the trading volume surge coincides with a rapid price downsizing as observed in SHIB chart above, strategic investors consider it a bearish signal for two main reasons.

First, it suggests that the increased trading activity may be driven by panic selling or profit-taking, rather than genuine buying interest. Secondly, the negative divergence between trading volume and price movement may indicate a lack of sustainable support for the asset’s price, potentially leading to further downward pressure in the short term.

SHIB Price Forecast: $0.000020 Support Now at Risk

Shiba Inu’s 26% price dip in the last 10 days has coincided with a $127 million surge in trading volume. This rare market signal suggests SHIB price could be at risk of losing the critical $0.000020 support in the near term.

The Bollinger bands indicator further affirms this bearish Shiba Inu price forecast. It shows that despite the mild 1.34% daily rebound on May 2, SHIB is still trading below the 20-day SMA price, signaling that the bears are still firmly in control of the short-term market trend.

Shiba Inu SHIB Price Forecast
Shiba Inu Price Forecast

Within the current dynamics, the bears could stage a major price breakdown towards $0.000015 if SHIB fails to hold the key support territory of $0.0000204 as depicted by the lower-limit Bollinger band.

On the flip side, in the event of a positive swing in market momentum, Shiba Inu bulls must scale the $0.000028 resistance level to regain the driving seat.

 

Ethereum Records 267K New Wallets, the Highest in Nearly 2 Years

Albert Brown
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0
Ethereum Records 267K New Wallets, the Highest in Nearly 2 Years

Despite the ongoing price dip, Ethereum sees record wallet growth with 267K new addresses on April 28 and 29, the highest since October 2022.

Ethereum has witnessed a significant spike in new wallets hosted on the network, marking a notable resurgence in interest amidst a general market downturn. 

According to data shared by Santiment, a blockchain analytics firm, nearly 267,000 new Ethereum wallets were set up on April 28 and 29. This is the largest two-day increase observed since early October 2022, suggesting a robust expansion of the Ethereum network. This growth occurs in contrast to Ethereum’s recent price dip.

Despite the economic uncertainties and fluctuating market conditions, Ethereum continues to attract a diverse array of users. This surge in new wallets could potentially be linked to ongoing developments, such as improvements in scalability and security through its continued upgrades.

Another analysis by CoinMarketCap reveals an uneven spread of Ethereum across different addresses. The vast majority of Ethereum addresses, approximately 97.49%, hold between $0 and $1,000 worth of the cryptocurrency. 

Only a small fraction, 2.40%, hold between $1,000 and $100,000, with the remaining 0.10% of addresses holding over $100,000 in Ethereum. This data indicates that while a few hold large amounts of Ethereum, most users possess relatively small balances.

Ethereum Addresses by Holdings
Ethereum Addresses by Holdings | Santiment

Whale Movements and Influence

Despite their limited numbers, Ethereum whales control a substantial portion of the total holdings. According to data from Clank, a whale tracking platform, whales hold about 40.75% of Ethereum’s total circulating supply. These large holders play a role in Ethereum’s market dynamics, capable of influencing price movements significantly.

ETH Whale of the Day
ETH Whale of the Day | Clank

Clank’s data further shows that the average holdings of these whales amount to 9,839,698 ETH, valued at $3.66 million. This sizable influence is also evident in the “Whale of the Day” transaction within Binance, where an internal transfer of over $45 million worth of Ethereum occurred.

Holding Patterns Among Ethereum Investors

The holding time for Ethereum varies significantly among different addresses. According to the latest data, a large majority, 74.43%, are long-term holders, which reflects a strong confidence in the potential future value of Ethereum. 

Ethereum Addresses by Time Held
Ethereum Addresses by Time Held

Medium-term holders, or “Cruisers,” make up 21.31%, while only a small percentage, 4.26%, are classified as “Traders” who hold their positions for shorter durations. 

Despite a price decline of 3.80% over the last week, Ethereum is still performing relatively well compared to the broader cryptocurrency market, which saw an average decline of 8.80%. As of today, the price of ETH stands at $2,992, with a total market capitalization of $355.6 billion.

BlockDAG Adds Shiba Inu as Payment Option for Its Native Token

Albert Brown
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0
BlockDAG Adds Shiba Inu as Payment Option for Its Native Token

BlockDAG recently expanded the payment options for its native token BDAG to include a plethora of digital assets, including Shiba Inu, Bitcoin, XRP and Cardano, among others. 

In an effort to cater to the diverse preferences of its users, BlockDAG has introduced a range of new cryptocurrencies as payment options for those looking to procure BDAG. They aim to enhance accessibility and convenience for prospective investors.

Traditionally, cryptocurrencies like Bitcoin, Ethereum, and Solana have dominated the landscape. However, BlockDAG is challenging this status quo. Now, users can utilize popular coins such as BTC, USDT (Tron), Doge, SHIB, Solana, XRP, Polygon (MATIC), Kaspa, Fantom, and Cardano to procure its native token currently in pre-sale. 

Catering to Investor Preferences

With over $22 million secured in presale funds and a promise of $100 million in liquidity, BlockDAG is allegedly capturing the attention of investors beyond the traditional Bitcoin and Ethereum enthusiasts. 

For instance, its blend of blockchain and Directed Acyclic Graph (DAG) technologies, as outlined in DAGPaper V2, is enticing investors seeking alternative opportunities in the crypto space. Ultimately, by accommodating a variety of cryptocurrencies, BlockDAG ensures that users can transact seamlessly according to their preferences. 

The Mobile Mining Advantage

BlockDAG’s approach extends beyond payment options. The introduction of mobile mining through the BlockDag X1 miner overhauls crypto mining by leveraging the power of smartphones. With no need for specialized hardware or excessive energy consumption, users can effortlessly mine BDAG coins directly from their mobile devices. 

With a total supply of 150 billion coins and a halving event every 12 months, BlockDAG implements measures to manage growth responsibly and prevent excessive inflation. 

Pundit Highlights Alleged Partnership Between Ripple and Citibank

Abdulkarim Abdulwahab
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0
Pundit Highlights Alleged Partnership Between Ripple and Citibank

Prominent XRP community figure WrathofKahneman (WoK) recently unearthed a document suggesting Ripple worked alongside Citibank to develop a private solution for cross-border transactions.

The paper was written by Bheema Shanker Neyigapul of the Department of IT at Jawaharlal Nehru Technological University, Hyderabad India. It was titled “Reshaping Banking through Blockchain: Exploring the Future of Financial Transactions.”

Claim of Ripple and Citibank Partnership

The paper explored the revolutionary role of blockchain technology in addressing the challenges in the traditional banking sector. A cited case study of blockchain adoption in the banking sector involved a supposed partnership between Ripple and Citibank.

The university scholar highlighted Citibank’s implementation of blockchain solutions to enhance its cross-border payment services. The key aim was to minimize settlement times and expenses linked to international remittances.

Meanwhile, the research paper highlighted that Citibank initiated the blockchain project in collaboration with Ripple. The purported partnership aims to develop a private blockchain network specifically for cross-border payments. 

Allegedly, this platform facilitated immediate transfers between participating institutions, removing intermediaries and boosting real-time settlement.

Furthermore, the paper suggested that among the outcomes of the Ripple-Citibank implementation was a notable improvement in transaction speed. It claimed that Citibank’s cross-border payment system reduced processing times from days to seconds. 

Additionally, it cited that Citibank achieved significant cost savings, resulting in reduced fees. The firm supposedly enhanced transparency by giving customers real-time visibility into their transactions’ status.

Opposing Realities 

While these claims are valid for Ripple’s cross-border payment solution to banks, there are significant grounds for suspicion regarding where such implementation ever occurred with Citibank.

For instance, the paper authored by the university researcher was published on August 4, 2023. Interestingly, this pre-dates the official unveiling of Citibank’s move to adopt blockchain solutions to improve settlement transactions. 

Specifically, Citibank announced a blockchain-based service that enables instant transfers by tokenizing customer deposits on September 18, 2023.

Moreover, there is no known partnership between Ripple and Citibank at press time. Also, the research paper, aside from failing to cite any source, did not mention whether it was a pilot implementation or production.

These inconsistencies have raised significant questions from XRP community members regarding the genuineness of the report.

Ripple CEO’s Remark on Citi Partnership

Moreover, during an interview in 2019 Ripple’s CEO Brad Garlinghouse stated that Citibank would likely be the last customer Ripple ever signs up. He attributed the perception to Citibank’s significant vested interest in maintaining the status quo and not embracing change.

This essentially negates the view that Ripple and Citibank might have been working underground to address cross-border payment solutions. 

However, a lot has changed in the last five years. Citibank has adopted blockchain solutions; similar steps are observable with financial behemoths like JPMorgan.

It is worth mentioning that the academic report was tagged “preprint.” A preprint is a version of the article that the author made available before its formal publication in a peer-reviewed journal.

Nonetheless, nine months after this report, recent realities have failed to confirm that Ripple is indeed working with Citibank.

Ethereum Price Dips Below $3k after US Fed Rate Announcement

Mark Brennan
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0
Ethereum Price Dips Below $3k after US Fed Rate Announcement

Ethereum price dipped below the $3,000 mark on Tuesday May 2, 2024 after bulls failed to build on the 9% weekend rebound that saw ETH soar as high as $3,300 on April 28, but recent whale activity offers a glimmer of hope.

Ethereum Price Surrenders Weekend Gains after Fed Rate Announcement

Ethereum price showed early recovery signs last weekend, as the bulls engineered a 9% recovery between April 27 and April 30.

But with the bulls failing to sustain the weekend demand surge, ETH bears swiftly returned to the driving seat, forcing a 14% downswing in the last 48 hours, which has seen Ethereum price dip below the $2,820 mark for the first time in 75 days.

Ethereum ETH Price action | TradingView
Ethereum Price Action

Ethereum’s latest 14% price downswing could be attributed to an underwhelming announcement from the US central bank. On May 1, the US Federal Reserve announced its decision to keep its monetary rates unchanged, while emphasizing the desire for 2% inflation rate target.

While US inflation rate is still trending above 4%, many risk asset investors, including Blackrock CEO Larry Fink, have made public statements in anticipation of multiple rate cuts in 2024.

Unsurprisingly the Fed rate freeze had further intensified the bearish headwinds surrounding the crypto market, with ETH price tumbling to a 75 day low of $2,815.87 within 24 hours of the announcement.

Whales Invest another $18M as ETH Dips Below $3k

Looking beyond media headlines and short-term ETH price action, recent movements observed among Ethereum whale investors offers a glimmer of hope.

Santiment’s chart below illustrates historical records of balances held by Ethereum’s top 1,000 largest wallets.

Ethereum Supply Held by Top 1,000 Wallets | Santiment
Ethereum Supply Held by Top 1,000 Wallets | Santiment

Ethereum’s top 1,000 wallet held a cumulative balance of 75.11 million ETH as of April 28 as depicted in the chart above. But, while prices have declined 16% since then, Ethereum whales have not thrown in the towel in reaction to the Fed rate pause. Instead, they have capitalized on the price dip to increase their holdings.

At the time of writing on May 2, the Ethereum whales now hold a cumulative balance of 75.17 million ETH, reflecting an increase of 6,000 ETH within the last 3-days. Valued at the current price of around $2,995 per coin, these whales have effectively invested approximately $18 million this week.

Such large volume of whale buying pressure during a period of market downturn can help the asset price maintain relatively high support levels or even trigger an early rebound phase.

For context, when whales make large purchases, it provides much-needed market liquidity, allowing panic sellers to execute trades without an accelerated drag on prices.

But more importantly, considering that majority of the top 1,000 Ethereum wallets belong to ETH 2.0 stakers, a portion number those coins could be momentarily out of short-term market supply. This could marginally reduce the sell-side pressure on Ethereum in the days ahead.

Ethereum (ETH) Price Forecast: Short-term Rebound above $3,100

Drawing insights from Ethereum whales’ $18 million investment this week, ETH price looks poised for an imminent rebound towards $3,200.

IntoTheBlock’s GIOM data further emphasizes this bullish outlook. It shows that having prevented a downswing below $2,800, the bulls can now set their sights on a rebound phase. However, Ethereum must first scale the looming sell-wall at the $3,100 territory.

Ethereum ETH Price Forecast

As seen below, 10.43 million addresses had acquired 10.22 million ETH at the average price of $3,107. If they opt to exit early, ETH could struggle to advance further in the near-term.But if they can stage a decisive breakout above that range, bull can anticipate at $3,500 retest.

Dogecoin at a Crossroads Amid 47% Correction: Will It Spike from Here or See Steeper Declines?

Albert Brown
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0

Dogecoin is currently at a pivotal decisive point amid a 47% correction in its price, with market analysts debating its next direction from here.

Dogecoin’s price action has historically shown dramatic fluctuations, often followed by significant rallies. In previous years, according to crypto analyst Ali Martinez, patterns such as the descending triangle led to substantial price increases. For instance, after a 40% retraction in 2017, Dogecoin surged by 982%. 

Bull-Bear Argument Amid Ongoing Challenges

A similar scenario occurred in 2021 with a 56% price drop preceding a 12,197% bull run. Presently, Dogecoin has emerged from another descending triangle, this time experiencing a 47% correction. This has led some analysts, including Martinez, to anticipate another major bull run.

On his hand, crypto chartist Rekt Capital recently highlighted a Head & Shoulders pattern on the weekly chart, suggesting potential further declines. Market data confirms this formation, pointing to critical tests at key support zones, including the Macro Downtrend and the black Range Low. 

These observations suggest that Dogecoin’s current market position is precarious, with essential support levels being tested.

Recent developments in Dogecoin’s market dynamics indicate significant challenges ahead. The crypto experienced a severe downturn in April 2024 along with the broader market, with its market capitalization diminishing by $3.7 billion over just ten days. 

Despite a brief rally around DOGE Day on April 20, indicative of a potential recovery, the resurgence was short-lived. The broader impact of the Bitcoin halving event during the same period exacerbated the volatility, as it significantly influenced other major Proof-of-Work cryptos, including Dogecoin.

On-Chain Data and Miner Activity

Further insights from on-chain data reveal significant activity among Dogecoin miners that could influence the coin’s price direction. Notably, recent shifts in miner reserves suggest a possible continuation of the downward trend. 

Dogecoin Address Profitability IntoTheBlock
Dogecoin Address Profitability | IntoTheBlock

Current on-chain data shows that only 18.45% of Dogecoin addresses are seeing profit on their holdings, compared to 32.49% that are “Out of the Money” (holding at a loss). The largest segment, constituting 49.06% of holders, purchased their Dogecoin at prices around the current market value, indicating potential vulnerability to market shifts.

As of the latest data, Dogecoin’s value stands at $0.1262, reflecting a 2.99% decline in the last 24 hours and a 16.54% drop over the past week. This downturn has positioned Dogecoin below the performance of the broader cryptocurrency market, which has seen a lesser decline of 9.60% in the same period. The total market capitalization of Dogecoin has also suffered, shedding approximately $3.7 billion over the last ten days.

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