As Bitcoin price struggles to maintain its momentum above the crucial $28K mark, it triggers a selling wave in leading altcoins. The ‘Uptober’ trend appears to be fading as leading altcoins, including LTC, flash red, signaling potential dips after validating a bearish pattern. With several on-chain data now indicating bearish signs, LTC price seems poised for another surge of selling pressure.
Litecoin’s Long/Short Ratio Surges Near The Dip
Following a drop in LTC price from $68, buyers rushed to sell off their positions to sidestep further losses. Coinglass data unveils that almost $1.6 million in long positions were liquidated in the past 48 hours. This activity has gradually strengthened the resistance level, paving the way for sellers to potentially capitalize on reversing the trend.
Additionally, Litecoin’s trading interest has declined, evidenced by a sharp decrease in the Open Interest (OI) metric. The OI metric plummeted by more than $11 million in the recent 24 hours, as LTC’s declining volatility struggled to capture market interest. Data from IntoTheBlock highlights a downturn in LTC’s volatility, which has been gradually decreasing for over a week, sliding from a peak of 38.4% to a low of 31.9%. This has emerged as a primary factor in Litecoin’s price decline.
Nonetheless, after the LTC price touched the $63 mark, a boost in confidence among long position holders was observed. The long/short ratio indicates a surge, currently trading at 0.9897, hinting at a fierce struggle between bulls and bears. At present, bulls are asserting their dominance with 49% long positions, while bears are responding with 51% short positions. Consequently, LTC price has managed to sustain a steady momentum below the $65 threshold.
What’s Next For LTC Price?
Litecoin price surged above $68 but failed to meet buyers’ expectation as sellers triggered intense pressure near this high. As a result, LTC price declined and buyers attempted to hold the momentum near $65 but failed due to increasing domination from sellers. As of writing, LTC price trades at $64.1, declining over 2.7% in the last 24 hours.
Typically, the rise of a bearish setup is viewed positively, as bulls, previously on standby, seize the opportunity to buy. After Litecoin reached the dip of $63, buyers bought in and pushed the price above 23.6% Fib channel. However, the price might soon dip and retest the breakout level of $62 before any significant upward movement occurs.
If the level of $62 sustains, it would indicate that bulls have successfully converted the region into a strong support. Hence, the Litecoin price might initiate an upward trajectory towards $65 and potentially further to $68 if it rebounds successfully.
Conversely, if the price declines and drops below the initial bearish zone, it would suggest that the markets have rebuffed the higher levels. The price might then visit the crucial support at $57.
While most of the altcoins are rising higher with the Bitcoin recovery rally this Uptober, Stellar is far from the limelight. The XLM price struggles to end the consolidation trap as it moves along the 200-day EMA.
Despite the recent correction and consolidation, with a 34% YTD growth, 2023 remains bullish for XLM and also for the Stellar price prediction in the coming year.
Trading at a 42% discount from the 52-week high of $0.1959, XLM price exchanges hand at $0.1123 with an intraday fall of 2.04%. The intraday pullback erases off the last night’s gain of 2.79% and prolongs the sideways movement.
The consolidation range displays a constant struggle between the buyers and sellers to regain trend control. Additionally, the declining trend momentum drives the 50-day EMA lower, increasing the death cross possibility.
Considering the buyers remain dominant at the $0.1092 psychological mark, the XLM price will manage an upside continuation.
DMI indicator: The falling ADX line with the consolidating XLM price reflects the obvious loss in trend momentum. Moreover, the DI lines merge, reflecting an indecisive state.
EMA: The increasing chances of a death cross, a bearish crossover of 50 and 200-day EMA, warns of a death cross.
What’s Next For Stellar (XLM) Price?
Due the long consolidation range, the XLM price trend becomes extremely indecisive and warns of a sharp move on either side. However, the chances of breakdown below $0.1092 are lower due to overall market recovery.
Therefore, a bullish reversal above the 50-day EMA will reach the $0.13 mark, accounting for a 15% jump.
On the flip side, a downfall will plunge the market value to $1069.
Dubbed the “Dogecoin killer,” SHIB’s price had been in a bearish consolidation phase in recent days. However, a reversal occurred as the meme coin executed a 180 turnaround, surging above critical resistance thresholds to break free from its bearish grip. This remarkable surge was accelerated by a sharp uptick in whale activity, hinting at the potential for an extended SHIB rally.
Whales Become Excited Following SHIB’s Surge
Meme coins such as SHIB have seen their prices significantly swayed by influential whale players who wield substantial influence. Their massive moves possess the capacity to bring increased volatility, ultimately sending prices towards either lows or the potential for promising highs.
According to data from IntoTheBlock, there has been a noteworthy increase in whale transactions in the past 48 hours. While this metric experienced a surge on the 20th, it accelerated even further on September 21st, reaching a total whale transaction value of over $47 million.
Whale Alert, known for sharing large crypto transaction details, recently spotted a massive transfer of SHIB from the Amsterdam-based exchange Bitvavo. This internal transaction involved 4.5 trillion SHIB, worth approximately $33.4 million, as Bitvavo redistributed its Shiba Inu supply within its own wallets.
According to Coinglass, there has been a significant increase in short-liquidation as the SHIB price moved in the opposite direction of sellers’ expectations. Data indicates that short positions totalling $110,000 were liquidated today, boosting the confidence of bullish traders.
Nevertheless, amid these developments, a concerning metric raises potential hurdles for SHIB’s price. Despite the recent surge in SHIB’s value, the volatility rate has shown no signs of increasing. It has remained steady at approximately 33.5%, indicating that it may not trigger additional price swings. This stability could provide sellers with an advantage, particularly around resistance levels.
What’s Next For SHIB Price?
SHIB’s price witnessed robust buying activity in the last few hours as buyers successfully broke above the bearish channel pattern at $0.0000073, surging past the EMA100 trend line. However, sellers are defending another surge by creating a strong resistance near EMA200. As of writing, SHIB price trades at $0.0000076, surging over 5% from yesterday’s rate.
Nevertheless, the bears are struggling to establish their dominance in pulling the price below the robust support level at $0.000007. This implies that the bulls remain active and are willing to buy during price dips. Consequently, we can expect the SHIB price to trade below EMA200 for some more time.
However, a minor downward correction is expected as the RSI level surged above the overbought region.
If the bulls manage to send the price above the EMA200, it would signify the beginning of a sustained recovery targeting the crucial level of $0.0000084 and potentially $0.0000088. Conversely, a breach of the $0.000007 level could expose the price to a potential decline towards $0.000006.
Ethereum Displays Extreme Bearish Indicators With Declining Outflows! Here’s The Next ETH Price Level
The Federal Reserve announced, as expected, that it would maintain its main policy rate, as outlined in its economic summary. Ethereum’s price seemed to react positively to this news, holding above $1,600. Yet, in the last few hours, Ethereum couldn’t maintain its trade above $1,600 and dipped beneath Fibonacci levels due to reduced exchange outflows. Moreover, a massive selloff among whales has intensified the bearish pressure on the price chart.
$11 Million Worth Of Long Positions Liquidated
Over the last few hours, ETH price has dropped heavily below the crucial $1,600 mark, triggering a wave of selling activity among investors. Coinglass reports that a massive $11 million in long positions was wiped out in just a few hours.
This liquidation indicates increased selling pressure, especially as ETH struggled near its resistance of around $1,620. For those new to the concept, long-liquidation refers to traders who anticipated a price rise having to close their positions, typically at a deficit, because the price didn’t move as they forecasted.
Glassnode indicates that Ethereum’s exchange outflow has hit a one-month low, with 6709 ETH, pointing to a growing exchange reserve. A drop in outflow implies that more Ethereum is staying in exchanges, with fewer ETH being taken out. This rise in exchange reserves indicates a higher availability of Ethereum for sale, which is generally seen as a bearish indicator.
Additionally, the ratio of ether to bitcoin plunged to its lowest in 14 months as major token holders, including Ethereum’s co-founder Vitalik Buterin, transferred coins to exchanges, potentially signalling an intent to sell.
Currently, the ETH-BTC ratio approached 0.05957, as per TradingView data, marking its lowest point since the previous July. However, a positive funding rate suggests a majority of traders are bullish on Ethereum, expecting its price to rise from the bottom.
What’s Next For ETH Price?
Recently, bulls failed to hold the ETH price above the crucial $1,600 level as the altcoin faced a heavy selloff near the high of $1,620. As a result, ETH price dropped below crucial Fib channels and touched a low near $1,570. As of writing, ETH price trades at $1,587, declining over 2.7% from yesterday’s rate.
The extended wick on the candlestick pattern indicates buyers are defending further decline. The declining 20-day EMA at $1,624 and the RSI nearing the overselling region suggest a bearish advantage. However, bulls will likely attempt to send the price above the 20-day EMA.
If Ether surges past $1,623, it might give the bulls an edge. This could potentially push the ETH price towards $1,674. However, if it drops below $1,531, it would imply that the bears are still in the game, possibly driving the price further down.
Even with the recent rollout of Shibarium and its impressive short-term performance, the SHIB price hasn’t reflected these milestones on its chart. Shiba Inu is still struggling with breaking through key resistance levels, leading to a negative shift in on-chain metrics. Additionally, the lack of interest from large investors, or “whales,” in accumulating more SHIB has resulted in low price volatility, strengthening the confidence of those holding short positions.
On-chain Metrics Flash Selling Signal For SHIB
Based on data from IntoTheBlock, Shiba Inu has experienced a significant seven-day shift, registering a negative netflow of 756% during this period.
The Large Holders Netflow metric reveals fluctuations in the holdings of major investors, those who own more than 0.1% of the total supply. Essentially, spikes in netflow suggest that these large players are accumulating, while declines indicate either reduced holdings or active selling.
The above data is supported by the trend in large SHIB transactions. The numbers indicate a steady decrease in such transactions over the past week, falling from a peak of 52 down to 17. This suggests that major investors, or “whales,” are hesitant to hold or transfer SHIB, especially given the bearish sentiment near key resistance levels. This hesitancy has contributed to a reduction in price volatility, which now stands at 36.2%.
On a positive note, the daily active address count for SHIB is on the rise. According to the data, the number of Shiba Inu’s daily active addresses has jumped from 2,840 to 3,160 over the last three days. This uptick indicates increased network activity, even in the face of rising selling sentiment and reduced volatility. Such an active network could set the stage for a shift toward buying sentiment in the days ahead.
What’s Next For SHIB Price?
For the past several days, Shiba Inu has been trading within a narrow range, trapped between its 20-day EMA of $0.0000073 and the channel’s downward line. Bears are strongly defending a surge above EMA100 as SHIB struggles for a clear move. As of writing, SHIB price trades at $0.0000073, declining over 1.8%.
Typically, a period of low volatility like this is a sign of significant price movement later. If the SHIB price breaks out and sustains a close above the pattern’s line, it would indicate that the bulls are regaining control. This could potentially trigger a rally towards the $0.0000085 mark. However, to initiate a more substantial upward trend towards $0.00001, buyers will need to clear the immediate hurdle.
Conversely, if the price reverses direction and falls below the $0.0000069 support level, the bullish outlook would be negated. Such a move could drag the price down to the next support level at $0.0000064, a level that bulls are likely to defend aggressively.
Cardano finds itself struggling near a crucial level as signs of recovery fade in the altcoin market. Despite a bullish buyback, ADA has faced an uphill battle over the last fortnight, struggling to break free from the critical $0.25 threshold. Recent trading sessions have seen heightened selling pressure, leaving investors to question whether the recovery rally was merely a short moment and if a liquidation phase may be on the horizon.
ADA Traders Turn Bearish Amid Declining Open Interest
Cardano (ADA) is hitting a few bumps on its road to recovery. Recently, ADA traders have displayed an increasing bearish sentiment, and one major indicator flashing red is the declining open interest in ADA contracts.
As indicated by the current data on ADA futures open interest, the metric has been on a downward trajectory, hitting levels last witnessed in 2021. At the time of writing, open interest has dropped to $98.6 million, pointing to a decline in trading activity among market participants.
Amid this, the funding rate for Cardano has slipped into negative territory, signaling that traders with short positions are in the driver’s seat and are even prepared to compensate those holding long positions. A negative funding rate is generally a sign of bearish sentiment among traders. At present, the weighted funding rate stands at 0.0063%.
A declining open interest amid a bearish funding rate is often seen as a confirmation of a downtrend, setting off alarm bells among traders. The current scenario suggests that traders are either exiting their positions or are reluctant to open new ones, further fueling the selling sentiment. Also, ADA’s struggle to maintain a price above the $0.25 mark is also feeding into the growing bearish outlook.
What’s Next For ADA Price?
Over the last few hours, ADA price witnessed solid rejection in attempting to surge above the crucial resistance level of $0.25 as bears intensified their selling domination to prevent an immediate surge. However, buyers are defending a decline below the $0.24 level to hold buying sentiment. As of writing, ADA price trades at $0.248, declining over 0.9% from yesterday’s rate.
The declining 20-day EMA, set at $0.25, coupled with an RSI level below the midline, suggests the likelihood of a bearish trend. If the price slides below the EMA20 threshold, the ADA price may target the crucial support level of $0.235.
Conversely, the 200-day EMA has proven to be a consistent barrier thwarting bullish advancements. This makes it a significant level to monitor closely. If the bulls manage to push the price above $0.262, the ADA price could aim for the next resistance level at $0.28.
Shiba Inu Nears Crucial Resistance Level! Will SHIB Price Break Free From Bearish Territory Or Retreat?
As the cryptocurrency market shows minor signs of rebounding in the last 24 hours, Shiba Inu is signaling a potential bullish recovery as it approaches a key resistance level. After plummeting to its monthly support threshold, the SHIB token has staged a bullish turnaround, backed by mixed on-chain indicators.
Shiba Inu’s Long-Term Holders Remain Confident
Shiba Inu appears insulated from the recent market selloff as Shibarium consistently achieves new highs in daily transactions—indicating increased activity within its ecosystem. Notably, long-term investors are displaying growing confidence in SHIB, as evidenced by the rising number of their wallet addresses. Meanwhile, the count of short-term holders is declining, suggesting that SHIB is becoming increasingly attractive as a long-term investment.
Based on data from IntoTheBlock, the number of long-term holders (holding for more than one year) reached an all-time high of 903.48K on September 12. Meanwhile, the counts of both cruisers and traders have decreased within the same period.
Additionally, SHIB’s recent slump to its support level of $0.000007 served as a prime accumulation point for whales. Data shows that large transaction volumes soared to $36 million as big players took advantage of the dip, taking the price out of the bearish region. However, this metric dropped to $17 million the following day as some investors cashed in for immediate profits.
While this could imply a short-term selling pressure for SHIB, it’s actually a bullish sign for the meme coin in the long run. The whale activity suggests a defense against any drastic decline from the current support level. Moreover, as SHIB maintains stability near its immediate resistance, this is likely to generate increased buying pressure and network activity, pushing the token’s value upward.
What’s Next For SHIB Price?
SHIB’s price has been experiencing a quick adjustment after sellers failed to plunge the meme coin below the support of $0.000007. However, sellers are capitalizing on short-term recoveries up to the 20-day EMA as Shiba Inu struggles for a further rally, signaling ongoing bearish sentiment. As of writing, SHIB price trades at $0.0000073, surging over 0.6% from yesterday’s rate.
The bulls’ consistent inability to drive the price above the 20-day EMA indicates that downward momentum is the more likely trajectory. If the bears manage to pull the price below the immediate support level of $0.000007 again, the SHIB price might decline to $0.0000061 and potentially even to $0.0000054.
On the flip side, the bulls aren’t likely to sit idle. They aim to send the price past the 20-day EMA. Achieving this could set the stage for a run towards the key resistance level of EMA200 at $0.000008. Overcoming this barrier is crucial for the bears to prevent, as it could pave the way for a potential surge to $0.0000087.
Shiba Inu Experiences Bearish Volatility Amidst Surge In Whale Activity! Here’s The Next Level For SHIB Price
In recent weeks, Shiba Inu has failed to become the hot discussion in the meme coin market, as the launch of Shibarium did not generate enough buying pressure to challenge put holders. As a result, the SHIB price has been stuck within a bearish consolidation range, building up selling pressure for a significant downturn in the coming days. However, whales are quite intelligent; they continue to make large transactions, hinting at a “buy the dip” moment for the SHIB price.
Whales Become Active As SHIB Declines
The price of Shiba Inu hasn’t been making headlines for its market performance, but what’s truly interesting is the sudden increase in whale activity. Data from IntoTheBlock reveals that the number of large transactions, commonly referred to as “whale” transactions, on the Shiba Inu network, has skyrocketed from a low 13 to a high 51. The high was 74 on 6 September, hinting at increased whale activity in the market.
This may indicate a phase of accumulation, as whales could be holding SHIB tokens, potentially in preparation for an upcoming price surge or another major event. Additionally, there’s a marked decline in the large holders’ inflow.
Data indicates that the inflow volume has plummeted from 4.81 trillion SHIB tokens to just 219.9 billion tokens on September 7, marking a decrease of over 95%. This points to a strong holding sentiment among whale investors, as fewer SHIB tokens are being deposited into exchanges. Such a trend could reduce selling pressure on the SHIB price, bringing the confidence of those holding long positions.
Furthermore, a reduction in large transactions can be a sign of a more stable and less volatile market environment. Whales, known for their market-moving transactions, often contribute to price volatility. A decline in significant inflows suggests that the SHIB may be less susceptible to price fluctuations.
What’s Next For SHIB Price?
Bears are currently intensifying their selling pressure near the EMA50 trend line as the SHIB price reversed its trend. Currently, sellers are attempting to send the price below the crucial support of $0.0000073; however, buyers are defending a decline strongly. As of writing, SHIB price trades at $0.00000754, declining over 0.8% from yesterday’s rate.
Nonetheless, resistance at the 20-day EMA is expected to be strong, as bears will likely put up a fight. If the price continues to drop, the bears might successfully push the SHIB price below $0.0000073. Achieving this could pave the way for a further slide to the next support level near $0.000006.
Conversely, a break above the 50-day EMA could indicate a weakening of selling pressure. This could set the stage for a rally toward the channel’s trend line and possibly even further to $0.0000087.
Despite Grayscale’s recent win against the SEC fueling a significant surge in Bitcoin and the cryptocurrency market, those gains have been wiped out. The SEC’s decision to postpone the approval of a spot BTC ETF triggered a market-wide selloff and meme coins like Shiba Inu and Dogecoin haven’t been spared. After a short-lived bullish rally, both tokens have reverted to their pre-surge price levels, raising concerns as they now trade within a bearish channel pattern.
SHIB And DOGE Flash Downward Volatility
Concerns are rife in the meme coin ecosystem due to recent ‘rug pull’ allegations surrounding Pepecoin. However, Dogecoin and Shiba Inu are still capturing investor attention, as capital flows into these tokens due to Bitcoin’s increased volatility following recent impactful developments.
Traders of Dogecoin are bullish on the token’s future prospects, especially as Elon Musk’s Platform X shows signs of adopting crypto payments. Simultaneously, Shiba Inu is invigorating its community with positive developments, setting new records daily with its Shibarium launch. However, despite these encouraging signs, there’s a concern about a possible slump for both meme coins in September.
Shiba Inu (SHIB) Price Analysis
Analyzing the 4-hour price chart of Shiba Inu, bears are currently attempting to break below the symmetrical triangle pattern’s uptrend line. Despite bullish pressure, there’s a growing selling domination among traders amid the market selloff. As of writing, SHIB’s price trades at $0.0000079, declining over 2.5% in the last 24 hours.
If bulls fail to defend the current downtrend below the pattern, this could signal that bearish elements are gearing up for a return. In this scenario, SHIB’s price might head toward its next support of $0.0000073.
However, a robust bounce back from the current downward channel could indicate that buyers are defending declines, enhancing the chances of a rally that exceeds the EMA50 trend line. If this occurs, the price of SHIB could potentially break out of the triangle pattern, targeting a trade level above $0.00001.
Dogecoin (DOGE) Price Analysis
Recently, Dogecoin touched its 20-day EMA, valued at $0.064, although it’s proving difficult for the bulls to keep the price above this point. Currently, DOGE’s price is trading at $0.063, declining nearly 4.2% from yesterday’s rate.
If the price experiences a decline from where it stands now, this would indicate that sellers are willing to meet bearish goals. In that case, the DOGE price might consolidate above $0.06.
Conversely, if the price holds its ground without losing much value, this could signify that bullish momentum is still strong. This scenario could set the stage for a possible surge to its breakdown level of $0.068.
Bitcoin Faces Bearish Activity At $28K As Whales Eye Profits – Will BTC Price Trigger A Wave Of Selling Activity?
Just when Bitcoin enthusiasts thought they were riding a wave to new heights, the cryptocurrency hit a snag at the $28,000 mark. After a bullish run that saw Bitcoin break out from a $26,000 consolidation phase, the digital asset is now facing a bearish reversal. Additionally, Bitcoin saw a surge in accumulation just hours prior to Grayscale’s victory over the SEC. Now, it appears that investors are scouting for opportunities to sell and capitalize on the profits generated by this rally.
Bitcoin Faces Profit-Booking Sentiment Among Whales
After Grayscale’s legal win against the SEC, which fueled hope for the approval of spot Bitcoin ETFs, BTC’s price soared from $26,000 to nearly $28,184. However, this bullish surge was fleeting, as Bitcoin quickly encountered resistance at these higher levels, resulting in a 2% decline.
Per data from Santiment, holders of wallets with a balance ranging from 10 to 10,000 BTC accumulated an impressive $388.3 million, or 14,596 BTC, just hours prior to the announcement. According to IntoTheBlock, the number of large transactions has increased from 9.27K to 16.49K after the BTC price traded above $27K yesterday.
However, this spike in large transactions is not necessarily a bullish indicator; rather, it has contributed to creating bearish pressure on Bitcoin. Large holders who bought Bitcoin at lower prices may be selling to profit from the recent surge, increasing sell pressure. Their large sales can drain market liquidity, making it difficult for Bitcoin’s price to maintain its upward trend.
Interestingly, CryptoQuant data reveals a steep decline in the Long-term holder SOPR. The metric has dropped from 1.56 to 0.72 as Bitcoin jumped above $28K. “Long-term holders,” or LTHs, are Bitcoin investors who keep their coins for a minimum of 155 days before selling or transferring them.
The recent downturn indicates that these LTHs have grown impatient and are opting to sell at current levels to minimize losses, as they initially purchased Bitcoin at higher prices. This behavior signals waning confidence among holders, contributing to a bearish outlook for Bitcoin’s price.
What’s Next For BTC Price?
Both bulls and bears are battling as Bitcoin price declined from the high of $28,184 following a selloff. However, bulls are defending a decline below $27K strongly as it might trigger another wave of profit-booking. As of writing, BTC price trades at $27,184, declining over 2.2% in the last 24 hours.
Indicators such as surging moving averages and an overbought RSI level suggest that the bulls currently have an advantage. However, the bears are expected to put up a strong defense at the $28,700 resistance level, making it challenging for the bulls to continue the upward trend.
If the price bounces back from the support of the $26,800 level, it would imply that the BTC price could trigger another bullish surge and attempt to break above the resistance level. A surge above the $28,700 mark would signal renewed strength, potentially sending the price towards $30K.
As the entire crypto community gets all into celebration mode over the recent Grayscale win against SEC, some experts have voiced their concerns.
Peter Schiff, a name that needs no introduction in the finance industry, is one of those experts. On the social media platform, X, Schiff voiced his concerns regarding the potential consequences of Grayscale Bitcoin Trust (GBTC) transitioning to a spot Exchange Traded Fund (ETF). In his perspective, this development could cast a shadow on Bitcoin’s market dynamics.
Grayscale, a dominant player in the crypto industry, had its aspirations temporarily halted when the U.S. Securities and Exchange Commission (SEC) placed a red flag on its GBTC over-the-counter application.
The SEC’s primary concern? The product didn’t seem equipped to combat “fraudulent and manipulative acts and practices.” Not one to back down, Grayscale took the battle to court, challenging the SEC’s rejection.
A Turnaround in the Courts
August 29 marked a significant shift in the narrative. U.S. Court of Appeals Circuit Judge Neomi Rao turned the tables by sanctioning Grayscale’s plea for a review and nullifying the SEC’s prior dismissal of the GBTC application.
Interestingly, this wasn’t the first time Judge Rao showed skepticism about the SEC’s stance. Earlier, she had pointed out the commission’s lack of clarity on where Grayscale had faltered.
But the journey isn’t over yet. While this is undoubtedly a victory for Grayscale, it doesn’t rubber-stamp the final listing of a Grayscale spot Bitcoin ETF.
Back to Schiff’s take on the matter: Why does he believe GBTC’s transformation into a spot ETF might spell trouble for Bitcoin? Schiff suggests that traders, with the GBTC’s new status, might increase their Bitcoin sales. This surge, he believes, could potentially inflate Bitcoin’s tradable supply in the market.
Litecoin’s Bearish Pressure Intensifies As Accumulation Lacks Confidence – What’s Next For LTC Price?
In the past 30 days, the price of Litecoin (LTC) has experienced a downward trend, dropping nearly 30% since its halving event. This decline has presented investors with a tempting chance to heavily accumulate the altcoin. However, even with increased accumulation at its lower price points, Litecoin has not managed to generate sufficient buying pressure. Consequently, a steep drop could be imminent if LTC falls below its support level, regardless of any ongoing accumulation.
Confidence Among LTC Holders Declines
Following Litecoin’s halving event in early August, the altcoin has alternated between periods of consolidation and decline. This pattern has fueled discussions about whether LTC can replicate its past post-halving surges.
According to data from Glassnode, the Hodler Net Position Change stood at 362,378. This metric tracks the monthly position shifts among long-term investors of a particular asset. A negative value suggests a mass liquidation.
Conversely, a positive Hodler Net Position Change indicates that long-term holders, or HODLers, are acquiring new positions. The chart reveals that a considerable amount of LTC was sold off before the halving event. However, the subsequent shift towards significant accumulation suggests that HODLers have renewed confidence in Litecoin’s price trajectory, potentially signaling a new peak in the near term.
Interestingly, Litecoin’s OI-Weighted funding rate has risen from -0.025% on August 20 to 0.004%. Positive funding rates indicate bullish sentiment, as long-position traders pay short-position traders to maintain their contracts. However, the average balance metric has been declining steadily as it dropped from a high of $671 on 13 August to $528 as of today.
This indicates declining trader confidence in holding Litecoin, as there’s a possibility of a significant drop if LTC fails to generate enough buying pressure to maintain its crucial $60 support level.
What’s Next For LTC Price?
Litecoin’s price recently attempted to break above the consolidation by surging above $66-$67; however, it couldn’t maintain those gains, indicating a strong bearish defense at that level. As of writing, LTC price trades at $65.03, declining over 0.7% in the last 24 hours.
The declining moving averages and RSI struggling around the midline suggest that bears are still dominating the market. Sellers are aiming to pull the price toward the lower end of the consolidated pattern, and if successful, we could see LTC price testing the $60 support level.
A decline below $60 will initiate a strong selling sentiment, plunging Litecoin’s price toward $47. Conversely, bulls aren’t giving up easily, as they’re expected to defend the support zone of $60 and aim to push the price above the 50-day EMA of $66. If they manage this, it would imply that the LTC price could continue to fluctuate within a bullish zone and might surge toward $76.
The XRP market is witnessing a dramatic showdown as whales and traders actively sell off XRP to exchanges. This tension coincides with the ongoing Ripple vs. SEC lawsuit, which has created a significant impact on the XRP ecosystem.
Meanwhile, this move, coupled with weak chart patterns and low derivatives trading, raises concerns about a potential significant fall in XRP price.
Whales and Traders Unleash Concerns Over XRP Price Decline Amid Ripple vs. SEC Lawsuit Standoff
Whales, the prominent holders of XRP, are making waves once again. With the Ripple vs. SEC lawsuit taking center stage, these significant players are making strategic moves that hint at a looming decline in XRP’s value. Recent reports reveal that over $20 million worth of XRP has been transferred to cryptocurrency exchanges as critical support levels crumbled.
Today a whale executed a transfer of 28.40 million XRP, equivalent to almost $15 million, to Bitstamp, a well-known crypto exchange reported by Whale Alert via Twitter post.
Adding to the complexity, another whale responsible for a 425 million XRP transfer has repeated this move to a different wallet. Such substantial XRP transactions continue to exert pressure on support levels, further raising concerns for the coin’s price trajectory.
The prolonged legal battle between Ripple and the SEC continues to affect XRP’s market sentiment. The recent approval of the SEC’s motion for interlocutory appeal and the trial delay have cast doubts on the token’s outlook. With key figures from both sides indicating their unavailability until Q2 of 2024, the bullish momentum that followed the “not a security” ruling appears to be fading.
Weak Chart Patterns and Whales’ Actions Paint a Bearish Picture for XRP
XRP’s current price stands at $0.515, reflecting a 1.93% decrease within 24 hours. Despite trading within a range, the overall trend is sideways, accompanied by diminishing trading volume.
Technical analysis points to weak chart patterns across different timeframes, highlighting a potential drop to $0.42. While some analysts view this as a buying opportunity, the prevailing bearish indicators, including the price being below key moving averages and nearing oversold RSI levels, suggest caution.
As the XRP market navigates through regulatory uncertainties and whale activities, traders and investors are advised to closely monitor the evolving situation, given the potential for further price fluctuations.
Data analytics firm Glassnode’s co-founders share insights on Bitcoin’s potential performance in September, offering both optimism and caution. While Bitcoin’s momentum indicator suggests positive momentum, historical trends raise doubts about September’s price trajectory.
Glassnode’s co-founders Jan Happel and Yann Allemann highlight the importance of Bitcoin’s relative strength index (RSI), which shows bullish signals for September. However, they sound a warning that if Bitcoin’s value falls below $25,500, recovering ground could prove challenging.
September’s Outlook – Expect a Relief Rally, if?
Glassnode’s analysis draws parallels between August’s performance and a past memory from June 2022. The daily RSI sparks speculation about September’s course. Here questions arise about Bitcoin’s resilience below $25,500 and the challenge of breaking past $26,000. The co-founders offer a cautiously optimistic outlook for September, citing the RSI’s potential for a comeback. Yet, they advise to be careful as surpassing $25,500 and $26,000 might not be straightforward.
Close monitoring of Bitcoin’s chart shows that the RSI hovers just under 30 on a scale of 0 to 100, displaying a possible oversold condition. The co-founders note the current dominance of bears in the Bitcoin market. Moreover, the signs suggest a slowdown in BTC selling, paving the way for a possible relief rally that could revive Bitcoin to the $27,000 mark.
“Initial signs of system strength emerge but demand lacking for strong longs at $26,000.”
Traders Look for Short-Term Indicators
Looking at Glassnode’s short-term holder MVRV indicator measures the market value of coins compared to their last movement price. Right now it is at 1.12, which indicates an average of 12% profit for short-term holders. But what will be the impact of this on the market? Well, if the ratio surpasses 1.2 ($33,200) and nears 1.4 ($38,700), the risk of market corrections doubles, hinting at added selling pressures beyond $33,000 for Bitcoin speculators.
While Rekt Capital also said, Bitcoin will undergo a significant pullback in the coming months, leading many to believe the bull market has ended. However, this is just an illusion, as Bitcoin will soon continue its upside journey.
As of writing, Bitcoin trades at $26,059, registering a minor 0.1% decline in the last 24 hours.
There has been a massive downturn in the crypto market recently with Stellar (XLM) and Axie Infinity (AXS) among the tokens affected. The decline in the price of the tokens has made investors search for alternative projects that guarantee high ROI. On the other hand, Pomerdoge has attracted top investors with its unique offerings.
Can Stellar (XLM) See a Resurgence?
In the past weeks, the Stellar (XLM) token has been experiencing extended bearishness in price value. Stellar price dropped by 15% within the last 30 days. So far, there are no signs of the token pulling a reversal.
However, analysts are not expecting the XLM token to go below the $0.10 support level. Crypto price prediction platforms such as Bitnation project the token price to reach $0.18 before the end of the year. For now, Stellar is not doing great in the crypto market and a look at viable investment alternatives is on the cards for investors.
There are also other opinions that the token could rally soon if the Stellar Development Foundation’s smart contract platform, Soroban launch is successful. Soroban is nearing its official mainnet launch after being on the public preview releases for over a year. The launch will increase the token’s use cause, which might lead to a price increase.
Stats are not looking good for Axie Infinity (AXS) as the token continues its downtrend in the crypto market. Since the beginning of August, Axie Infinity has not been able to hit the $5 benchmark.
While the token’s bearish movement continues, there are fears that the token might fall below the $4 support level. However, experts believe Axie Infinity won’t reach that worst-case scenario.
According to a forecast by Changelly, the Axie Infinity token will trade above $6 in September. While waiting for a resurgence, most investors are moving to alternative crypto projects that guarantee profits.
Pomerdoge (POMD) Welcomes New Batch of Investors Into Their Project
Following the extended bearishness of both Axie Infinity and Stellar, investors from these projects have identified Pomerdoge as a fast-rising project with high growth potential. This is in view of the surging reputation of Pomerdoge as the token maintains steady growth despite the general market downturn.
Pomerdoge is a P2E gaming platform with an innovative environment to connect gamers across the globe. Individuals can also network on the platform while they compete. Pomerdoge consists of the Pomerdoge marketplace (Pomerplace), where users can sell, trade or buy in-game items.
There is also the Pomerdoge gaming platform (Pomergame), where revenue earned will be shared among presale investors. The platform will also have a 7,777 NFTs collection that will be available only to presale buyers.
Due to its growing potential, the Pomerdoge token is already taking the crypto market by storm. At only $0.009, you can buy the POMD token and position yourself for massive ROI in future. Pomerdoge will look to dethrone already-established meme coins like Shiba Inu, Dogecoin, and Pepe at the current price trajectory.
Also, the token’s liquidity will be locked for life. The project has passed its audit carried out by SolidProof and Cyberscope auditors.
Find out more about the Pomerdoge (POMD) Presale Today
Telegram Community: https://t.me/pomerdoge
The cryptocurrency market continued to trend in a bear market during the early Asian and London sessions on Monday. According to the latest crypto price oracles, Bitcoin price was retesting the support level around $25.9k after closing last week on a Doji candlestick. Bitcoin’s horizontal accumulation that began mid-March this year is on the verge of being invalidated with a downtrend breakdown.
Nonetheless, popular digital asset analyst Michael Pizzino argued in a YouTube video that the crypto market is fast approaching the macro bullish breakout after a major accumulation.
Pizzino’s Take on Top Digital Assets
According to the analyst in a video shared on Monday, the Bitcoin market has issued a massive bull signal despite the short-term bearish outlook. Notably, the analyst compared the current Bitcoin price retest below $26k to the 2015/2016 accumulation and breakout that yielded a massive rally. Pizzino noted that Bitcoin price is likely to drop further towards the $24k level if the current support zone around $26k fails to hold in the coming days.
Similarly, the analyst expects Ethereum (ETH) to trend closely with Bitcoin price action in the coming weeks. Notably, Pizzino expects top digital assets to register a 50 percent drop from the bear market rally top, thus arguing ETH price could hit $1600 soon.
As for Solana (SOL), Pizzino expects the short-term weakness to push the asset toward $18 after the digital asset failed to rally beyond the pre-FTX levels. Nevertheless, the Solana ecosystem is significantly bolstered by its vibrant DeFi ecosystem with about $310 million in total value locked (TVL).
The markets hope for a recovery with the Bitcoin ETF deadline this Friday, but Ethereum remains dormant in a range. With 37.25% YTD growth, the recent correction plunges the ETH price to $1639, a 23.68% discount from the 2023 high of $2142.
Failing to form an inverted head and shoulder in the 4-H chart, the ETH price action finds a supply portal at $1690.
Leading a sideways trend in the consolidation range, the ETH price forms a range between $1639-$1668. The bearish side seems dominant, with the overhead resistance coinciding with the 38.20% Fibonacci level.
Adding points to the bearish team, the ETH price action hints at a double-top pattern, with a neckline at the bottom support.
Currently, the ETH price trades at $1639 with an intraday loss of 1.08%, leading to a bearish daily candle.
Will Ethereum Prices Find A Recoil Rally?
Despite the consolidation, the ETH price action finds strong bearish opposition as buyers struggle to sustain the range. Moreover, the ETH price maintains a diagonal trend as it fails to rise above $1690.
With growing bearish evident in the 4H chart, the potential death cross in the 1-day chart warns of a prolonged correction phase. In case of a drop below $1600, the ETH price may plunge to the $1540 mark.
On the flip side, the buyers find optimism in the lower price rejection from the 78.60% Fibonacci level at $1579 and the upcoming ETF news. A recovery trend resurfacing above $1690 can fuel a bullish trend to $1776.
Bitcoin’s Bearish Trends Emerge Despite Fierce $25K Bullish Buy-Up– Here’s The Next Level For BTC Price
Bulls and bears are competing for dominance in the BTC market, with the price trajectory remaining unpredictable. Traders anticipate a rebound after a notable downturn, yet Bitcoin’s price remains confined within a specific bracket. Notably, even with a surge in buying interest around the $25,000 threshold recently, on-chain metrics are hinting at concerning bearish pressure for Bitcoin.
Investors Will Likely Harvest Profits
Bitcoin’s steady positioning near $26K for a week has raised eyebrows among investors, leading some to consider liquidating their assets due to the market’s bearish trajectory, potentially in a rush. Data sourced from CryptoQuant indicates a significant drop in Bitcoin’s MVRV ratio, plummeting from 1.44 on August 14th to 1.28 currently.
The “MVRV ratio” compares Bitcoin’s market cap to its “realized cap,” which values each coin at the price it last changed hands on the blockchain rather than its current spot price. When the MVRV ratio surpasses the value of one, it signifies that Bitcoin’s current market capitalization is greater than its realized cap.
This often tempts investors to sell and capitalize on these unrealized profits. Such a trend can be an early indication that the asset might be overvalued, and a market correction could be imminent.
The above graph states that even though the MVRV ratio is on a decline, it remains above the critical level of one. This suggests that Bitcoin’s market cap is declining due to the selling pressure in the market. If Bitcoin doesn’t experience a surge in buying interest, especially above the $25K mark, this could be a bearish signal for its near-term trajectory.
However, miners are ignoring Bitcoin’s latest dip as the number of mining participants continues to increase. Bitcoin mining difficulty rose by 6.17% last week, coinciding with heightened network activity. Data from btc.com indicates this is 2023’s sixth-largest surge, offering a positive outlook for Bitcoin’s price.
What’s Next For BTC Price?
Bitcoin has again triggered a consolidation around $26K following a sharp selloff toward $25,350 over the past few hours. Within this range, traders tend to purchase during the lows at support levels and offload near the peak resistance. The trading patterns in this range can be unpredictable and turbulent. As of writing, BTC price trades at $26,178, surging over 1.7% from yesterday’s rate.
The trend indicators, such as moving averages, are on a decline, and the RSI suggests an oversold market, pointing to a dominant bearish sentiment. While sellers might attempt to push the price below $25,000, the bulls are expected to put up a strong resistance.
Buyers will aim to initiate a rebound from $25.5K if the price declines from its current position. This recovery effort could gain a boost if it surpasses $27,472. Following this, the BTC price might approach the 100-day exponential moving average (EMA) at $28K, triggering another consolidation.
Ripple’s Chief Technology Officer, David Schwartz, recently ignited a wave of enthusiasm within the XRP community with a lighthearted post, proclaiming “XRP fixes this.” The post featured a video depicting a car attempting to overtake a massive truck. This seemingly positive sentiment was quickly embraced by the XRP community, generating a stream of humorous and excited reactions.
While recent price fluctuations have tested the resolve of XRP supporters, a series of noteworthy developments have kept optimism alive. Ripple’s strategic collaborations with key players like the Bank for International Settlements (BIS) and MasterCard have injected a renewed sense of adoption potential into the XRP token. Intriguingly, data from Santiment suggests that a significant accumulation of XRP is taking place among large wallet holders.
Previously housing between 10 million and 1 billion XRP each, these wallets have now collectively amassed a staggering 16.13 billion XRP, equivalent to approximately $8.1 billion. This accumulation triggered a 6.5% surge in price over the weekend, which later retraced slightly to 5.4%.
Looking ahead, analysts are divided on whether a bearish or bullish scenario is in store for XRP. Despite recent setbacks, the prevailing sentiment leans towards bullish projections.
Bullish Sentiment Remains Strong
Amidst the fluctuating trends, numerous analysts hold an optimistic outlook for XRP. Notable crypto analyst Egrag Crypto cited historical patterns and extrapolated potential price levels for XRP. Expressing confidence in a forthcoming XRP rally, Egrag Crypto suggested that the token could recover from minor dips. He projected a potential price range of $1.3 to $1.5 for the upcoming XRP rally, with room for a more significant surge to reach levels around $2.8 to $3.
Furthermore, Egrag Crypto raised the prospect of XRP reattaining its previous all-time high (ATH) and even speculated about a potential future price range between $27 and over $128. He emphasized the emergence of a bullish golden cross on the charts for the third time in history. However, the viability of these projections amid ongoing legal challenges remains a point of debate.
Current Market Status
As of now, XRP is trading at $0.51762, securing the 5th position in the market rankings. This reflects a market capitalization of approximately $27.4 billion and a daily trading volume hovering around $1.27 billion. Despite a 1.7% price dip within the last 24 hours, the XRP community remains steadfastly enthusiastic about the token’s future prospects.
While XRP has retreated from its recent resistance level, the question remains: Could XRP witness a price increase of over 10-fold in the near future? The answer lies in the interplay of market dynamics, technological advancements, and regulatory developments.
In an environment where sentiments oscillate, XRP enthusiasts continue to look ahead with a blend of optimism and caution, eagerly anticipating the next chapter in the token’s journey.
In a span of just 2 to 3 weeks, the recent market decline has sent Bitcoin(BTC) tumbling to $25,168. This abrupt drop is closely linked to the dynamic policy changes by the Federal Reserve and regulatory uncertainties, which have ignited intense fear within the crypto markets.
As a consequence, Bitcoin has now hit its lowest point on the daily Relative Strength Indicator (RSI) since March 2020 – a period synonymous with the ‘Covid crash’. Meanwhile, the weekly RSI currently rests at 30, a level often associated with signaling an oversold condition.
A Turn for the Worse
Bitcoin, the world’s most renowned cryptocurrency, has once again captured headlines as its price trajectory faces a downward trend. This has led to a classification of Bitcoin’s market sentiment as “oversold,” implying that the asset’s price has sunk below what could be deemed its fair value.
Understanding the RSI Plunge
Evidently, the 14-day Relative Strength Index (RSI), a pivotal market indicator, has plummeted beneath the critical threshold of 30. The RSI operates on a scale of 0 to 100, gauging recent price movements against the average movement over a specific timeframe, usually two weeks. A reading below 30 serves as an indication that the market has entered oversold territory, hinting at a swift and substantial price drop. Conversely, a reading above 70 signals overbought conditions.
It’s important to grasp that oversold or overbought signals don’t automatically predict impending bullish or bearish trends. An RSI reading below 30 doesn’t necessarily promise an immediate bullish reversal. Instead, it primarily suggests a rapid and significant price decline. Conversely, an overbought reading underscores a rapid price surge.
Meanwhile, the current RSI reading below 30 doesn’t wave a green flag for an immediate bullish shift. Rather, it serves as a robust indication of the burgeoning bearish momentum in the market.
Expert Insights: Bitcoin’s Bearish Turn
Kuptsikevich reveals that Bitcoin’s once-promising trend has taken a bearish twist. He points out a significant event – a substantial drop below not just one, but two pivotal moving averages: the 200-week and 200-day. These averages act as guiding markers in the financial landscape, indicating trends. This drop is seen as a signal of a notable shift towards a bearish trajectory.
Kuptsikevich emphasizes that hovering near the $26,041 mark, Bitcoin is at a crucial crossroads. The next substantial support point seems to be around $24,700. This assessment underscores the pivotal juncture where Bitcoin currently stands.
This Might Interest You: Bitcoin Price Prediction 2023, 2024, 2025: Will Bitcoin Reach $100,000 Before 2024?
Following the retest of the double top fallout, XLM prices underwent a sharp correction, as predicted in our previous price analysis. The downfall from the $0.14 resistance level retest brings a massive discount in the Stellar coin price.
Leading to multiple consecutive bearish candles, the XLM price falls by 20% to reach the 200-day EMA. The retest phase catalyzes the intense fall, coinciding with the overall market correction.
Breaking below the 50-day EMA and the 50% Fibonacci level, the XLM price breached multiple support levels to test the 200-day EMA. Absorbing the selling pressure at the junction of 61.80% Fibonacci level and 200-day EMA, XLM price sets for a short-term recovery.
With an intraday growth of 1.12%, XLM price extends the recovery to 4.12% in the last 48 hours. The recovery rally retests the broken 50% Fibonacci level and teases a prolonged recovery.
What’s Next For Stellar (XLM) Price?
The present recovery remains within a no-trade zone, as the breakout of 50% or 61.80% Fibonacci level will signal the next entry. Moreover, to revert the bearish sentiments, the XLM recovery must undermine the 10.42% drop bearish candle. Until then, there are strong chances for a downtrend continuation with a bullish trap.
Considering the uptrend breaks above the 50-day EMA, the XLM prices can continue the previous endeavor. Therefore, the uptrend can rechallenge for a dominance $0.142
On the flip side, the downfall below the 200-day EMA will put the $0.10 psychological mark in danger. As the downfall may reach the $0.094 mark.
The price of bitcoin (BTC) faced a challenging start on Wednesday as it struggled to retain the $29,000 level, highlighting the impact of the ongoing summer lull in trading activity on the digital asset market. The largest cryptocurrency by market capitalization witnessed a drop to as low as $29,028, marking its weakest level since August 7.
This decline of approximately 1.3% from the previous day’s value of $29,400 has prompted market observers to closely monitor the direction in which Bitcoin’s price will move. As of press time, bitcoin’s price slightly recovered to just above $29,100.
Ether Joins the Downward Trend, While Bullish Predictions Emerge
In tandem with Bitcoin’s bearish movement, Ether (ETH) also experienced a slump, trading around $1,820 and registering a 0.8% loss over the past 24 hours. The overall crypto market displayed a decline of 1.7%, reflecting the challenges faced by digital assets across the board. Amidst this downturn, notable cryptocurrency figure Tom Lee of Fundstrat Global Advisors shared an optimistic forecast on CNBC.
Lee suggested that the approval of a spot bitcoin exchange-traded fund (ETF) could potentially trigger a more than five-fold surge in the bitcoin price from its current levels. He stated that the demand for Bitcoin might outpace its daily supply, projecting a potential clearing price exceeding $150,000 and possibly reaching $180,000.
Altcoins Witness Sharp Declines
While the overall cryptocurrency market experienced a decline of 1.7%, according to the CMI, major alternative cryptocurrencies (altcoins) faced even more significant losses. Solana’s SOL, Dogecoin (DOGE), and Polygon’s MATIC were among the hardest hit, with each coin suffering declines between 5% and 7% over the past 24 hours.
Ripple’s XRP, the fifth largest digital asset by market capitalization, also saw its value drop below 60 cents for the first time since its mid-July rally prompted by a court ruling. XRP has endured a 4.7% decline over the past 24 hours and a 19% drop in the last month.
The cryptocurrency market’s current state underscores the complex interplay between market sentiment, regulatory developments, and technical factors, influencing the price trajectories of various digital assets.
Shiba Inu Flashes Extreme Bearish Signals Despite Shibarium Hype! Can On-chain Momentum Save SHIB Price?
In recent weeks, Shiba Inu has taken the lead in the meme coin market, registering impressive gains and returns. Yet, the sentiment appears to be turning, with SHIB’s price showing signs of a bearish downturn from its peak. Even with the excitement around Shibarium, SHIB’s dedicated blockchain, the token hasn’t met its immediate bullish goals. However, the bullish on-chain trends suggest that SHIB’s bearish phase could be temporary.
Shiba Inu’s Volatility Continues To Increase
In the past three days, Shiba Inu experienced a $3.5 million liquidation following its inability to gain buying interest around the $0.00001 mark. As a result, investors offloaded assets valued at $2.8 million. At present, a solid resistance looms over the $0.00001 level, with few buyers to drive the price upward.
Despite the choppy water, Shiba Inu showcases promising on-chain indicators. While Bitcoin displays low volatility, Shiba Inu’s volatility has been on the rise. Data from IntoTheBlock reveals that SHIB’s volatility has consistently grown over the past month, jumping from 47.3% to 84.4%. This suggests that traders are capitalizing effectively on their entry and exit points. Rising volatility for SHIB signals more trading and interest, potentially driving bullish price surges due to increased buying momentum.
Additionally, Shiba Inu’s MVRV ratio has seen an uptrend over the past week, climbing to 0.548 from a previous low of 0.456. This indicates that SHIB’s market value is surpassing its realized value, a positive indicator for the meme coin.
A rising MVRV ratio implies SHIB traders are offloading their holdings at higher prices. Given the MVRV ratio hovers around the 0.5 mark, it also points to the asset being undervalued, hinting at a potential future price surge.
What’s Next For SHIB Price?
Shiba Inu witnessed a strong rejection near $0.00001, suggesting that buyers failed to defend selling domination near this level. As a result, SHIB’s price declined below 0.038 Fib channel quickly to strengthen selling positions. As of writing, SHIB’s price is trading at $0.0000097, declining over 3% in the last 24 hours.
However, bulls successfully defended against a decline below the support line, with the price stabilizing at a low of $0.0000094. It appears that buyers entered near this dip, viewing it as a lucrative entry point in anticipation of the Shibarium launch.
Currently, bulls are trying to regain their previous momentum, with the SHIB price targeting the EMA20 trend line. If the price rebounds from support and surpasses the $0.00001 mark, it would suggest continued bullish interest at these lower prices. This could send the price to initially aim for $0.000012 and potentially approach the resistance at $0.000014.
Conversely, if the bulls cannot maintain buying demand, the SHIB price might experience a decline below the support line. A drop below $0.000009 would push the price towards a consolidation around $0.0000083, where it might remain for an extended period until Shibarium is launched.
Recently, Pomerdoge (POMD) has experienced a remarkable surge, while Litecoin (LTC) and Bitcoin Cash (BCH) have seen new lows. Today, we will explore the contrasting trajectories of these cryptocurrencies and delve into the factors driving Pomerdoge’s remarkable ascent.
- Litecoin struggles after halving event completion
- Bitcoin Cash loses value after significant miner movement
- Pomerdoge to experience a 30x surge
Litecoin (LTC): A Bearish Downturn
Litecoin (LTC) has been facing a challenging period. In other words, the Litecoin price has dropped by 14.3% in the past 30 days.
In recent Litecoin news, the third halving event was completed by Litecoin. However, this development did not help the Litecoin crypto as bears took control. In fact, Litecoin even sank to $80.52 at one point.
This bearish trend has continued as the Litecoin price now sits at $83.11 with a market cap of $6.1B, down 14.86% overnight. Furthermore, its trading volume plummeted 20%, sinking to $242,484,931. Due to all these red charts, many Litecoin holders are trying to find new ways to diversify their portfolios.
Bitcoin Cash (BCH): Continues Trading in the Red
Bitcoin Cash (BCH) has been facing persistent bearish pressure, with its price chart displaying a trend of declining values. As one of the prominent cryptocurrencies in the market, BCH’s struggle to maintain its value has raised concerns among traders.
Recently, Bitcoin Cash miners have withdrawn $263M tokens which caused the Bitcoin Cash price to plummet. The Bitcoin Cash value fell by 20.2% in the past 30 days alone. The Bitcoin Cash crypto is trading hands at $227.79 with a market cap of $4.4B, a drop of 2.65% in the past 24 hours.
Moreover, the technical analysis of Bitcoin Cash paints a bearish picture, as all its moving averages display sell signals. As a result, many experts foresee the Bitcoin Cash price to continue dropping. As a result, investors are choosing alternative projects with greater upside potential instead of this cryptocurrency.
The Pomerdoge (POMD) Sensation
While Litecoin and Bitcoin Cash continue struggling, Pomerdoge (POMD) has been making waves. Its ties to the blockchain gaming market, projected to reach $65.7B by 2027, make Pomerdoge’s long-term growth potential excellent. This fact, combined with a unique Play-to-Earn (P2E) gaming model, has attracted countless individuals to Pomerdoge.
Its Key Differentiators
Pomerdoge’s success can be attributed to several key differentiators that set it apart from other projects. Firstly, the Pomergame arena. This is an exciting and competitive battleground where Pomerdoge enthusiasts can put their skills to the test. Within this winner-takes-all virtual arena, players can pit their Pomerdoges against each other in thrilling battles.
And most importantly, the Pomerdoge 7,777 NFT collection. This collection will only be available to POMD token holders. These NFTs will cost 0.2 ETH, but their benefits are unknown. Scheduled to come in August / September, the community is growing more excited as the launch date approaches.
Looking Ahead for POMD
POMD is now available for just $0.008 – a 14% rise from its starting price. However, this price will not be available much longer as its presale is now in Phase One. To clarify, price hikes are coming as it advances.
Holding this token will bring you access to the NFT collection, unique marketplace items, and more – so sign up below and capitalize on a projected 30x surge before its presale finishes.
Find out more about the Pomerdoge (POMD) Presale Today
Litecoin Shows Bullish On-chain Metrics Amid Bearish Post-Halving Trend! Will LTC Price Skyrocket Soon?
After the halving event, Litecoin’s value experienced significant volatility, quickly dropping below key support levels. While many anticipated a bullish turnaround for LTC from these bottom positions, it lacked the necessary purchasing momentum. Yet, current on-chain metrics hint at whale players silently making their move, possibly in anticipation of a robust bullish surge in the upcoming weeks.
Litecoin’s Large Transaction Volume Continues To Pump
Recently, Litecoin (LTC) has been making waves with its steadily increasing transaction volume, suggesting a renewed interest among traders. According to IntoTheBlock data, Litecoin’s large transaction volume has been increasing over the last 7 days. The volume has surged from $1.74 billion to $1.84, hinting that whale players are investing in the LTC market near the current dip.
A consistent increase in volume often precedes a bullish trend, as it indicates strong demand and positive sentiment among traders and investors. Moreover, it can trigger a heavy short-liquidation if the LTC price makes an upward surge due to buying pressure.
In addition to the existing positive indicator, there’s another factor that might boost the bullish momentum for Litecoin: the recent behavior of its miners. Data suggests a significant shift in miners’ actions, particularly regarding their selling habits.
Over the past fortnight, there’s been a marked reduction in the outflow from Litecoin miners. Specifically, the metric, which measures the amount of Litecoin being moved out of miners’ wallets, has seen a substantial decline. It plummeted from a peak of $28 million to a much lower $13.7 million.
With fewer Litecoins being sold by miners, there’s a potential tightening of the coin’s supply in the market. A reduced supply, coupled with steady or increasing demand, can exert upward pressure on the price. It’s worth mentioning that the total supply cap for LTC is 84 million, with 73 million Litecoins already in circulation.
What’s Next For LTC Price?
Litecoin faces challenges in initiating a rebound from the robust support level of $80, indicating a lack of buying pressure near higher levels of $85.
The declining 20-day EMA at $82.8 on the 4-hour price chart, coupled with the RSI below the midline suggest that the bears currently dominate. If the LTC price slides and fails to hold above $80, it would hint at a solid downward correction. The next support levels to monitor are $74 followed by $65.
On the flip side, the primary resistance to observe on the upward trajectory is $85, which is the upper hand of the consolidation zone. If the price is driven above $88 by buyers, it could indicate the onset of a more substantial recovery, potentially reaching $97. However, this price point might witness intensified selling pressure.
Past performance suggests hope for bulls. After the 2019 Litecoin halving, LTC surged to $400 in 2021, despite dropping from $66 to $35 in December 2019.
Bitcoin Price Today: BTC Looms Around $29,000, Setting the Stage for New Bearish Action Below $28,000 This Week
The speculations over the Bitcoin ETF have been making huge rounds as the rumours of their rejection have been surfacing. This could be the main possible reason that has compelled the BTC price to remain stuck within a minor region. It may be a strategy to make the investors believe that the ETF may not get approved. This has kept the markets speculative and consolidated. This has also helped the institutions accumulate the token at a discounted rate.
While the star crypto has remained largely uncertain, the possibility of a bearish reversal looms over the space. The price has been holding the $29,000 level for over a week, indicating the strength of the bulls is plunging. Therefore, a drop towards one of the major support levels close to $28,500 is possible. This may further direct the price towards the crucial level of $27,000.
The BTC price is in the middle of the descending channel, or a falling wedge. It is heading to reach the lower support and complete a restest towards the upper trend line. To trigger a prolonged upswing, the price is required to correct the downside and close the trade close to $28,000 or even lower at $27,000, which may enable the bulls to range the price, leading to a sharp movement back above $30,000.
Considering the current trading setup, it appears that the price is at the edge of the fourth phase of the Bitcoin cycle. After registering peak 1 and peak 2, the token underwent a massive sell-off. This was followed by a minor recovery, which was largely located within an ascending triangle. A breakout from this triangle has led to a huge breakout that has previously triggered a bull run. Besides, the halving has also played a major role in intensifying the upswing that has soared high to mark a new ATH.
Therefore, a similar price action is being speculated to occur at present, with the target of reaching $100K. While the bulls who have remained stuck above $50,000 are also expected to strengthen their action, creating huge hindrances for the Bitcoin bulls to persist.
With a double top at the $0.16 mark, the XLM price trend ends and starts the correction phase. Leading to a 15% drop in late July and early August, the Stellar coin price dropped below the crucial level of $0.014.
Following the breakdown, the XLM prices retest broken range with a 4.85% recovery, teasing a potential post-retest reversal.
With an intraday fall of 1.70%, the Stellar coin price starts the post-retest downtrend. Currently, the XLM coin price action completes an evening star pattern with a spike in volume, reflecting a rise in bearish sentiment.
With the downtrend ready to test the bullish confidence at the confluence of the 50-day EMA and the 23.60 Fibonacci level, the downtrend gains momentum.
The technical indicators also maintain a slightly bearish standpoint with the declining MACD and RSI trends. The 50 and 200-day EMA sustain a positive trend, but the rising selling pressure flatlines both.
With the growth in the selling spree, the XLM price will soon challenge the 50-day EMA at $0.129. In case of a bearish outcome, the downtrend will extend to the 50% Fibonacci level at $0.119, accounting for a drop of almost 15%.
On the flip side, a positive recovery with lower price rejection can keep the Stellar coin price floating above $0.14. It can help the XLM price trend bounce back to $0.16 for a new bullish breakout attempt.
Recently, Shiba Inu, often referred to as the “Dogecoin killer,” has become the center of the meme coin market due to its unstoppable bullish rally. As the Shibarium’s launch is just a few days away, the SHIB price is preparing for a notable surge. However, over the past few days, analysts and investors have observed increased bearish pressure around Shiba Inu, especially close to its breakout levels, giving signs of another upswing.
Whales Are Joining SHIB’s Bullish Wave
Shiba Inu has achieved a significant milestone, bringing the “summer of Shibarium.” The Shiba Inu team anticipates the rollout of the Shibarium mainnet, the introduction of the TREAT reward token, and the release of the World Paper, outlining the ecosystem’s foundation and commitment to full decentralization.
According to Into The Block data, the Network Value to Transaction (NVT) ratio has declined heavily over the last seven days. The metric has dropped from 248.76 to a low of 29.78 despite SHIB’s skyrocketing rally.
The decline is attributed to Shiba Inu’s transaction volume growing faster than its actual price increase. Increased network activity usually suggests a bullish trend. Given that this activity surpasses Shiba Inu’s price growth, it suggests Shiba Inu might be undervalued. The NVT ratio provides insight into the correlation between an asset’s market cap and its transaction volume on the network.
From on-chain data, a majority of Shiba Inu’s wealthiest addresses have gathered more SHIB tokens during its recent price resurgence over the last two days.
Interestingly, the addresses holding between 100 million to 1 billion SHIB (represented in green) have seen a slight increase since Aug. 7. Meanwhile, the addresses with 1 billion SHIB and above (depicted in royal blue) — accounting for 96.5% of the total circulating SHIB supply — have remained stable.
What’s Next For SHIB Price?
Shiba Inu recently surpassed $0.00001 but failed to settle above the critical resistance level, hinting at the bulls’ ambition to initiate a fresh uptrend amid bears’ strong defense.
However, this rapid ascent pushed the RSI into overbought zones once, suggesting a potential brief correction or stabilization might be on the horizon.
If the bullish momentum maintains its stand around the resistance levels, it could indicate that investors are retaining their holdings, awaiting a subsequent surge. If the price holds above the $0.00001 mark, we could foresee an acceleration to $0.000012, possibly reaching up to $0.0000138 thereafter.
The crypto space breathed a sigh of relief with a minor upswing as the day’s trade began with a bullish push. The global crypto market capitalization increased by 1.54%, standing at $1.18 trillion, while the volume soared by 13.43% to hit levels above $36 billion. The Bitcoin (BTC) price rose above the major resistance and is trading at $29,703, while its dominance is slowly rising as it stands strong above 48.94%.
Crypto Market at a Glance
Top Gainers & Losers
|Gainers||Change in 24hrs||Losers||Change in 24hrs|
|Toncoin (TON)||+5.75%||Optimism (OP)||-4.72%|
|Shiba Inu (SHIB)||+5.65%||Rocket Pool (RPL)||-3.57%|
|Solana (SOL)||+5.25%||Frax Share(FXS)||-1.89%|
The Worldcon price has reached lower support and has held firmly for the past few hours. The price appears to be accumulating strength as the volatility has dropped while the volume has raised slightly. Besides, the RSI is hovering along the lower support, waiting for a bullish push to trigger a rebound. The ADX that determines the strength of the rally has reached its peak and could be subject to a bearish divergence. Hence, the WLD is expected to remain under acute and prolonged consolidation.
Shiba Inu (SHIB)
The recent upswing has pushed the Shiba Inu price beyond the ascending triangle, breaking above the resistance. After a minor retest, the price has again triggered a significant upswing, indicating that the bulls are regaining strength. Besides, the RSI maintains an ascending trend along the lower trend line and has yet to reach the upper resistance. Therefore, the SHIB price may continue to rise slowly and steadily to reach the upper resistance at $0.00001190.
Solana’s price is also flashing bullish signals as the price is close to reaching the apex of the ascending consolidation within a triangle. After the token reaches the edge, a strong breakout is expected that may propel the prices beyond the major resistance at $30 and may even mark new yearly highs above $32. The rising RSI substantiates the bullish claim that the market is maintaining a healthy upswing.
Terra Classic (LUNC)
The Terra Classic price has been plunging since the beginning of the year after facing rejection from the yearly highs above $0.0002. However, the token is trading within a falling wedge, which is largely considered a bullish pattern and could result in a bullish breakout. Besides, the RSI is incremental, which suggests, the price may rebound and rise high to reach interim resistance at $0.000116 shortly.