Bitcoin bulls appear to have become extremely passive as they are unable to mount the buying pressure required to rise & sustain above $24,000. Meanwhile, the top altcoin Ethereum has been displaying immense strength by trading close to the crucial resistance at $1650.
The market cap of the second-largest crypto has surged beyond $200 billion despite the global market capitalization witnessing a minor pullback of nearly 1.19% in the past 24 hours.
As the BTC prices appear to have stuck within narrow ranges, the market capitalization of the altcoins is approaching crucial levels. The possibilities of a bullish breakout are constantly flashing that may begin a fresh bullish wave of several altcoins in the short term.
The altcoin market cap maintained a descending trend for the past 6 months and faced constant rejection from the trend line. Presently, the levels are again testing the crucial resistance, displaying a higher probability of a breakout.
Previously, the levels faced rejection as the resistance collided with the crucial 200-day MA, but presently, the market cap has surged beyond these levels and hence points towards a bullish breakout in the coming days.
Therefore, once the daily close is recorded above the trend line, then a significant upswing may kick in. This may ignite another 7% to 17% growth in the total altcoin market cap securing the levels above $700 billion. If the rally materializes, then the global market capitalization excluding Bitcoin may hit $1 trillion, validating the peak of the Altseason 2023.
Shiba INU price is flashing bullish signals that may amplify the rally to secure levels beyond $0.00002 in the coming bullish cycle
The Shiba INU price is displaying significant bullish momentum and broke out from the rising wedge pattern. Although the breakout was bearish, the price continued to trade parallel to the support levels and the crucial 200-day MA levels which are acting as a strong base. After, holding up the price levels for quite a long time, bulls were believed to get drained and hence paving way for a notable price drain.
However, the current trade set-up indicates the price to be due for a massive upswing and may maintain a notable rally to reclaim the lost positions above $0.00002 in the coming days.
The rally had been bearish for quite a long time, while the much-awaited launch of Shibarium has also been delayed which may have impacted the trend of the rally. However, the Shib INU price is flashing the possibility of rising by more than 190% which may further flip the market sentiments of the entire crypto space.
- The current trade setup shows the token is closer to undergoing extreme pump in the immediate short-term
- The price is trading within a descending parallel channel on a daily chart which is closer to undergoing a bullish breakout.
- The price is undergoing a corrective zig-zag pattern within the descending channel which may validate the possibility of an explosion toward the north
- The next strong resistance is between $0.00002514 and $0.00003384 which are pretty strong and the token may definitely experience selling pressure on testing these levels
Collectively, the Shiba INU (SHIB) prices are displaying acute strength and if the offered a good opportunity may rise far beyond the expectation.
Bitcoin price slipped down below $23,000 and created a wave of uncertainty over the crypto space. The altcoins which had risen above their respective resistance levels have dropped below the levels which could flash the revival of a bearish trend. Additionally, the star crypto is closer to witnessing a great leap but towards the south.
The star crypto is about to witness a death cross in the weekly timeframe for the very first time in history and hence the impact is being expected at a larger scale. The death cross is when the 200-day MA & 50-day MA levels cross each other and the 200-day MA levels head toward the lower support. Usually, the impact in the daily chart is bearish as the BTC price drops by nearly 7% to 10%.
Presently, the price trend is towards the south and hence the 50-day MA levels may cross over the 200-day MA to reach the lower support soon.
The death cross is expected to happen in the next week or 2 as the prevailing bearish formations may impact the price negatively. However, the price may still undergo a bullish divergence due to the below-mentioned reasons,
- BTC price is up by 50% from the November lows. Moreover, throughout history, the price surged by such a margin each time it tests the 200-Week MA level which was the bottom of the cycle.
- The weekly RSI levels whenever reach breaks above 60 after hitting the 50-Week MA, indicate the cycle bottom may be reached. Therefore, a notable upswing may be fast approaching.
- Presently, the weekly RSI is around 56.52 and hence a slight plunge may mark the bottom of the cycle ahead beyond which a notable upswing may be ignited
Collectively, after reaching the lower bottoms, the Bitcoin (BTC) price rally may being and reclaim the lost levels very soon.
Institutional investors are eager to gain exposure to cryptocurrency at any cost, and Ark Investment has set an example. Recently, Cathie Wood’s ARK Holdings reportedly purchased 13,243 shares of Tesla Inc. (NASDAQ: TSLA). The multi-billion dollar exchange-traded fund (ETF) is placing a significant bet on electric vehicles as part of its investment in disruptive technologies.
It’s worth noting that Tesla holds a significant amount of Bitcoin, making ARK Holdings investors indirect holders of the cryptocurrency.
Let’s explore this latest update in greater depth.
Ark Invest Bets Big on Tesla
Since the calendar flipped, Cathie Wood has made several purchases of Tesla shares. The first purchase was made on January 3, of about 144.776k TSLA shares according to data provided by Cathiesark.com. The second batch was announced on January 6 about 24.506k TSLA shares. The third purchase was completed on January 10, of about 75.565k Tesla shares. The fourth purchase was made on January 11, of about 69.060k Tesla shares.
The fifth purchase of Tesla shares by ARK holdings this year was made on January 13 for about 168.989k. The second latest purchase was announced on January 18 of about 32.447k Tesla shares.
The Bigger Picture
According to market data provided by MarketWatch, Tesla shares have risen approximately 16% year-to-date (YTD), but have dropped about 53% over the past year. Despite this, Cathie Wood remains extremely bullish on the electric vehicle company led by Elon Musk. Following the recent purchase, Ark Invest now owns approximately 0.13% of Tesla, which represents a weighting of about 7.67% in the former’s fund. The company is convinced that Tesla will outcompete its rivals due to its cutting-edge technology.
Ark Invest is bullish on the price of Bitcoin and the underlying blockchain technology that supports the cryptocurrency market. Additionally, the firm has made several significant purchases of Coinbase Global Inc. shares in recent times. On the other hand, Ark Invest has adopted a wait-and-see strategy on Grayscale’s GBTC following the issues faced by Genesis Trading, a sister company at Digital Currency Group.
Bitcoin price after surging above $18,000 to mark highs at $18,385 is facing some bearish action, due to which the price has dropped slightly. However, the price of the majority of the altcoins has been inflated to a large extent. The ETH price swelled beyond $1400 while DOGE made it above $0.08. Meanwhile, Polkadot surged beyond $5 & XRP marked the day’s highs around $0.3816.
However, while the speculation of a short-term bounce also hovers the rally, some of the altcoins like APE. DyDx, GMT, and SAND manifest the possibility of a bull run in the coming month.
A well-known analyst, Mac, tells his 348K followers that some of the tokens with 100% inflation are closer to undergoing a breakout in the coming days.
The analyst mentions 4 tokens, among which Apecoin is predicted to surge and ignite a notable upswing in the next few days. While the other tokens like DyDx, STEPN(GMT), and the Sandbox (SAND) prices are believed to soar high in the month of February.
However, many speculations have making rounds within the crypto space in recent times. Some believe the current upswing may continue for another couple of months, while other analysts speculate the bullish trap being laid as the markets may be ‘hammered’ very soon.
Besides, US CPI rates are set to hit the markets any moment from now which is believed to have a major impact on the Bitcoin price as well as the entire crypto space. If the CPI rates come out similar to the predicted at 6.5%, then the markets may enjoy another leg towards the north.
The ongoing litigation between Ripple and the SEC has kept everyone apprised of the latest developments. Nicole Tatz, an attorney who has been working with Brad Garlinghouse’s team from the beginning of the litigation, suddenly resigned from her role representing Ripple in the dispute.
The anticipation among investors that December would be a turning point of epic significance for Ripple was building steadily. The deadline for submitting summary judgment papers was extended to November 30, which raised everyone’s hopes.
The Chief Executive Officer of Ripple, Brad Garlinghouse, believes that the lawsuit will not go to trial and that it will be resolved in the first half of 2023. Everyone here is keeping their fingers crossed that the judge will rule in Ripple’s favor.
Judge Torres Grants Ripple’s Request
In a related development, presiding Judge Analisa Torres of the Ripple vs. SEC case has issued an order addressing the parties’ August motion to seal papers related to the expert challenges, generally known as Daubert Motions.
The order requested a decision that would seal and redact certain documents placed by the parties in an effort to exclude expert evidence, as requested by the U.S. Securities and Exchange Commission (SEC).
Ripple argued that its sealing petition would safeguard its highly private business information and the legitimate privacy rights of third parties, while the SEC claimed that its request was required to protect the identity of its expert witnesses.
To further safeguard their privacy and proprietary information, MoneyGram and an unnamed third party requested that some papers filed in support of the parties’ Daubert Motions be partially redacted.
In the SEC’s action against XRP, Judge Analisa Torres partially sided with the agency. As noted in the judgment, the court did not grant the commission’s request to exclude information about the consulting companies that assisted the commission’s expert witnesses. It does, however, approve the watchdog’s motion to redact the papers it submitted in support of its Daubert Motions.
Ripple supporters are still in the dark since the date for the settlement is being challenged at this time. John Deaton, an advocate for XRP who is also an attorney, thinks the verdict will not be given until late April or early May 2023.
According to Deaton, the earliest possible date for the court to provide a decision would be March 31. This is due to the fact that there are many pages of documentation that need to be reviewed by the court before rendering a verdict.
Ripple may not necessarily be assured of a victory at the conclusion of the lawsuit as a result of the latest judgment made by Judge Torres, but this is undoubtedly a success for Ripple on a smaller scale.
Despite this, XRP buyers are keeping their positions open in the event that the lawsuit is decided in their favor. If Ripple were to prevail in this case, it would imply that XRP would be excluded from the definition of a security that the SEC has maintained for a significant amount of time.
The post <strong>Anticipation Runs High As Shibarium’s Launch Inches Closer</strong> appeared first on Coinpedia Fintech News
A Shiba Inu developer, “Shiba Trophias,” recently tweeted that “time is ticking for the project’s official rollout.” The tweet was believed by the SHIB community to be referring to the release of Shiba Inu’s layer-2 network (L2), dubbed Shibarium.
However, the tweet did not explicitly mention Shibarium and instead noted that the V1 design of the project is complete and the development team is finalizing the contents. The launch will be in phases, but it is unclear which project the tweet was referring to. In response to a tweet asking if the tweet was about Shibarium, Trophias replied in a generic sense that the tweet could refer to the entire Shiba Inu ecosystem. A similar reference was made by Shiba Inu’s lead developer, Shytoshi Kusuma. It is unclear if either tweet was specifically referring to Shibarium.
Bitcoin price is still struggling to hold $16,000 levels as the markets appear to have ignited a fresh fallout. The bears are attempting to regain dominance as the market cap drops below $820 billion. The BTC price dropped by nearly 3% while the ETH price crashed by more than 4% in the past week.
In general, the entire crypto space has been concentrated under bearish pressure, as the altcoins are also dived towards the lows. Meanwhile, the share markets or the Nasdaq, on which the crypto markets are co-related highly, are expected to undergo a bearish divergence that may raise the possibility of a crypto market crash very soon.
Besides, a new Bitcoin upgrade called, BitcoinCore 24 went live which comes with a memory pool, serving as a waiting area for unconfirmed transactions. However, the community has raised serious concerns over the upgrade as it does not leave any scope for zero-confirmation transactions and encourages double-spend attacks.
The coiling bearish market sentiments with the controversial Bitcoin upgrade may pave way for a steep BTC price decline very soon,
Massive Bitcoin(BTC) Dump Incoming!
As mentioned BTC price is hovering around $16,000 for quite a long time as the volatility is diminished massively. The compressed price action may pave way for yet another massive price action, regardless of the direction in the coming days. Alongside, the S&P 500 is closer to pulling a huge leg down as it is closer to facing another massive rejection soon.
Analyst Kevin Svenson, referring to the S&P 500 warned his 117.9K followers about the upcoming BTC price dump. As per him, if the S&P 500 faces rejection from the supply line as it did multiple times before, Bitcoin may certainly not handle it and may drop at double the pace of the traditional stock market.
Meanwhile, Bitcoin shrimps are constantly accumulating. As per the on-chain data provider Glassnode, the number of addresses holding more than 1 BTC but less than 10 BTC has reached its peak.
Collectively Bitcoin’s (BTC) price may witness fresh rejection as a rise above $16,500 appears to be not feasible in recent times. Moreover, the token is testing the crucial support levels around $16,100, below which the price may drop towards the yearly lows close to $15,500.
Cardano’s price has been relatively stagnant ever since the asset witnessed a magnificent drop from levels above $0.42. The market crash dragged the token below the crucial levels, which were supposed to be held firmly to mark new lows just above $0.3. Meanwhile, a minor upswing enabled the price to rise above $0.33, where it appeared to be stuck for the past few days.
The price, along with many other altcoins, has been displaying acute weakness as the BTC price remained largely stagnant. Meanwhile, market participants are quite bullish on the ADA price and the entire crypto space, regardless of the current market situation.
The ADA price is trading within a descending pennant since the beginning of the month. Meanwhile, a minor attempt is underway to break above the bearish pattern which may rise the price beyond $0.34, initially. On the other hand, if the bullish attempt ceases, the price may eventually drop back and test the levels close to the support at $0.31 and rebound firmly.
The RSI or the Relative Strength Index is incremental as it is following the lower trend line. Considering the RSI movement, it suggests that a minor pullback is imminent to lay down a significant upswing in the coming days. The MACD is also on the verge of flashing a bullish signal in the long term which may lay down a significant upswing towards $0.4 in the next 7 to 10 days.
While most other cryptocurrencies are just following the trend, Ripple’s XRP has outpaced the largest cryptocurrency by market cap, Bitcoin. All of the major cryptocurrencies continued to trade in the red at the moment due to the market situation.
Unlike what was anticipated, Ripple’s native XRP surpassed the majority of other significant cryptocurrencies. After the FTX frenzy, XRP and other significant tokens experienced a massacre that rippled across the whole crypto community.
XRP has increased by more than 9% over the past day and is currently trading at $0.386. The surge increased the market cap of XRP to $19.341 billion.
Why is XRP rising?
It’s possible that the increase is encouraged by growing optimism that the parent company of the coin, Ripple, will succeed in its legal battle with the U.S. Securities and Exchange Commission (SEC). Motions to file amici papers on behalf of the XRP founders were approved on November 15. The amici status enables people to participate in judicial proceedings and submit “friends of the court” briefs.
The long-contested and important William Hinman records were recently received by Ripple after a court order. A US judge rejected the SEC’s request to conceal the records pertaining to former Division Director William Hinman in a judicial proceeding.
The records relate to a speech William Hinman gave in 2018 in which he stated Ethereum (ETH) cannot be regarded as a security. William Hinman was the former Director of the SEC’s Division of Corporation Finance.
It was an eventful week
The past week was eventful as well as disappointing for the cryptocurrency market. The value of Bitcoin, fell by 19.3% over the past seven days, from November 8 to November 14. The currency reached a high of $20k on November 8 before plummeting to a low of $15.6k on November 9, a loss of 22.8% in a matter of hours.
The limited availability of Tora Inu tokens is pushing the TORA presale closer to the end of the current phase as the tokens continue to sell out quickly. So far, Tora Inu has managed to raise over $300,000 in a short period of a few weeks as investors rush to purchase the new era memecoin.
It seems that memecoin hunters are excited about the token’s deflationary mechanism, its P2E platform, and strong marketing plans as they hope to earn a profit once the token finally launches on Tier-1 exchanges.
Unique Deflationary Mechanism Causing Presale to Sell Quickly
The Tora Inu presale started October 20th and has raised over $300,000 in under two weeks of going live. Investors are rushing to Tora Inu as they are excited about the coin’s unique deflationary and redistribution mechanism.
Tora Inu comes with a unique burning mechanism that reduces the token supply as the platform becomes more popular. A 3% buy and sell tax occurs on every transaction. The tax is used in burning and redistribution, creating favorable tokenomic conditions for investors. Eventually, the deflationary mechanics will cause a supply shock for the token, making it more scarce over time. This should help TORA’s value to explode if the demand remains consistent or continues to grow.
Although deflationary mechanisms have been used in previous memecoins, the redistribution design is novel as it rewards long-term TORA holders through the tax feature.
Enjoyable P2E Game That Isn’t Pay-to-Play
According to the roadmap, investors are also keen to participate in the unique play-to-earn game that Tora Inu will release in Q3 2023. This P2E game is set to raise the standards in the industry as it will be entirely skill-based – removing the option for players to pay to improve their stats.
Users will need to purchase an NFT to participate in the P2E ecosystem, which comes with stats that are slowly buffed over time as the player wins games against other players and the environment.
Typically, P2E games allow users to buff their stats by paying a fee. However, the team behind Tora Inu believes this needs to be revised as it’s different from how games should be. As a result, they will not provide a method for players to pay their way into achieving higher stats – making it a skill-based ecosystem in which the best players are the ones who will be rewarded the most.
Furthermore, another unique aspect of the P2E game is that the rewards won’t come from liquidity reserves. Instead, most of the rewards will come from players who stake TORA tokens into a pool to play the game. As a result, this increases transactions on the blockchain triggering the redistribution and burning mechanism, further making TORA more deflationary.
Strong Marketing Campaign Lines Up
The team behind Tora Inu is KYC’d, and Solidproof verified the contracts.
They have extensive marketing experience, and they understand for the token to become popular, it will need intense buying pressure and a large community to take off and reach the moon. As a result, the team has prioritized a colossal marketing campaign to promote the token on the most popular publications in the crypto industry.
Furthermore, the Tora Inu team understands that the token needs to be listed on multiple tier-1 exchanges to reach the heights of Dogecoin and Shiba Inu. Therefore, they have a CEX marketing drive listed as one of the milestones on the roadmap to get TORA listed on tier-1 and tier-2 exchanges.
They already have a tier-1 exchange lined up to list TORA on launch – but they are trying to keep the name of the exchange a secret. However, there are subtle hints on the Tora Inu homepage that it could be listed on OKX.
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In a surprising move, the Dogecoin prices have inflated significantly and have surged above the crucial resistance, hinting at a stabilised bullish move ahead. While the prices were heavily suppressed under the descending trend line for nearly a year, the recent rebound was pretty much expected. Moreover, the recent announcement of Elon Musk re-offering to buy Twitter at the pre-decided rates is speculated to have dragged the DOGE price above the bearish captivity.
DOGE prices were trading within the bullish flailing wedge for an extended period. After the recent attempt to breach the pattern failed, market participants believed the prices would drop to the lower crucial levels at $0.039. Fortunately, Elon Musk’s buying of Twitter appeared as a blessing in disguise, as DOGE’s price soared above $0.0665.
Furthermore, the prices are expected to undergo a parabolic curve to gain the crucial resistance above $0.07 soon.
The DOGE price broke above the falling wedge and reached the local highs of around $0.066, clearing the resistance at $0.064. The bears attempted to drag the price lower, but the bulls held The price bounced above the resistance-turned-support zone with significant bullish volume.
In the coming days, the DOGE price is expected to continue to surge high after reaching the apex of the bull flag. Therefore, the immediate next targets for the asset could be around $0.071 initially and $0.08.
Elon Musk’s overall influence is still impacting the Dogecoin price, which was once thought to be independent of external factors. Hence, in the coming days, the prices could mark new highs as Tesla CEO moves ahead to become the new Twitter CEO.
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After nearly a week of an extremely bearish market, the SHIB prices rebounded and began a trade within an ascending parallel channel. The bulls are attempting to raise the prices, but the question still remains, whether the prices sustain above the gained levels or not.
The Shiba Inu price variations triggered the formation of an ascending parallel channel, and a significant price reduction was noticed about two weeks ago. The price contacted the lower trend line of the parallel channel, that led to a decline at the $0.00000992 support level.
While a notable upswing was recorded to the resistance level at $0.00001190, but the prices crashed back to the parallel channel’s lower trend line. The bulls took control and propelled the prices up by 20% later.
Unfortunately, the bears jumped back in action & successfully pushed the SHIB prices down through a crucial resistance where the prices consolidated for more than a week. However, the bulls regained momentum and drove the prices to the current price of $0.00001127.
The significant resistance level at $0.00001190 may act as a barrier to additional price increases, and a breakout at this level may push Shiba INU(SHIB) prices up towards the trend line. Breaking through the top trend line could drive prices rocketing towards the nearest resistance at $0.00001306 and beyond, leading to bullish price action.
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Bitcoin Closer to Bloodbath, Investors May Expect a Massive Drop to $15,000 Very Soon! – Coinpedia – Fintech & Cryptocurreny News Media
Bitcoin price recorded a huge bearish close for the week and currently testing one of the major support levels. The bears appear to be extremely strong than the bulls, the next leg down may result in yet another massive drop below the yearly highs at $17,622. As these support zones have not been tested for nearly 3 months, the BTC price is feared to break these levels easily as it appears to be porous.
The recent price crash is holding up the arguments presented by some of the market analysts who believed Bitcoin could crash down to $15000 in 2022. Now when the prices have deflated finely, the possibility of breaching through the lower support emerges. However, the bearish trend may not be in a month or two as the descending consolidation is expected to prevail for a long.
In the above chart, the BTC price trend currently appears to have mirrored the 2013 to 2016 rally. similar to the present trend, the BTC price rose from the bottom to reach the top and later maintained a descending trend for nearly a year to reach the bottom zone. Here, the asset remains almost stagnant for nearly 6 to 8 months and begins with the next bull cycle.
Hence, a similar upswing may be expected by March 2023 and till then the price may remain consolidated within $18,000 to $25,000. However, if in case the FED rates hamper the rally as they are believed to rise another 0.75 bps in the coming days, then one expect a bloodbath in the crypto market. Therefore, the possibility of Bitcoin(BTC) price forming new bottoms around $15,000 may be validated.
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Is the Buy the Rumour, Sell the News Happening? Ethereum (ETH) Price Gets Closer to the Pivotal Support Levels! – Coinpedia – Fintech & Cryptocurreny News Media
Ethereum Merger is a few hours away with less than 4000 blocks to be mined to hit the trigger. The ETH price continues to be under bearish influence as the prices fail to surpass the pivotal zones around $1627. Therefore, the majority of the asset carries on with the consolidated trend that began in the early trading hours.
The Ethereum funding has gone mega-negative, while the Bitcoin rate has spiked at the same time. Therefore, the spread between both of the figures has reached the ATH of 77% annualized. As per the report from Glassnode, the traders are heavily shorting ETH relative to BTC.
Therefore, a significant hedge or plunge is expected to occur alongside the Ethereum Merger, while the ETH/BTC could drop heavily soon. Considering the ETH/USDT, the price is facing equal pressure on either of the sides and hence possesses both the possibility of an out-break towards the north or south in the coming times.
After experiencing excessive pressure, if Ethereum (ETH) price breaks out of the consolidation, then may the pivotal zones at $1627 and eventually enter the resistance zone between $1668 & $1677. Conversely, if the price fails to hold on to the support, it may drop hard to test the immediate support at $1558.
The Ethereum price could rebound at these levels, & if failed to do so, may drain into a deep bearish well.