The popular frog-themed meme coin Pepe (PEPE) – which shocked investors earlier this year with its over 100,000% rally – is now facing a real risk of falling back to its all-time lows.
Pepe has emerged as one of the worst-performing tokens in the last month, posting the most severe losses of any top-200 cryptocurrency in the past 30 days.
Pepe is not the only token showing bearish tendencies – major cryptocurrencies are seeing a correction after yesterday’s highly-anticipated FOMC meeting, with Bitcoin falling below the $27,000 price level.
The largest cryptocurrency depreciated by 2% daily, while major altcoins such as Solana, Litecoin and Avalanche saw more pronounced declines.
While the Federal Reserve met market expectations by pausing its interest rate hike, Fed chair Jerome Powell revealed that another hike would likely be appropriate.
In other meme coin news, new project Wall Street Memes (WSM) is creating hype and FOMO as it is set for its IEO next week.
Pepe Coin Price Crashes 40%, Falls Out of Top 100 Crypto Rankings
While the rest of the market is struggling with a worsening macroeconomic outlook, Pepe token is also facing a lack of investor confidence – the meme coin has been unable to regain buyers’ trust after last month’s alleged rug pull.
Pepe has been one of the top trending tokens on CoinMarketCap for all the wrong reasons. The token’s market capitalization – which was as high as $1.6 billion in May of this year – has fallen all the way down to $241 million. Pepe is now the 108th largest crypto asset according to CoinMarketCap and ranks 116th according to CoinGecko.
Pepe is now trading at $0.00000061, down 85% from its all-time high and 42% in the past 30 days. Investors continue to remain extremely pessimistic regarding any potential bounce-back as the token has plummeted another 1.4% in the past 24 hours.
Pepe coin’s performance is even more concerning when compared to other top meme tokens – while both Dogecoin and Shiba Inu have traded mostly sideways in the past week, Pepe has plunged over 9% in the same time span.
The current downward spiral started when its devs dumped $15.7 million worth of $PEPE holdings from its central multi-sig wallet.
To make matters worse, the number of signatures required to access the multi-sig wallet also changed from 5 to 2, which security experts called an unexplainable decision.
Whales and smart-money traders started selling their Pepe holdings, fearing a rug pull, which pushed the token into a free fall.
To control the disaster, the official Pepe Twitter account put out a statement, pinning the blame for the entire fiasco on “a few bad actors within the team”. The author claimed that the remaining tokens will be transferred to another safer wallet and will only be used on a need-to basis or will be burnt.
As if things were not bad enough, the same Twitter account revealed two weeks later that Pepe’s Telegram account had been hacked, leading to more vitriol from the community.
The token has been unable to win back investors’ trust, with experts predicting more correction in the coming days. Trader @Nebraskangooner, who has over 300K followers on Twitter, revealed that Pepe fell through its larger overall support and a descending triangle, which could lead to a move to the $0.0000004 price mark.
Analyst @CryptoTony is even more cautious, expecting the meme coin to add another zero and sweep its all-time lows.
Traders Tip Wall Street Memes IEO As Potential ‘Next Pepe’ Alternative
Pepe’s recent decline has created a vacuum in the meme coin market, with investors desperately searching for the next big token that has the potential to hit the $1 billion market cap.
Their wait may be over as experts like Satoshi Stacker are backing the exciting new Wall Street Memes to display an explosive bull rally after its launch. WSM is set to conclude its ICO in just 4 days on the 25th of September at 6pm UTC, having already raised over $25 million in the hottest presale performance of 2023.
Subsequently, Wall Street Memes will launch on multiple Tier-1 exchanges on the 27th of September, snaring 5 of the top 15 centralised exchanges on CoinMarketCap.
Investors are rushing to the presale to make last-minute purchases as it could be the final time that $WSM is available at the price of $0.337 – expert traders like Crypto Gains and Jacob Bury are predicting a 10x surge in the token’s value after launch.
Even the Crypto Whale Pumps Telegram community, which has 25K subscribers, is buzzing about the token’s potential.
The WSM token caught the attention of meme coin enthusiasts right from the start, thanks to its ties to the legendary Wall Street Bets Reddit community that sparked the GameStop bull run in 2021.
Furthermore, the developer team behind the token also has a stellar reputation in the crypto space – its Wall St Bulls NFT collection sold out in just 32 minutes, netting a cool $2.5 million.
Therefore, it is no surprise that a whale was willing to swap 553 ETH tokens – worth over $1 million at the time – to purchase WSM during the presale itself.
Interested buyers only have four days to get in on the potential next Pepe early by purchasing it through bank cards or by swapping ETH, BNB or USDT tokens.
Ian Moore, the chief banking officer of crypto banking firm BCB Group, will be leaving the business on September 29, to pursue other opportunities. This was confirmed by both the company and Moore himself. Moore joined BCB Group from Paysafe Group in September 2022 and has had extensive experience working with financial giants Deutsche Bank and Citi. BCB Group has seen other recent senior departures, including former deputy CEO Noah Sharp in June, after the planned acquisition of Sutor Bank was abandoned due to regulatory delays and market conditions. BCB Group’s clients include Fireblocks, Galaxy, Gemini, Huobi, and Kraken.
Bitcoin received a minor push just before the previous day’s close and almost reached one of the interim resistance levels but failed to surpass $26,500. Nevertheless, the BTC price continues to trade above $26,200 at the moment. While the bulls manifest some strength, the traders remain pessimistic about the markets. Despite the minor jump, Bitcoin has not built trust among market participants to maintain the prevailing trend. Hence, the traders may be compelled to take out nominal profits every now and then.
The balance on the exchanges is one of the on-chain indicators used to determine the traders’ sentiments. If the trader is confident in the impending rally, he tends to store his holdings away from the exchanges, in his cold storage, with the idea of holding for the long term. This is when the supply on the exchanges decreases, flashing bullish signals for the crypto.
However, as per the data from the Santiment, the supply over the exchanges has been rising, indicating the traders are all set to extract small profits at minor upswings.
Although BTC’s price has had a minor jump, returning back above $26,300, the 3.1% increase in BTC’s supply over the exchanges raises minor concerns. However, the BTC price continues to hold above the crucial support at the 200-week MA, which keeps up the bullish hopes. It is worth noting that August and September have been terrible for Bitcoin, and the BTC price is also feared to face a death cross soon.
Therefore, it is quite viable that the traders could be pessimistic about the markets, as these short-term, minor jumps have trapped them for a long time. However, one of the prominent analysts, Michael van de Poppe believes that this could be the final correction before the Bitcoin halving. And if the markets survive the bearish September, the upcoming phase could be extremely bullish.
With an extensive selling phase in action, the AVAX price is 19.24% below the previous swing high of $15.59 within 25 days. The downward trend results in a strong resistance trendline keeping the bullish growth in check, leading to lower high formations.
Moreover, the AVAX price is now below the 61.80% Fibonacci level and a long-coming support trendline.
With buyers failing to hold the AVAX prices above $12.87, the 4.83% drop tests the bullish dominance at the 78.60% Fibonacci level at $12.13. The buyers manage to revert the drop with a bounce back to challenge the overhead resistance trendline.
Currently, the AVAX price is up by 1.55% in the last 24 hours and continues to challenge the resistance trendline.
Coming to technical indicators, the Stochastic RSI shows an uptick as the lines approach the oversold territory, indicating a potential reversal. However, the MACD lines show a bearish crossover due to the rise in the selling spree.
If the ongoing recovery continues and breaks the resistance trendline, the buyers can lead the uptrend to new heights. The unleashed trapped momentum can fuel the AVAX prices to $14.
In case of a prolonged selling phase, the break out of the breakdown of the 78.60% Fibonacci level at $12.13 can lead to an extended 8% fall to the $11.19 level.
Binance, a leading global cryptocurrency exchange, has seen a substantial surge in its XRP holdings, with the exchange now boasting an impressive stash of 2.8 billion XRP tokens. The latest Periodic Report of Ownership (PoR) reveals an increase of over 100 million XRP in the exchange’s holdings.
This remarkable growth in Binance’s XRP holdings has caught the attention of the cryptocurrency community. Presently, Binance holds a net balance of a staggering 2,806,681,733.985 XRP (roughly 2.8 billion).
A unique aspect emerges when analyzing Binance’s customers’ cumulative XRP holdings, which total about 2,711,777,813.604 XRP (nearly 2.7 billion). It signifies not only Binance’s confidence in the potential of XRP but also the exchange’s commitment to catering to its users’ demand for this digital asset.
It appears that Binance holds more XRP than its customers do. As a result, the intriguing ratio of customer net balance to Binance’s own net balance lands at around 103.5% for XRP.
Moreover, this strategic move serves as a compelling confirmation of Binance’s rock-solid capacity to comprehensively cover its users’ XRP assets in a flawless 1:1 ratio.
Binance’s Commitment to Clarity: PoR Report Highlights Transparency and Growth
The latest Periodic Report of Ownership stands as a testament to Binance’s dedication to transparency and its role in fostering the growth of the crypto landscape.
Unlike FTX’s cryptocurrency exchange, Binance consistently discloses its crypto holdings post-event. The latest report marks the ninth instance where Binance willingly lays bare its most current assets reservoir.
In the prior month, Binance’s XRP riches weighed in at approximately 2.69 billion XRP, with an intriguing customer net balance to net balance ratio of 105%. The recent PoR exposé, signifying that customers now boast 2.7 billion XRP, unveils a fascinating tale of growth.
With its substantial XRP holdings, the Binance customer base has substantially expanded its XRP fortunes, remarkably amassing over 100 million XRP in just a single month.
Maintaining a declining trend ever since the 2021 all-time high, the Shiba Innu coin price continues to make lower highs. With the early 2023 bull run of 78% forming a new lower high, the Shiba Inu coin price prolonged a downtrend leading to a new bottom formation at $0.00000667.
However, with the recent V-shaped reversal of 48%, the Shiba Inu coin price breaks above the crucial resistance zone at $0.00000908.
The SHIB coin price shows an intraday gain of 8.98%, with a 131% jump in intraday trading volume. This increases the meme coin by 16% in the last three days leading to an ascending triangle breakout in the daily chart.
Moreover, the Shiba Inu coin price breaks Above the 23.60% Fibonacci level in the weekly chart. The retracement of this Fibonacci level is made from the lower high of late 2022.
Supporting the bullish breakout, the MCD indicator displays a bullish crossover in the weekly chart. Moreover, the RSI indicator displays a sharp reversal from the overall boundary and challenges the bearish dominance at the halfway line. Therefore, the technical indicators display a rise in the underlying bullish sentiments.
If the meme coin finds a closing price above the 23.60% Fibonacci level in the weekly chart, the dog theme-based crypto is set to start the bull run to reach the 50% Fibonacci level at $0.00001179.
However, on the opposite end, excessive selling pressure above the 23.60% Fibonacci level can lead to a new lower high formation. In such a case, the downtrend for the meme coin is expected to continue and challenge the $0.00000667 support level.
Maintaining a sideways trend for the past ten days, the Bitcoin price action forms a range-bound movement between $29,000 and $29,800. The Bitcoin price action fails to exceed the $31,474 mark resulting in a bearish retracement.
Currently, the Bitcoin price trades at $29,092 and struggles to cling to the 50-day EMA, with an intraday fall of 0.25%. The buyers attempt to avoid a bearish breakdown of the consolidation range and resurface above the 50-day EMA.
With a closing price of $29,170, Bitcoin was at its lowest closing level in 44 days. This brings the oldest crypto close to its annual support trendline and hints at a new higher low formation. The ascending support trendline highlights the higher low formation in Bitcoin prices since the start of 2023.
The bearish breakout seems imminent, catalyzing a Bitcoin price drop to the support confluence of the 23.60% Fibonacci level and the trendline.
Analyzing the higher high formations, the Bitcoin prices bounce back from the 50% or 61.80% Fibonacci level of the previous price spike. And as per the bull run in late June, the 50% Fibonacci retracement level coincides close to $28000.
Moreover, the declining trend in the intraday trading volume during the retracement phase projects weakness on the bearish side. The RSI indicator also depicts a bullish divergence in the recent range bound movement, highlighting a possibility of a bullish reversal.
In case of a bullish reversal, the Bitcoin prices can reclaim the 50-day EMA and challenge the $29,800 resistance level before reaching the $30,000 mark.
However, a prolonged downtrend can challenge the bullish dominance of the $28,000 mark in case of a bearish outcome. The Bitcoin prices can plunge to the $25,000 support level, accounting for a drop of almost 12% from the current market price.
With a sharp recovery of 4.70% in the last 24 hours, the PEPE coin price reclaims its spot in the top-performing cryptos. Ranking as the third biggest meme coin per market cap, the PEPE coin price finds a sharp recovery, ready to give a breakout entry opportunity.
PEPE coin price action maintains a declining trend under the influence of a strong resistance trendline. The bear trend accounts for a significant price drop of 24% within the last three weeks.
Currently, the PEPE coin price action forms a double bottom pattern by finding support at the 61.80% Fibonacci level. The Fibonacci level is at $0.000001225 and bounces higher PEPE coin price to challenge the resistance trendline.
However, the meme coin faces higher price rejection leading to an evening Star pattern. Hence, we can expect another negative cycle before any breakout.
Moreover, the bullish divergence in the RSI indicator projects a potential reversal in the meme coin. It can lead to the resistance trendline breakout and the 50% Fibonacci level at $0.000001343.
Optimistically, the 50% Fibonacci level breakout can drive the meme coin price by 20% to reach the 23.60% Fibonacci level at $0.00000160. However, a further decline in the meme coins market value can break down the 61.80% Fibonacci level. The breakdown can drop the prices by 15% to test the 78.60% Fibonacci level at the psychological mark of $0.0000010.
All eyes in the crypto sphere are peeled for significant dates that could shake up the game. This month is stacked with high-impact events, from potent economic indicators to game-changing central bank calls. Let’s dive into the dates that could potentially ruffle the feathers of the crypto market.
On the Edge for Inflation Figures: June 13
First up is the release of the Consumer Price Index (CPI) data on the 13th of June. The CPI, a vital measure of inflation, could have significant implications on the crypto market. Cryptocurrencies, especially Bitcoin, are often seen as a hedge against inflation. Consequently, any indication of increased inflation could boost interest in digital currencies and potentially drive up their value.
Producer’s Pricing Power: June 14
Next, we look towards the 14th of June, where the Producer Price Index (PPI) data is set to be released. This index measures the average changes in prices received by domestic producers for their output. Fluctuations in the PPI could signal changing economic conditions that may impact crypto prices. Savvy investors will be keeping a close eye on this data, which could provide valuable insights into the health of the economy and potential trends in the crypto market.
Deciphering the FED’s Moves: June 14
Also on the 14th of June, we await the Federal Reserve’s interest rate decision. Interest rates have a profound impact on financial markets, including cryptocurrencies. Lower interest rates can lead to an influx of money into the market, potentially inflating asset prices, including crypto. Conversely, a decision to increase rates could lead to a contraction in the market. Therefore, the FED’s announcement is a must-watch event for those invested in the crypto market. Right now, the rate is at a 5.25% increase.
A Peek into Economic Health: June 29
Lastly, on the 29th of June, we’ll have the Gross Domestic Product (GDP) report. The GDP is a comprehensive scorecard of the country’s economic health. A strong GDP growth might signal a thriving economy, which could buoy the crypto market. On the flip side, a decrease in GDP could indicate economic troubles, potentially leading to volatility in the crypto market.
The post Bitcoin Faces Worst Month Since 2022; What’s Happening? appeared first on Coinpedia Fintech News
Crypto’s rebound loses momentum with Bitcoin poised for its worst month since November 2022, partly due to the FTX collapse. Bitcoin’s monthly drop in May marks its first decline in 2023, reaching approximately 6%, while other top 100 digital assets experienced a similar plummet. Investor attention shifts as around 100 leading digital assets witness a parallel decrease and assets like AI gain prominence in the investor spotlight.
Bitcoin has been enduring a rocky season this May, marking a first since July 2021 when less than 800,000 unique Bitcoin addresses engaged in daily transactions on the blockchain. This dwindling activity correlates with a market-wide correction currently impacting Bitcoin and other digital currencies.
However, an intriguing aspect of this downturn is the resilience of Bitcoin’s price, which despite the reduced transaction rate, continues to maintain a relatively high standing, without dropping off the crucial resistance level of $25,000 as many expected.
Prepare For A Chaotic Mid-May
A salient headline is another rate hike by the Federal Reserve, initiated as U.S. non-farm payrolls marginally exceeded expectations. As we enter the latter half of the month, speculation rife, the question looms – are the bulls preparing to charge back into the market?
Bitcoin, despite a promising April, had stumbled to a two-month low by mid-May. This bearish shift in market sentiment was not entirely unexpected given the short time frame in which several key data releases occurred, thereby injecting a level of price uncertainty into the mix.
Monetary Policy Moves and Market Implications
In a bid to steady the economy, the Fed has hiked interest rates by 25 basis points, following a rise in non-farm payrolls to 253,000, compared to an anticipated 180,000.
Subsequently, inflation recorded a decrease to 4.9% in April, leaving market observers uncertain about the Federal Reserve’s potential moves during the upcoming June meeting.
Is The Future Bleak?
While some pundits suggest Bitcoin might witness a capital influx if the United States defaults on its debt, the imminent risk of the U.S. Treasury depleting its funds threatens to strain liquidity.
Crypto prices, which still have a high correlation with traditional indices like the Dow and S&P 500, face a potential downturn if major banks’ prediction of a steep U.S. recession in 2023 comes to pass.
Bitcoin is trading at $27,365 at the time of writing this article.
PancakeSwap (CAKE) news has been constant since 2023. Despite CAKE being down by 50%, crypto watchers suggest that the forthcoming Avorak launch could see PancakeSwap come to the limelight again.
PancakeSwap is a popular decentralized exchange (DEX) app built on the BNB Smart Chain. It offers users a fast and low-cost way to trade cryptocurrencies, provide liquidity, and earn rewards. The app uses an automated market maker (AMM) system, where trades are executed against liquidity pools rather than order books. Users can add liquidity to these pools by depositing pairs of tokens and earn a portion of the trading fees generated by the pool. PancakeSwap’s native token, CAKE, is used for governance and incentivizing liquidity provision and staking. PancakeSwap has become a popular DEX due to its ease of use, low fees, and various earning opportunities.
PancakeSwap (CAKE) has experienced significant volatility in the past month, declining by around 50%. As the price of CAKE currently hovers within a critical range, market participants are eagerly speculating on whether it will experience a breakout or a breakdown. However, analyses suggest that the upcoming launch of Avorak AI may help to bring renewed attention to PancakeSwap, potentially increasing CAKE’s price.
What is Avorak (AVRK)?
Avorak is an AI platform built on the BNB smart Chain. The platform is the first to offer a comprehensive AI solution that can be used across all industries through the blockchain.
Avorak’s interactive AI will include solutions like trading bots, chatbots, image generators, security monitors, and a lot more. Avorak’s solutions have first-to-market enhancements that ensure efficiency and ease of use. The Avorak AI trading bot, for example, doesn’t require code inputs. Instead, the bot uses a command-line input programmed with a simple, standard script, for example: “In my OKX futures account, when ETH reaches $2190, sell 5ETH.” Avorak’s trading bot can automate trades on different assets in various trading platforms. The Avorak Trade bot also provides price predictions, and indicators, and includes notification systems to alert users of changes in trends and patterns.
The Avorak project is in its initial coin offering (ICO) phases, offering those who believe in its potential a chance to get its AVRK token at discounted prices. AVRK will be used to access the Avorak platform and pay for its AI services. AVRK holders also get a share of Avorak’s profits through the revenue feedback system. AVRK can be staked or traded on various exchanges. PancakeSwap is the first confirmed DEX that will allow for incentivized liquidity provision with AVRK once Avorak AI is launched.
Several analysts suggest that AVRK could surge significantly when released to the open market, and PancakeSwap (CAKE) could witness an uptick as a result.
For more information on Avorak AI and its ICO:
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Despite the impressive developments within the Cardano ecosystem, the price of ADA has remained down. While there have been fantastic fundamental advancements on the Cardano blockchain, the persistent decline in price can be attributed to these economic principles and the gloomy sentiment of the broader cryptocurrency market.
As most cryptocurrencies are currently experiencing a downturn, ADA has not been an exception. Nevertheless, the crypto community remains optimistic about its future price performance.
The average price prediction for Cardano by members of the crypto analytics platform CoinMarketCap is $0.3951 by May 31, 2023, based on 1,112 aggregated votes. This indicates a potential increase of 9.36% from the current price of the seventh-largest digital asset by market capitalization.
Cardano’s price has been experiencing a bearish trend since May 6, with a 3% drop to as low as $0.3499 in the last 24 hours. Over the past week, ADA has declined over 6% after reaching a high of $0.39. The next resistance point is currently at the $0.40 mark, while support is set at $0.312 based on the current trend. At the time of writing, the token is trading at $0.34.
Cardano Ecosystem Grows
AnetaBTC has announced that its Wrapped Bitcoin (cBTC) on the Cardano blockchain has new capabilities, marking a new era in the Cardano ecosystem. AnetaBTC provides a decentralized and secure protocol that allows users to unlock the value of their Bitcoin on Ergo and Cardano.
The cBTC can now be used for everyday transactions, traded on decentralized exchanges, and secured loans.
The Wrapped Bitcoin was launched on the Cardano testnet in April and has a 1:1 representation of Bitcoin on the Cardano blockchain, allowing users to create tokens and use them for trading or liquidity provision on the Cardano network. AnetaBTC aims to attract Bitcoin holders to Cardano and contribute to the DeFi explosion on the web.
During a fintech symposium in Dubai, Ripple CEO Brad Garlinghouse presented an updated take on the current legal fight between Ripple and the SEC. Garlinghouse acknowledged the frustrations caused by the lengthy duration of the case, which began around 2.5 years ago. However, he expressed optimism that the end of this journey is near. Garlinghouse anticipates that the SEC case against Ripple will be resolved within the next two to six months, ideally before the third quarter.
Over the past couple of weeks, the Shiba Inu price has plunged by more than 10% and slipped below $0.00001. The recovery was negligible compared to that of the plunge, which compelled the price to remain under the influence of the bears. While the SHIB price failed to display the possibility of a healthy recovery in the near future, the SHIB whales have been activated and are accumulating, which may indicate that the end of the current bearish cycle could be on the horizon.
The above chart shows the Shiba Inu whale accumulation, which is spiking high. The price has failed to attract retail traders, but the whales appear to have been constantly accumulating the token at a discounted price. Hence, it may be a signal of the end of the prevailing bear market, which may pave the way for the bulls to lift the prices up toward the immediate resistance.
The soaring whale accumulation may be one of the important metrics, as more than 60% of the SHIB tokens have been held by the whales. This could be a good sign as the token may not witness a massive plunge, but it could also be a threat as the fear of ‘dump’ may be haunting the SHIB price rally. What’s next? Will SHIB’s price drop back towards the lower support below $0.000007?
The SHIB price, considering the recent fallout, dropped below the crucial decisive triangle and appears to be approaching the lower support around $0.00000945. The RSI is ranging in the lower ranges, but the ADX, which determines the strength of the rally, is bullish. Hence, the bulls may uplift the price from the lower support and elevate the price back above $0.00001 shortly.
However, the volume has plunged drastically, but the sellers still hold significant dominance. Therefore, the price may face an interim rejection after every short, which may be stopped only when the bulls regain their strength and elevate the price beyond $0.000015. Although the long-term projection of Shiba Inu (SHIB) price appears to be bullish, the current trade setup flashes the bearish interference to prevail for a while.
The Bitcoin halving, one of the most bullish events for the BTC price, is just 12 months away. The event where the rewards are slashed in half is expected to induce huge bullish momentum with the star crypto. Hence, a fine upswing is set to begin just before the halving, which is further expected to transform into a bull run that may elevate the price to new highs.
However, presently, the BTC price appears to be in trouble as large institutions, or whales, have been selling constantly and trying to mount selling pressure over the token. As the prices are driving toward the south, the bearish action is expected to continue as the massive spot selling has been recorded.
The analyst, Daan Crypto Traders, says that there has been aggressive spot selling while significant amounts of BTC have been added to circulation as well. This is happening either because the entities are extracting their profit or because the insiders know something. In the latter case, the BTC price witnessed a sharp fallout that was followed by a new FUD within days.
The markets appear to have not yet digested the initial drop, and hence the absorption may require more time. In the meantime, the markets require some eager buyers who can bid the price up again at some point that has not yet been seen. Therefore, bearish flags continue to flutter around the crypto space as the Bitcoin (BTC) price appears to be poised to test the lower support until the weekend.
As the cryptocurrency market continues to evolve and mature, investors are constantly seeking new opportunities for growth and diversification. While Bitcoin remains the flagship digital asset, its recent performance has left many wondering about its short-term prospects. So, should you still trust the crypto king, or is it time to consider altcoins?
Bitcoin Future Outlook
Bitcoin begins a new week trading under $32,000, in line with analysts’ predictions of a short-term support retest. As the largest cryptocurrency witnesses a classic dip following its latest weekly close, market participants are left to wonder if these gains will return. The coming week appears to be relatively quiet in terms of macro data releases, with catalysts likely to come from other sources as BTC price action focuses on a crucial support zone.
Despite the price fluctuations, Bitcoin’s network fundamentals remain strong, showing no particular signs of a downturn this week. However, it remains unclear how the price performance will affect long-term holders, especially as the temptation to sell at 10-month highs becomes more pronounced. Currently, 75% of the overall BTC supply is in profit.
In the meantime, traders have much at stake, as the previous week provided an opportunity to revisit altcoins while Bitcoin cooled its upward trajectory. With a retracement now underway, all eyes will be on whether these altcoins can maintain their elevated levels.
So far, DigiToads, a newly spawned meme coin with rich utility, is showing a stable growth pattern. This new ICO has already made its name all across the media, so let’s take a closer look at its potential.
It’s Time To Watch DigiToads – a New Utility-Rich Meme Coin
DigiToads, a unique blend of a meme coin, NFT technology and Play-2-Earn gaming, allows users to own distinct Toads and use their coolest NFTs to generate income, making it an attractive investment option this year. Users can battle and breed their Toads in the Toad-Cade, with 50% of the funds raised from in-game item sales being allocated to the monthly prize pool. The top 25% of players will receive an allocation, rewarding the most dedicated for their participation and skill.
Furthermore, DigiToads introduces two innovative concepts to drive aggressive treasury growth. The Toad School offers a comprehensive trading course for TOADS holders to become more efficient market participants. When the DigiToads decentralized exchange, The Trading Post, launches, they will be able to apply their skills and grow the protocol.
This exciting DeFi project has already experienced a highly successful presale, raising over $1,450,000 in its initial phases, and has set its sights on becoming a top ICO. Early investors were rewarded with considerable discounts, reflecting the project’s potential and confidence in its future success.
The value of TOADS has been consistently on the rise, providing a remarkable 100% return on initial investments thus far. With the current TOADS price at $0.02 and a projected launch price of $0.055, investors who join the ecosystem at this stage (Lilypad 4) can anticipate a substantial price increase of over 150%, showcasing the promising potential that DigiToads offers to its stakeholders.
The bottom line
In conclusion, while Bitcoin’s future outlook may not be particularly dazzling, some new DeFi projects like DigiToads offer the potential for higher growth in a shorter time frame. As the crypto market evolves, investors may find greater opportunities in innovative projects that combine cutting-edge technology with user-driven growth.
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Bitcoin price has restored the $30,000 level with a minor jump of nearly 2.45% and closed the previous day’s trade on a bullish note. The price has now landed back in a desirable zone after breaking out from an interim local resistance, which keeps the hopes of a sustained uptrend alive.
However, the buying pressure continues to remain on the low side, and a slight increase in the levels may lift the price beyond the psychological barrier.
The BTC price appears to be struggling to cross the interim barrier at $30.800, which may invalidate the bearish trajectory for a while. However, the bulls appear to be waiting for a major catalyst that may induce a significant bullish momentum with the flagship crypto.
This upward thesis is supported by the bullish Exponential Moving Average (EMA) and the rising Relative Strength Index (RSI) which indicate a fresh batch of bulls entering the markets.
Along with the bulls, institutional investors have also displayed acute interest in Bitcoin, as they have recorded the 4th consecutive week of BTC inflow. CoinShares recently launched its Digital Asset Fund Weekly report and said that institutional investors witnessed an inflow of $1114 million in the last week, flashing bullish signals.
“Bitcoin has again been almost the sole focus for investors, with inflows of $104m last week, bringing its total 4-week run to $310m. We believe this is a flight of safety by investors fearful of the ongoing traditional finance challenges. Opinions remain divided though, with short bitcoin seeing inflows totaling $14.6m last week,”
Collectively, the institutional investors have raised bullish flags for the star crypto, which may raise the levels beyond $32,000 very soon.
After nullifying the impact of the bearish formation, Bitcoin price soared high to mark fresh highs for 2023 at $31,000. However, the price quickly dropped after facing rejection and trading just below $30,000. The price has been following a significant trend ever since the rebound from the recent lows of around $20,000. And hence, if a similar trend continues, then the price may witness a massive price action toward the immediate resistance very soon.
However, considering the current trading setup, Bitcoin’s price is expected to witness a significant drop below $29,600, or about 3% from the current levels. The price appears to have fulfilled the first two impulse waves of falling from $30,287 to $29,430 and rising from $29,430 to $29,629.92. However, the price currently appears to be at the foothills of the next wave, which may lift the price from $29,430 to levels above $30,000.
The above chart shows the price testing the crucial resistance, which may further trigger a gain in price action beyond $30,000. Alongside, the miner’s revenue also made a notable jump and stood at $27.34 million per day, which is the highest level since June 2022. The revenue had dropped to around $15 million to $21 million in the last two quarters of 2022.
Alongside, Bitcoin is closely approaching the halving event, which is just 12 months away, and a significant impact on the price is speculated. During the halving, the BTC rewards are reduced by half, which decreases the rate at which new BTCs are created. This makes the token more scarce, which in turn raises the value of the crypto. Looking back at the previous halving events, the BTC prices have soared significantly high.
Now the price is a much stronger position than the previous rallies, Bitcoin is expected to display a massive price action before the halving and kick-start a strong bull run later.
XRP was victim to a long, harsh winter in 2022. In 2023, it is back on track with a new vigor. In fact, the token has climbed 35.1% in the last thirty days to hit $0.514649. If the new-found energy is any sign, $1 is not a long shot for XRP this month, as it taps into the positive developments in the SEC lawsuit.
XRP has climbed 35.1% over the last 30 days
Although XRP stepped into red in March, it put forward an excellent performance moving into the second half of the month. As predicted, it has managed to retain momentum this month as well. After hitting this year’s high of $0.57 on 29th March, the token has been bouncing between $0.54 and $0.5 over the last few days without any significant downward pull. The resistance at $0.53 has also been hard to break.
But that won’t be the case as the market gains strength in the coming days. As investors gain confidence in the project’s road ahead, most prominently regarding the SEC-Ripple lawsuit, XRP will be one of the top coins to benefit from the next bull run. Currently, the coin is trading at $0.51 with a market cap of $26,541,495,978. It is the world’s 6th largest cryptocurrency in terms of market cap.
XRP is NOT security – debate picks up the steam
Many industry experts have come forward with optimistic predictions for XRP. For example, John Deaton, a leading attorney closely monitoring the U.S. SEC’s lawsuit against Ripple, believes that XRP and ETH are not securities. He is the founder of CryptoLaw, a platform dedicated to U.S. legal and regulatory developments for digital asset holders.
The legal term “investment contract” and the Howey Test have been misunderstood in the case of these assets. According to the Securities Act of 1933, the term security does not explicitly list digital assets or software code.
It is defined as “any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument”.
Howey Test does not deem a digital asset or cryptocurrency (software code) as a security. As a result, XRP, and ETH are not securities since they are digital codes. In addition, the secondary sale of an investment contract has never been treated as a security in US history. Despite Ripple selling XRP as a security between 2013 and 2018, it doesn’t come under the definition. Many crypto experts came backing the argument, including Coinbase Chief Legal Officer Paul Grewal.
As the discussion gained momentum and went viral across crypto communities, #RelistXRP started trending on Twitter.
XRP is eyeing big gains this year
The strengthening speculations around Ripple’s potential legal win against the U.S. Securities and Exchange Commission has renewed the bullish sentiment for XRP. It will be aided by the bullish momentum in the crypto market that continues. For example, BTC has gained 8.8% in the last thirty days to touch $29,848. ETH, on the other hand, has crossed the $2000 mark with a 16.2% rally on the fortnight chart.
Another shift that helps the XRP price is the waning confidence in the global economy, which is driving a new wave of investors to the crypto market.
The aftereffects of the hollow economic policies implemented over the last few years are taking a toll on the economy now. With the rising inflation, liquidity crisis, and supply shortage grip, investors are coming to the growing realization that decentralized assets have a more promising future. Developed countries like the US and UK are not an exception. As a result, they have found alternatives to stock, commodity, and real estate investments in the crypto market.
The economic depression slowed down the crypto market’s retaliation in the first quarter. But the market will benefit from it this quarter, and more coins will reverse the losses made in the long winter of 2022. It is only a matter of time before XRP breaks past $0.6 and resumes its journey to $1, despite the minor ups and downs.
Is XRP a good investment in April?
Yes, XRP is an excellent investment in April. To begin with, the underlying project Ripple has massive growth potential this year. XRP ledger is one of the most promising blockchain networks with a large scope for mass adoption.
The low transaction fee of the network is also an added advantage. Another thing to note is that XRP has a long way to go. It recorded its all-time high of $3.8419 on Jan 04, 2018, five years ago. The current price of $0.51 is 86.63% percent lower than the all-time high. So, XRP has a large room for growth, although it may not reverse all the losses this year. But a rise to $1 is attainable, capitalizing on the positive discussions surrounding the token.
That is not to say XRP is the only good investment this month, or the best. There are better opportunities you can take advantage of. Love Hate Inu, in particular, is a cryptocurrency that the market is looking forward to. The meme coin has crossed the $4.4M mark within days of going live, strengthening the prediction that it’s the next 20X crypto.
The next big meme coin is in the offing
Love Hate Inu is the latest crypto meme coin to capture the industry’s attention. The meme coin mania is getting stronger by the day, as investors pile in on the LHINU presale to take advantage of the early-stage discounts.
Love Hate Inu’s appeal lies in its real-world use case. While most meme coins capitalize on the hype that comes with their tag, Love Hate Inu chooses to think beyond. In other words, it uses the meme coin tag to draw attention to its vote-to-earn platform that will be a game changer in the online survey market.
As you know, brands, businesses, and organizations are on the hunt for new tools to get tangible data about customer behaviour, interests, and spending patterns. They have found an interesting answer in online surveys, which are not just sources of information, but also excellent tools for engagement.
In fact, they can procure data more easily as they are fun and tangible. So it comes as no surprise that the global online survey software market is projected to explode from $2.79 billion in 2022 to $3.2 billion in 2023 at a CAGR of 14.6%. And by 2027, it will grow to a $5.69 billion market at a CAGR of 15.5%. But the problem lies in the inherent limitations of Web 2.0.
To begin with, traditional online survey platforms are not transparent. They don’t guarantee privacy to participants. Popular platforms like Facebook are known for misusing user data as a commodity. In addition, they give nothing of value to participants in return for the time they spend on these polls.
This is where Love Hate Inu steps in. The vote-to-earn platform, as the name implies, is a secure and transparent platform for voting on issues that matter.
A crypto staking mechanism sets apart Love Hate Inu
Love Hate Inu features a staking mechanism secured by smart contracts. It goes a long way in preventing spam and manipulation, making the voting process both verifiable and anonymous. This is how it works:
- The team lists polls of interest on the platform. (The privilege will be handed over to the community in the coming stages.)
- You can participate in the poll and express your opinion by staking LHINU. Stand for it? Vote LOVE. Stand against it? Vote HATE. It’s as simple as that.
- In exchange for your opinion, you will be rewarded in LHINU tokens, which you can hold for long-term returns, sell in the open market for cash flow, or use inside the platform. For example, you would need LHINU to create custom polls and earn rewards.
To verify the accuracy and authenticity of the poll, results, or even reward distribution, all you need to do is check the blockchain. All transactions are for anyone to see and verify. This is interesting, because most traditional platforms lack this feature. In fact, they have limited scope in terms of transparency and decentralization. That underscores the market relevance of Love Hate Inu in the fast-growing online survey market. The project will have a strong edge, owing to its blockchain makeup. The decentralized nature of the platform’s operations is also worth noting.
You will be able to create polls, view your rewards, follow the latest trending votes, and more from the Love Hate Inu Dashboard.
Love Hate Inu is a community-first meme coin
As discussed above, the community will take over the responsibility (or privilege) of listing the polls in the coming stages. But that’s not the only reason why Love Hate Inu is called a community-first vote-to-earn ecosystem.
Another striking community-centred feature is the public presale supply of LHINU tokens. 90% of the total supply will be sold in presale. It was strategically allocated so that the community held the majority of the tokens. Yes, it pleases the community. But there is more. It ensures that the token is not a victim to the whims of the team or VCs. But don’t worry. There is plenty for everything else, with the remaining 10% reserved for liquidity, listing fees, and community rewards.
All of these features make Love Hate Inu one of the most loved projects of this year, as the meteoric LHINU presale shows. The key highlight is the no-nonsense mechanics.
Love Hate Inu CEO is eyeing 10X rise on launch
According to CEO Carl Dawkins, Love Hate Inu is aiming for a 10X explosion upon token launch. Carl Dawkins is known for his role as the head of growth for Tamadoge, one of the hottest meme coins of 2023. From an early presale price of $0.01, it climbed to an all-time high of $0.194446 within days of going live. LHINU will replicate the meme coin rally upon its launch, if the fast-moving presale is any sign. The meme coin broke past the $4M milestone recently.
“Love Hate Inu has a serious side to it – trying to bring legitimacy to online voting through applying Web3, after seeing so many bots used on Twitter, etc – while also having the playful side of it being an Inu coin and the community engagement that comes with that,” says Dawkins.
Similar to Tamadoge, Love Hate Inu makes use of a utility-rich ecosystem that allies with the market’s new spirit. If Tamadoge marked itself off with an ambitious roadmap embedded in the gaming industry, Love Hate Inu will be a game-changer in the fertile online survey market.
Join the ‘fairest’ crypto presale of 2023
While presale tokens are known for their exceptional growth potential, they come with risks if you’re not careful. New projects have yet to prove their credibility and competence. But Love Hate Inu gives no reasons for apprehensions as yet. With meme coin legends like Carl Dawkins steering the project, it is predicted to be a large success.
Another factor that adds to the appeal of the presale is the no-vesting criteria. That essentially means you get 100% of your purchase before the token’s public listing. The token also has an ambitious roadmap that will sustain its long-term value this year and beyond.
If you’re planning to buy Love Hate Inu, it’s best not to wait. The token is heading for an early sell-out and once it lists on crypto exchanges, it is predicted to go on steep price rallies. The earlier you buy, the higher the presale discount.
Bankrupt crypto exchange FTX has racked up a jaw-dropping $32.5 million in legal expenses for just one month alone, and that’s not even including the CEO’s compensation of over $300,000! It’s clear that the cost of a crypto bankruptcy can be staggering, and this is a stark reminder of the importance of risk management in the crypto world.
Keep reading to learn more about FTX’s downfall and the lessons that we can all take away from it.
John J Ray III – Hourly Billing Rate & Total Fees
Law Firms Cash In on FTX Bankruptcy
While FTX’s customers wait for their recompense, law firms involved in the bankruptcy proceedings are raking in the dough. Invoices from firms like Sullivan and Cromwell, Quinn Emanuel Urquhart and Sullivan, Alvarez and Marsal, and Alix Partners totaled in the millions. And brace yourselves – partners at these firms are charged between $1,246 and $1,917 per hour, while associates are charged between $747 and $1,183 per hour.
It’s enough to make your head spin. Have a look.
|Quinn Emanuel Urquhart||$2.7 million|
|Sullivan and Cromwell||$13.4 million|
|Alvarez and Marsal||$11.9 million|
|Alix Partners||$3.6 million|
|Perella Weinberg Partners||$77,891|
|Landis Rath and Cobb||$582,604|
A Cautionary Tale for Crypto Investors
It’s a tough pill to swallow for FTX’s customers who are still waiting for recompense while the law firms and CEO cash in. This just goes to show that the world of crypto can be complicated and expensive, and investors should proceed with caution. While the potential for high returns in crypto can be tempting, it’s important to do your due diligence and be aware of the risks involved.
So, let this be a cautionary tale for anyone considering jumping into the world of crypto. As they say, buyer beware!
Ethereum price holds above $1800 despite less participation of the bulls, indicating the weakening momentum of the bears
The rally is believed to explode in the coming days, which may rise the price beyond $2000 initially and later test the higher targets
The crypto markets appear to have emerged from the bearish influence to a large extent as the prices of most of the tokens have been bullish for quite a long time. Amongst all, Ethereum displayed a calculated approach without getting severely impacted by the bearish actions. Hence, the buzz created around the ETH price helped the token to maintain its strength, leaving the bears red-faced.
In the meantime, nearly $26 million worth of short positions has been liquidated in the past 24 hours which gave bulls slightly more advantage than the bears. Alongside, the US equities also witnessed a significant bounce in the times when the interest rates were hiked by the FED. This signals the strong mindset of the investors who are prepared to take bigger risks.
Moreover, the upcoming Shanghai upgrade may be the major catalyst for the ETH price rally in the coming days.
The ETH price is currently hovering just above the major resistance levels just above $1700 and accumulating gains to leap long beyond interim resistance at $1856. Once these levels are secured, then a notable upswing may kick in that may soar the prices beyond $2000. In the meantime, the upgrade may be rolled out that may accomplish the task of testing the higher targets.
Are you a fan of online games? If the answer to this question is yes, then you need to create a player’s account and jump on the Crypto Miner Game bandwagon right now! Bovada Casino has recently released a brand-new game that is creating quite a buzz in the crypto world. Players have the chance to win $5,000 worth of crypto every month for free. Yes, you read that right, for free!
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Each month the players who have the top 50 scores on the leaderboard will win free crypto. The player who achieves the highest score will win $1,000 worth of crypto, while the players who achieve the 2nd, 3rd, and 4th positions will win $500 each. The players who achieve the 5th, 6th, and 7th positions will win $250 each, while the players who achieve the 8th, 9th, and 10th positions will win $100 each. The players who achieve the 11th to 50th positions will win $50 each.
The game is not only an opportunity to have fun and earn free crypto but it also has a sense of urgency attached to it. The contest runs from January 6, 2023 to December 31, 2023. Winners are chosen on the last day of each month. Funds will be deposited into winners’ accounts within 7 days, and winners will be contacted via email. So, if you are not playing this game, you need to jump on it now!
The Crypto Miner Game is super easy to play, tons of fun, and gives you the chance to win some free crypto. It is also an excellent opportunity for newbies to get started with crypto. If you have wanted to get into the world of crypto, but have been hesitant, this is your chance to dip your toes in the water.
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As a final remark, I would like to underline that the Crypto Miner Game is a great opportunity to have some fun, earn some free crypto, and potentially win big. With $5,000 worth of crypto available to be won every month, this game has created quite a buzz in the crypto world. It is an excellent opportunity for newbies to get started with crypto and for veterans to add some free crypto to their wallets. Once you have a Bovada.lv account, you can jump on this bandwagon straight away!
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|Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for sponsored purposes only. Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company.|
The crypto markets are showing a huge tendency to ignite a decent upswing in the coming months, which may be further validated as a bull run if the ascending trend intensifies. While the top cryptos like Bitcoin and Ethereum appear to have ended the bearish influence to a large extent, some of the prominent altcoins appear to be on the threshold of a giant explosion.
The Polygon price had dropped below the neckline at $1.18 in the first few days of the month, and the bearish pullback dragged the price below $1. However, the price underwent a rebound and surged by more than 30% to surge beyond $1.25. Unfortunately, the price underwent a minor correction but currently appears to have sparked a flip, which may enable an upswing toward $1.5 soon.
BinanceCoin’s price has risen magnificently within an ascending rising triangle ever since the token rebounded way back in July 2022. The price is attempting to break above the upper resistance of the triangle, but the bears appear to have intensified their activities, due to which it is hovering within the resistance zone.
Moreover, the RSI appears to have lost its grip and hence may soon witness a bearish drop. This may drag the price slightly lower, but the mounting bullish pressure continues to revolve, due to which the pullback may be short-lived. With a bullish reversal, the BNB price may break the $338 resistance and rise very quickly to hit $360 very soon.
The ADA price has displayed enough strength since the beginning of 2023 and surged magnificently. The price has been forming an inverse wave and has tested the lower support, triggering a rebound. Cardano, currently, appears to have engulfed the bearish influence to a large extent, and a notable upswing may be expected in the coming days.
Moreover, the ascending triangle pattern may, however, keep up the bullish trend and soar the prices until they reach the edge of the pattern, triggering a bullish breakout.
Collectively, the crypto markets are turning green, and not only the popular altcoins but the small-cap and mid-cap altcoins are also thriving. The altcoins like Arbitrum (ARB), Conflux (CFX), Fantom (FTM), etc, and popular AI-based tokens like SingularityNET (AGIX), Fetch.ai (FET), etc and many more may also display a notable trend ahead.
The crypto market has recorded bearish sentiment in the past 24 hours, with Bitcoin and Ethereum prices down 5 percent. With the top two digital assets on a bearish trend, the entire altcoin industry is expected to record more selling pressure during the weekend.
According to the latest crypto price oracles, the total digital assets’ market capitalization stands at around $1.07 trillion on Friday, down approximately 4.5 percent in the past 24 hours.
The sudden cryptocurrency crash is partially fueled by the Silvergate Capital Corp. collapse, whereby the bank’s shares dropped over 57 percent on Thursday. According to on-chain analytics firm Santiment, Silvergate Capital withdrew 312M $USDC from Circle and transferred to exchanges during the past few hours. Notably, cryptocurrency exchange Coinbase Global announced that it would no longer accept or initiate payments to or from Silvergate.
As more cryptocurrency traders fear the repercussions of the Silvergate Capital collapse, the crypto market could continue dipping during the weekend.
Analysts Identify More Catalyst That Could Send Crypto Prices Lower
According to a recent YouTube post by altcoin daily titled “‘people are panicking’ Bitcoin Ethereum massive unlock,” there are far more pressing issues the crypto market should be concerned with. At the top list is the recent announcement by the United States Securities and Exchange Commission that crypto staking is unregistered security. Notably, the SEC charged cryptocurrency exchange Kraken with providing unregistered securities through its staking program.
The second big catalyst that could send crypto prices much lower is the Mt.Gox Bitcoin unlock and the Ethereum staking withdrawal that comes with the upcoming Shanghai upgrade. As Elon Musk has predicted, Bitcoin will make it, but the crypto winter will be long.
The XRP price has struggled to break out of a multi-month falling trend that began in May 2021. Ripple Labs’ growth has significantly helped the sixth-largest digital asset by market capitalization and, simultaneously held back by the ongoing SEC lawsuit. Trading around $0.3788 on Thursday, the XRP price dropped approximately 8.48 percent in February, and technical analysis depicts more pain ahead.
For the second time, a death cross has occurred on the XRP/USD weekly chart between the 50 and 200 MA. The first time the XRP death cross happened on the weekly time frame resulted in an almost 50 percent drop during the 2020 Black Thursday.
Should history repeat itself, the XRP price could trade sub 20 cents in the coming quarters.
Analyst Take on XRP Market
According to cryptocurrency and XRP enthusiast Mr. Huber, the XRP market is a safe short bet. The analyst pointed out that the XRP short trades have hit their multi-year low. With the XRP bulls showing signs of exhaustion, the analyst thinks traders who short the crypto assets can make a fortune.
“But the pros do know that the crushing verdict for Ripple is imminent! Actually, the shorts should be at an ATH because the defeat is absolutely certain, and you could make millions with it!”
The cumulative short trades on Bitfinex have been on the decline since the calendar flipped in January.
Meanwhile, blockchain lawyer and XRP enthusiast John E Deaton believe that regulatory clarity in the United States will not materialize until the first quarter of 2025. Furthermore, the lawyer thinks a well-organized and adequately funded campaign is essential.
The rise of meme coins has brought forth many other dog-themed altcoins. While Dogecoin is a small subset of the Bitcoin network, through the Litecoin hard fork, other meme coins have been developed on other top blockchains, including Solana. Moreover, the meme coin industry has a market cap of over $21 billion and a 24-hour trading volume of about $1.2 billion.
As more traders prefer dog-themed coins, the low-cap meme coins have experienced more volatility than the top ones. For instance, Floki (FLOKI) has rallied over 113 percent in the past seven days after billionaire Elon Musk named it the new CEO.
However, it is Shiba Inu’s popular spin-off, Shiba Predator (QOM), that has attracted more traders’ attention. Mind you, the Shiba Predator (QOM) has outlined its sole mission is to flip Shiba Inu in performance. Notably, Shiba Inu gained global popularity after rallying over 24,171,414 percent from its ATL in less than two years.
Following the collapse of several crypto firms in 2022, global regulators are keen on digital assets traded by investors. As a result, most countries are offering centralized exchange licenses to vet and clear crypto projects on their behalf. Regulation of meme coins is not yet clear in most jurisdictions as most are just trading instruments with minimal other businesses like DeFi and smart contract capabilities.
Nonetheless, the meme coin developers know that the speculative aspect is insufficient to sustain future growth prospects. Consequently, meme coin projects led by Shiba Inu seek to build smart contract capabilities. The Shiba Inu ecosystem is readying to unveil its Shibarium beta that enables the development of decentralized financial ecosystems.
In light of Bitcoin’s enormous increase over the previous twenty-four hours, market analysts are making bold forecasts about the king coin’s value by the end of the month and 2023 in general. The on-chain signs are now exceedingly bullish, and Bitcoin (BTC) even broke over the lauded $25,000 level yesterday. The signs on BTC’s chart have been rather bullish since the beginning of the year, so the increase didn’t come as much of a surprise to technical observers. But when will Bitcoin cross over to $30k?
Pentoshi, a pseudonymous market analyst, has made the audacious forecast that Bitcoin’s price would surge by thirty percent and reach thirty thousand dollars over the next two weeks. According to the expert, the robustness of Bitcoin’s daily candle has led him to forecast a surge to as high as $32,000. At the time of this writing, one Bitcoin is equivalent to $23,768.
His exact words were:
“This candle for BTC is just: Wow. As stated on January 1st, I think the high range for this year is $28,000-$32,000. Have a feeling if we get there that’s going to be a super tough spot. This thing is truly wild lol. Looking at it in complete awe.”
The latest price increase indicates that investors continue to believe in the potential of cryptocurrencies, despite the fact that the sector may face obstacles due to regulatory restrictions implemented by the US government.
Bitcoin has lost almost 3% of its value during the last day. With a current market worth of $458 billion, it is now the most valuable cryptocurrency, according to CoinGecko. Bitcoin’s price has dropped precipitously to the 38.2% Fibonacci retracement level at $23,700 and has been unable to break above $25,300 from a technical standpoint.
Continued trading below $23,700 might signal a negative breakthrough, exposing the $23,300 level, which coincides with the 50% Fibonacci retracement level, as the next potential support for Bitcoin.
Following the remarkable gain seen in January, Bitcoin (BTC) seems to be taking a breather for the month of February. This is a great omen since vertical rallies don’t usually last for an extended period of time.
Long-term investors may have the chance to add to their holdings if the market has a temporary decline of just a few percentage points, which might spook less confident investors, causing them to exit prematurely.
Bull Market Ahead!
The well-known cryptocurrency analyst Rekt Capital, in a recently uploaded video analysis on YouTube, said that in order to break the Macro Downtrend this month, Bitcoin would need to break past $26500.
However, as a result of the sloping structure of the downward trend, it will be simpler to reverse it the next month. According to Rekt, the price point of $24600 would be the mark that would signify the Macro Downtrend for the next month.
“If history repeats, there’s a chance February won’t be exciting for BTC. But March could be as Macro Downtrend would be tested. March could be the Macro Downtrend breakout month.”
According to the expert, the Bitcoin bull market will pick up steam in the next month. The asset’s recent price drop may be attributed to short-term traders cashing out their gains in addition to the jobs report that was released three days ago.
The King Coin is testing the $22,800 to $22,700 strong support level. Because the 20-day exponential moving average is also placed in this zone, it is likely that the buyers will defend this zone with all of their available strength.
A rising 20-day exponential moving average (EMA) and a positive relative strength index (RSI) point to a favorable trading environment for bulls. If the token’s price recovers from its support area, the bulls will try to launch it to $25,000.
It is pretty difficult to predict the short-term behaviour of the crypto prices within an uncertain environment. Just last month, the market was extremely bullish as the prices jumped steadily. However, the trend may not remain the same this month as the bears or the forces driving the prices lower may regain dominance and reverse the upward trend. However, the small and the mid-cap altcoins have displayed notable strength which suggests the flow of liquidity within the markets.
Data from Santiment suggests the trader’s sentiments have flipped slightly from being extremely bullish to slightly bearish. The flipped sentiments may have restricted the crypto markets to testing the next higher targets. Hence the price of the top cryptos is believed to remain consolidated while the small to mid-cap altcoins may swell their market capitalization in the coming days.
“February hasn’t seen a repeat of excitement for Bitcoin or Ethereum like we saw in January. But altcoins like HEX(+64%), TMG(+7-%), and GRT(+66%) have had other plans this past week. Be cautious, though, when money is cycling into mid-small caps without top cap rising,”
The crypto markets have become highly volatile being practically not possible to predict its upcoming trend. Some of the altcoins such as Litecoin, Aptos, Shiba INU, and XRP are receiving more attention at the moment. Therefore, a notable rally may kick in if the BTC price continues to maintain about $22,800 until the day close.