Tag: ETHUSD

Shiba Inu Reverses Downtrend – What’s Next For Investors?
Shiba Inu (SHIB) has sustained an impressive bullish streak over the past week, marking a significant upward trajectory in its value. With seven out of the last eight days showing positive growth, the meme coin has not only managed to reclaim a critical low of $0.0000076 it registered in December last year, but has also encountered several notable barriers along its upward climb.

In its journey through September, SHIB faced resistance from the established resistance zone and a daily bearish order block situated above $0.00000755.

However, the October rally saw a significant shift, as the hurdle transformed into support, propelling the coin beyond the December low, with the current SHIB price according to CoinGecko standing at $0.0000078, indicating a 2.5% dip over the last 24 hours but still showcasing a substantial 14% surge over the past seven days.

Price Analysis Reveals Liquidation Levels And Potential Pullbacks

The recent price analysis report has highlighted substantial liquidation levels within the cryptocurrency market, drawing attention to a key threshold at $0.0000077 as the upper boundary for liquidations. Additionally, the analysis revealed that medium liquidation levels are concentrated within the range of $0.0000078 to $0.0000079.

These findings indicate that traders and investors should closely monitor these price levels, as they serve as crucial points of interest, potentially signifying significant shifts in market sentiment and trading activity.

The data suggests that these specific price points are currently important reference points in assessing the cryptocurrency’s price dynamics and potential market reactions.

This information hints at the possibility of an extended pullback, potentially leading to a liquidity hunt that could drive SHIB towards the $0.0000077 mark.
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Source: Hyblock
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The medium liquidation level at $0.0000083 is a significant chart obstacle for SHIB, potentially posing a formidable challenge to any further price increases. It has historically acted as a strong resistance point, and breaking through it could be a key factor in SHIB’s future price performance.

The bullish momentum of Bitcoin has the potential to be a crucial factor in helping SHIB overcome its current price obstacle, especially if Bitcoin surpasses the $35,000 mark. Bitcoin’s significant influence on the broader cryptocurrency market means that a strong Bitcoin rally could stimulate greater interest and investment in SHIB, possibly enabling it to exceed the $0.0000083 level. This highlights the interdependence of various cryptocurrencies and the impact of Bitcoin’s performance on its counterparts.
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SHIB seven-day price performance. Source: Coingecko
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SHIB’s Growing Investor Interest

Interestingly, Shiba Inu has witnessed a surge in the total number of addresses, currently reaching a new high of 3.63 million, as per data provided by IntoTheBlock.
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SHIB reached a market cap $4.626 billion today. Chart: TradingView.com
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This substantial increase in the number of addresses indicates a growing interest in SHIB among investors and traders. Furthermore, IntoTheBlock’s data also highlights an uptick in Shiba Inu profitability, indicating that the positive price action has contributed to a favorable investment landscape for the meme coin.

Shiba Inu’s recent price movements suggest a resilient and increasingly promising outlook, despite the challenges posed by key resistance levels and potential pullbacks.

As Shiba Inu reverses its December downtrend, investors are eagerly watching for signs of a potential upward trend. The cryptocurrency market’s resilience and the enthusiasm of Shiba Inu’s community underline the possibility of brighter days ahead.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

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October 26, 2023
Ethereum Supply On Exchanges Fall To 2015 Levels, 3 Price Targets For Bulls | Bitcoinist.com
The Ethereum supply on exchanges has been on a steady decline since the FTX crash happened back in 2022. This was triggered by a growing distrust for centralized exchanges and investors choosing to self-custody their tokens as a result. The constant decline has now seen the Ethereum being held on exchanges fall to the lowest point since its inception.

Available ETH On Exchanges Fall To Genesis Levels

When the Ethereum network was first launched back in 2015, the available ETH on exchanges was very low due to it being a new player. The exchange balances would steadily rise over the next few years as the digital asset gained widespread acceptance and began trading on countless exchanges.

However, there has been a shift in the tide where crypto investors are now choosing to hold their ETH in private wallets rather than leaving them on exchanges. The result of this is now there is only 8.41% of the total ETH circulating supply available on exchanges.
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Source: Santiment on X
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On-chain data tracker Santiment points out that this is the lowest that Ethereum exchange balances have been since Genesis in 2015. “Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high,” Santiment said in an X post.

The move away from exchanges coincides with a rapid increase in price which suggests that holder accumulation has played a major role in the digital asset’s recovery. And if exchange balances continue to fall, meaning less willingness to sell off ETH and lower sell pressure, the value could continue to soar.
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ETH price gears up to retest $1,800 | Source: ETHUSD on Tradingview.com
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3 Price Targets For Ethereum Bulls

Now that the $1,700 resistance has been cleared by Ethereum bulls, they have begun to turn their attention toward much higher price points. The next significant resistance lies at $1,850 as was demonstrated on Tuesday when the bulls were rejected from that level. So $1,850 is the first price trade foo clear in the bid to establish a stronger bull trend.

Next on the list is the $1,920 level where a major roadblock is expected to happen for the ETH price. This will be one of the last defenses of the bears to prevent a full-blown bull rally and bulls are sure to run into a lot of resistance at this level.

Last but not least is the $2,000 mark which has eluded bulls for the better part of this year. It is arguably the most significant price level for Ethereum right now that could signal an end to the bleed. So ETH bulls will need to reclaim this level from the bears and turn it into support.
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October 25, 2023
XRP Price Balloons 13%, Triumphs Over Resistance
In the past few days, XRP has achieved a significant breakthrough of notable resistance levels, offering a hint of impending substantial price movements.

This development has been closely watched by the cryptocurrency community, who have observed a notable degree of volatility in XRP’s price dynamics in recent times.

The cryptocurrency’s ability to surmount these substantial resistance barriers signals a possible shift in market dynamics and has generated considerable interest among traders and investors.

XRP’s Legal Victory Sets The Stage For A Promising Future

Ripple’s native token, XRP, has emerged as a standout performer in the cryptocurrency space following a significant legal victory against the US Securities and Exchange Commission in mid-July. At that pivotal moment, a federal judge ruled that Ripple’s structured XRP sales did not fall under the classification of investment contracts.

Since this ruling effectively established that XRP’s status as a digital asset was distinct from being deemed a security, it delivered a much-needed boost of confidence to the cryptocurrency and blockchain communities.

It was a watershed moment for Ripple and its digital currency, highlighting the company’s potential for growth inside the industry’s shifting legal structure. The verdict in this case has rekindled hope and set XRP’s future on a promising course.

At the time of writing, XRP was trading at $0.55, up 1.6% in the last 24 hours and registering a decent 13% increase in the last seven days, data from crypto market tracker Coingecko shows.
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XRP seven-day price action. Source: Coingecko
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In the context of the cryptocurrency market, where trends can change rapidly, the observation that XRP has not only crossed but exceeded both the 200-day and 50-day Exponential Moving Averages carries considerable weight.

EMAs are widely recognized as crucial technical tools, serving as essential guides for traders and analysts to evaluate an asset’s price movement over specific timescales.
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XRP market cap currently at $29.414 billion. Chart: TradingView.com
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XRP’s Price Action And Key Resistance

When XRP’s price action consistently rises above these key EMAs, it is taken as a bullish sign that the cryptocurrency may be headed for new highs. Given the current climate of the cryptocurrency market, where rising prices tend to coincide with rising confidence and investor interest, this event takes on greater significance.

The altcoin has exhibited a commendable weekly performance, thereby approaching a critical level of $0.56. This particular price point has consistently served as a resistance level since the middle of August.

The Relative Strength Index (RSI) indicates a prolonged bullish trend as it remains above the neutral line at 50.0. This suggests the possibility of a breakthrough at the price level of $0.54, maybe resulting in an upward movement of the XRP price towards $0.60.

Meanwhile, the euphoric feeling surrounding Bitcoin’s ascent to $35,000, which frequently serves as a benchmark for the rest of the crypto market, can be partially ascribed to the present momentum being enjoyed by XRP. Is this the commencement of a larger narrative?

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

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October 25, 2023
World Bank Blockchain Bond Debut – Why It’s A Pivotal Moment For Digital Assets
The World Bank International Bank for Reconstruction and Development (IBRD) has taken a pioneering stride in the realm of blockchain and digital finance, spearheading a groundbreaking €100 million digitally native note (DNN) issuance.

Facilitated by Euroclear’s cutting-edge distributed ledger technology (DLT) issuance platform, this monumental event has garnered significant attention across the global financial landscape.

The announcement of the listing of the blockchain bond on the Luxembourg Stock Exchange has marked a significant milestone in the financial industry. Notably, Citi played a pivotal role as the issuing and paying agent, while TD Securities assumed the responsibility of the dealer.

Euroclear Bank, serving as the Central Securities Depository (CSD), solidified its central position in the transformative process, showcasing its commitment to blockchain and driving digital securities settlements.
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Source: International Trade Union Confederation
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Euroclear’s Entry Into Blockchain And Digital Securities Settlement

In a strategic move indicative of a paradigm shift in market dynamics, Euroclear, the Brussels-based securities clearing giant, has unveiled its foray into digital securities settlement services. According to a report by Reuters, this pivotal step signifies the beginning of Euroclear’s journey toward integrating DLT into its operational framework.

By enabling clients to engage in the seamless initiation, dissemination, and finalization of fully digital international securities, Euroclear has firmly established itself as a key player in the digital transformation of the financial market infrastructure.
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BTCUSD currently trading at $34,153 on the daily Chart: TradingView.com
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Traditional Market Structures Embrace Digital Transformation

The recent development underscores the growing inclination of traditional market structures, such as clearing houses, to embrace the digital domain. This inclination has been further fueled by the increasing openness of regulatory bodies toward emerging technologies.

The integration of DLT in asset issuance represents a significant leap forward for Euroclear’s ecosystem, as emphasized by Lieve Mostrey, Euroclear group CEO. The shift toward becoming a fully digital and data-enabled Financial Market Infrastructure marks a pivotal moment in Euroclear’s journey toward technological adaptation and innovation.
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Image: Fibree
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Global CSDs Position Themselves For Upcoming Wave Of Tokenization

In a notable industry trend, the world’s largest Central Securities Depositories (CSDs) are gearing up to secure their positions in the impending wave of tokenization. Recent developments indicate that the Depository Trust & Clearing Corporation (DTCC), Euroclear, and Clearstream are actively positioning themselves to play a significant role in the realm of institutional digital assets.

With DTCC’s acquisition of Securrency and Clearstream’s successful issuance of over 1,000 digital securities on its D7 platform, the race to harness the potential of digital assets has intensified, signaling a transformative era for global financial markets.

In an era marked by transformative technological advancements and shifting market dynamics, the World Bank’s IBRD, Euroclear, and other key industry players are leading the charge toward a more digitally integrated and secure financial ecosystem.

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Christian Encila

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October 25, 2023
Shiba Inu Mysterious Whale: 29.7 Billion Tokens Hint At Price Surge
Shiba Inu (SHIB) has recently attracted considerable attention in the crypto market, thanks to a sudden surge in whale movements over the past weekend. Crypto whales, a term used to describe individuals or entities that hold large amounts of cryptocurrencies, have notably contributed to a significant upsurge in SHIB tokens within their wallets.

According to data provided by IntoTheBlock, SHIB whales amassed a staggering 4.52 trillion SHIB tokens, marking an astonishing 2,300% increase from the figures observed on Friday.

The implications of such pronounced whale activity on the price of Shiba Inu tokens have become a topic of intense speculation within the crypto community. With the surge in SHIB tokens being added to whale accounts, the market sentiment has been notably impacted.

The movement of tokens out of whale accounts has also witnessed a substantial decline, with the amount decreasing from 281.83 billion SHIB tokens on Friday to 29.13 billion over the weekend. This considerable shift in token movement has spurred discussions regarding its potential effects on the overall price trend of SHIB in the near future.

Shiba Inu Market Performance

As of the latest data on CoinGecko, Shiba Inu is currently valued at $0.00000746, showcasing a 24-hour gain of 4.2% and a seven-day increase of 4.4%. SHIB’s burn rate has also registered a decent uptick of 380%, according to data by Shibburn.
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Source: Shibburn
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The recent surge in whale activity within the SHIB ecosystem has led to intense speculation about its correlation with the positive price action of the token. Many market observers are contemplating whether this trend could potentially foreshadow an imminent rally in the price of SHIB.
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SHIB market cap currently at $4.473 billion. Chart: TradingView.com
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The Road Ahead

The lingering questions surrounding the causal relationship between whale movements and price movements continue to dominate discussions within the crypto community.

Answers to these critical queries are anticipated to unfold in the days ahead, with the market’s response serving as a barometer for the potential trajectory of SHIB’s price chart in the near future.

In this dynamic and ever-evolving landscape of cryptocurrency, it is essential to closely monitor the interplay between whale activity, burn rates, and market sentiments to gain a comprehensive understanding of the factors influencing the price dynamics of Shiba Inu and other cryptocurrencies.

As the market continues to navigate through fluctuations and uncertainties, it remains paramount for investors and enthusiasts to stay informed and vigilant, with a keen eye on the evolving trends shaping the trajectory of SHIB in the crypto market.

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Christian Encila

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October 24, 2023
Solana Barrels Close To $32: Critical Levels Traders Should Watch
Solana (SOL) has recently surged to a crucial price level, setting the stage for a pivotal moment that will shape its foreseeable future. This cryptocurrency’s price trajectory is now at a crossroads, as it eases off the recent bullish breakout that captured the attention of investors worldwide.

Trading at $31.40 on CoinGecko, the cryptocurrency has experienced a 0.6% gain over the last 24 hours, accompanied by an impressive seven-day rally of 28.6%. Despite this promising trajectory, several key resistance and support levels are shaping the future of SOL.

While the $30 mark remains a vital resistance level for SOL, the cryptocurrency is also facing significant barriers at the $25 and $35 thresholds. Historically, $25 has proven to be both a support and resistance level, potentially offering a safety net for any immediate downward movements.

Conversely, breaching the $35 threshold could signify a major breakthrough for SOL, propelling it to new highs and solidifying its bullish course in the market.
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SOL price action in the last week. Source: Coingecko
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Analyzing SOL’s Technical Patterns

Amidst these price fluctuations, the emergence of the “golden cross” pattern on SOL’s price chart has captured the attention of market analysts and investors alike. In technical analysis, the golden cross occurs when a short-term moving average crosses above a long-term moving average, indicating a potential bullish trend.

Its presence within SOL’s current price movements signals an optimistic outlook, with the potential for sustained upward momentum.

Despite the optimistic indicators, recent developments within the Solana ecosystem have cast a shadow on SOL’s potential trajectory. News of Marinade Finance, the largest protocol on the Solana network, halting operations for users in the United Kingdom due to compliance concerns has reverberated throughout the cryptocurrency community.

The move reflects the protocol’s commitment to adhere to the regulatory framework outlined by the United Kingdom’s Financial Conduct Authority (FCA). This development has introduced an element of caution and potential volatility into SOL’s otherwise promising market performance.
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SOL market cap currently at $13.278 billion. Chart: TradingView.com
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RSI Reinforces The Bullish Narrative

Further fortifying the bullish sentiment surrounding SOL is the surging Relative Strength Index (RSI). Currently on the rise, SOL’s RSI indicates robust buying pressure within the market.

While an RSI above 70 is generally considered overbought, and one below 30 is deemed oversold, the current upward trajectory suggests a strong investor sentiment favoring continued upward movement for SOL in the near term.

As Solana stands at this critical juncture, investors and analysts are closely monitoring both the technical indicators and the regulatory landscape to gauge its future performance in the increasingly dynamic cryptocurrency market.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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October 24, 2023
Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900
Ethereum (ETH) has so far relatively underperformed in comparison to the flagship cryptocurrency Bitcoin. However, that could change soon enough as a crypto analyst has predicted the second-largest crypto token by market to gain some momentum soon enough.

Ethereum To Hit $1900

In a post shared on his X (formerly Twitter) platform, prominent crypto analyst Ali Martinez mentioned that Ethereum could rise to as high as $1,900. His prediction was based on data that he had pulled up from the chart which he shared in his post.

The chart (a 3-day timeframe) featured an ascending triangle pattern, which usually represents a bullish formation. According to Ali, Ethereum is “poised” to rebound off the hypotenuse of the ascending triangle. Most importantly, for Ethereum to go as high as $1,900, the analyst noted that It has to experience a “firm close” above the 18-day SMA (Simple Moving Average).
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ETH getting ready to breakout | Source: X
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If that happens, Ethereum could hit $1,800 and further rise to $1,900 based on Ali’s predictions. It is worth mentioning that the last time Ethereum hit $1,900 was back in July 2023. A rise to that price again will represent about an %18 increase from its current price of $1,600.

Ali also had something to say about the flagship cryptocurrency, Bitcoin. In a subsequent post, he noted that the crypto token could see a correction to $28,800; a prediction he made based on the TD Sequential from a 4-hour chart.

Bitcoin rose to as high as $30,000 on October 20, with many speculating that a Spot Bitcoin ETF approval could be on the way, something that represents a bullish momentum for Bitcoin and the crypto market in general.
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ETH price holding $1,600 | Source: ETHUSD on Tradingview.com
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Bitcoin’s Dominance Is On The Rise

Data from TradingView shows that Bitcoin’s dominance has been on the rise this year, with the token currently boasting over 52% coin dominance in the crypto market. Interestingly, it has steadily risen since the Ethereum Merge occurred.

This is significant considering that many speculated that ‘the Flippening’ could happen after the Merge, where Ethereum overtakes Bitcoin to become the most dominant crypto token. However, that hasn’t happened so far, with Ethereum’s move from proof-of-work to proof-of-work being seen as ‘disastrous’ for the crypto token.

Bitcoin and Ethereum, however, share the podium when it comes to the best-performing assets of the year. Both crypto tokens are said to have outperformed the NASDAQ, S&P500, and Gold. Bitcoin has seen an %80 increase year-to-date (YTD), while Ethereum has seen a %35 increase YTD.

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October 21, 2023
MATIC market cap currently at $6.8 billion. Chart: TradingView.com
Solana (SOL) has witnessed an impressive resurgence, climbing to $25.46, marking a remarkable 10% rally in the past 24 hours. This surge is part of a broader trend, with SOL’s price experiencing a seven-day surge of 19.4%, further solidifying its position as one of the prominent players in the crypto sphere.

Solana’s remarkable journey to its current valuation is a testament to its resilience, especially considering the tumultuous events it weathered nearly a year ago. In November, the cryptocurrency faced a severe setback due to the FTX implosion saga, which sent SOL plummeting to $8.

However, Solana has emerged from the ashes, and the crypto community is taking notice of its remarkable recovery.

Solana Technical Signals Point To A Bullish Momentum

The recent surge in SOL’s price can be attributed to several key factors. One notable driver is the increasing network activity and substantial growth within the Solana ecosystem, particularly in the realm of decentralized finance (DeFi).

This snippet is from my “Is Solana Dead” video. Despite the FTX fallout, $SOL still has a lot going on behind the scenes!

If you want to see the whole video, its on my channel, I will post the link on my X profile! pic.twitter.com/De6j5aNGxx

— Frankie Candles (@Frankie_Candles) October 19, 2023

The crypto world was offered a glimpse of this growth in a video shared by @Frankie_Candles, which shed light on the vibrant activity happening “behind the scenes” in the Solana ecosystem.

Notably, the total value locked in Solana’s DeFi smart contracts has seen a significant upswing, soaring from $210 million in January 2023 to $331 million in October, as reported by DefiLlama.
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SOL TVL. Source: DefiLlama
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Furthermore, Solana bulls have reinforced the bullish outlook by successfully maintaining support at the $25 mark and breaching the upper dotted falling trendline.

The presence of a buy signal is often considered an encouraging sign for traders, reinforcing confidence in the cryptocurrency’s upward trajectory.

One key technical aspect to watch out for is the potential for a “golden cross.” A golden cross occurs when a short-term moving average crosses above a long-term moving average, typically signaling a possible bullish breakout. This could be a pivotal moment for Solana, as it may provide further confirmation of its bullish momentum.
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SOL has a market cap of $11.26 billion as of today. Chart: TradingView.com
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SOL Neckline Resistance

Another significant element to monitor on the charts is the possibility of Solana conquering the neckline resistance once again. The neckline resistance represents a critical point that acts as a threshold for bullish momentum.

Historically, breaking through this level has been a precursor to sustained uptrends, suggesting the potential for further gains in the near future. If Solana manages to achieve this, it will mark a strong resurgence, reaffirming its position as a strong force in the ever-evolving cryptocurrency landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

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October 20, 2023
Bitcoin tops $30,000 for first time in 10 months, as some tout crypto as ‘safe haven’

Bitcoin rallied Monday to its highest level in 10 months, as some industry proponents touted the asset as a potential “safe haven,” like gold, as recession fears return to the forefront, and after fears rose last month about potential instability in the banking system.

The world’s largest cryptocurrency topped $30,000 Monday night for the first since June 10, 2022, according to Dow Jones Market Data, peaking at $30,321 before pulling back. Bitcoin
BTCUSD,
+3.20%
has surged 81% year to date, though is still down over 57% from an all-time high in November 2021. Ethereum
ETHUSD,
+1.68%
also rallied Monday, and was closing in on the $2,000 level for the first time since last August.

“With the bank crisis, I think that the leading feature of bitcoin has changed from speculative tech to safety. A lot more like gold,” said David Tawil, president and co-founder at ProChain Capital. Some investors may have started to view the asset as a haven from the banking turmoil and a recession, instead of a speculative asset, Tawil said.

Still, bitcoin has been often trading in tandem with other risky assets, such as stocks, for the past few years.

“I also believe there will be an influx of liquidity from Asia, especially Asian tech companies who had accounts with Silicon Valley Bank who are now looking for places to put their money,” according to Stefan Rust, founder of Truflation.

The rally on Monday may be partially driven by “the growing influence on the crypto market led by Hong Kong,” while U.S. regulators increase their oversight over the industry, according to Rachel Lin, co-founder and chief-executive at Synfutures.

Hong Kong Financial Secretary Paul Chan said Sunday in a blog post that while crypto markets have been highly volatile, it’s the “right time” to push the adoption of Web3, or the so-called third generation of the internet, in the region.

Bitcoin had been attempting to break the $30,000 level, a psychological level, for three weeks, Rust noted.

Stocks were mixed Monday, with the Dow Jones Industrial Average
DJIA,
+0.30%
up 0.3% and the S&P 500
SPX,
+0.10%
up 0.1%, while the Nasdaq Composite
COMP,
-0.03%
dipped 0.1%.

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April 10, 2023