In his latest social media posts, Daniel Cheung, co-founder of Syncracy Capital, expressed confidence in the strength of solana (SOL) and its potential to reclaim the 0 mark. He also hinted that upcoming upgrades could pave the way for new all-time highs (ATHs). Cheung also shared his bullish outlook on bitcoin (BTC), predicting new ATHs […]
Bitcoin News
End Of The Road For BNB After 200% Surge? Mounting Resistance Threatens Rally
BNB, the native cryptocurrency of the BSC network, has undoubtedly been one of the winning altcoins scene the bull market began. The price has been able to go from around 0 to over 0 in the space of a year, notching over 200% gains in the process. However, it seems that this outperformance by the altcoin is coming to an end, as an analyst predicts that it is about to hit massive resistance that could stop its growth dead in its path.
BNB Headed For Mounting Resistance
In an analysis that was shared on the TradingView website, crypto analyst Trade City Pro revealed that the BNB token might have to fighting massive resistance soon. The analyst points out that this is a culmination of the bullish rally that the altcoin has seen in the last year, and now bears are maki g their stand.
The analyst points to Bitcoin’s performance during this time as something that could help to pinpoint where the BNB price is headed next. As they explain, BNB risks falling into correction and consolidation after that, making its current level a perilous one for investors.
Mainly, the crypto analyst credits the altcoin’s performance from here on what Bitcoin does next. BNB, which is currently the 4th-largest cryptocurrency by market cap, mirrors Bitcoin’s movements to a larger extent compared to smaller altcoins. So, Trade City Pro’s analysis with respect to Bitcoin is not far off.
For confirmation of whether the BNB token continues to be something to sell or hold, the analyst places the ultimate decision around the ,000 level for Bitcoin. They explain that a dump below ,000 would be a sell signal. However, if the Bitcoin price were to maintain strength above ,000, then they would continue to hold the altcoin.
What Happens In The Event Of A Price Crash?
Should the BNB price crash from here, the crypto analyst has prepared an action plan that could help investors take advantage of it. For example, a Bitcoin crash below ,000 could send the BNB price below 0, and at this level, the analyst believes buying would be a good move. This is what the analyst refers to as the “Potential Re-Entry” point.
Then, for “Entering After Resistance,” the analyst advises investors to buy the altcoin if the price is able to reclaim 6 and stay above it. This level is important because the 6-0 range is identified in the analysis as a significant resistance zone, and so beating it is important for the BNB price to continue its rally.
Related Reading: How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction
Additionally, Trade City Pro adds that the Fibonacci Retracement Levels might offer a level for re-entry into the altcoin. “In case of a correction, the key Fibonacci levels from the last upward wave at 0.5 and 0.618 (between 4 to 0) might offer good entry points. Wait for a reaction or momentum change at these levels before entering,” they stated.
Lastly, the analyst points out that BNB has not really followed the broader market in recent times, which could mean something is coming. “It’s intriguing that BNB seems relatively unaffected by broader market conditions, suggesting Binance might be positioning for something unique,” Trade City Pro said in closing.
Floki Inu Moment Of Glory: Analysts Forecast Explosive 200% Rally
Floki Inu (FLOKI), the meme coin inspired by Elon Musk’s Shiba Inu pup, is barking up a storm, with analysts predicting a potential price surge of 120% to a whopping 200% in the coming months. This comes amidst a period of impressive performance for FLOKI, defying a sluggish overall market.
Floki Inu Soars Against The Tide
While the cryptocurrency market has faced turbulence recently, FLOKI has been charting its own course. Over the past month, the meme coin has skyrocketed by 40%, showcasing resilience and defying the broader market sentiment. This bullish run continued in the last 24 hours, with FLOKI registering a further 18% increase in price.
Technicals Flash Green: Bullish Pennant Hints At Breakout
Adding fuel to the fire are technical indicators. Keen-eyed analysts have spotted a bullish pennant formation on FLOKI’s charts, a technical pattern that often precedes a significant price breakout. This pattern typically emerges after a period of consolidation, suggesting a potential surge in price once the pennant breaks.
Analysts In Chorus: FLOKI Primed For Liftoff
Multiple analysts have stepped forward to lend credence to the bullish outlook for FLOKI. Captain Faibik, a respected analyst in the crypto space, has meticulously combed through FLOKI’s charts and identified the bullish pennant formation on the daily timeframe. Faibik anticipates a robust bullish rally in the medium term, projecting gains of approximately 180-200%.
$FLOKI is Breaking out of Bullish Pennant on the Daily timeframe Chart..!!
Looks Extremely Bullish for the Midterm, Expecting +180-200% Bullish Rally.. #Crypto #FLOKİ #FLOKIUSDT pic.twitter.com/2Fgxq05Oq8
— Captain Faibik (@CryptoFaibik) May 14, 2024
Another analyst, known by the moniker World Of Charts, echoes Faibik’s sentiment. They too have observed a bullish breakout from a pennant formation, albeit on the 12-hour timeframe chart.
Breaking Bullish Pennant In 12H Timeframe Incase Of Successful Breakout Expecting 120-130% Bullish Wave#Crypto #Floki pic.twitter.com/FtrphajtEY
— World Of Charts (@WorldOfCharts1) May 13, 2024
World Of Charts predicts a substantial uptrend, estimating gains between 120-130% after a successful breakout. This consistency in analysis from various experts underscores the growing confidence in FLOKI’s potential for significant upside.
FLOKI’s Future: A Meme Coin With Momentum?
FLOKI’s recent performance and the backing of prominent analysts have undoubtedly captured the attention of investors. Whether FLOKI can translate this hype into a sustained price increase will be a story to watch in the coming weeks.
Featured image from Beautifulbeasts.com, chart from TradingView
Tether Invests $200 Million in Blackrock Neurotech, Launches Evo Division
Tether, the giant behind the world’s largest stablecoin USDT, announced a 0 million strategic investment in Blackrock Neurotech, a brain-interface company. The investment also marks the launch of Evo, a new business division for the company that will examine investments in initiatives that merge tech and human potential. Tether Dabbles in Biotech, Acquires 0 Million […]
Bitcoin News
Kiyosaki Reacts to $200 BTC Crash Prediction, Miners Offload BTC Ahead of Halving, and More — Week in Review
Robert Kiyosaki expressed his stance on potentially investing more in Bitcoin if its price plummets to 0, as economist Harry Dent has forecasted. Cryptoquant data reveals that Bitcoin miners are selling off their holdings in anticipation of the network’s upcoming halving event, which is expected to impact their rewards. JPMorgan has speculated that the SEC […]
Bitcoin News
Costco Gold Business Booming: Estimations Put Monthly Sales Close to $200 Million
According to Wells Fargo estimations, U.S.-based retailer Costco runs a 0 million gold business monthly. Consumer trust in the organization and its aggressive pricing have made Costco’s one-ounce bars of 24-karat gold a popular choice for investors, who take advantage of 2% over market spot prices. Costco Might Be Selling 0 Million in Gold Every […]
Bitcoin News
Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?
Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency’s price, suggesting that investors may be getting wary of waiting for a fix to come through.
Solana Open Interest Drops By 0 Million
Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest went from around .22 billion to hit a new all-time high of .86 billion on April 1. This translates to an over 100% increase over this three-month period.
However, since hitting this new milestone, the cryptocurrency has encountered issues which have presented in the form of a network halt. Around a week ago, Solana users noticed that the blockchain had stopped processing transactions as usual, leading to a standstill in network activities.
Expectations at the time were that the network would be back up and running in a matter of hours like it usually does. However, this has proven not to be the case, as the network is going on a week of downtime, one of the longest in its history.
Since the network issues began, the SOL open interest has been falling as traders take a more cautionary approach. Coinglass data shows that the open interest is currently sitting at .39 billion on April 19, down 0 million from its all-time high, which is a 12.9% decline in around a week.
Open interest measures the total number of outstanding futures and options contracts, so it means that traders have been closing their positions during this time.
SOL Network Ready To Bounce Back?
Developers are still working on getting the Solana network back on track but it has not been an easy road. Even now, the network continues to battle the blackout, with developers giving a week as an estimated delivery time for the network to be back on track.
CEO of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter) post that the current issues were being caused by an implementation bug. This bug has been the reason there have been more failed transactions on the network. Mumtaz also clarified that this bug does not equal a design flaw in the fact that it is relatively easier to fix.
The CEO explained that a patch for this implementation bug would still take a while and that developers are shooting for a fix by April 15, which was a week from the post. However, he added that this date was subject to change in the case where other bugs are discovered in testing.
Following Mumtaz’s post, the Solana community is waiting with bated breaths for the network to return to fill operation. In the meantime, the price of Solana and other coins in the ecosystem has taken a hit. Bears have pushed down the SOL price as low as 5. However, the expectation is that SOL will come back with a vengeance once the network is operational again.
Crypto analyst Ash Crypto has said that they expect that the price of SOL will eventually rise above 0. If this is correct, then the present predicament will be a short-lived roadblock in Solana’s rise.
Robert Kiyosaki Responds to Bitcoin Crashing to $200 Prediction by Economist Harry Dent
Rich Dad Poor Dad author Robert Kiyosaki has shared what he will do if the price of bitcoin crashes to 0 as predicted by economist Harry Dent. “Harry Dent is predicting the biggest ‘everything’ crash is coming,” the famous author said, emphasizing: “I am a hard, real money advocate, and I only save real gold, […]
Bitcoin News
Nansen Reports $200 Million Exodus From Kucoin After DOJ Action
Following the Department of Justice’s (DOJ) legal action against Kucoin and its founders, analysts from Nansen specializing in real-time onchain data revealed that Kucoin experienced a withdrawal of million in Ethereum-based assets and 9 million in outflows from various EVM-compatible chains. Ethereum and EVM Chains See 0 Million Outflow From Kucoin On a Tuesday, […]
Bitcoin News
Bitcoin Rockets Past $69,000: Over 60k traders Caught In $200 Million Total Liquidations
The cryptocurrency market recently witnessed significant liquidations, totaling over 0 million, as Bitcoin surged past the ,000 mark.
The Bitcoin price surge led to many short positions being liquidated, causing notable financial repercussions across various trading platforms.
Bitcoin’s Sudden Rebound And Liquidations
The data from Coinglass provide a clearer picture of the impact, showing that around 60,388 traders and counting faced losses exceeding 0 million in just 24 hours.
The distribution of these liquidations varied among the major exchanges, with OKX traders experiencing the highest losses at .19 million, narrowly surpassing Binance’s .40 million in liquidations.
Bybit and Huobi also reported significant figures of .98 million and .05 million in liquidations, highlighting the widespread effect of Bitcoin’s unexpected rally.
The resurgence of Bitcoin to over ,000 was particularly noteworthy, given its position below ,000 in the early hours of Monday. While the exact catalyst for this abrupt rise remains uncertain, it puts Bitcoin a few dollars in value away from reclaiming its previous all-time high of ,000.
Analysts and traders are now closely watching the market for signs of Bitcoin’s next move, with speculation about the potential for new record highs in the near term.
Looking Ahead: Bitcoin Bullish Prospects
Crypto analyst Cryptoyoddha has provided an optimistic outlook for Bitcoin’s future, suggesting that the cryptocurrency is on the cusp of entering a new phase of its cycle that could see it reaching unprecedented heights.
According to Cryptoyoddha, Bitcoin’s historical pattern of accumulation, followed by a parabolic surge, sets the stage for what he terms “Cycle IV,” a period that could potentially elevate Bitcoin’s value to 0,000 or more.
According to the analyst, factors such as increased institutional investment, evolving regulatory clarity, and growing public acceptance of digital assets are key drivers of this bullish sentiment.
The real pump will start after the halving next month. pic.twitter.com/eV5FWkzkxX
— Yoddha (@CryptoYoddha) March 23, 2024
Meanwhile, Bernstein analysts Gautam Chhugani and Mahika Sapra recently updated their forecast for Bitcoin’s year-end price, elevating it from an initial ,000 to ,000.
This adjustment was prompted by notable factors such as the robust inflow into Spot Bitcoin ETFs and earnings from mining activities, which have contributed to a more optimistic outlook on Bitcoin’s valuation.
Additionally, they maintained that Bitcoin is on track to reach 0,000 by mid-2025, attributing this anticipated growth to several elements, including the impact of Spot Bitcoin ETFs, which they expect to drive a significant upswing in the cryptocurrency’s price.
Similarly, Standard Chartered has revised its prediction for Bitcoin’s end-of-year value. Moving beyond their original estimate of 0,000, the institution now suggests that Bitcoin could ascend to 0,000 by year’s end, citing the catalytic role of Bitcoin ETFs in fostering their positive outlook on the asset’s future performance.
Featured image from Unsplash, Chart from TradingView