A new cryptocurrency called Mega Dice Token (DICE) is shaking up the gaming world. With over million raised in its presale, DICE is turning heads, leading to speculation that it could be the next GameFi project to explode. DICE Token Looks to Revolutionize Crypto Casino Gaming Mega Dice isn’t just another online casino – […]
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New Meme Coin Dogeverse Raises $13M in ICO – the Next Dogecoin?
A new meme coin, Dogeverse (DOGEVERSE), has crypto traders buzzing in May. Having raised over million in its initial coin offering (ICO), Dogeverse has traders wondering whether it could be the next Dogecoin-style token to take the market by storm. Multi-Chain Meme Coin DOGEVERSE Takes Crypto Market By Storm So what exactly is Dogeverse, […]
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Agridex Raises $5 Million to Expand Agricultural Tokenization on Solana
In a recent funding initiative, the Solana-based Agridex project secured million in a pre-seed round aimed at enhancing the tokenization of agricultural commodities. The funding, led by Endeavour Ventures, included contributions from African Crops Limited and Oldenburg Vineyards. Agridex Attracts Million to Develop Solana-Powered Agricultural Marketplace Agridex‘s platform, which operates on the Solana […]
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New Crypto to Watch: 99Bitcoins Token Raises $1M and is Offering $99K BTC Airdrop
Every once in a while, a new crypto project makes investors sit up and pay attention. That’s exactly what’s happening with 99Bitcoins Token (99BTC) right now. The project has raised over million in funding so far – and the development team is planning to airdrop a whopping ,999 worth of Bitcoin to early community […]
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Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000
A bull flag recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to as high as 0,000 when it makes that move.
Bitcoin’s Bull Flag Suggests More Upside
Denis Baca, Head of Product at Zivoe Finance, noted that the bull flag formation on Bitcoin’s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is “shaping up nicely” and that Bitcoin could potentially shoot up towards 0,000 once the declining volume picks up.
However, Baca further suggested that Bitcoin could drop below ,000 before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to ,000, he claimed.
Baca opined that such price dips could be “healthy” for Bitcoin before it experiences a reversal. He elaborated that these dips “offer solid buying opportunities,” which could help spark Bitcoin’s move to record highs.
Crypto analyst Mikybull Crypto also shared his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin’s bull run and that a bearish reversal was unlikely.
#Bitcoin on a daily chart forming a bull continuation pattern.
According to Wyckoff’s law of cause and effect “the longer the consolidation, the more explosive the markup will be” pic.twitter.com/ArH0lNnyc2
— Mikybull Crypto (@MikybullCrypto) April 26, 2024
He also hinted that the next leg up could be massive as he alluded to Wyckoff’s law of cause and effect, which states that “the longer the consolidation, the more explosive the markup will be.”
Bitcoin Needs A Catalyst To Spark This Upward Trend
Andrey Stoychev, Head of prime brokerage at Nexo, remarked that any potential price rise for Bitcoin is unlikely to be realized without a catalyst. He noted that the flagship crypto token has managed to build resilient support at ,000, but without any catalyst, it will merely continue to trade around the ,000 range.
It is worth noting that the Spot Bitcoin ETFs, which previously served as a major catalyst to Bitcoin’s price surges, have recently suffered from declining demand. They have also experienced significant net outflows this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions.
Despite this, Stoychev is positive that Bitcoin won’t drop below ,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if high interest rates are maintained longer than expected, as this can affect sentiment toward crypto assets.
At the time of writing, Bitcoin is trading at around ,900, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from TradingView
Swiss National Bank Chief Raises Concerns About Adding Bitcoin to Currency Reserves
The chairman of the Swiss National Bank has expressed reservations about incorporating bitcoin into the central bank’s currency reserves. He stated that no decision has been made yet to invest in bitcoin, underscoring the necessity for currency reserves to be liquid, sustainable, and easily tradable, given their use in international payments. Swiss National Bank on […]
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Bitcoin’s First Post-Halving Adjustment Raises Mining Difficulty to Record High
Bitcoin recently completed its first difficulty adjustment following the fourth halving, recording a 1.99% increase and pushing the mining difficulty to a record high. The network’s difficulty level rose from 86.39 trillion to a new level of 88.10 trillion. Bitcoin Miners’ Strength Tested as Mining Difficulty Jumps 2% Post-Halving As of block 840,672, which occurred […]
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XRP Surges 12% As Bulls Take Charge, Expert Raises Target To $1.4
XRP has shown notable signs of renewed bullish momentum in the market. It bounced back from a significant 11% price drop on April 12th, which took the token to its lowest level of the year at .4230.
However, last week saw a solid 12% price recovery, with XRP outperforming the other top 10 altcoins in the market, behind only Solana (SOL) and Binance Coin (BNB).
Signs Of A Strong Bullish Trend Ahead For XRP?
On Tuesday, XRP hit a high of .5571, demonstrating its bullishness and outperforming its peers. This resurgence was paired with a spike in wallet activity, a positive sign for the token’s overall market sentiment.
According to the network intelligence platform Santiment, the number of wallets holding at least 1 million XRP has steadily increased over the past six weeks, rising by 3.1%. It is now just one wallet away from reaching an all-time high (ATH).
In addition, crypto analyst Ali Martinez reported a notable buying spree among XRP whales, who purchased over 31 million tokens in the past week alone. This has contributed to the cryptocurrency’s price recovery, emphasizing renewed confidence in its uptrend prospects.
Regarding price action, market analyst Egrag Crypto points out that XRP has formed a double bottom pattern, considered a strong bullish signal. This pattern, combined with the transition of the consolidation zone into a supply zone and the wicking area into a demand and accumulation zone, indicates a promising outlook for the token, according to the analyst.
Egrag Crypto is confident that a significant price spike or “thrust” is imminent, and the analyst has updated his target to .4 for XRP.
Critical Resistance Levels To Watch
Despite initial bullish outlooks for XRP, the token has retraced to the .5474 price level as of the time of writing, accompanied by a 14% decrease in market capitalization over the past 30 days.
Moreover, as XRP aims to reach higher levels, potential resistance barriers may impede the token’s recovery and the bullish trend. Analyzing the XRP/USD chart below reveals the immediate resistance at .5644, which has prevented consolidation above current levels for the past week.
After that, the final obstacle before a retest of the .600 zone lies at the .5884 level. This level previously served as a support floor for the token, leading to a rebound during the uptrend seen in March, which took XRP to its yearly high of .745.
Conversely, monitoring the support levels at .52910, .5184, and .5044 is crucial. If a bearish scenario develops in the coming days, these levels may prevent XRP from falling below .500.
Featured image from Shutterstock, chart from TradingView.com
IRS Releases Draft Tax Form for Digital Assets — Expert Raises ‘Major Privacy and Security Concerns’
The U.S. Internal Revenue Service (IRS) has released a draft tax Form 1099-DA for reporting digital asset proceeds from broker transactions. Brokers, including unhosted wallet providers, are required to report proceeds from digital asset dispositions to the IRS. A crypto tax expert has highlighted that the collection of certain data points, such as wallet addresses, […]
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Goldman Sachs Raises Gold Price Forecast to $2,700, Acknowledges Rise Not Caused by Usual Macro Factors
Goldman Sachs, a leading investment banking institution, has updated its gold price forecast due to the unforeseen strong performance of the metal in 2024. In a note directed to investors, the bank expects gold to reach ,700 per ounce by year’s end, pushed by non-traditional factors. Goldman Sachs Updates Gold Price Outlook to ,700 per […]
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