Over the past week, the meme coin known as maga (TRUMP) has increased by more than 45% against the U.S. dollar, and over the past day, the TRUMP token has climbed more than 7%. Statistics reveal that this rise in value has boosted former U.S. President Donald Trump’s cryptocurrency holdings, with his stash of TRUMP […]
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Solana Price Skyrockets by 15%: Cryptocurrency Market Surges with SOL Momentum
Solana started a fresh increase above the 0 resistance. SOL price is up nearly 15% and might continue to rise if it clears the 5 resistance.
- SOL price recovered higher and tested the 2 resistance against the US Dollar.
- The price is now trading above 0 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at 8 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could clear the 5 resistance unless it fails to stay above 8.
Solana Price Starts Fresh Surge
Solana price formed a support base near the 8 level and started a fresh increase. SOL outperformed Bitcoin and Ethereum and moved into a positive zone above the 0 level.
There was a break above a key bearish trend line with resistance at 8 on the hourly chart of the SOL/USD pair. The pair even 5 resistance and spiked above 2. A new weekly high was formed at 3.76, and the price is now consolidating gains.
It is holding the 23.6% Fib retracement level of the upward move from the 1 swing low to the 4 high. Solana is now trading above 0 and the 100 simple moving average (4 hours).
Immediate resistance is near the 5 level. The next major resistance is near the 2 level. A successful close above the 2 resistance could set the pace for another major increase. The next key resistance is near 0. Any more gains might send the price toward the 8 level.
Are Dips Supported in SOL?
If SOL fails to rally above the 0 resistance, it could start a downside correction. Initial support on the downside is near the 8 level. The first major support is near the 2 level.
The 50% Fib retracement level of the upward move from the 1 swing low to the 4 high is also at 2, below which the price could test 0. If there is a close below the 0 support, the price could decline toward the 8 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – 8, and 2.
Major Resistance Levels – 5, 2, and 0.
Over 50,000 Traders Liquidated as Bitcoin Price Surges Past $66,000 Amid Bullish Run-Up
On Wednesday, the price of bitcoin demonstrated strong growth, escalating by more than ,200 from its daily low. This 7.1% increase against the U.S. dollar propelled bitcoin past the ,000 threshold, reaching a peak of ,461 per coin on Bitstamp. Consequently, the entire cryptocurrency market rose by 6.2%, resulting in the liquidation of 51,567 traders […]
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Pepe Power! Meme Coin Surges On Back Of GameStop Nostalgia
The internet’s resident amphibian is back in the spotlight, but this time Pepe the Frog isn’t gracing troll forums – he’s maneuvering his way to the top of the cryptocurrency charts. PEPE, the meme coin named after the internet legend, is experiencing a historic surge, fueled by a potent mix of nostalgia and retail investor fervor.
From Backwater To Bullfrog: PEPE’s Rise
PEPE’s recent ascent is nothing short of meteoric. Trading volume has skyrocketed by an impressive 300% in the past 24 hours, with the price reaching an all-time high. This dramatic rise coincides with a resurgence in Gamestop (GME) stock, leading many to believe that the retail investor army of 2021 is back for round two, armed with meme coins as their weapon of choice.
The return of Keith Gill, better known online as “Roaring Kitty,” has acted as a rallying cry for these digital warriors. Gill’s surprise post on his dormant Reddit account sent shockwaves through the market, reigniting the nostalgic flames of the original Gamestop saga. Analysts suggest this nostalgia has spilled over into the crypto market, sparking a full-blown meme coin craze.
PEPE, already experiencing a steady climb since mid-April, has emerged as the unlikely champion of this digital meme menagerie.
Whales Take A Dip In The Pepe Pond
It’s not just the small-time investors driving the PEPE surge. Big money, or “whales” in crypto speak, are also diving headfirst into the frenzy. On-chain data reveals a whale recently splashing out a cool 1.86 million USDC for a whopping 195 billion PEPE tokens. Another whale scooped up a hefty 406 million PEPE, further propelling the price upwards.
This guy spent 1.86M $USDC to buy 195B $PEPE 12 hours ago and has now made an unrealized profit of 6K.https://t.co/TSngBKN2yC pic.twitter.com/Oszxx3nIO2
— Lookonchain (@lookonchain) May 14, 2024
But Is It All Golden Memes And Rainbows?
While PEPE’s current trajectory is a dream come true for early adopters, a cautionary tale lurks beneath the frothy surface. Meme coins are notorious for their wild volatility. Their value is often built on hype and fleeting internet trends, not robust financial fundamentals. This means a sudden shift in sentiment could trigger a dramatic price crash, leaving investors holding the Pepe bag.
Related Reading: Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff
Furthermore, PEPE is a relatively new player in the crypto game, with an uncertain future. Unlike established cryptocurrencies, PEPE lacks a proven track record. Its long-term viability remains a question mark.
Featured image from @GameStopPepe/X, chart from TradingView
TON Price Surges 15% In A Day But Signs of Bullish Exhaustion Emerge
TON price rallied nearly 15% and traded above the .50 resistance. Toncoin is now showing a few signs of trend exhaustion and might correct gains.
- Toncoin jumped above the .20 and .50 resistance levels.
- The price is now trading above .50 and the 100-hourly Simple Moving Average.
- There is a key parabolic curve forming with support at .80 on the hourly chart of the TON/USD pair (data source from Kraken).
- The pair could start a downside correction if it declines below .80 and the .60.
TON Price Reaches
Recently, TON price started a strong increase from the .60 support zone. It climbed above the .20 resistance zone. It gained nearly 15% in a day and outperformed Bitcoin and Ethereum.
Toncoin traded close to the .00 level. A high was formed at .93 and the price is now consolidating gains. It is trading near the .80 zone and well above the 100-hourly Simple Moving Average. There is also a key parabolic curve forming with support at .80 on the hourly chart of the TON/USD pair.
Immediate resistance is near the .92 level. The first key resistance is near .00. A close above the .00 resistance zone could spark a strong increase.
Source: TONUSD on TradingView.com
The next key resistance is near .20. If the bulls remain in action above the .20 resistance level, there could be a rally toward the .55 resistance. Any more gains might send the price toward the .00 resistance.
Downside Correction In Toncoin?
If Toncoin price fails to clear the .90 resistance zone, it could start a downside correction. Initial support on the downside is near the .80 level and the parabolic curve, below which the price might test the 23.6% Fib retracement level of the upward move from the .61 swing low to the .93 high.
The next major support is at .25 or the 50% Fib retracement level of the upward move from the .61 swing low to the .93 high. If there is a downside break and a close below the .25 level, the price might accelerate lower. In the stated case, the price could retest the .00 support zone.
Technical Indicators
Hourly MACD – The MACD for TON/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for TON/USD is now above the 70 level.
Major Support Levels – .80 and .60.
Major Resistance Levels – .90 and .00.
Robinhood’s Crypto Revenue Surges 232% Despite Looming SEC Battle
Retail trading platform Robinhood has announced that its crypto revenue grew by 232% in the first quarter. Despite this success, Robinhood faces potential enforcement action by the U.S. Securities and Exchange Commission (SEC), alleging that some of the cryptocurrencies offered on its platform are securities. Crypto Drives Robinhood’s Profitable Q1 Retail trading platform Robinhood Markets […]
Bitcoin News
FTT Surges 50% On FTX Creditors’ Claims Settlement And Billions In Compensation: How High Can It Rise?
In a significant development, defunct cryptocurrency exchange FTX has unveiled a reorganization plan to reimburse almost all of its customers.
The announcement has sparked a substantial surge in the exchange’s native token, FTT, which recorded an uptrend of 52% over the past seven days, reaching a monthly high of .29 during Wednesday’s early trading session.
FTX Unveils Debt Repayment Strategy
FTX estimates its outstanding debts to creditors to be approximately .2 billion, as revealed in the reorganization plan published late Tuesday. The company has disclosed that it possesses between .5 billion and .3 billion, which it intends to distribute among the creditors.
Under the proposed plan, customers with ,000 or less claims will receive approximately 118% of the allowed claim amount. This compensation is slated to be disbursed to around 98% of the creditors, relieving FTX customers who have experienced locked funds since the exchange filed for bankruptcy protection in November 2022.
FTX stated in a press release on Wednesday that the company could not utilize the appreciation of the missing tokens during the Chapter 11 cases. Instead, FTX had to identify other recoverable sources of value to repay creditors.
Following the departure of founder Sam Bankman-Fried, FTX appointed John Ray III as CEO. Ray, speaking on the matter in November 2022, expressed his astonishment at the “complete failure of corporate controls and such a complete absence of trustworthy financial information” witnessed at FTX. Ray further stated in the press release on Wednesday:
We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.
FTX’s founder, Sam Bankman-Fried, faced legal consequences, being convicted on seven criminal counts, including charges related to embezzling billions of dollars from FTX’s customers. Bankman-Fried was subsequently sentenced to 25 years in prison.
FTT Bulls Eyeing .55 For Potential Breakout Continuation
As of the latest update, the price of FTT has corrected to .050 after reaching its monthly high. This breakout occurred after consolidation between the .17 and .48 levels.
At the current price level, FTT faces a significant resistance at .169, which has led to the ongoing correction. If FTT sustains its bullish momentum, the next resistance level to watch is .55 in the token’s daily chart.
A successful breakthrough of this level could potentially lead to a retest of the mark, which has not been revisited since January.
On the other hand, if the price experiences a further correction, FTT bulls should closely monitor the .95 and .765 levels, as they serve as crucial support levels. It is essential to prevent a loss of the gains achieved over the past month, which amounts to an 18% increase during this period.
Featured image from Shutterstock, chart from TradingView.com
Record-Breaking Q1 For Polkadot: Daily Active Addresses Hit 514,000 As DOT Price Surges 7%
According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses.
DOT’s Market Cap Surges 16% QoQ
During Q4 2023, Polkadot’s market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching .4 billion. Building on this momentum, Q1 2024 witnessed a further 16% QoQ rise, elevating the circulating market cap to .7 billion.
Despite these gains, DOT’s market capitalization remains 80% below its all-time high of .5 billion, set on November 8, 2021.
In Q4 2023, Polkadot’s revenue also skyrocketed by 2,880% QoQ, amounting to .8 million. Per the report, this surge was primarily attributed to an exponential increase in extrinsics, driven by the Polkadot Inscriptions.
However, revenue metrics for Q1 2024 declined significantly on a QoQ basis, with revenue in USD dropping by 91% to 1,000 and revenue in DOT decreasing by 92% to 28,800. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.
Polkadot’s XCM activity continued to show growth in Q1 2024. Daily XCM transfers surged by 89% QoQ to reach 2,700, while non-asset transfer use cases, known as “XCM other,” witnessed a 214% QoQ increase, averaging 185 daily transfers.
The total number of daily XCM messages grew 94% QoQ to 2,800, demonstrating the network’s dynamic ecosystem. In addition, the number of active XCM channels grew 13% QoQ to a total of 230.
Polkadot’s Parachain Network Soars To New Heights
Q1 2024 marked a significant kick-off to the year for Polkadot’s parachains, with active addresses reaching an all-time high of 514,000, representing a substantial 48% QoQ growth.
Moonbeam emerged as the leading parachain with 217,000 monthly active addresses, a solid 110% QoQ increase. Nodle followed closely with 54,000 monthly active addresses, doubling from the previous quarter.
Astar on the other hand, experienced a modest 8% QoQ growth to reach 26,000 active addresses, while Bifrost Finance grew slightly by 2% QoQ to 10,000 addresses. However, Acala experienced a decline, with monthly active addresses falling to 13,000, down 16% QoQ.
Notably, the Manta Network stood out among parachains in Q1 2024, with a significant surge in daily active addresses, reaching 15,000. According to Messari, this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, propelling Manta’s Total Value Locked (TVL) to over 0 million.
Polkadot Price Sees Upside Potential Ahead
In terms of price action, Polkadot’s native token DOT has regained bullish momentum following a sharp drop to the .8 price mark after reaching a yearly high of on March 14.
Currently, DOT has regained the .25 level, up 7% over the past week. However, DOT’s trading volume decreased slightly by 4.7% compared to the previous trading session, amounting to 0 million over the past 24 hours, according to CoinGecko data.
If the bullish momentum persists, Polkadot faces its first resistance at the .4 zone, which serves as the last threshold before a potential retest of the resistance wall.
On the other hand, the .4 support floor has proven to be successful after being tested for two consecutive days this week, highlighting its significance as a key level to watch for the token’s upward movement prospects.
Featured image from Shuttestock, chart from TradingView.com
Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range
Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its bullish momentum, with the Bitcoin price reclaiming the crucial ,000 threshold.
This recovery follows a week-long downtrend that led to a 20% drop to ,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger.
Bitcoin Bulls Eye ,000
According to market expert Justin Bennett, a recovery of the ,000 resistance level would open up potential areas such as ,000 to ,000. However, at the present moment, this level continues to pose a significant resistance.
Analyzing the recent correction in the Bitcoin price, analyst Crypto Con suggests that the market correction was necessary for the long-term price trajectory.
The full retest of the 20-week Exponential Moving Average (EMA) support at ,700 and the return to indicator support zones, such as the Directional Movement Index, indicate a healthy price consolidation.
In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment.
According to their data, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price.
Bitcoin Price Poised For Bullish Surge
Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, suggesting that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory.
This occurrence has historically been followed by an upward price movement in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure.
Another positive signal highlighted by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement.
The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the cycle top is approximately 19 months, indicating the potential for a sustained upward trend.
Currently trading at ,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends.
Featured image from Shutterstock, chart from TradingView.com
This Week’s Crypto Winners and Losers: Helium Surges 34%, ENA Plummets 25%
The crypto market holds steady at a valuation of .31 trillion, experiencing a 2.60% decline in the last 24 hours. In the preceding week, bitcoin and ethereum each dipped between 5.4% and 1.8%. Notably, only four coins experienced double-digit increases, with helium (HNT) emerging as the top performer with a 34.3% rise this week. Crypto […]
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