Forget Dogecoin – a new meme coin has joined the market and is quickly becoming a hot topic. PlayDoge (PLAY) has raised over .5 million in just the first 10 days of its presale. With analysts now betting this “Tamagotchi x Doge” hybrid could be a potential breakout hit, let’s take a closer look at […]
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Analysts Bullish on Bitcoin: QCP Capital Foresees New All-Time Highs in June
Singapore-based QCP Capital indicates that bitcoin could potentially exceed its all-time high of ,794 this month by crossing the ,000 threshold. The signals QCP emphasized were derived from bitcoin call options with June expiries. Several Market Observers See Bullish Bitcoin Momentum Ahead Several analysts and researchers have a positive outlook on bitcoin’s prices for June. […]
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Dogeverse Presale Enters Final 3 Days After Raising $15M, Analysts Forecast Big Gains in June
Multi-chain token Dogeverse is preparing for one of the biggest meme coin launches of the year after raising more than million in a red-hot presale. The project has gotten a ton of attention from meme coin traders and crypto analysts, many of whom believe the $DOGEVERSE token could deliver a 10x gain or more […]
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Is Solana Preparing For Liftoff Or Meltdown? Analysts Forecast SOL’s Future
After the recent market pump, Solana (SOL) recovered an important support zone. As a result, analysts have debated whether the altcoin is poised for a liftoff to a new all-time high (ATH) or about to face a meltdown.
Analysts Fear SOL’s Top Is In
After recovering the 0 support zone over a week ago, Solana reached heights not seen since the beginning of April. SOL neared the 0 resistance level but failed to surpass it. Instead, the token’s price hovered between the 0 and 0 mark before returning near the 0 support zone over the weekend.
Despite underperforming compared to Bitcoin (BTC) and Ethereum (ETH), the token reached a new ATH in a key metric during this cycle. In March, Solana’s market capitalization surpassed its previous ATH, reaching a market cap of billion.
Last week’s pump saw SOL surge by over 56% from its price during the May 1 retrace, propelling its market cap above its 2021 ATH to levels resembling March’s ATH. Nonetheless, some crypto analysts see the possibility of a meltdown ahead for Solana.
Crypto analyst Bluntz posted a video looking at SOL’s macro chart. Per the post, the analyst considers that “SOL is done, SOL is exhausted, and it’s probably time for ETH to catch up, which will probably be the last leg of the bull market.”
The analyst considers the macro chart to display some concerning signs that suggest the token has “probably topped.” Per Bluntz’s chart, SOL had a five-way climb to its cycle high of 0 in March. Despite not making the price ATH due to inflation, the analysts highlighted Solana’s market cap ATH as a key factor.
Moreover, the crypto trader pointed out a five-way decline since March’s highs, followed by a three-way move up. To the analyst, this suggests that Solana is “exhausted” as it’s starting to struggle.
According to Bluntz, there’s a high chance that the highlighted performance will result in a “macro lower high.” Additionally, he forecasted SOL’s price to retrace below the 0 mark.
Is Solana Poised For A Liftoff Or A Meltdown?
Similarly, pseudonym analyst Credible issued a warning regarding SOL’s future. To the analyst, “coins like $SOL are just in larger distribution structures now.” However, Credible considers that BTC’s strength will relieve SOL as it initially “drags the whole market up.”
The analyst agreed with Bluntz’s prediction, stating that it is “ultimately where we are headed,” but considers there’s a good chance Solana sees highs above March’s mark “before the real meltdown.”
Nonetheless, some crypto analysts disagree with the gloomy forecast. DocXBT asserted he has “seen a lot of terrible Solana takes lately.” The analyst believes the token is “holding daily trends” and displays positive support and resistance levels.
Moreover, he considers that investors should “stop overthinking it” unless “we lose daily trends” as the performance looks “supper clean.”
On a similar note, CryptoJelle pointed out that SOL is “forming the post-breakout higher low.” To the analyst, Solana is following the same behavior it did during the February-March leg.
Ultimately, Jelle suggests that the token could have found its bottom, and it’s currently getting ready for liftoff to a new ATH. The analyst forecasted a 0 price prediction for SOL this cycle.
Is Axie Infinity (AXS) About To Skyrocket? Crypto Analysts Spot Major Breakout Patterns
Axie Infinity (AXS), the popular play-to-earn game token, appears to be drawing significant attention from crypto analysts and investors alike. Recent analyses by renowned crypto experts Ali and Captain Faibik have identified key patterns and technical signals indicating a possible bullish breakout for AXS.
The analysts observed an inverted head and shoulders pattern on the weekly chart of AXS, a classic technical indicator often associated with the reversal of a downtrend and the start of a bullish phase.
Major Rally Predicted For Axie Infinity (AXS)
Ali predicts that if AXS can successfully break through the resistance level, it could trigger a rally, pushing the price toward or higher. Captain Faibik shares this optimism, pointing out a bullish trajectory on the 8-hour timeframe.
#AxieInfinity appears to form an inverse head-and-shoulders pattern on the weekly chart, which anticipates $AXS to rise toward the neckline at before a potential breakout to . pic.twitter.com/99kVKwUrwc
— Ali (@ali_charts) May 23, 2024
Faibik noted a decisive breakout from a significant falling logarithmic trend and suggested that, following a retest phase, AXS might experience a surge of up to 40 percent in the near term.
$AXS Major Trendline Breakout & Retest has confirmed on the 8hr timeframe Chart..
Looks Promising for the +40% Bullish Rally in the near term.
#Crypto #AXS #AXSUSDT pic.twitter.com/VrxIndGIDc
— Captain Faibik (@CryptoFaibik) May 23, 2024
Despite the positive technical outlook, Axie Infinity has faced challenges, including a significant drop in user engagement. Following its crash in February 2022, the token AXS has since fallen from its all-time high of 4 in November 2021, plummeting by 95%.
The asset is currently trading at around .72, an increase of 0.9% in the past 24 hours and nearly 8% over the past week.
This price movement coincides with a generally bullish trend in the global crypto market, fueled by anticipation of Altcoin ETFs’ approval, particularly for Ethereum.
Axie Infinity is currently ranked as the 87th largest cryptocurrency by market cap, maintaining a valuation of around .1 billion. The 24-hour trading volume for AXS stands just above million.
Despite its mid-cap status, Axie Infinity’s network metrics have declined, such as unique active wallets (UAW) and volume. DappRadar data shows a 5% decrease in UAW and a 49% drop in volume over the past 24 hours, with current UAW at 43,500 and volume slightly above million.
Recent Security Breach and Future Outlook
The backdrop of these market dynamics includes a recent security incident involving Jeff “Jihoz” Zirlin, co-founder of Sky Mavis, the company behind Axie Infinity.
In February, two of Zirlin’s crypto wallets were compromised, leading to the theft of over million in various crypto assets, primarily RON, the native token of Ronin Chain. This chain is an Ethereum sidechain designed specifically for Axie Infinity.
Zirlin confirmed that the breach was limited to his accounts and did not impact the Ronin chain or Sky Mavis operations. He emphasized that the stolen private keys were not connected to the company’s internal systems and reassured the community of strict security measures for all chain-related activities.
Despite the setback, Zirlin remains optimistic about the future and is committed to bringing economic freedom to users through Axie Infinity.
Featured image created with DALL·E, Chart from TradingView
Ethereum Soars 5.6% Ahead Of ETF Decision, Analysts Set Bigger Price Target
Ethereum (ETH) price is soaring ahead of the Securities and Exchange Commission (SEC) decision regarding the Spot ETH ETF (exchange-traded fund). Investors’ and market watchers’ optimism has increased as the ‘King of altcoins’ surpasses the ,900 mark.
Some analysts believe this bullish momentum could soon propel ETH’s price above all established price targets.
Ethereum Soars Amid ETF Approval Expectation
Ethereum, the second-largest cryptocurrency by market capitalization, has seen a significant uptick this week. As rumors of ETH spot ETFs being approved this Wednesday surged, the community’s sentiment towards the asset turned extremely bullish.
Previously, Bloomberg experts had asserted that chances of an ETF approval were slim due to the US government’s crackdown on the industry. However, this week’s U-turn from the Biden administration sparked a positive sentiment that increased the chances to 65-75%.
As a result, Ethereum surged an impressive 30.4% from its price seven days ago. The King of altcoins went from trading just below the ,000 mark to surpassing the ,900 resistance level at the time of writing.
The community’s optimistic expectations continue as several US lawmakers urge SEC chair Gary Gensler to approve Ethereum ETFs.
As reported by Eric Balchunas, a bipartisan group of House lawmakers sent a letter on Tuesday to the SEC’s Chair asking for the approval of ETH ETFs “and other digital assets.”
According to the letter, the Congress members believe digital asset-backed ETFs offer “investors a regulated and transparent investment vehicle to gain exposure.” The US lawmakers urged the Commission to “maintain a consistent and equitable approach when reviewing upcoming applications” for other crypto ETFs.
Are Price Targets Too Low?
Ethereum has performed remarkablely over the past few days. ETH has surged 5.6% as the community awaits the SEC’s decision.
As pointed out by several market watchers, ETH’s weekly candle is resting levels not seen since the first half of March. Crypto Yoddha highlighted Ethereum’s historic behavior for the previous all-time high (ATH) runs.
Per the chart, the second-largest crypto asset went through a 700-day accumulation phase before breaking out and starting the bullish run. Similarly, ETH seemingly ended a 700-day accumulation period this cycle, which could lead to a rally towards a new ATH, if history repeats. The analyst set a target of ,300 for this cycle.
Likewise, Crypto Jelle pointed out that ETH broke out of a multi-month falling wedge pattern. Its recent performance successfully reclaimed the key resistance above the ,600 mark and is currently testing the ,900 price range.
The trader considers that, if this is the current performance before the approval of ETH ETFs, his ,000 target for this cycle might be “too low.” However, he urged investors to “try not to get sucked into overtrading.”
He considers the initial response to the decision “hard to know” despite the bullish sentiment. Ultimately, Jelle suggests the community to “focus on what you know” as the long-term outlook is much clearer.
On a similar note, Crypto analyst Mikybull points out that ETH is repeating the 2020 path that “sparked off Alts season in 2021.” Due to this, the trader considers that the bull targets for this cycle are ,000-,000.
The SEC’s decision regarding ETH ETFs will be announced around 8:30 pm UTC on May 23.
Next Big Move For Bitcoin: Analysts Predict A Potential Breakout At $71,500
Bitcoin, the world’s most popular cryptocurrency, appears poised for a major move, but the direction remains shrouded in mystery. Analysts are divided on whether a bullish breakout or an extended consolidation period lies ahead.
Reaching New Highs: Euphoric Bulls On The Horizon?
Renowned crypto analyst Checkmate has ignited a spark of optimism with his “Euphoric Bull” theory. According to Checkmate, a surge to a new all-time high could signal a critical shift in market sentiment. This type of bull phase would represent a significant acceleration in bullish momentum, potentially leading to a steeper price increase.
Checkmate’s theory hinges on the Market Value to Realized Value (MVRV) ratio, a metric that compares the current market value of Bitcoin to the total value paid to acquire all Bitcoins in circulation. Historically, when the MVRV ratio climbs above one standard deviation of its average, it has often preceded a shift to a “Euphoric Bull” phase.
#Bitcoin breaking to a new ATH has historically represented a transition point from the Enthusiastic Bull, into the Euphoric Bull.
It also coincides with the MVRV ratio getting above 1 standard deviation, but we rarely clear it on the first attempt.
Bull…Crab…Bull…
A… pic.twitter.com/4YyD179LRS— _Checkmate
(@_Checkmatey_) May 21, 2024
However, Checkmate warns that Bitcoin doesn’t always follow the script on the first try. The market often exhibits cautious behavior, with Bitcoin potentially attempting to breach this key MVRV level multiple times before a decisive breakout.
Bitcoin’s recent consolidation period comes after a surge that saw the alpha crypto reach a six-week high of ,950. While a slight pullback has occurred, Bitcoin is still trading comfortably near the ,000 level, with a healthy daily trading volume. This price movement suggests a potential pause before the next significant move, making the current moment a tense waiting game for both traders and investors.
Breakout Or Consolidation? A Bullish Dilemma
Crypto analyst Rekt Capital has emerged as a key voice in the ongoing debate. Rekt Capital believes a weekly candle closing above ,500 could be the catalyst for a significant breakout. This milestone, if achieved, could trigger a surge in bullish momentum, propelling Bitcoin towards a notable uptrend.
However, Rekt Capital also acknowledges the possibility of an extended consolidation phase. Historically, Bitcoin has exhibited a tendency to consolidate within its re-accumulation range for several weeks before experiencing a breakout. This extended consolidation, Rekt Capital argues, would bring Bitcoin closer to aligning with historical halving cycles, events that have historically preceded major bull runs.
Bitcoin Price Prediction
Meanwhile, other analysts are predicting a potential banner year for the world’s leading cryptocurrency in 2025. The high-end prediction of 8,459 represents a staggering potential increase, fueled by factors like historical price trends and the upcoming Bitcoin halving cycle. Buoying this optimism are technical indicators pointing towards a “Bullish” market sentiment with a hefty dose of “Extreme Greed.”
However, a dose of reality is necessary. The wide range between the predicted high and low (,971) underscores the inherent uncertainty in these forecasts. Bitcoin’s notorious volatility, evident in the recent 4.47% price swings within just 30 days, further complicates things. While this level of greed suggests investor confidence, it can also be a warning sign of a potential market correction on the horizon.
Featured image from Vecteezy, chart from TradingView
Altcoins ‘Maniac Phase’ Preparing, Analysts Call For Next Leg Up
The crypto industry has seen a positive shift with the recent market recovery. After a Q1 full of bullish sentiment, Q2 saw many sectors of the crypto space brewing a pessimistic feeling toward altcoins.
Experts and market watchers have reassured investors that the price corrections were part of the cycle, predicting that the bullish rally would resume after the cool-off. Now, analysts consider that altcoins are about to embark on a “massive leg higher” for the alt season.
Ethereum’s Surge Refuels Sentiment
The crypto market is up by 8.3%, with a market capitalization of .55 trillion. This market surge has seen Bitcoin, the flagship cryptocurrency, soar past ,000 in the last day.
Similarly, the “king of altcoins” remarkably performed these past 24 hours. Ethereum (ETH)’s price has risen 22% since yesterday, surpassing levels not seen since mid-March.
However, ETH is yet to test its all-time high (ATH) of ,878, set nearly two years ago. As a result, the second-largest cryptocurrency has been criticized this cycle for being “a major disappointment.”
In a turn of events, rumors of an approval of ETH spot Exchange-Traded Funds (ETFs) have refueled investors’ bullish tank, “erasing 65 days of down only” with a single daily candle.
As ETH rallies, analysts believe it’s only a matter of time before the whole altcoins sector surges to kick off the altcoin season. Crypto analyst Rekt Capital highlighted the ‘Crypto Money Flow Cycle’, stating that, now that BTC and ETH have rallied, “it’s time for Altcoins to rally.”
Is The Altcoins Season Here?
During the slowdowns, market watchers have analyzed altcoins’ run this cycle. Altcoin Sherpa has stated that many tokens didn’t “run that hard” during round 1 of the bull run, resulting in his forecast of a 1-4 months “cool-off” period before resuming the uptrend.
Despite the similarities with previous bull runs, the singularities of this cycle, like the approval of Spot Bitcoin ETFs and the Memecoin pre-sale frenzy, have made investors question whether they would see the alt season this time.
Nonetheless, several analysts, who urged investors not to panic before, suggest the community prepares for the “maniac phase” ahead. Crypto Yoddha shared his chart for the 2024 altcoin cycle, stating that the dip was “just a higher low in an uptrend.”
Per the chart, the altcoins market is now looking to retest the .27 trillion resistance level seen in March before testing last cycle’s .7 trillion ATH. To crypto Yoddha, “we’re looking at the bullish continuation” that will lead to a new market ATH during round 2.
Similarly, Top analyst Michaël van de Poppe, who recently sold all his BTC for Altcoins, stated that the Altcoin market capitalization has finished its correction:
The next step: reaching all-time high, which is ~60-70% from here.
I think #Ethereum is likely reaching that in the next 2-4 months.
Lastly, Crypto Jelle considers that “Altcoins are about to embark on a massive leg higher” after an 18-month accumulation period. The analyst compared the market’s recent breakout to a ball being held underwater, claiming that “it’s time for history to repeat.”
Analysts: SEC Could Begin Approval Process for Spot Ethereum ETFs Tomorrow
Bloomberg’s ETF analysts have explained that the U.S. Securities and Exchange Commission (SEC) could start the approval process for spot ethereum exchange-traded funds (ETFs) tomorrow. They noted that the securities regulator has requested revised Form 19b-4s from issuers to be submitted by Tuesday morning, indicating “likely approval” as soon as Wednesday. This submission is a […]
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Analysts Boost Odds for Ethereum ETF Approval to 75% Amid SEC Chatter
On May 20, 2024, Bloomberg Intelligence exchange-traded fund (ETF) senior analyst Eric Balchunas informed his 274,000 X followers that he and his colleague James Seyffart had increased their expectations for the approval of a spot-based ethereum ETF. “Update: [James Seyffart] and I are increasing our odds of spot Ether ETF approval to 75% (up from […]
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