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XRP Price Dip: Should Investors See This as a Buying Chance?
XRP price extended gains and tested the .4880 resistance zone. The price corrected gains but the bulls are now protecting the .4765 support.
- XRP price is correcting gains from the .4880 resistance zone.
- The price is now trading above .4750 and the 100-hourly Simple Moving Average.
- There was a spike below a connecting bullish trend line with support at .4790 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might climb higher again if it stays above the .4765 support zone.
XRP Price Corrects Gains
XRP price remained in a positive zone above the .4740 resistance, unlike Bitcoin and Ethereum. The bulls were able to push the price above .4840. However, the bears were active near the .4880 resistance zone.
A high was formed at .4877 and the price recently started a downside correction. There was a move below the .4820 and .4800 levels. The price even spiked below the 50% Fib retracement level of the upward wave from the .4694 swing low to the .4877 high.
Besides, there was a spike below a connecting bullish trend line with support at .4790 on the hourly chart of the XRP/USD pair. However, the bulls are now active near the .4765 support and the 61.8% Fib retracement level of the upward wave from the .4694 swing low to the .4877 high.
It is now trading above .4750 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the .4820 level. The first major resistance is near the .4840 level. The next key resistance could be .4880.
A clear move above the .4880 resistance might send the price toward the .50 resistance. The next major resistance is near the .5050 level. Any more gains might send the price toward the .5250 resistance.
More Losses?
If XRP fails to clear the .4820 resistance zone, it could continue to move down. Initial support on the downside is near the .4780 level.
The next major support is at .4765 and the 100-hourly Simple Moving Average. If there is a downside break and a close below the .4765 level, the price might continue to decline toward the .4650 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – .4765 and .4740.
Major Resistance Levels – .4840 and .4880.
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Bitcoin Braces For 10-20% Crash, Top Analyst Cites 90% Chance Of Pullback
Bitcoin (BTC), the largest cryptocurrency on the market, has again taken the lead in the crypto landscape. However, this time it comes with a sense of caution among investors triggered by macroeconomic data, particularly from the United States.
In addition, the resulting outflows of over 0 million from the primary market of the digital asset ecosystem, as reported by asset manager CoinShares, have raised concerns about potential price corrections shortly.
Against this backdrop, renowned analysts and technical experts have weighed in to share their insights and predictions on Bitcoin’s future trajectory.
Crypto Experts Warn Of Looming Bitcoin Correction
Crypto analyst Timothy Peterson, in a social media post on X (formerly Twitter), highlights Bitcoin’s substantial 65% rise over the past six months. However, based on ten years of historical data, Peterson suggests a 90% probability that BTC will experience a 10-20% decline in the next 90 days, taking the BTC price below the key ,000 threshold.
On a more optimistic note, Peterson noted that there is also a two-thirds chance that Bitcoin will finish the next three months with a 50% increase. This projection places the median Bitcoin price path at ,000, followed by ,000, and potentially reaching ,000 by October.
Supporting these predictions, technical analyst Rekt Capital points out that Bitcoin tends to form clusters of price action near the resistance range high above ,600. Historical patterns indicate that these clusters often precede downside moves, leading to lower levels within the range.
In line with Peterson’s analysis, this correction could potentially take Bitcoin’s price down to around ,000, similar to the previous correction observed after its all-time high of ,700 in March.
BTC’s Post-Halving Trajectory On Track?
Rekt Capital further emphasizes that Bitcoin trades within its normal re-accumulation box following the Halving event. This re-accumulation phase typically begins a few weeks before the Halving and concludes with a breakout months afterward.
The analyst further shared that the current Re-Accumulation Range for Bitcoin is estimated to be between ,000 and ,000, with price fluctuations within this range. This phase aims to stabilize Bitcoin’s price, preparing it for the next cycle phase—the “Parabolic Phase.”
Rekt Capital suggests that the Re-Accumulation phase can last several months, potentially up to 150 days. Upon breaking out of the re-accumulation area, Bitcoin enters a parabolic uptrend characterized by accelerated growth.
Considering the timeline, the market is now two months after the Bitcoin Halving and the current price action aligns with previous 60-day post-Halving periods.
In summary, considering the scenarios presented by the analysts, BTC is anticipated to remain within its established range, possibly experiencing deeper corrections before embarking on an upward trajectory toward further price appreciation and the potential to reach new all-time highs.
At the time of writing, BTC has exhibited a recovery in the past hour, witnessing an upward spike after hitting a Monday low of ,000. Presently, it is trading at ,800.
Featured image from DALL-E, chart from TradingView.com
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Last Chance: Market Expert Reveals Why Now Is The Perfect Time To Invest In These 5 Altcoins
Renowned market expert Michael Van de Poppe has recently shared his insights on the current state of the cryptocurrency market, highlighting potential breakout opportunities for altcoins.
As the largest cryptocurrency on the market, Bitcoin (BTC), consolidates in a price range between ,000 and ,000, Van de Poppe’s latest market update suggests that this may be the ” final time” to invest in altcoins before a potential breakout.
Altcoins Analysis
In a series of social media posts, Van de Poppe analyzes specific altcoins, including Sui (SUI), Chainlink (LINK), Floki Inu (FLOKI), Fantom (FTM), and Polkadot (DOT), offering valuable insights for investors.
One of the altcoins that has caught Van de Poppe’s attention is SUI, which, according to his analysis, has shown strength in the market with a higher low formation. Van de Poppe suggests that if momentum provides a breakout above .17, SUI could continue its uptrend toward .60 (currently trading at .067).
Chainlink (LINK) is another altcoin Van de Poppe considers “heavily undervalued.” Drawing on historical data, he points out that LINK has delivered a 150% return in previous cycles, making it an attractive investment opportunity at its current trading price of .037.
However, Van de Poppe also advises caution with certain altcoins. For instance, FLOKI, despite its substantial 1200% increase since the beginning of its recent run, carries a “higher risk of a heavy correction.” He suggests that interested investors wait for a 30-40% correction before considering an investment.
Van de Poppe also draws attention to Fantom’s native token FTM, which has been forming lower highs and lower lows. With multiple tests of the .60 support, a price breakdown seems likely. If a breakdown occurs, he identifies two potential areas of interest between .4924 and .6113 for swing trading.
Crucial Support Levels For Ethereum
Regarding Polkadot, Van de Poppe highlights its potential as a market leader in the Real-World Asset (RWA) sector. He emphasizes that Polkadot is currently undervalued and is in the process of implementing RWA within its ecosystem. Despite the price not reflecting the “thriving ecosystem,” Van de Poppe expects this will change.
In addition to these lower-cap altcoins compared to the largest, Van de Poppe provides insight into Ethereum (ETH). In a separate analysis, the market expert suggests that ETH is looking for a higher low and expects confirmation of S-1 filing approval for the long-awaited Ethereum ETFs in the US in the coming weeks.
Interestingly, on the 3-day Ethereum/BTC chart, Van de Poppe identifies the 0.05-0.051 BTC range as a key support area for Ethereum.
Featured image from DALL-E, chart from TradingView.com
Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How
Ethereum price is correcting gains from the ,220 resistance. ETH could start a fresh increase if it clears the ,055 and ,080 resistance levels.
- Ethereum started a fresh decline after it faced resistance near ,220.
- The price is trading below ,100 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at ,055 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the ,000 support to start another increase toward ,220.
Ethereum Price Revisits K
Ethereum price faced resistance at ,220 and started a downside correction, like Bitcoin. ETH declined below the ,120 and ,080 levels. It even tested the ,000 support.
A low was formed at ,005 and the price is now consolidating losses. Ethereum is trading below ,100 and the 100-hourly Simple Moving Average. Immediate resistance is near the ,050 level or the 23.6% Fib retracement level of the recent drop from the ,217 swing high to the ,005 low.
There is also a key bearish trend line forming with resistance at ,055 on the hourly chart of ETH/USD. The first major resistance is near the ,080 level or the 100-hourly Simple Moving Average.
Source: ETHUSD on TradingView.com
The next key resistance sits at ,120 or the 61.8% Fib retracement level of the recent drop from the ,217 swing high to the ,005 low, above which the price might gain traction and rise toward the ,200 level. If there is a clear move above the ,200 level, the price might rise and test the ,350 resistance. Any more gains could send Ether toward the ,500 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the ,055 resistance, it could start another decline. Initial support on the downside is near the ,000 level. The first major support is near the ,950 zone.
The next support is near the ,920 level. A clear move below the ,920 support might push the price toward ,840. Any more losses might send the price toward the ,720 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,000
Major Resistance Level – ,080