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Ethereum Price Faces Crucial Test, Can ETH Clear This Hurdle To Kickstart Rally?
Ethereum price is consolidating above the ,450 support zone. ETH must clear ,560 and ,620 to start a fresh increase in the near term.
- Ethereum is trading in a range above the ,450 support zone.
- The price is trading above ,500 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at ,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it stays above the ,420 support zone.
Ethereum Price Eyes Upside Break
Ethereum price attempted another increase above the ,550 resistance. ETH even climbed above ,600, but the upsides were limited like Bitcoin. A high was formed at ,614 before the price trimmed gains.
It declined below ,500 and treaded as low as ,476. The price is again recovering and moving above ,500. There was a move above the 23.6% Fib retracement level of the recent decline from the ,614 swing high to the ,476 low.
Ethereum is now trading above ,500 and the 100-hourly Simple Moving Average. Immediate resistance is near the ,550 level or the 50% Fib retracement level of the recent decline from the ,614 swing high to the ,476 low. There is also a new connecting bearish trend line forming with resistance at ,550 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The first major resistance is near the ,620 level. The next key resistance sits at ,650, above which the price might test the ,720 level. The key hurdle could be ,750, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the ,820 zone. If there is a move above the ,820 resistance, Ethereum could even rise toward the ,000 resistance.
Another Rejection In ETH?
If Ethereum fails to clear the ,550 resistance, it could start another decline. Initial support on the downside is near the ,500 level.
The first major support is near the ,475 zone. The next key support could be the ,420 zone. A clear move below the ,420 support might send the price toward ,320. Any more losses might send the price toward the ,240 level.
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 above the 50 level.
Major Support Level – ,475
Major Resistance Level – ,550
Ethereum Price Faces Big Move – Can Bulls Send ETH To $4K?
Ethereum price is gaining pace above the ,600 resistance zone. ETH could extend its upward move if it clears the ,725 resistance zone.
- Ethereum is aiming for more gains above the ,725 and ,740 levels.
- The price is trading above ,650 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at ,480 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rally if there is a close above the ,725 resistance zone.
Ethereum Price Jumps Over 8%
Ethereum price formed a base and started a decent increase above the ,500 resistance, like Bitcoin. ETH surpassed the ,600 and ,650 levels to move into a positive zone.
A new weekly high was formed at ,726 and the price is now consolidating gains. The price is well above the 23.6% Fib retracement level of the upward move from the ,224 swing low to the ,726 low. It is up over 8% and there are chances of more upsides.
Ethereum is trading above ,650 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at ,480 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the ,224 swing low to the ,726 low.
Immediate resistance is near the ,725 level. The first major resistance is near the ,750 level. The next key resistance sits at ,800, above which the price might test the ,880 level, above which Ether could gain bullish momentum.
Source: ETHUSD on TradingView.com
In the stated case, the price could rise toward the ,880 zone. If there is a move above the ,920 resistance, Ethereum could even rise toward the ,000 resistance.
Are Dips Limited In ETH?
If Ethereum fails to clear the ,725 resistance, it could start a downside correction. Initial support on the downside is near the ,620 level.
The first major support is near the ,500 zone or the trend line. The next key support could be the ,420 zone. A clear move below the ,420 support might send the price toward ,350. Any more losses might send the price toward the ,220 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,500
Major Resistance Level – ,725
Ethereum Price Faces Crucial Test: Will $3,250 Withstand the Pressure?
Ethereum price is struggling to recover above the ,440 resistance zone. ETH is moving lower and might decline further if it clears the ,250 support.
- Ethereum is struggling to climb above the ,370 and ,440 levels.
- The price is trading below ,380 and the 100-hourly Simple Moving Average.
- There was a break below a major bullish trend line with support at ,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the ,250 support zone.
Ethereum Price Recovery Fades Again
Ethereum price attempted a fresh recovery wave above the ,300 and ,320 levels, like Bitcoin. ETH even climbed above the ,400 level, but the bears were active near the ,440 zone.
A high was formed near ,443 before there was a fresh decline. There was a break below a major bullish trend line with support at ,300 on the hourly chart of ETH/USD. The price trimmed gains and retested the ,250 support. The price traded as low as ,253 and is currently consolidating losses.
It is trading just above the 23.6% Fib retracement level of the downward wave from the ,443 swing high to the ,253 low. However, Ethereum is trading below ,380 and the 100-hourly Simple Moving Average.
Immediate resistance is near the ,320 level. The first major resistance is near the ,350 level or the 50% Fib retracement level of the downward wave from the ,443 swing high to the ,253 low. The next key resistance sits at ,440, above which the price might test the ,500 level.
Source: ETHUSD on TradingView.com
The next key resistance is seen near the ,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the ,650 zone. If there is a move above the ,650 resistance, Ethereum could even rise toward the ,750 resistance.
More Losses In ETH?
If Ethereum fails to clear the ,350 resistance, it could continue to move down. Initial support on the downside is near the ,250 level.
The first major support is near the ,220 zone. The next key support could be the ,200 zone. A clear move below the ,200 support might send the price toward ,120. Any more losses might send the price toward the ,040 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,250
Major Resistance Level – ,350
XRP And XLM Blast: Analyst’s 20X Rally Projection To ‘Melt Faces’
In the ever-evolving world of cryptocurrency investments, technical analysis continues to play a significant role in shaping investor sentiment and market trends. Amidst the volatile landscape, one analyst, known as Charting Guy, has garnered attention for his bold predictions regarding the future of two prominent digital assets: XRP and Stellar (XLM).
Will XRP Rally “Melt” Faces?
Charting Guy’s recent tweet has made waves, declaring that investors in XRP and XLM will soon witness “melting faces” as he identifies a potential movement. This provocative statement underscores his confidence in the impending bullish surge he foresees for these cryptocurrencies.
His analysis suggests a bullish trajectory for both XRP and XLM, despite prevailing market skepticism and prolonged periods of consolidation. While some market participants have labeled these assets as “dead coins” due to their lackluster performance in recent years, Charting Guy remains undeterred by sentiment-driven narratives, instead focusing on technical indicators and chart patterns.
$XRP & $XLM will melt faces very soon.
2 coins that have traded sideways or as some say, “done nothing” for 6 years..
most people write them off as dead coins.
but, as a technical analyst, i don’t care too much about narratives or sentiment.
the charts tells the story.
— Charting Guy (@ChartingGuy) March 27, 2024
Potential Breakout In The Offing?
According to the analyst’s examination, XRP and XLM have exhibited symmetrical triangle patterns, signaling potential breakout opportunities. These patterns, which have been forming over the course of six years, are among the largest formations Charting Guy has encountered, indicating significant potential for price movement.
His projections indicate a breakout target for XRP within the range of to , implying a substantial gain of up to 2,000%. Similarly, Charting Guy believes that XLM could follow a similar trajectory, reaching a target of .
Optimistic Long-Term Prospects For XRP And XLM
While these short-term targets are ambitious, Charting Guy’s outlook extends beyond the current market cycle. He suggests the possibility of XRP reaching in the future, although he acknowledges that this may not materialize within the next few years.
Related Reading: Shiba Inu (SHIB) Slumps As Whale Sell-Off Dampens Momentum – Details
Nonetheless, he remains optimistic about the long-term prospects of both XRP and XLM, foreseeing a three-digit value for both assets within the next decade.
His bullish outlook is not solely based on technical analysis but also takes into account the potential role of XRP and XLM in the emerging financial landscape. With the increasing adoption of central bank digital currencies (CBDCs) and the potential for disruption in traditional financial systems, Charting Guy believes that XRP and XLM are well-positioned to play a significant role in the future of finance.
Featured image from Andrea Piacquadio/Pexels, chart from TradingView
Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides
Bitcoin price is consolidating gains above the ,000 support zone. BTC must clear the ,500 resistance zone to start a steady increase.
- Bitcoin price is still showing positive signs and facing resistance near ,500.
- The price is trading above ,000 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support at ,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the ,500 resistance zone.
Bitcoin Price Holds Support
Bitcoin price remained in a positive zone above the ,800 resistance zone. BTC climbed higher the ,000 resistance zone, but the bears were active near the ,500 level.
There were more than two attempts to clear the ,500 level but the bulls failed. There was a downside correction, and the price tested the ,400 support. A low was formed at ,366 and the price is now starting a decent increase.
There was a move above the 23.6% Fib retracement level of the downward move from the ,746 swing high to the ,366 low. Bitcoin is now trading above ,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support at ,120 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the ,000 level or the 50% Fib retracement level of the downward move from the ,746 swing high to the ,366 low. The first major resistance could be ,200.
Source: BTCUSD on TradingView.com
The main resistance is still near ,500. If there is a clear move above the ,500 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the ,500 resistance zone in the near term.
More Losses In BTC?
If Bitcoin fails to rise above the ,200 resistance zone, it could start another decline. Immediate support on the downside is near the ,200 level and the trend line.
The first major support is ,400. The next support sits at ,500. If there is a close below ,500, the price could start a drop toward the ,000 level. Any more losses might send the price toward the ,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,400, followed by ,000.
Major Resistance Levels – ,000, ,500, and ,500.
Floki Inu Roadmap Reveals Plans For Regulated Bank Accounts, FLOKI Faces 17% Downtrend
The development team behind the dog-themed meme coin Floki Inu has unveiled its highly anticipated roadmap for 2024, revealing several upcoming features and utility-focused initiatives.
Notable highlights include the launch of regulated digital banking accounts, integration with the Venus decentralized finance (DeFi) protocol, the Floki debit card’s introduction, and the Valhalla mainnet’s upcoming release.
Floki Inu Aims To ‘Bank The Unbanked’
Floki Inu plans to introduce regulated digital banking accounts, enabling users to create and fund bank accounts using FLOKI tokens.
In partnership with an unnamed licensed fintech company operating in key jurisdictions such as Canada, Spain, Dominica, Australia, and the UAE, these accounts will support SWIFT payments and SEPA IBANs.
In addition, the upcoming launch of Floki Debit Cards will allow users to link their digital bank accounts to debit cards, providing a convenient and secure way to spend their FLOKI tokens in traditional currencies such as Euro (EUR) and US dollars (USD).
According to the proposal, the initiative aims to “bank the unbanked” by enabling a broader user base to access traditional banking services using their FLOKI tokens while increasing the utility and adoption of cryptocurrency.
Pending governance approval, Floki Inu also seeks to list its native token, FLOKI, on the Venus Core Pool. This integration aims to unlock deeper liquidity, comparable to established blue-chip cryptocurrencies and allow FLOKI holders to use their tokens as collateral to borrow various assets such as Maker (DAI), Circle’s USDC stablecoin, Binance Coin (BNB) and Ethereum (ETH).
By integrating Venus Markets directly into Floki’s user interface (UI), the protocol states that users will have frictionless access to the liquidity provided by the platform, further integrating Floki into the decentralized finance ecosystem.
FLOKI-Powered Trading Bot And Valhalla Mainnet Launch
Floki Inu plans to introduce a cross-chain Telegram and Discord trading bot powered by the FLOKI token. This bot will allow users to buy and sell cryptocurrencies on leading blockchain networks. Specifically, 50% of the fees generated will be used to buy and burn FLOKI tokens, increasing their utility and contributing to a deflationary mechanism.
Finally, the highly anticipated mainnet release of Valhalla, Floki Inu’s flagship utility and metaverse game, will occur. Valhalla on the Mainnet will feature on-chain game mechanics, a PlayToEarn economy, upgradeable NFTs, and an open-world experience.
As of this writing, the FLOKI token has experienced a correction of over 17% in the past seven days, aligning with the overall market trend. This correction has resulted in the current trading price of .0002295 for the FLOKI token.
Despite the recent downtrend, it is worth noting that FLOKI has still achieved a remarkable year-to-date gain of 440%. This substantial increase in value has propelled the token’s market capitalization to billion, solidifying its position at the 59th spot among the top 100 cryptocurrencies in the market.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Faces One Major Hindrance To Reaching New $75,000 All-Time High
Bitcoin is still struggling to reclaim its all-time high even after staging an impressive recovery in the last day. The bounce up from ,000 to ,000 has no doubt reignited confidence in the market, but the cryptocurrency continues to face some challenges in its bid for a new all-time high.
Outflows Continue To Rock Bitcoin ETFs
Over the last few months, Spot Bitcoin ETFs have done very well when it comes to inflows, hitting record after record. This saw issues such as BlackRock garner a large number of coins in a short time, which contributed to the Bitcoin run to new all-time highs.
However, as the market gets used to the Spot Bitcoin ETFs being a part of daily investing, outflows have begun to rise. Mainly, these outflows have been from the Grayscale Spot Bitcoin ETF as investors flee from the fund due to their high fees. The same was the case back in January which triggered a crash in the market.
In the last few days, outflows have been dominating the ETF net flows. Data from Coinglass shows that net flows first turned negative at the start of the week on March 18, with 4.3 million flowing out of the funds. The next day, March 19, another 6.2 million left the funds, leading to higher negative flows than the previous day. Then, on March 20, net flows were negative once more, with 1.5 million leaving the funds.
This trend marks the first time since January that Spot Bitcoin ETFs have seen three consecutive days of outflows, which is in stark contrast to the previous week, which saw daily inflows hit a new all-time high of .04 billion on March 12.
BTC Price Buckles Under Sell Pressure
The sell pressure Bitcoin is shouldering right now is similar to the one seen in January right after the United States Securities and Exchange Commission (SEC) had given the green light to Spot Bitcoin ETFs for trading. The BTC price also suffered crashes during this time, dropping as low as ,000.
However, the Bitcoin price had begun to pick up right after the Grayscale outflows slowed down, giving demand enough time to catch up with supply. Just like before, the outflows are being led by Grayscale and until the outflows slow down, BTC could continue to decline.
A turn in the tide from here, nevertheless, would give Bitcoin a lot of runway. A similar surge, as recorded after the outflows ended in January, would easily put the price past ,000, which would be a new all-time high for cryptocurrency.
For now, BTC is trading at a ,320, with a 5.51% increase in the last 24 hours.
Bitcoin Price Hits Support But Fresh Rally Faces Many Hurdles
Bitcoin price tested the ,000 support zone. BTC is now rising and attempting a fresh increase above the ,000 resistance zone in the near term.
- Bitcoin price is showing a few positive signs from the ,000 zone.
- The price is trading below ,000 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance at ,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the ,000 resistance zone in the near term.
Bitcoin Price Holds Support
Bitcoin price started a downside correction from the ,500 zone. There was a steady decline below the ,000 support zone and the bears pushed the price below ,000.
Finally, the price tested the ,000 support zone. A low was formed at ,555 and the price is now attempting a fresh increase. There was a move above the ,500 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the ,734 swing high to the ,555 low.
There was also a break above a major bearish trend line with resistance at ,100 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below ,000 and the 100 hourly Simple moving average.
Immediate resistance is near the ,200 level or the 50% Fib retracement level of the downward move from the ,734 swing high to the ,555 low. The next key resistance could be ,000, above which the price could rise toward the ,200 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the ,200 resistance zone, the price could even attempt a move above the ,000 resistance zone. Any more gains might send the price toward the ,500 level.
More Losses In BTC?
If Bitcoin fails to rise above the ,000 resistance zone, it could start another decline. Immediate support on the downside is near the ,000 level.
The first major support is ,000. The main support sits at ,500. If there is a close below ,500, the price could start a drop toward the ,500 level. Any more losses might send the price toward the ,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,500, followed by ,000.
Major Resistance Levels – ,200, ,000, and ,200.
NFT Market Faces 16.55% Drop in Sales Amidst Cryptocurrency Downturn
In tandem with the broader downturn of the cryptocurrency market this week, the non-fungible token (NFT) sector also experienced a downturn in sales over the preceding seven days. From March 9 to March 16, 2024, the NFT market witnessed sales amounting to 8,080,260, a decline of 16.55% from the previous week. NFT Sales Decline Across […]
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