According to the seven-day simple moving average (SMA) statistics regarding Bitcoin’s hashrate, the network hashrate has stayed below the 600 exahash per second (EH/s) mark for approximately one week. The recent rise in bitcoin’s price has positively influenced the overall hashprice as the value of 1 petahash per second (PH/s) daily has climbed above the […]
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Ethereum Bulls On The Rise? Crucial Indicator Point To A Major Upturn
Ethereum (ETH), the second-largest crypto by market capitalization, has recently shown signs that suggest a potential rebound is on the horizon.
Analysts have been closely monitoring various technical indicators, and one such analyst, Ali, has highlighted a key signal that points to an impending price surge.
TD Sequential Signals Buy As Ethereum Eyes Recovery
According to Ali’s social media platform X analysis, the TD Sequential indicator on Ethereum’s daily chart has issued a strong buy signal, hinting at a possible upward movement lasting one to four candlesticks.
The TD Sequential presents a buy signal on the #Ethereum daily chart! It anticipates that $ETH could see a rebound of one to four candlesticks. pic.twitter.com/Vg7FTl9X2a
— Ali (@ali_charts) May 15, 2024
This positive outlook is supported by Ethereum’s recent performance, which increased the asset by 2.3% over the last 24 hours.
However, Ethereum remains below the critical ,000 mark. Despite the optimistic technical signals, external factors such as regulatory challenges could influence Ethereum’s trajectory.
Specifically, the potential decline of the spot Ethereum ETF application with the US Securities and Exchange Commission (SEC) is a concern, as analysts like Eric Balchunas of Bloomberg suggest that the SEC’s view of ETH as a security could significantly lower the chances of ETF approval.
TLDR: the SEC asked commenters re the Eth spot ETFs whether these filers have properly filed their ETF listing proposals as commodities. This shows the SEC is perhaps considering to Eth is a security in their denial. Our odds of approval remain the same: slim to none. Nice job of… https://t.co/g9HGPzGyOp
— Eric Balchunas (@EricBalchunas) May 14, 2024
Market Sentiments And Options Trading Trends
While the regulatory landscape presents challenges, market sentiment around Ethereum remains largely bullish. The options market, in particular, shows a clear preference for calls over puts, indicating that traders are betting on Ethereum’s price increase.
Data from Deribit, a leading crypto options exchange, reveals that the most popular strike price among these bullish bets is an ambitious ,500.
This concentration of call options, especially those above the ,600 mark, suggests that a significant portion of the market expects Ethereum to reach higher levels by the end of June.
In contrast, According to a recent NBTC analysis, Ethereum’s failure to breach the ,925 resistance level could trigger another price decline. Initial support is located near the ,880 level, followed by major support at the ,860 zone.
Should Ethereum break below ,810, it could potentially fall towards the ,740 mark, and further losses might push the price down to ,650 in the near term.
Featured image from Unsplash, Chart from TradingView
Market Expert Who Predicted Bitcoin’s Rise above $69,000 Unveils New Target
The Bitcoin rise above ,000 before the fourth halving to reach a new all-time high of ,000 in 2024 took many by surprise. However, crypto analyst BitQuant was not one of those people. In 2023, the analyst had correctly predicted that the BTC price would reach a new all-time high before the halving was completed. After the successful completion of his prediction, the crypto analyst has once again predicted where the Bitcoin price is headed, and how high it will go.
Crypto Analyst Says Bitcoin Price Will Reach ,000
BitQuant has unveiled his latest prediction for the Bitcoin price, and the target being displayed will please many who continue to be bullish. Amid the choppy headwinds that have dominated the market, the analyst believes that the Bitcoin price will surge and reach ,000.
Interestingly, the analyst does not expect the campaign to ,000 to be a long, drawn-out move. Rather, BitQuant explains that the Bitcoin price can complete this target in a single move. Such a move would mean a 50% increase in price from its current level of around ,000 and will no doubt trigger a ripple effect that will be evident in the market.
The post read:
K will be achieved in just one move, and that is quite obvious. Will that move start today, tomorrow, or the day after tomorrow? I don’t think anyone knows. If you can’t relax now and wait for #Bitcoin to perform as expected, then it’s better to leave the market to avoid the torture. Because in the coming months, there will be a lot of pain for those with weak nerves.
BitQuant’s prediction was in response to another crypto analyst, Mikybull, who identified the formation of a ‘cup and handle’ pattern on the Bitcoin crash. The analyst believes that this formation will precede a massive breakout that will send it to a “cycle top.”
Is 0,000 Still In Play?
Back in 2023, when BitQuant made the initial prediction that Bitcoin would reach a new all-time high before the halving, he had set out a price target for the cryptocurrency. As the crypto analyst explained at the time, reaching a new all-time high before the halving, although it has never happened before, does not mean that it will peak by then.
Rather, the analyst expects the bull rally to continue well after the halving, which is when the price will peak. BitQuant’s target at the time was the price peaking at 0,000 at the top of the cycle. However, this target has not made an appearance in his analyses in recent times.
The most recent predictions circle around the ,000 target and the analyst expects it to hit this price in May. In a prediction from April, BitQuant expects that the price will first go to ,000, before recovering to ,000, and then surge to ,000.
First K,
Then K,
Now K.
What’s next will be revealed after we hit K and take a little break in the tent. #Bitcoin https://t.co/yvKyHZZWQw— BitQuant (@BitQua) April 25, 2024
Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise
Well-known cryptocurrency expert and enthusiast Dami Defi has offered his insights on the price action of Shiba Inu, predicting a surge in the crypto asset as the Meme coin market sees a fresh wave of demand.
Given the optimism around meme coins lately, Dami Defi is confident that Shiba Inu could rise by over 50% shortly.
Shiba Inu Price Could Rise By 20%
Shiba Inu (SHIB) has become one of the leading meme coins, attracting positive outlooks from several analysts in the crypto space today. Even though Shiba Inu began the week on a negative note, Dami Defi believes the meme coin can potentially surge in the short term.
Related Reading: Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target
According to Dami Defi, the digital asset’s price has formed a descending wedge pattern in the 1-day timeframe. Should SHIB break out of this falling wedge pattern, Dami Defi anticipates an over 50% surge in Shiba Inu’s price. This 50% increase will take the crypto asset from its present price to the .000035 level.
The analyst predictions align with Ali Martinez’s forecast, highlighting that the digital asset’s price is moving in a descending parallel channel.
While Dami Defi anticipates an over 50% price surge for Shiba Inu, Martinez expects the crypto asset to rise by over 20% in the short term. Martinez’s anticipated 20% increase will take the crypto asset from the .00002444 price to the .00002954 level.
Martinez appears bullish on Shiba Inu, as he had predicted the asset to reach .000072323. He highlighted that SHIB on the daily chart seems to be forming a bull flag, indicating an impending movement on the upside. Due to this, the expert opened trade at around .000018343 in hopes of a strong breakout that will take Shiba Inu to .000072323.
Martinez’s prognosis, fueled by March’s rally, indicates that SHIB’s value may rise even further, providing investors in this thriving and active sector of the cryptocurrency market with a positive outlook for the meme coin.
SHIB Predicted To Repeat 2021 Price Trend Or Even Better
Shiba Inu’s marketing head, Lucie, delved into the memecoin’s price action. Lucie claims that during October 2021, SHIB, with no burns and no significant adoption at the time, witnessed a surge from .000007 to .000088 in just a matter of days, indicating an over 1,100% rise.
With the massive burns and widespread seen today within the SHIB ecosystem, Lucie might be suggesting the potential for the asset to reiterate this move or even further in this bull cycle. If this trend repeats, SHIB’s price might reach .00025 in this bull cycle.
Lucie also underscored the consistent support by SHIB’s robust community and strong Shibarium ecosystem since 2021, which might also catalyze Shiba Inu’s growth.
At the time of writing, SHIB was trading at .00002366, demonstrating an increase of over 4% in the past week. Despite the price rise, its market cap has been down by 2.59%, while its trading volume has been up by 1.79% in the past day. Given the momentum in the meme coin market, SHIB may be able to see more gains in the coming months.
Theta Network Breakout Imminent: Why A 100% Rise Is Possible From Here
While the focus has mainly been on Bitcoin and Ethereum through the downtrend, other smaller altcoins such as Theta Network with much more potential have been flying under the radar. However, crypto investors are no longer ignoring these altcoins and have begun to call out the opportunities in these cryptocurrencies.
Theta Network Is Looking At A Breakout
Crypto analyst CobraVanguard has called out an interesting formation in the THETA chart that suggests that a massive breakout might be on the horizon. In the analysis which was posted on the TradingView website, the analyst points out that a bull flag is currently being formed.
This bull flag pattern started with the most recent decline below the price level after a period of brief dips and recoveries. Interestingly, since this bull flag pattern is still only forming, it does not mean that the breakout will happen immediately.
CobraVanguard’s chart shows that there will be more uncertain movements in the THETA price, coupled with the possibility of the price actually falling below .9. At the same time, the crypto analyst points out that the price is currently bouncing from the middle line around .99.
However, once the formation is complete, then the breakout can happen. The upper end of the target presented by CobraVanguard shows that the THETA price can rise as high as .7. This would mean an almost 100% increase in price from its current level.
Holding Up Well Amid Uncertainty
2024 has been a rather eventful year for Theta Network. The network’s native token, THETA, had begun the year trending below . However, within the month of March alone, it saw an over 250% increase, going from .1 to over .7 before correcting back downward.
Since then, the THETA price has lost around 40% of its value. But this is only due to the negative headwinds that can be attributed to the decline in the Bitcoin price. The altcoin has moved upward in the market since then, rising over a billion market cap to become the 51st-largest cryptocurrency in the space.
Amid the broader market downturn, THETA is still seeing positive metrics, especially when it comes to its volume. According to data from CoinMarketCap, the daily trading volume of the altcoin has jumped 13% in the last day alone, suggesting that interest is returning to the cryptocurrency.
At the time of writing, the THETA price is seeing small daily gains of 1.47% to trade at .02. However, on the weekly and monthly timeframes, the altcoin has performed poorly, dropping 13.73% and 12.97%, respectively.
Solana’s Surge: Here’s Why This Analyst Is Predicting A Rise To $360
Recently, a popular crypto trader and YouTuber has predicted a substantial surge in Solana price, forecasting it could reach as high as 0 soon.
This prediction is underpinned by a technical pattern on Solana’s chart—a bullish signal suggesting a potential reversal from bearish to bullish momentum.
Technical Insights Into SOL Potential 0 Rise
According to the trader, CryptoJack on X, SOL has developed a “rounding bottom pattern” over an extended period, indicating it is on the brink of a significant breakout.
Notably, the ’rounding bottom’ pattern, characterized by a gradual decline followed by a stabilizing trend and an upward breakout, is a classic bullish indicator in technical analysis.
CryptoJack’s analysis points out that Solana is setting up for a significant uptick, aiming for a price target double its current value of approximately 6.
Solana formed a rounding bottom pattern over many weeks and is primed for an explosion any moment now.
I entered a Long position on $SOL and expect it to break ATHs this year! #Solana pic.twitter.com/ApUazaXXz5
— CryptoJack (@cryptojack) May 8, 2024
Not only does CryptoJack see a bright future for Solana, but other analysts, such as Altcoin Sherpa, also maintain a bullish stance, with projections of the token potentially surpassing 0 this year.
This would represent a 300% increase from its current level, adding to the 589% growth it has already achieved year-to-date.
Solana Challenges Ethereum
While Solana has shown notable growth, some of its key metrics are also beginning to keep up the pace. Dan Smith, a senior research analyst at Blockworks, suggests that Solana could soon surpass Ethereum regarding transaction fees and capture Maximal Extractable Value (MEV).
Smith’s analysis of X highlights that Solana’s total economic value is nearing Ethereum’s, indicating its increasing relevance in the blockchain space.
Solana will flip Ethereum in transaction fees + captured MEV this month, maybe even this week
— Dan Smith (@smyyguy) May 7, 2024
Despite this competition, Ethereum maintains a significant lead in daily transaction fees and total value locked (TVL). In the last 24 hours, Ethereum generated over .75 million in fees, compared to Solana’s .49 million.
Moreover, according to data from DeFillama, Ethereum’s TVL of over billion dwarfs Solana’s .96 billion, representing just about 7.2% of Ethereum’s scale.
Meanwhile, Ethereum does not come close to Solana in terms of market performance. Solana has seen quite outstanding growth in the past year, surging by over 500%. On the other hand, Ethereum has only seen a 66% surge over the same period.
Featured image from Unsplash, Chart from TradingView
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
Dogecoin on the Rise: Over 5 Million Wallets Now Profitable As Potential Surge Looms
So far, Dogecoin has emerged as a significant player among the largest altcoins, exhibiting signs of a strong comeback, particularly highlighted by the recent profitability of numerous wallet addresses.
A Surge In Dogecoin Profitable Addresses
Recent data from IntoTheBlock reveals a notable uptick in the profitability of Dogecoin addresses. Of the myriad wallets in the Dogecoin ecosystem, roughly 82.66%, representing approximately 5.21 million addresses, are currently profitable.
According to data from IntoTheBlock, the profitability price range remains between .143 and .150.
Conversely, a smaller segment of the network, about 13.5% or 850,400 addresses, remains in the red. These addresses are positioned to turn profitable if Dogecoin’s market price is between .183 and .671.
An intriguing midpoint exists where approximately 3.83% of addresses, totaling 241,340, will break even if prices reach between .150 and .167.
DOGE’s Market Dynamics And Future Prospects
Despite the positive sentiment, Dogecoin’s journey is not devoid of challenges and speculative dynamics. The meme coin, often buoyed by social media trends and celebrity endorsements, particularly from figures like Elon Musk, is gaining traction through technical milestones and broader ecosystem developments.
Analytical experts like Ali have pointed out significant patterns on Dogecoin’s charts that echo its historical rallies. Notably, Ali identifies a recurring descending triangle breakout akin to those seen before substantial price surges in 2017 and 2021.
If historical patterns hold true, Dogecoin might revisit its all-time high and potentially exceed it, with targets set ambitiously at .2 and even in the ongoing bull cycle.
Now, in 2024, #DOGE has yet again broken out of a descending triangle!
It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei
— Ali (@ali_charts) May 1, 2024
Furthermore, sentiments from market analysts like Altcoin Sherpa reinforce the bullish outlook for Dogecoin. Sherpa’s analysis, based on long-term consolidation phases and current market positioning, suggests that Dogecoin could outperform other cryptocurrencies significantly this year. Sherpa noted:
DOGE is looking good. I strongly feel like this is going to be a strong coin for 2024. I think averaging between $.12 and $.14 would be a solid play and this one should outperform many other tokens for a lot of reasons. It chopped for almost 2 years, it’s going to moon later.
Meanwhile, Dogecoin’s price has recently experienced a notable uptick, rising over 10% in the past week. However, in the last 24 hours, it has slightly declined by 2.4%, trading at .155 at the time of writing.
Featured image from Unsplash, Chart from TradingView
Bitcoin Sees Rise in Sell Calls Amid Expectations of Asian Institutional Boost
Over the past week, bitcoin has exhibited a downward trend, with its price stabilizing at around ,950 to ,125 per unit as of April 27. Despite this dip, the Crypto Fear and Greed Index remains firmly in the “greed” sector. According to Google Trends, interest in the term “bitcoin” has diminished, while the market intelligence […]
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The Rise of Hugewin: New Face of Crypto Casino
PRESS RELEASE. When it comes to crypto casinos, Hugewin leads the charge in transforming the online gambling landscape with its innovative approach to cryptocurrency gaming. Offering a diverse array of games, generous promotions, and unmatched customer service, Hugewin stands as the ultimate destination for players seeking an immersive and rewarding gaming experience. Diverse Cryptocurrency Options […]
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