Amid ethereum’s value increase, the decentralized finance (defi) ecosystem has significantly benefited from ether’s double-digit growth. Leading defi tokens by market capitalization rose by 14.8% over the past day, and the total value locked (TVL) in defi exceeded 0 billion in the last 24 hours. Defi Protocols and Tokens Benefit From Ethereum’s Meteoric Rise The […]
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Ethereum Soars 20%: ETH Hype Escalates on ETF Rumors
Ethereum price rallied over 20% amid rise in hopes of ETH ETF. ETH broke many hurdles and even broke the ,500 resistance zone.
- Ethereum started a fresh surge and cleared the ,500 resistance zone.
- The price is trading above ,600 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support at ,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up unless there is a close below the ,400 support.
Ethereum Price Starts Fresh Uptrend
Ethereum price formed a base and rallied above the ,200 resistance zone. ETH ETF hopes increased with the recent SEC move. Trades took advantage of the recent move, resulting in a strong upward move above the ,350 resistance zone.
It outperformed Bitcoin and gained over 20%. There was a strong move above the ,500 resistance zone. It traded to a new weekly high at ,721 and is now consolidating gains above the 23.6% Fib retracement level of the upward move from the ,067 swing low to the ,721 high.
Ethereum is now trading above ,600 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with support at ,640 on the hourly chart of ETH/USD.
Immediate resistance is near the ,700 level. The first major resistance is near the ,720 level. An upside break above the ,720 resistance might send the price higher.
The next key resistance sits at ,800, above which the price might gain traction and rise toward the ,880 level. If there is a clear move above the ,880 level, the price might rise and test the ,950 resistance. Any more gains could send Ether toward the ,000 resistance zone.
Are Dips Attractive In ETH?
If Ethereum fails to clear the ,720 resistance, it could start a downside correction. Initial support on the downside is near the ,640 level and the channel zone.
The next major support is near the ,600 zone. A clear move below the ,600 support might push the price toward ,500. Any more losses might send the price toward the ,400 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now correcting from the 85 zone.
Major Support Level – ,600
Major Resistance Level – ,720
Bitcoin Price Soars Back: Reclaims the Coveted $70K Milestone
Bitcoin price gained over 8% and surged above ,000. BTC is now consolidating gains and showing signs of more upsides in the near term.
- Bitcoin started a fresh increase above the ,000 resistance zone.
- The price is trading above ,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at ,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase unless the bears push it below ,800.
Bitcoin Price Pumps 8%
Bitcoin price formed a base above the ,500 level. BTC started a fresh increase above the ,000 resistance zone after Ethereum rallied above ,200.
There was a strong move above the ,000 resistance zone. The price gained over 8% and even tested the ,000 resistance zone. A new weekly high was formed at ,896 and the price is now consolidating gains.
The price is well above the 23.6% Fib retracement level of the upward move from the ,047 swing low to the ,896 high. Bitcoin is also trading above ,000 and the 100 hourly Simple moving average. Besides, there is a connecting bullish trend line forming with support at ,500 on the hourly chart of the BTC/USD pair.
The price is now facing resistance near the ,850 level. The first major resistance could be ,000. The next key resistance could be ,500. A clear move above the ,500 resistance might send the price higher. In the stated case, the price could rise and test the ,200 resistance.
If the bulls remain in action, the price could rise toward the ,400 resistance zone. Any more gains might send BTC toward the ,000 barrier.
Are Dips Limited In BTC?
If Bitcoin fails to climb above the ,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the ,500 level and the trend line.
The first major support is ,000. The main support is now forming near ,850 or the 50% Fib retracement level of the upward move from the ,047 swing low to the ,896 high. Any more losses might send the price toward the ,450 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 70 level.
Major Support Levels – ,500, followed by ,000.
Major Resistance Levels – ,850, ,000, and ,500.
The Week’s Biggest Crypto Gainers and Losers: PENDLE Soars, WLD Plummets
This week bitcoin appreciated over 6% against the U.S. dollar, while ether increased more than 3% in the same period. Meanwhile, more than twelve alternative cryptocurrencies saw double-digit gains between 10% and 33.4%. Weekly Crypto Highlights: Double-Digit Gains and Losses Across the Board As of Monday, the total value of the crypto economy stands at […]
Bitcoin News
Floki Inu Frenzy: Memecoin Eyes New Highs As Open Interest Soars
Floki Inu (FLOKI), the Shiba Inu-inspired memecoin, has rocketed into the spotlight with a surge in trading activity and a nearly 20% price increase in the past week. However, experts caution that this “pup-ularity” might be short-lived, fueled more by hype than by strong foundations.
Open Interest Takes Off: Newcomers Flock To FLOKI
The key indicator driving excitement is the skyrocketing Futures Open Interest for FLOKI. According to Coinglass, this figure, which reflects the number of outstanding futures contracts, has climbed a staggering 110% since May 1st, reaching a 30-day high of nearly million. This suggests a surge of new market participants entering FLOKI positions, potentially anticipating further price increases.
Adding fuel to the fire is the significant rise in FLOKI’s daily trading volume. On May 15th, Santiment reported a daily volume exceeding billion, marking the highest level for FLOKI since late March. This intense buying activity indicates a surge in investor interest, pushing the price upwards.
Momentum Indicators Point To A Bullish Charge
Further bolstering the case for a bullish FLOKI is the behavior of its key momentum indicators. Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) currently sit comfortably above their neutral lines, at 62.68 and 65.37 respectively. In simpler terms, these metrics suggest that the price momentum leans towards further gains in the short term.
Also, the broader market sentiment surrounding FLOKI is notably positive. Increased trading volumes and a surge in social media mentions have amplified investor interest, suggesting that the cryptocurrency is gaining traction not just among retail traders but also institutional investors.
Recent partnerships and strategic developments within the FLOKI ecosystem are likely to fuel further growth. These factors, combined with the strong technical indicators, paint a promising picture for FLOKI’s near-term performance, potentially paving the way for substantial price appreciation.
However, beneath the shiny exterior lies a potential cause for concern. The Chaikin Money Flow (CMF), an indicator that measures the buying and selling pressure of an asset, paints a rather bearish picture.
Still In Negative Zone
Despite the price appreciation, FLOKI’s CMF remains firmly in negative territory, currently hovering around -0.11. This suggests that even though the price is rising, the buying pressure might be weakening.
This divergence between price and buying pressure is often seen as a sign of a potential reversal, indicating a rally driven by short-term speculation rather than long-term investor confidence.
While FLOKI’s recent performance is undeniably impressive, the underlying factors suggest a potentially volatile future. The surge in open interest and trading volume hints at a market frenzy, but the negative CMF raises concerns about the rally’s sustainability.
Featured image from Floki, chart from TradingView
Silver Squeeze: Precious Metal Soars 11.8% in 5 Days, Reaching Its Highest Price Since 2013
This week, the price of one ounce of silver has seen a significant rise. Over the past five days, silver has increased by more than 11% against the U.S. dollar, surpassing gold’s 2.3% five-day gain. Silver reached per troy ounce for the first time since February 2013. Silver Hits per Ounce, Outperforms Gold […]
Bitcoin News
Fetch.AI Soars 14.5% As AI Tokens Surge, Can FET Reach $4?
The crypto market is 5.1% up today, with a total market capitalization of .3 trillion. The recent pump has propelled different sectors, with memecoins being 9% up and Artificial Intelligence (AI) tokens increasing 11.2% in the last 24 hours.
Fetch.AI (FET) is at the forefront of the AI sector with its remarkable 14.5% increase in the past day. Some analysts foresee a bullish breakout for the token soon.
Are AI Tokens Taking The Lead?
As reported by NewsBTC, many market experts consider Artificial intelligence tokens a contender for the cycle’s biggest narrative in round 2.
Alex Wacy said the artificial intelligence industry is “on the brink of a multi-trillion-dollar boom” due to the increasing interest over the last year. As a result, the analyst considers the sector could create a market valued in the trillions, reaching trillion by 2030.
This week, AI tokens have performed strongly. Altcoin Sherpa pointed out that the sector is “looking decent overall,” with tokens like Arweave (AR), Ocean Protocol (OCEAN), and Fetch.ai performing the best.
Renowned traded Daan Crypto considers the AI sector to be “bouncing the strongest” on this new market move, while memecoins seem to be the “weakest.” The trader shared his thoughts on Fetch.AI’s recent performance.
Daan highlighted the token’s attempt to break above the diagonal trendline. Per the chart, FET is testing the diagonal resistance, with the .35 mark being the first resistance level to reclaim.
A breakout above this level could be a “good start to a further trend change.” Moreover, the token broke “above the 4H 200MA/EMA already.” Per the trader, FET would need to test the .5 mark and remain above the .35 price range to “break the trend and head higher over the next couple of weeks.”
Similarly, crypto trader Scient considers the token consolidating inside a one-day ascending bullish triangle. His chart highlights the .12 mark as support for the diagonal trendline.
He forecasted a deviation below the trendline “towards 1D 100EMA” before reclaiming the .12 price range and moving back inside the triangle. If a retest and confirmation of the trendline reclaim occurred, the trader suggested he “would long it.”
Analysts Forecast For FET
Crypto analyst World of Charts identified a “textbook” bullish pennant pattern on FET’s chart. The analyst expects an upside breakout soon, potentially leading to a 2x bullish wave. If the breakout is successful, the token’s price could move above the price range.
Formed Text Book Bullish Pennant Expecting Upside Breakout Soon Expecting 2x Bullish Wave Incase Of Successful Breakout #Crypto #Fet #Fetchai pic.twitter.com/Y3c0pqNFgN
— World Of Charts (@WorldOfCharts1) May 15, 2024
Moreover, CryptoBoss seems to concur with this forecast. The trader shared a similar chart, signaling a possible breakout that could drive the token to double its price. In the post, he stated, “$FET 4$ exe loading…”
In the past 24 hours, the token has surged an impressive 14.5%, going from .04 to hover between the .3-.32 price range. This increase represents 7.5% and 13.2% in the weekly and monthly timeframes.
Similarly, FET has seen a rise in market activity. Its daily trading volume increased by 102%, with 4.2 million traded on the last day.
‘Jeo Boden’ Meme Coin Soars 20% After Trump Diss – Details
The memecoin “Jeo Boden” has taken the crypto world by storm, riding on the back of a lukewarm comment from former US President Donald Trump. The whimsical cryptocurrency, a playful misspelling of President Joe Biden’s name, experienced a huge increase after Trump mentioned it at an NFT event in Florida.
What was once a subject of amusement has now become a serious investment, as Boden surged 20% following Trump’s offhand remark.
Trump Rally Or Fleeting Frenzy? Analysts Divided
The cryptocurrency community has been divided over the impact of Trump’s mention of Boden. Some analysts, such as Samantha Wilkins, believe that any mention from a prominent figure like Trump is positive for the memecoin. They contend that Boden has shown to be a tenacious and astute investment, and that the excitement around it has only grown as a result of Trump’s remark.
Trump Speaks on $BODEN at NFT Event
“That’s a Lotta Money for a Coin, I Don’t Like That Investment”
Audio Source: @realDannyNelson pic.twitter.com/8NcpuCc6ZI
— db (@tier10k) May 9, 2024
However, some experts remain skeptical. They caution that Boden’s value is built on hype rather than utility, making it susceptible to swift market shifts. A single negative tweet from Trump or a change in market sentiment could cause Boden to come crashing down as quickly as it rose.
Will Trump Re-Boden The Market?
Adding another layer of intrigue to the Boden saga, the prediction platform Polymarket has created a contract speculating on the likelihood of Trump mentioning the memecoin again before July. Currently, the contract’s “yes” shares are trading at .05, indicating an 11% chance that Trump will utter the word “Boden” in the coming months.
This unique situation presents an unusual scenario where the value of a memecoin hinges on the whims of a former president. If Trump revisits Boden in a future speech or tweet, it could trigger another surge in price.
However, if he remains silent, the current hype surrounding Boden may fizzle out, leaving investors holding a depreciating digital punchline.
Boden: A Gamble On Speculation
The rise of Boden serves as a cautionary tale for memecoin enthusiasts. While these tokens can offer explosive returns, their value is often tied to fleeting trends and external factors beyond their control. With the enigmatic Trump as a wildcard influence, the future of Boden remains uncertain.
Investors eagerly await the next chapter in this bizarre crypto story, as the saga of Boden continues to unfold. It is a gamble on speculation, where the coin’s value dances on the edge of uncertainty. The Boden phenomenon highlights the unpredictable nature of memecoins and the risks associated with investing in such volatile assets.
Featured image from Reddit, chart from TradingView
Toncoin Soars 32% On The Back Of Pantera Capital’s Mega-Investment
Toncoin (TON), the native token of the Telegram Open Network (TON), is experiencing a meteoric rise after a major investment from venture capital giant Pantera Capital. The news sent positive vibes through the crypto market, propelling TON’s price over 30% in the weekly timeframe, and reigniting investor enthusiasm for the project.
Pantera Bets Big On TON’s Mass Adoption Potential
Pantera Capital, a leader in blockchain investments, has made a significant move by placing a hefty bet on the Toncoin ecosystem. While the exact investment amount remains undisclosed, industry whispers suggest it could surpass the 0 million Pantera spent on discounted Solana (SOL) tokens last year. This strategic investment underscores Pantera’s belief in TON’s potential to become a mainstream cryptocurrency.
“We’ve invested heavily in TON because it has the unique ability to introduce crypto to the masses,” declared Pantera Capital in a recent blog post. They point to TON’s seamless integration with Telegram, a messaging app boasting a staggering user base exceeding 800 million.
Pantera envisions TON leveraging Telegram’s user-friendly interface and vast user pool to become a dominant force in the crypto landscape.
TON Price Rallies On Positive Developments
Pantera’s bullish stance on TON comes on the heels of a series of positive developments for the project. At the recent Token2049 conference in Dubai, Telegram co-founder Pavel Durov unveiled a roadmap for integrating TON functionalities directly within the Telegram app.
This includes plans to allow users to log in to their Telegram accounts using crypto wallets, further blurring the lines between traditional messaging and the world of blockchain.
The news of Pantera’s investment, coupled with Telegram’s commitment to TON integration, fueled a buying frenzy in the TON market. The token price surged near the mark, inching closer to its all-time high of .25. This price increase reflects renewed investor confidence in TON’s future prospects.
Overcoming Regulatory Hurdles: A Look Back
Despite the current wave of optimism, TON’s journey hasn’t been without challenges. In 2019, the US Securities and Exchange Commission (SEC) issued a restraining order against Telegram, effectively blocking the launch of its planned Gram token.
The SEC alleged that the Gram ICO violated securities laws. However, the Telegram team persevered, and the TON ecosystem continued to evolve with TON coin emerging as its central currency.
A New Chapter For Toncoin?
Pantera Capital’s investment and Telegram’s continued commitment to TON integration mark a significant turning point for the project. With a robust messaging platform as its foundation and the backing of a prominent investment firm, TON is well-positioned to bridge the gap between mainstream users and the world of cryptocurrency.
Featured image from GoodFreePhotos, chart from TradingView
Crypto Presidential Rally: TRUMP Soars 36.2% And Flips BODEN
In a year full of global elections, the crypto industry remains expectant and critical of every candidate’s stance on cryptocurrencies. The US presidential elections could pose a turning point for regulations and adoption that could affect the industry worldwide.
On Wednesday, Donald Trump, former US president and Republican candidate, stated his support for the industry and criticized Biden’s administration for its stance on digital assets. MAGA (TRUMP), the Trump-inspired memecoin, saw its price skyrocket 63% in the following hours.
Trump’s Stance On Crypto
The Republican candidate held a gathering on Wednesday at his Mar-a-Lago resort in Palm Beach, Florida. Holders of NFTs bearing Trump’s name and likeness attended the Trump Cards NFT Gala.
During this event, the former US president strongly criticized Biden’s administration and its hostility towards the sector. He revealed he is “fine” with crypto and wants to make it a “solid” industry.
Trump claimed he’s the best option for those who are in favor of cryptocurrencies:
(…) I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you want, if you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.
Moreover, the Republican candidate asserted that “crypto is moving out of the US because of the hostility towards it,” something he alleges he doesn’t want to continue and promises to stop.
i asked donald trump how he’s going to keep crypto businesses in america.
sounds bullish
pic.twitter.com/rvuztPmQ8P
— Malcolm (33.3%) (@macdegods) May 9, 2024
When asked what he would do to stop the exodus of digital asset businesses, he stated that to embrace them, they would have to let them be in the country. To achieve this, the candidate promised a more welcoming regulatory framework for crypto.
As part of his jab at the current administration, Trump mimicked US President Joe Biden, claiming he would be clueless if asked about cryptocurrencies. He further added, “The Democrats are very much against it.”
TRUMP Flips BODEN As Price Soars
After Trump’s declarations, two memecoins inspired by the politicians saw a price reaction. Jeo Boden (BODEN) soared 23.5% in the following hour, going from .34 to .42.
Since then, the price has retraced to hover between the .35-.36 range. BODEN is trading at .3492, representing a 15.1% increase in the last 24 hours.
The token’s daily trading volume also saw a significant 35.7% surge, with over million traded in the past day. Despite benefiting from the Republican candidate’s jab at its inspiration, BODEN Still displays red numbers in the longer timeframes, with a 29.9% and 59.8% weekly and monthly decrease.
BREAKING: $TRUMP (@MAGAMemecoin) FLIPS $BODEN (@boden4pres) IN MARKET CAP pic.twitter.com/eCTwux4ZC9
— DEGEN NEWS
(@DegenerateNews) May 9, 2024
As a result, TRUMP’s 2 million market capitalization flipped BODEN’s 9 million. The Trump-inspired token became the 14th largest memecoin by market capitalization, per CoinGecko data.
Moreover, TRUMP seemingly won this round with crypto investors, which rallied 63% after Trump’s statement. The token surged from .2 to .1 in the following hours before retracing to the .3 level.
TRUMP trades at .43 at the time of writing, representing a 36.2% increase in the last 24 hours.