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Price analysis

150T SHIB Support at Risk Amid Market Sell-off

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2 months ago

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Shiba Inu price analysis shows renewed selling pressure on the weekend following the Bitcoin correction below the $60000 psychological level. The market downturn could be attributed to rising geopolitical tension in the Middle as Hezbollah fires ‘Dozens’ of rockets at Israel. As the fear of recession in the US market persists, the crypto market is at risk for prolonged correction in the coming week.

Also Read: Will Bitcoin Price Bottom at $50k Amid Growing Speculation of Fed Rate Cut?

Shiba Inu Price Analysis Hints Major Reversal Within Wedge Pattern

Shiba Inu price analysis shows an aggressive correction since mid-July amid the market correction. The bearish turnaround plummeted the SHIB price from its high of $0.00002017 to $0.0000133, registering a loss of 33.9%. 

According to Coinglass data, Shiba Inu’s long position holders witnessed a forced liquidation of $4.3 million this week. The declining price showcased another bear cycle within the falling wedge pattern—a chart setup consisting of two covering trendlines that drive a series of a lower high and lower low.

SHIB Total Liquidations ChartSHIB Total Liquidations Chart
SHIB Total Liquidations Chart | Coinglass

The Bollinger Band indicator challenged on the downside accentuates the aggressive sellers’ attitude towards this asset, bolstering the potential for a prolonged downfall. With sustained selling, the Shiba Inu price forecast hints at a 24% potential drop to retest the wedge support trendline at $0.00001.

Shiba Inu Price AnalysisShiba Inu Price Analysis
SHIB/USDT 1d Chart

The $0.00001 region serves as significant support from both a pattern and on-chain perspective. Data from intotheblock analytics shows that about 374K addresses purchased nearly 150 Trillion SHIB between $0.000014 and $0.000008, representing a solid demand for SHIB coins at this discounted price. 

As long as this dog-themed memecoin remains above the average purchase price at $0.00001, the likelihood of panic selling among these holders remains low.

Also Read: Riot Exec Reveals How Bitcoin Strategic Reserve Can Aid US Economy

Global In/Out of the MoneyGlobal In/Out of the Money
Global In/Out of the Money | Intotheblock

Furthermore, the Relative Strength Index (RSI) has dipped into the oversold territory at 26%, potentially drawing buyers interested in purchasing at lower prices. A rebound from the $0.00001 level could undermine the bearish outlook and fuel a rally toward $0.000014 to test the wedge resistance.

A bullish breakout from the overhead trendline will signal an early sign of trend reversal.

Frequently Asked Questions (FAQs)

A falling wedge pattern is a bullish reversal pattern formed by two converging downward-sloping trendlines. This pattern typically indicates that the asset is undergoing a consolidation phase before a potential breakout to the upside.

The $0.00001 support level is significant because a large number of addresses (around 374,000) purchased approximately 150 trillion SHIB tokens within this price range.

Liquidation occurs when a trader’s leveraged position is automatically closed by the exchange because the trader can no longer meet the margin requirements

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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ETH

Ethereum Price $3K Rally at Risk as ETH Turns Inflationary Post-Dencun

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55 mins ago

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October 6, 2024

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The Ethereum price surged 1.03% during the low-volatility Sunday trading session to currently trade at $2,438.The upswing market is a recovery from weekday selling pressure fueled by a war-like situation between Israel and Iran. Will the correction trend extend as ETH L1 fees record an all-time low, promoting a reverse from the prior deflationary trend?

$3K Ethereum Price Rally at Stake as Post-Dencun Inflation

Following the Dencun upgrade, Ethereum’s Layer 1 (L1) fees have witnessed a declining trend to hit an all-time low in mid-2024. The Intotheblock analytics shows the implementation of EIP-4844 has plunged the cost of Layer 2 (L2) transactions by 10x. 

The sharp decline in L1 fees reflects the continuous growth of L2 solutions like Optimism and Arbitrum, which offer faster and more cost-effective transactions. While this move has bolstered Ethereum’s scalability, it has unintended consequences.

As fewer fees are being burned, the supply of ETH has entered an inflationary phase, reversing its prior deflationary trend. If crypto buyers struggle to demand pressure corresponding to the addition of supply, the Ethereum price prediction will witness temporary pullbacks and volatility.

In addition, the renowned crypto analyst Ali Martinez highlights a notable decline in Ethereum large holders with over 10,000 ETH balances. Since July, the whale holding has plunged 7%, indicating that smart money traders are mainly exiting in anticipation of price correction.

ETH Price Hints Major Breakout From Triangle

Over the past two months, the ETH price has shown a sideways trend above $2,200 support. This consolidation in the daily transient Chart shows the price actively resonates between two converging trends and indicates a symmetrical triangle pattern formation. Theoretically, this chart pattern guides a temporary lateral move for prevailing trends to gain momentum.

As the crypto market experienced ease from geopolitical tension in the Middle East, the Ethereum price rebounded from $2,308 to $2,440, accounting for a 5.7% jump.

If the sellers breached the pattern’s lower trendline at $2,200, the bearish momentum would accelerate and drive ETH Crash below the $2,000 level, thus delaying the $3K rally.

The coin price below the 50-and-200-day Exponential moving average supports the bearish narrative.

Ethereum (ETH) PriceEthereum (ETH) Price
ETH/USD -1d Chart

However, if buyers manage to replenish bullish momentum, the Ethereum price could jump 9% before challenging the triangle resistance. A potential breakout would bolster buyers for the $3,000 target.

Frequently Asked Questions (FAQs)

Ethereum’s $3K rally is at risk due to the shift from a deflationary to an inflationary phase following the Dencun upgrade

The current consolidation in Ethereum price shows a symmetrical triangle pattern, indicating a temporary lateral move as prevailing trends gain momentum

The Dencun upgrade resulted in a decline in Ethereum’s Layer 1 (L1) fees and a significant reduction in fee burns, causing Ethereum’s supply to enter an inflationary phase

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin price analysis

Will Bitcoin Price Benefit from UAE’s New VAT Exemptions for Virtual Assets?

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4 hours ago

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October 6, 2024

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The Bitcoin price surged 0.55% during the low-volatility weekend, currently trading at $62400. Following the broader market relief rally, the BTC price showcased its sustainability at $60,000 support, bolstering buyers to recuperate the bullish momentum. This recovery could witness another boost as the UAE Federal Tax Authority (FTA) recently announced VAT exemptions for virtual asset transfers and conversions.

Will Bitcoin Price Rally Amid UAE’s New VAT Exemptions on Virtual Assets?

The UAE FTA recently announced a significant revision to its Value Added Tax (VAT) regulations, which includes exemptions for virtual asset transfers and conversions, effective retroactively from January 1, 2018.

This move positions the UAE as a favorable hub for virtual asset investments, as easing the tax burden could notably uplift the country’s appeal for crypto-related businesses. 

The auditing firm clarified that in the UAE, the term ‘virtual assets’ is classified as a “Digital representation of value that can be digitally traded or converted and can be used for investment purposes.”

Businesses engaged in virtual asset services should analyze how the VAT exemption affects their retrospective VAT position, especially concerning their input tax recovery. In some cases, voluntary disclosures may be necessary to amend historic returns and ensure compliance.

Moreover, the UAE’s Virtual Asset Regulatory Authority (VARA) and the Securities and Commodities Authority (SCA) have decided to streamline the licensing and oversight of Virtual Asset Service Providers (VASPs), accentuating the country’s effort for a crypto-friend environment.

This development could boost broader cryptocurrency adoption, accelerating the investment in leading assets like Bitcoin to bolster price rallies.

BTC Price Needs Another Dip Before Next Rally

In the last four days, the Bitcoin price prediction showed a modest rebound from $59,840 to $62,344, registering a 4% growth. The bullish trajectory can be attributed to combined support for $60,000 and 200-day EMA and market easing from geopolitical tension in the Middle East.

However, this reversal lacks confirmation, and the price could revert to $60,000 seeking support. If the level holds, the BTC price could surge 7.7% and challenge the resistance trendline of the flag pattern. Since March 2024, this chart setup has carried a steady correction between two downsloping trendlines, providing dynamic resistance and support.

A successful breach of this resistance is crucial to trigger a prevailing rally and target a $80000 high.

Bitcoin (BTC) Price - UAE VAT ExemptionsBitcoin (BTC) Price - UAE VAT Exemptions
BTC/USD -1d Chart

On the contrary, if Bitcoin price breaks below $60 support or reverts from flag resistance, the sellers could accelerate the bearish momentum. The potential downfall could retest the $52,000 or $50,000 support.

Frequently Asked Questions (FAQs)

The UAE Federal Tax Authority’s (FTA) recent announcement of VAT exemptions for virtual asset transfers and conversions has made the country more attractive for crypto-related businesses. This move could boost demand for Bitcoin and other cryptocurrencies

The Bitcoin price is forming a flag pattern, which indicates a potential continuation of its bullish trend if it can break through the resistance

Bitcoin’s price has held strong at the $60,000 support level, backed by the 200-day exponential moving average (EMA)

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Will Telegram’s New ‘Gift’ Feature Drive Toncoin Price for $8 Breakout?

Published

7 hours ago

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October 6, 2024

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Toncoin price struggled during the low-volatility weekend, posting a 3.2% decline over the last 24 hours. The bearish momentum heading for a $5 breakdown can be attributed to geopolitical tension in the Middle East or a looming death crossover between key EMAs. Will TON buyers manage to counter-attract amid the new ‘Gift’ feature launched on Telegram?

Can Telegram’s Gift Feature Trigger a Toncoin Price Breakout to $8

Telegram CEO Pavel Durov has announced an exciting new “Gift” feature for the platform, allowing users to give digital gifts to friends and loved ones. The received gift can be displayed in a profile or exchanged for ‘Stars’ Telegram’s virtual currency.

These stars can be used to support creators and purchasing services in mini apps.

Moreover, Some gifts will be available in limited supply, adding exclusivity to the items. Durov’s blog mentioned these limited-edition gifts would be available to convert into TON-based NFTs later this year. The users can auction and trade these tokenized gifts outside Telegram, with ownership secured on the blockchain.

In addition, Telegram introduced verification codes, improved its reporting interface, and redesigned video chats on iOS, indicating their effort to improve user experience.

These developments could significantly boost translation volume in the TON network and accelerate the recovery momentum in Toncoin price.

According to DefiLlama, the TON’s Total volume locked has surged from $317.2 Million to $404 Million in September, accounting for 30% growth. This increase signals the investors’ locking of their assets in TON’s decentralized Finance (DeFi) protocol as a sign of confidence in its robust network.

EMA Death Crossover Puts TON for 11% Downside Risk

Amid the escalating conflict between Israel and Iran, the Toncoin price witnessed a sharp reversal from $6.13 to $5.2— a 15% loss. This pullback records another bearish reversal from the multi-month resistance trendline, indicating the sentiment of sell-the-bounce is intact. 

With a potential death crossover between the 50-and-200-day Exponential Moving Average (EMA) looming, the TON price could have plunged to $5 support. This potential breakdown could push the asset 11% down to test $4.6. 

Toncoin (TON) PriceToncoin (TON) Price
TON/USDT -1d Chart

On the contrary, if the buyers flip the overhead trendline into potential support, the Toncoin price could drive a sustained recovery to $7.26, followed by an $8.2 high.

Frequently Asked Questions (FAQs)

Telegram’s newly launched “Gift” feature could play a pivotal role in Toncoin’s potential price breakout and drive a rally to $8.

Telegram’s new “Gift” feature allows users to send digital gifts that can be exchanged for ‘Stars,’ Telegram’s virtual currency.

Toncoin is at risk of a death crossover between the 50-day and 200-day Exponential Moving Averages (EMA), which could signal a prolonged bearish trend.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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