Altcoins
Analyst Warns One Crypto Asset Category About To Face a Reckoning, Maps Path Forward for Bitcoin and Hedera
Published
3 weeks agoon
By
adminA widely followed cryptocurrency analyst and trader believes one type of crypto asset is about to implode.
The analyst pseudonymously known as Credible Crypto tells his 391,500 followers on the social media platform X that memecoins could suddenly collapse in value.
“Still a lot of salt in this space despite us being at new all-time high for BTC. Mainly because memes are the ‘only’ alts that have been pumping the last few months. Hearing lots of ‘this cycle is clearly different, it’s a meme supercycle’ etc. and ‘fundamentals don’t matter.’ Lots of people have lost hope on their non-meme alt holdings and the meme reply guys couldn’t be louder.
Three things:
1. We’re going so much higher with this market as a whole.
2. There’s a meme reckoning coming.
3. Other alts will get their turn, in time.”
Next up, the analyst says Bitcoin (BTC) could retest the lower $60,000 range before breaking through the upper trendline resistance.
“And there is our drop. Would like to see us go a bit lower here though before the reversal so ideally we aren’t done just yet. Watching to see how things develop.”
Bitcoin is trading for $64,496 at time of writing, up slightly in the last 24 hours.
Lastly, the analyst says Ethereum (ETH) competitor Hedera (HBAR) could increase more than 90% from the current value.
“Looking for something like this after completing a nice five wave impulse off the lows. Note the first step is a break in lower timeframe market structure to kick things into gear. After that if we can print a higher low we should be able to run it back to the highs.”
Hedera is trading for $0.11 at time of writing, down more than 2% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Altcoins
Ethereum-Based Altcoin Leads Real-World Assets Sector in Development Activity, According to Santiment
Published
2 weeks agoon
May 9, 2024By
adminBlockchain analytics platform Santiment says one Ethereum (ETH)-based altcoin project is leading in the real-world asset (RWA) sector based on development activity.
Santiment says that blockchain oracle Chainlink (LINK) is seeing the greatest amount of daily activity on the development hosting platform GitHub.
LINK Is seeing more than two times the amount of development activity compared to the second most active blockchain project, Synthetix (SNX), a decentralized finance (DeFi) crypto that allows synthetic asset creation on Ethereum.
“Here are crypto’s top real-world assets by development. This list is compiled by counting any non-redundant GitHub activity, and averaging this daily activity over the past 30 days. Chainlink currently produces 2.49x more daily activity than the next most active project, Synthetix, in the RWA sector.”
Santiment’s ranking list is as follows: 1. Chainlink 2. Synthetix.io 3. Centrifuge (CFG) 4. Dusk (DUSK) 5. Oraichain (ORAI) 6. Creditcoin (CTC) 7. IX Swap (IXS) 8. Maker (MKR) 9. Polymesh Network (POLYX) 10. Reserve Rights (RSR).
Santiment also says that the native asset of decentralized oracle protocol Tellor (TRB) is outperforming most other digital assets so far this month.
“Tellor is one of the top performing assets thus far in May, exactly doubling in market cap since the calendar month turned. Whale transactions and address activity have both seen sudden spikes, which are suggesting potential TRB profit takes.”
Tellor is trading for $111.64 at time of writing, up 16% in the last 24 hours.
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Altcoins
Hackers With $182,000,000 Stolen From Poloniex Starts Moving Funds to Tornado Cash
Published
2 weeks agoon
May 8, 2024By
adminThe hacker who looted the crypto exchange Poloniex has started moving Ethereum (ETH) to the mixing service Tornado Cash, according to the digital asset de-anonymizing platform Arkham.
Arkham notes the hacker moved 1126.1 ETH worth more than $3.4 million into Tornado Cash across a series of 20 transactions on Monday and Tuesday.
They represent the exploiter’s first moves into the controversial Ethereum-based crypto mixer, which helps users conceal their digital assets.
The hacker raided Poloniex in early November, stealing $56 million worth of ETH, $48 million worth of Tron (TRX) and $18 million worth of Bitcoin (BTC), as well as smaller amounts of other crypto assets.
The exchange, which is owned by Tron founder Justin Sun, offered a 5% white hat bounty that went unaccepted. and the hacker still holds $181.47 million worth of crypto in their primary address, according to Arkham.
Justin Sun-affiliated projects have endured a prolific string of attacks in the past several months: In September, hackers exploited the Sun-linked exchange giant HTX for approximately 4,999 Ethereum worth $7.9 million, according to the blockchain security firm PeckShield.
Then in November, hackers hit HTX and Heco Bridge, another Sun-linked project that’s used to move funds between Ethereum and energy-saving blockchain Heco Chain, for a combined $100 million, according to cybersecurity firm Cyvers.
And in January, hackers once again struck HTX, hitting the exchange with a distributed denial of service (DDoS) attack that caused a brief outage.
A DDoS attack is a malicious attempt by bad actors to flood the target website with traffic to overwhelm the site’s infrastructure.
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Altcoins
‘Last Dip Ever’ – Analyst Predicts Solana Rally, Says Three Memecoins Will Surge Alongside SOL
Published
2 weeks agoon
May 8, 2024By
adminA closely followed crypto trader believes that Solana (SOL) just witnessed its last major correction for this market cycle.
Pseudonymous analyst Inmortal tells his 213,300 followers on the social media platform X that SOL bulls successfully defended support at around $120.
The trader shares a chart suggesting that the blue-chip altcoin is now poised to rally to a fresh 2024 high at $320.
“Last dip ever.
SOL.”
At time of writing, SOL is worth $153.45, suggesting an upside potential of nearly 110% if the altcoin hits the analyst’s target.
Inmortal also predicts that a trio of memecoins will rally alongside Solana. The trader is taking a close watch on Floki (FLOKI), which he says looks bullish after retesting the 200 moving average (MA) on the eight-hour chart and reclaiming support at $0.00015.
Inmortal believes that FLOKI will dip to around $0.00017 before surging to $0.00025 later this month.
“IF SOL goes up, THEN FLOKI, DOGE, PEPE go up too.
Especially interested in FLOKI
> Deviation + Retest + 200 MA
> A bit lagged.”
At time of writing, FLOKI is trading at $0.000179.
Another coin on the trader’s radar is Seedify.Fund (SFUND), an incubator and launchpad specializing in blockchain gaming. According to the analyst, SFUND is currently in the process of cementing the $2.60 level as support.
“Retesting a 578 days accumulation, for the second time.
Definitely, you don’t see this every day.
SFUND.”
Looking at the trader’s chart, he seems to predict that SFUND will rally to $6 in the coming months. At time of writing, SFUND is trading at $2.65.
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