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XRP Price May Soar Past $6, Here’s Why

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5 days ago

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Amid the current market consolidation, the XRP price has remained stable, hovering above the $0.46 level to seek support above the long-coming support trendline. This week’s neutral candlestick pattern shows that neither buyers nor sellers are taking a definitive stance to drive the price direction. Nonetheless, as the Ripple vs. SEC legal case is gradually heading to its conclusion, market participants anticipate a significant directional shift in XRP’s price.

Also Read: Ripple XRP Case: Lawyers On Final Ruling Date, Odds Of Appeal & Settlement

XRP Price Eyes Major Bull Run From Triangle Breakout

BINANCE:XRPUSDT Chart BINANCE:XRPUSDT Chart
XRP Price| Tradingview

The current downward trend in XRP began in early March, with the price dropping from a high of $0.74. This bearish shift resulted in a 36.8% decrease, bringing the asset’s value down to $0.427 and reducing its market cap to $26.28 billion.

However, a look at the daily chart shows this bear cycle is part of a well-known continuation pattern called a symmetrical triangle. Under the influence of this pattern, the asset price tends to resonate within two converging trendlines to restore momentum for a particular direction.

If the trend continues, the XRP price, currently positioned just above the pattern’s lower trendline, may experience increased buying interest. A potential turnaround could boost the price by 35%, aiming to reach the overhead trendline at approximately $0.63.

Should XRP break out from the triangle pattern, it would mark the end of the ongoing consolidation phase and amplify the bullish momentum. With sustained buying, the post-breakout rally could surpass the $2 barrier. 

Also Read: Popular Analyst Predicts BTC Price Reversal After A Dip To This Level

Moreover, the Renowned trader EGRAG CRYPTO recently shared an optimistic analysis for XRP on social media, projecting a minimum price target of $6.4.

The trader highlights that despite recent market fluctuations, XRP’s monthly candle is set to close above the Fibonacci 0.236 level, interpreted as a sign of natural market consolidation.

Looking ahead, EGRAG CRYPTO suggests that the next significant target for XRP is the Fibonacci 0.5 level. With strong market conviction, they believe flipping this target could pave the way for XRP to reach the Fibonacci 1.618 level at $6.4. 

The renewed buying interest in the broader market and the result of a long-running legal battle between Ripple and SEC will be major contributors to XRP price reversal.

Technical Indicator:

  • BB Indicator: The downtick in the lower boundary of the Bollinger Band indicator indicates the seller’s strong influence on the market movement in XRP.
  • Moving Average Convergence Divergence: Multiple crossovers between the MACD (Blue) and signal (orange) line accentuate a near-term market sentiment as neutral.

Frequently Asked Questions (FAQs)

The Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of an asset’s price.

Fibonacci retracement is a popular technical analysis tool that uses horizontal lines to indicate where possible support and resistance levels might occur based on prior price movements.

A symmetrical triangle pattern in cryptocurrency trading is a chart formation where the price converges between two sloping trend lines with similar slopes.

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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

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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Jasmy Price

Jasmy Sheds 20% Amid Bitcoin Sell-Off

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9 hours ago

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July 5, 2024

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JasmyCoin Price Analysis: Jasmy price is down 20.6% following the ongoing market bleeding on account of the Bitcoin sell-off. The price of JASMY hovered around $0.019 during European business hours on Friday, a 36% crash in the last 7 days. Nevertheless, crypto enthusiasts remain hopeful, calling this the last pullback before the main bull run. Are they correct?

JasmyCoin Price Analysis Hints at Further Downside to $0.015

JasmyCoin PriceJasmyCoin Price

JASMY’s price had a good run following the misconstrued news of its partnership with Apple. After the hype, the sell-off began, and unfortunately for JasmyCoin, the sell-off has been further exacerbated by the current Bitcoin downturn. Bitcoin’s current market dominance of 51.8% means its price volatility affects the majority of the altcoins in the market.

The price of JASMY is surprisingly still trending above the 200-day simple moving average (SMA), despite the heavy drop in value. This indicator may provide some support around $0.02 but if Bitcoin continues to bleed, JASMY’s price may fall lower and find further support around $0.015

If JASMY bulls decide to push the price higher from this level, the asset may increase by 42% back to around $0.028, which coincides with the 0.618 Fibonacci retracement level. 

The JASMY 14-day relative strength index (RSI) is at 30—almost breaking into the oversold area. This means market participants can expect heightened selling momentum over the weekend before a reversal.

Crypto Analysts Maintain Bullish Stance on JasmyCoin Price

Despite the flailing price, crypto market analysts have maintained a bullish outlook on the price of JAMSY. JasmyCoin’s bullish prospects include its role in the Internet of Things (IoT) sector, potential technological adoption, and positive market sentiment.

Javon Marks, a crypto analyst on X (formerly Twitter), predicted a 15X move from JASMY on its path to $2.9. This analysis was an update of another he did in October 2023, citing that nothing has changed.

The Candle Wick, another crypto analyst, predicts a JASMY price may bounce off the midline of an ascending channel, as it did back in April.

While these analyses remain bullish, the possibility of further downside is palpable, as everything depends on BTC’s next move. Bitcoin price prediction indicates a potential downside over the weekend to the $50,000 area before a bounce back up. This may affect JASMY’s price negatively. 

Bottom Line

JasmyCoin’s value plummeted 20% in the wake of a broader Bitcoin sell-off, indicating the ripple effect that major cryptos can have on smaller altcoins. This sharp decline shows how interconnected the digital assets in the crypto market are.

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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

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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LayerZero

Layerzero (ZRO) price prediction in 2024

Published

2 days ago

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July 3, 2024

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LayerZero (ZRO) is a project focused on the task of interoperability, connecting different blockchain networks so that they are compatible with each other.

In the same way that the internet eventually fell under standardized protocols after a decade of development, LayerZero’s ambitious goal is to standardize blockchain app development throughout the Web3 space.

What is the LayerZero token price right now?

ZRO is currently trading at $ 3.93, up 39.8% over the last 7 days.

LayerZero token price is also inching closer towards its all-time high of $4.57 which it reached on June 20 before slumping to $2.51 a week later, becoming the biggest loser in the crypto market for the day and shedding $600 million from its market capitalization.

The current market cap is over $400 million.

It’s worth noting that ZRO price history only goes back as far as June 20. This is a new, high-risk project with no track record in terms of proven utility as of yet.

What is causing LayerZero coin price to rise?

There are no particular project developments or ZRO coin news that could be pumping the price of ZRO. Heavy volatility for a brand-new and untested coin is not uncommon.

The project saw ZRO price falling towards the end of June when some users reported not receiving their share of a major airdrop used to promote the launch.

Developers corrected this error after receiving the complaints. It’s also apparent that many crypto users fell prey to a LayerZero scam impersonating the real team and soliciting airdrop purchases without any reward in store. Overall, the tumultuous airdrop likely caused doubt and uncertainty in the stability of the price, contributing to the volatility.

After seeing a strong start turn to a major correction, many traders may have viewed the price drop as an opportunity to buy ZRO at what they considered to be an undervalued rate, causing a major surge in price.

ZRO coin price prediction 2024 – 2025

As ZRO is a brand new coin, there’s really no telling what the coin will do next. However, we can outline some important factors that traders might do well to keep in mind when assessing the value of the project.

Firstly, the utility of the project can be examined. Interoperability is a crucial step in expanding the Web3 ecosystem, and LayerZero is certainly cashing in on the promise of being a big player in that space.

Savvy investors will likely be studying the track record of the team’s work history and the success of their past projects as well as the viability of LayerZero’s value proposition in general when making a decision.

LayerZero (ZRO) utility

Can LayerZero really standardize blockchain app development?

What we do know is that the team are not anonymous, alleviating concerns among some crypto investors, with LayerZero founded in 2021 by Bryan Pellegrino (CEO), Ryan Zarick (CTO), and Caleb Banister. The project raised $120 in Series B funding in 202.3.

The project claims to be more secure and scalable than Cosmos, a competitor in the blockchain ineroperability space, although this has not yet been fully explored and proven right or wrong as of yet.

With major backers like Sequoia Capital behind them and competent leadership, the project could indeed position itself to corner a piece of the market in years to come.

However, at just two weeks old, ZRO is a risky purchase with no price history to review. Investors could gain an understanding of the project by reading the whitepaper and gaining a sense of LayerZero’s potential edge over competitors when considering ZRO as a possible investment.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.



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PEPE

$0.00001 Break Imminent Amid Whale Sell-off? 

Published

2 days ago

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July 3, 2024

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Pepe Coin Price Analysis: On Wednesday during the Asian trading hours, the crypto market witnessed a surge in selling pressure as Bitcoin price fell nearly 4%. The BTC revisiting the $60000 sparked the possibility of a downtrend continuation in most of the major altcoins including PEPE. The Frog-themed memecoin is down 8% today, extending the correction fall with a channel setup. Should you stay invested?

Also Read: PEPE Price: Whale Sacks 1.2 Tln Coins Amid Monthly Crash, Is Price Gearing Up For Rally?

Pepe Coin Price Analysis: Whale Dumps $112,000 Worth of Tokens Amid Downtrend

BINANCE:PEPEUSDT Chart BINANCE:PEPEUSDT Chart
Pepe Coin Price Analysis| Tradingview

The current correction trend in Pepe coin was initiated at May End as the price reverted from  $0.00001725. Since then, the meme coin has witnessed a steady downtrend of lower highs and lows resonating with two downsloping trendlines.

The bearish turnaround has tumbled the asset 39% down to $0.00001048, while the market cap plunged to $4.42 Billion. An analysis of the daily chart shows the falling trendline reveals the formation of a bull flag pattern. This chart pattern is known to drive temporary counter-trend moves for buyers to recuperate their strengths.

Despite the correction, the PEPE price is still above the 50% Fibonacci retracement tool indicating the long-term trend remains bullish and buyers remain a dominant force in this asset.

However, the PEPE is currently in downward momentum and a recent sell-off from smart money hints at a breakdown below $0.00001. A major whale, dimethyltryptamine.eth, has re-engaged with PEPE after a 10-month hiatus, selling 10 billion PEPE tokens (worth $112,000) for 32.73 ETH. 

Also Read: Binance Announces Delisting Of Key Crypto Pairs, Brace For Market Impact

Early investment by this whale turned $45,000 into $26.7 million, marking a 58.6% gain. Currently holding 1.99 trillion PEPE tokens valued at $21.9 million, the whale’s activity underscores the profitability of early investments. However, the recent sell-off suggests the large holder may not expect a strong upside in PEPE in the near time.

Thus, a breakout from the flag pattern resistance is necessary to end the current correction trend. With sustained buying, the post-breakout rally could surpass $0.0000135 and rechallenge the $0.00001725 peak.

Technical Indicator

  • BB Indicator: The downtick in the lower Bollinger Band accentuates aggressive selling and no sign of reversal yet.
  • ADX: An uptick in the daily Average Directional Index slope at 20% indicates the sellers are gaining momentum which could lead to a prolonged downfall.

Frequently Asked Questions (FAQs)

A bull flag pattern is a technical chart pattern that resembles a small rectangular consolidation of price movement within a prevailing uptrend. It suggests a temporary pause before the uptrend continues.

The 50% Fibonacci retracement tool is a technical analysis tool used to identify potential support and resistance levels by measuring the halfway point of a prior price movement.

The ADX (Average Directional Index) indicator measures the strength of a trend, with higher values indicating a stronger trend.

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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

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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