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Shiba Inu Price Eyes 38% Rally Amid Bullish Reversal Pattern

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5 hours ago

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SHIB, the second-largest meme cryptocurrency by market cap, experienced a 14% surge over the past five days, rising from $0.000013 to $0.00001478. This bullish rally was likely driven by the broader market recovery following the U.S. Federal Reserve’s 0.5% rate cut. The Shiba Inu price shows signs of a potential extended recovery, supported by this double-bottom reversal pattern.

Shiba Inu Price Targets 38% Surge as Bullish Reversal Takes Shape

The cryptocurrency market took a bullish turnaround in September following the Bitcoin price reversal from $52,500 to $63,456— a 20% increase. The renewal recovery sentiment shifted the prevailing correction in Shiba Inu price into a sideways trend above $0.0000123. 

In the last 11 weeks, the SHIB price showcased three failed attempts to breach the bottom support line, indicating the active accumulation zone for buyers. The latest reversal uplifted the altcoin 19.82% to trade at $0.0000147 while the market cap surged to $8.7 billion. 

An analysis of the daily chart shows the formation of a double-bottom reversing pattern, a chart setup often spotted at major market bottoms.

If the pattern holds true, the dog-themed memecoin is poised for a 9.3% surge before the critical breakout from the $0.000016 neckline. The potential breakout will intensify the bullish momentum and drive another 25% surge to target $0.00002.

Shiba Inu Price Shiba Inu Price
SHIB/USDT -1d Chart

According to the Santiment data, the supply of SHIB on exchanges steadily declined to reach 75.3 Trillion coins. This downward trend suggests a withdrawal of tokens from exchanges, which can indicate investors’ accumulation or a decrease in selling pressure.

Shiba Inu priceShiba Inu price
SHIB Supply on exchange | Santiment

On the contrary, the 30-day MVRV (market value-to-realized value) ratio has spiked to 7.66%, indicating that short-term buyers are in profit. Historically, the MVRV ratio value of 8-10% has coincided with Shiba Inu price prediction tops as these speculative traders often exit the market early for profit booking. 

Shiba inUShiba inU
SHIB | MVRV Ratio

Therefore, if the overhead supply persists, the Shiba Inu price could revert to $0.000012 and prolong the consolidation trend.

For a detailed analysis, check out the top meme coins article.

Frequently Asked Questions (FAQs)

If SHIB breaks out from the $0.000016 neckline, it is poised for a 25% surge, potentially reaching $0.00002.

The $0.0000122 level serves as a crucial accumulation zone, where buyers have actively prevented the price from falling further, indicating strong support.

A decline in SHIB supply on exchanges, down to 75.3 trillion coins, suggests increased accumulation by investors and reduced selling pressure

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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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Aave

AAVE Price Eyes $200 Push as Buyers Conclude Two-Year Accumulation

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8 hours ago

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September 22, 2024

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The AAVE price surged 3% during the Sunday training session, defying the low volatility momentum in the broader crypto market. This high-momentum rally pushed the asset to a peak of $162.5, a level not seen since May 2022. This movement indicates a significant breakout from the two-year accumulation phase, signaling the potential rally to $200.

AAVE Price Gears Up for $200 Surge After Two Years of Accumulation

Defying the ongoing consolidation trend in crypto markets, the AAVE price showcased a sustained recovery since July 2024 with new higher-high and higher-low formations in the daily chart. The bullish upswing uplifted the asset from $71 to $158, registering a growth of 123%. Consecutively, the market cap surged to $2.364 billion.

With an intraday gain of 5%, the AAVE price surged to $162.46 high, a level last recorded on May 5th, 2022. This upswing signals the end of a two-year accumulation trend, also highlighted by the founder of DefianceCapital, Arthur. According to his tweet, this breakout could signal a potential all-time high (ATH) reclaim, marking a significant moment in the ongoing DeFi resurgence. 

If the daily candle closes above $153, the buyers could drive a 25% upswing to challenge the $200 resistance, followed by an extended rally to $260.

A positive alignment between the daily Exponential moving average (20, 50, 100, and 200) indicates a high momentum in action. 

AAVE PriceAAVE Price
AAVE/USDT -1d Chart

According to Santiment data, the percentage of AAVE held by top addresses has steadily climbed to 55%. While a high value may signal centralization risk, it also indicates an accumulation trend among large holders and their confidence in future trends.

Moreover, the relatively low supply of AAVE on exchanges suggests reduced selling pressure, which is often a bullish signal, as fewer tokens are available for immediate sale.

AAVEAAVE
Santiment

On the contrary, if the AAVE price fails to sustain the $153 resistance breakout, the sellers could drive a bearish pullback to 20-or-50-day EMA.

Frequently Asked Questions (FAQs)

Yes, AAVE has broken out of a two-year accumulation phase, reaching a high of $162.5. If the price sustains above the key $153 resistance level, a potential 25% rally toward $200 is likely.

The postive alignment of the 20-50-100-and-200-day Exponential Moving Averages (EMAs) indicates strong bullish momentum

If AAVE price fails to sustain the $153 breakout, sellers could trigger a bearish pullback

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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 Price

Where Will Ethereum Price Head by September’s End?

Published

12 hours ago

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September 22, 2024

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Ethereum price plunged 1.67% during the Sunday trading session to reach $2570 and a market cap of $309.5 Billion. While this bearish turnaround is expected as a temporary pullback for buyers to recuperate the bullish momentum, a recent sell-off crypto whale sparks the possibility for further correction. Will $2k ETH return?

Ethereum Price: Will It Hit $2K or $3K by the End of September?

According to the Spotonchain, a “diamond-hand whale” identified as “0x682” deposited 15,000 ETH (worth $38.4 million) to Kraken earlier today. Interestingly, this whale’s previous sell-off coincided with a significant drop in Ethereum price. Notably, on July 25, the whale offloaded 10,000 ETH just before a 7.6% price decline, and similarly, on August 20, 15,000 ETH was sold before a 2.5% drop.

Currently, this whale holds 26,639 ETH (worth approximately $69.7M), with an estimated total profit of $132M (+86%).

Given this whale’s track record, the Ethereum price prediction could face a deeper correction and retest the $2000 support.

In addition, the Ether supply on exchange has steadily grown to 21.43 Million ETH, according to the latest data from Santiment. Generally, the increasing supply on exchange raises the risk of potential sell-off and accelerates the downward pressure on an asset.

Ethereum (ETH)Ethereum (ETH)
Ethereum (ETH) Supply on Exchange | Santiment

ETH Price 9% Away From Major Breakout 

The Ethereum price has showcased a sustained recovery from $2150 to $2564 in the last two weeks, accounting for a 19.28% growth. This bullish recovery was largely driven by the U.S. Federal Reserve rate cut and Bitcoin price jump above $60000.

In the daily time frame chart, the ETH price shows the formation of a double-bottom reversal pattern. If the pattern holds true, the buyers could push a 9% surge to challenge the $2800 resistance back by 100-day resistance. A potential breakout from this resistance will intensify the bullish momentum, push the asset above $3000, and hit the $3500 barrier.

Ethereum PriceEthereum Price
ETH/USD -1d Chart

Alternatively, if the overhead supply at $2800 persists, the Ethereum price could revert back to $2000 and continue a consolidation trend.

Frequently Asked Questions (FAQs)

Ethereum could either dip to $2,000 due to selling pressure from recent whale activity or rally to $3,000 if it breaks through the $2,800 resistance

Ethereum’s price dropped by 1.67% during the Sunday trading session, reaching $2,570. This decline is partially attributed to a large whale depositing 15,000 ETH to Kraken

Ethereum is currently 9% away from challenging the key resistance level at $2,800, which is reinforced by the 100-day 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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pendle

Pendle Price Defies Whale Dump with Breakout Momentum; $5 Target Next?

Published

15 hours ago

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September 22, 2024

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The Pendle crypto has recently garnered investors’ attention with a high momentum rally and defying the sell-off from large holders. The recovery trend initiated with the U.S. Federal Reserve rate cut speculation but gained stability with a key resistance breakout. Will Pendle price prolong its rally past $5, or are sellers waiting for a counterattack?

Pendle Price Overcomes Whale Sell-Off with Breakout Surge

In the last two weeks, the Pendle price shows an accelerated recovery from $2.48 to $4.08, a 64% increase. Amid the broader market recovery, discussions stand out as the asset defies substantial selling pressure from the co-founder of BitMex, Arthur Hayes. According to lookonchain, Hayes recently sold off 1.59 million PENDLE tokens for approximately $5.62 million at an average price of $3.52 per token.

However, the Pendle price displayed resilience to this supply pressure, as the asset surged by 24% after his sell-off. After the price recovery, Hayes sold tokens worth around $6.91 Million, indicating a potential loss of $1.29 Million.

Interestingly, the Pendle Supply on exchanges suddenly dropped from $37.58 Million to $32.73 Million during the Sunday trading session. According to Santiment data, similar reductions in exchange supplies have historically supported Pendle price recovery, like the formation of its August 2024 bottom at $1.8. 

Generally, a decrease in the available supply of tokens on exchanges reduces the market selling pressure and bolsters buyers for sustained recovery.

PendlePendle
Pendle Supply on Exchange | Santiment

Pendle Price Signals a Major Breakout From Wedge Pattern

By press time, the Pendle price recorded an 11% surge to $4.06, providing a decisive breakout from the rising wedge pattern. In the past seven weeks, this chart set up a confined recovery between two converging trendlines, but the recent breakout signals the buyer’s readiness for an accelerated rally.

In addition, the recent jump pushed the altcoin above 100-and-200-day Exponential Moving Averages (EMAs), signaling a positive shift in market sentiment. If the bullish momentum holds, the buyers could drive a 17.5% surge to $4.78 resistance, followed by an extended value of $2.68. 

Pendle PricePendle Price
PENDLE/USDT – 1d Chart

On the contrary, if the potential retest to the breached trendline re-enters the wedge pattern, the prevailing correction sentiment could resume.

Frequently Asked Questions (FAQs)

Pendle demonstrated resilience following Arthur Hayes’ sale of 1.59 million tokens. Despite the sell-off, Pendle’s price surged by 24%, reflecting strong buyer demand and market confidence.

A bullish crossover between the 20-day and 50-day EMAs, along with a decisive breakout from the rising wedge pattern, suggests accelerating recovery momentum

If the bullish momentum continues, Pendle could target a 17.5% rise to $4.78 resistance, with an extended rally toward $5

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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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