Price analysis
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Published
3 months agoon
By
adminShiba Inu price dropped 4% to $0.00001342 on Sunday, coinciding with Bitcoin falling below the $60,000 support level. This renewed selling pressure led to declines across major altcoins, impacting the meme cryptocurrency sector due to its inherent volatility and speculative trading nature. The sell-off caused SHIB to reverse from multi-month resistance, signaling a potential risk of a more significant correction ahead.
Shiba Inu Price Set for Bearish Reversal
The Shiba Inu price prediction showcased sideways action throughout the week, struggling to surpass the $0.000014 barrier. Despite the recent market recovery, this consolidation market lacks buyers’ conviction to drive this asset.
Today, the SHIB price marks another failed attempt to breach the overhead trendline, displaying a long-rejection candle to highlight overhead supply. Interestingly, the selling momentum persists despite burning 40 million SHIB in the last 24 hours, leading to a 3500% spike in the burn rate.
Typically, such a large burn would reduce the circulating supply, potentially supporting price stability or even a rally. However, in this case, the ongoing correction trend suggests that market factors outweigh the impact of the burn, keeping the price under pressure.
Shiba Inu has seen a notable decline in Open Interest throughout August. According to Coinglass, SHIB’s Open Interest dropped from $37 million to $23.2 million, reflecting a decrease of approximately 37%. This substantial drop in OI suggests reduced market participation or liquidity for SHIB, potentially signaling waning investor confidence.
Thus, the correction may push the Shiba Inu price by 30% to retest $0.0000095 at wedge pattern support.
This dog-themed meme coin trading below the daily Exponential moving average highlights the path to least resistance is down.
However, the two converging trendlines of falling wedge patterns indicate a waning bearish momentum. Thus, SHIB price is poised for an upside breakout, which could signal an initial sign of trend reversal.
The relative strength index (RSI) bounced from oversold to 35%, accentuating the demand pressure at a discounted value.
The post-breakout rally may push the asset 50% to hit $0.00002.
Frequently Asked Questions (FAQs)
The ongoing correction trend and broader market factors outweighed the impact of the 40 million SHIB burn, leading to a 4% price drop.
The 37% drop in Open Interest suggests reduced market participation and waning investor confidence in SHIB, contributing to the price decline.
The falling wedge pattern indicates a steady correction, but it also signals a potential upside breakout, which could lead to a trend reversal.
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.
Source link
You may like
Buy As Much Bitcoin As You Can Before $100K
Floki whipsaws 14% on Coinbase listing
Top Crypto Performers of the Week
No, BlackRock Won’t Ossify Bitcoin
Six US Banks Issue Urgent Debit Card Alerts, Forcing Mandatory Replacements for Many, After Third-Party Security Breach
5 tokens investors need to consider buying right now
The cryptocurrency market has experienced a volatile week, following Bitcoin price hitting an all-time of $93,434.36, then dropping to $87,000, before beginning a recovery. BTC has been trading between $86,682.82 and $90,677.18, causing shockwaves in the entire market. Some top altcoins including Ethereum have also dropped in their values. In spite of these changes, certain alternative cryptocurrencies showed remarkable success. Included in the group are Pepe (PEPE), Dogecoin (DOGE), Brett (Based) (BRETT), and Bonk (BONK), all of which exhibited resilience and remarkable increases.
Best Crypto Performers of the Week
1. Pepe (PEPE)
PEPE, a frog-themed cryptocurrency, is continually rising in value, driven by its popularity among the crypto community that loves memes. Pepe continues to be one of the most active and volatile tokens in the meme coin category with a market cap exceeding $9.08 billion.
The meme coin has seen a massive 4,479% surge in whale inflows, indicating confidence among large holders. The influx of funds has pushed PEPE prices to new highs. A significant movement involved 506 billion PEPE worth $11,405,224 transferred to Robinhood.
With Robinhood listing PEPE, institutional buying may be driving the surge, with PEPE Price rising nearly 250% from its recent low.
2. Dogecoin (DOGE)
As the pioneering meme coin and the largest by market cap, Dogecoin (DOGE) still maintains its popularity in the cryptocurrency sphere. Over the past week, Dogecoin’s price increased by 87.67%, and today, it is traded at $0.3725.
DOGE has a market cap of $54.68 billion and a 24-hour trading volume of $14.66 billion, making Dogecoin one of the best meme coins to buy, for retail and institutions due to its strong liquidity. This crypto’s 90-day growth of 263% highlights the increased positivity surrounding it.
3. Minotaurus (MTAUR)
Presale Price: $0.00005982 USDT
Minotaurus, a blockchain gaming project, is gaining attention, among gaming tokens as it combines engaging gameplay with strategic elements. Its token, MTAUR, is deeply integrated into its ecosystem, enabling features like avatar customization, special zone access, and power-ups.
Currently, in its presale phase, Minotaurus is priced at $0.00005982 USDT, offering a 70% reduction from its upcoming listing price of $0.00020 USDT. Early participants have already seen a 50% growth, with more potential upside once the token lists.
Minotaurus also emphasizes security, with its smart contract passing audits by SolidProof and Coinsult. The project’s referral and vesting programs drive community engagement, allocating 10% of tokens to foster a loyal user base.
Positioned in the $15 billion casual gaming market, Minotaurus is attracting attention for its strong fundamentals and strategic focus.
3. Brett (Based) (BRETT)
Brett (Based) is proving to be a rising star in the meme coin and community-driven category. Despite its relatively smaller market cap of $1.67 billion compared to other major players, Brett recorded a 77.57% increase this week.
Its unique branding and connection to niche communities have helped drive organic growth. Brett’s 114.53% growth over 90 days highlights its potential to challenge more established meme coins.
4. Bonk (BONK)
Bonk, one of Solana memecoins, has become a household name among crypto enthusiasts this week. Its 71.62% increase in price over seven days reflects robust interest and significant trading activity. With a market cap of $2.87 billion and a 24-hour trading volume of $1.26 billion. BONK thrives in the Solana ecosystem, leveraging its speed and scalability.
Final Thoughts: Opportunities in Top Crypto Performers
This week’s crypto market spotlight highlights the diversity of opportunities available, from meme tokens like Pepe and Dogecoin to innovative projects like Minotaurus. While Pepe and Dogecoin reflect the enduring power of community-driven momentum, Brett and Bonk showcase the evolving appeal of niche ecosystems. Minotaurus stands out with its unique integration of blockchain gaming and community-focused tokenomics.
As the market shifts, these top crypto performers exemplify how various strategies, communities, and use cases can lead to remarkable growth in the crypto space.
Frequently Asked Questions (FAQs)
Bitcoin retraced due to market volatility, impacting major altcoins like Ethereum as traders adjusted positions.
Pepe, Dogecoin, Brett, Bonk, and Minotaurus stood out with impressive price movements and growing community interest.
Minotaurus combines engaging gameplay with strong fundamentals, offering utility-driven tokens and community-focused incentives.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Source link
Aureal One
4 Crypto That Could Explode in November?
Published
15 hours agoon
November 15, 2024By
adminThe cryptocurrency market has experienced a notable surge in November, capturing the attention of investors seeking substantial returns. Several Crypto poised for significant growth this month, presenting promising opportunities for those looking to capitalize on the current bullish trend.
4 Cryptos That Could See Big Moves This November
Bitcoin remains steady above $87,000, while Ethereum trades at just over $3,000. Crypto market action remains mixed, with optimism rising after significant surges across cryptocurrencies. These four crypto show a potential for explosive growth in November, attracting attention amid broader bullish trends.
Goatseus Maximus (GOAT)
Goatseus Maximus (GOAT) has experienced a remarkable surge, climbing 19% in the last 24 hours to $1.07. This meteoric rise has resulted in an astonishing 900% growth since its debut, placing GOAT among the top cryptocurrencies to watch.
The upward momentum stems from factors such as AI integration, strategic exchange listings, and increased investor interest driven by election dynamics. GOAT price could soon hit an all-time high of $1.14. If current buying trends continue, its price may soar to $1.5 or $2. With robust investor confidence, Goatseus Maximus is quickly establishing itself as a top pick in the crypto market.
Aureal One
Aureal One has launched a highly-anticipated presale for its revolutionary metaverse platform, witnessing rapid traction within minutes. The platform integrates blockchain technology with immersive virtual experiences, blending the metaverse, gaming, and practical real-world applications. The advanced Aureal One Blockchain is at its core, powering two flagship projects: DarkLume and Clash of Tiles.
These projects showcase the blockchain’s innovative capabilities, delivering dynamic and interactive experiences that foster community and personal growth. Boasting a unique ecosystem and state-of-the-art features, Aureal One emerges as a standout investment in the metaverse and virtual reality arena. Investors are keen to capitalize on its immense potential.
Cardano (ADA)
Cardano (ADA), a leading third-generation blockchain, is gaining traction for its eco-friendly proof-of-stake (PoS) technology. This innovative approach differentiates it from energy-intensive proof-of-work (PoW) systems. Over the past year, the ADA price surged by 80%, reaching $0.6624, making it the crypto that could explode. Notably, a 24-hour spike saw a 20% rise, reflecting growing interest in its sustainable blockchain model.
The whale activity in Cardano has surged, significantly affecting the market. Data reveals a recent increase in the percentage of stablecoins held by whales with over $5 million holdings, aligning with a sharp rise in ADA’s price. This trend indicates potential market confidence and could signal continued bullish momentum for ADA, emphasizing growing interest from large investors.
XRP
XRP, a key asset on the decentralized XRP Ledger (XRPL), has surged 20% in the last 24 hours, reaching $0.878127. Known for its open-source, permissionless technology, the XRPL delivers fast, scalable transactions, enhancing its appeal among developers and investors.
Crypto analysts suggest that XRP might be on the verge of a significant price surge, similar to its trajectory in 2017. XRP has broken out of a large symmetrical triangle pattern, a formation that previously preceded a significant rally. The analyst compares this to the 2017 market behavior and estimates that the XRP price could hit $1.96 by the end of November, rising further to $4.80 by the end of 2024 and reaching $23 by January 2025.
#XRP has broken out of a large symmetrical triangle, just like in 2017. Measuring the monthly closings in 2017, we could see XRP at $1.96 at the end of this month, at $4.80 the end of 2024 and $23 at the end of January 2025. pic.twitter.com/8H05AJyLOf
— CryptoBull (@CryptoBull2020) November 15, 2024
November offers enticing possibilities for crypto traders as bullish trends dominate the market. Observing the highlighted tokens may provide valuable insights into opportunities for substantial gains.
Frequently Asked Questions (FAQs)
Aureal One’s innovative blockchain powers a metaverse platform and flagship projects like DarkLume and Clash of Tiles, attracting investors with its futuristic ecosystem.
Cardano’s eco-friendly proof-of-stake (PoS) blockchain and increasing whale activity have led to an 80% price surge this year, with potential for continued growth.
XRP’s breakout from a symmetrical triangle pattern suggests a significant rally is ahead, with projections to hit $1.96 by November’s end.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Source link
Hedera
Hedera’s HBAR momentum has just began, analyst says
Published
19 hours agoon
November 15, 2024By
adminHedera Hashgraph was one of the best-performing cryptocurrencies on Friday, November 15, as a popular crypto analyst made his bullish case.
Hedera Hashgraph (HBAR) price rose to $0.0767, its highest level since July 17, and 66% above its lowest level this month.
In an X post, a trader known as Maverick, who has over 145,000 followers, said that HBAR’s climb had just begun. He believes that it can surge to the year-to-date high of $0.1813, which is about 182% higher than the current level.
Maverick cites the rising Hedera Hashgraph’s volume and the recent application of a spot ETF by Canary Capital as a potential catalyst. There is a likelihood that Donald Trump’s Securities and Exchange Commission would easily approve such an ETF.
Another potential catalyst for Hedera Hashgraph is that its futures open interest has been in a strong uptrend. It jumped to $66.7 million, up from $26.6 million in September, a sign that it is seeing strong demand.
Still, Hedera Hashgraph has numerous challenges. For one, while it counts large companies like Ubisoft, Dell, Boeing, Google, and Deutsche Bank as members of its governance council, its ecosystem is fairly small.
For example, it has a DeFi total value locked of just $44 million, making it much smaller than newer blockchains like Sui and Base Blockchain. DEX networks in its ecosystem handled tokens worth $35.4 million in the last seven days, making it the 32nd biggest chain in the industry.
HBAR price could hit $0.1 soon
The daily chart shows that the Hedera Hashgraph price has bounced back in the past few days. This recovery happened after it formed a double-bottom pattern around the support at $0.045. In most periods, this is one of the most bullish patterns in the market.
Hedera has also soared above the key resistance level at $0.063, the neckline of this pattern. It has also jumped above the 50-day and 200-day moving averages.
Therefore, the path of the least resistance for the coin is bullish, with the next psychological level to watch being at $0.10, which is about 45% above the current level. The stop-loss of this trade will be at $0.055.
Source link
Buy As Much Bitcoin As You Can Before $100K
Bitcoin To $800K? Galaxy Digital CEO Unveils 5-10 Year Forecast
Floki whipsaws 14% on Coinbase listing
Top Crypto Performers of the Week
No, BlackRock Won’t Ossify Bitcoin
Six US Banks Issue Urgent Debit Card Alerts, Forcing Mandatory Replacements for Many, After Third-Party Security Breach
5 tokens investors need to consider buying right now
Ripple CEO Garlinghouse Highlights Reason Behind XRP Rally
Jack Mallers New Video About Bitcoin Scarcity is Right on the Money!
Ethereum ETFs Are Thriving Amid ‘Overdue Excitement’ and Rising Optimism: Analysts
Flockerz presale crosses $1.8 Million; geared to be the best meme coin investment
XRP Price Skyrockets To 2-Year High, What Next?
The Consensus Conundrum
The Many Ways Crypto Won in This Election
Bybit brings bbSOL yield to more users via key DeFi integrations
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump4 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin4 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Price analysis3 months ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
✓ Share: