Coinshares: Inflows Into Digital Asset Products Reach $1.2 Billion

September 30, 2024 Bitcoin.com

Here’s Why Bitcoin Is Still in the Middle of a Bull Market, According to CryptoQuant CEO

September 30, 2024 The Daily Hodl

XRP price eyes 30% upside after key resistance area breaks

April 7, 2023 Coin Telegraph

More gains for XRP price appear likely due to a classic bullish continuation pattern alongside strong whale accumulation.

XRP (XRP) has risen by an impressive 60% in the first quarter of 2023, helped by rising speculation over Ripple's legal win versus the U.S. Securities and Exchange Commission (SEC) and broader bullish sentiment in the cryptocurrency market.

The XRP/USD pair now eyes more gains in the second quarter, primarily due to a classic bullish continuation pattern.

XRP price paints bull pennant

Late March, XRP broke above its multi-month ascending trendline resistance, averting a potential 35% correction. The rebound reached $0.58 on March 29, its highest level since May 2022.

Now, XRP has been consolidating sideways in what appears to be a bull pennant. This bullish continuation pattern forms when the price consolidates inside a symmetrical triangle after undergoing a strong rally.

A bull pennant resolves after the price breaks above its upper trendline while accompanying a rise in trading volumes. The pattern's breakout target is obtained by adding the height of the previous uptrend (flagpole) to the breakout point.

In other words, a bullish target of $0.65 in Q2 for XRP price, up around 30% from current levels.

*XRP/USD daily price chart. Source: TradingView*

Conversely, a decisive close below the pennant's lower trendline risks invalidating the bullish setup and increases XRP's probability of testing its 50-day exponential moving average (50-day EMA; the red wave) near $0.44 as its next downside target.

Whales scoop up XRP as dollar weakens

The YTD gains in XRP price coincide with a rise in whale accumulation, according to data tracked by Santiment.

Related: Why is XRP price up today?

For instance, the supply of XRP held by most whale address cohorts — be it 1,000-10,000 XRP, or 100 million-1 billion XRP — has increased alongside its 40% gains in 2023 despite reports of some whales dumping XRP worth around $35 million.

*XRP supply distribution among whales. Source: Santiment*

Meanwhile, a weakening U.S. dollar has boosted risk-on assets across the board, including Bitcoin (BTC), whose correlation with XRP has largely remained in lockstep on a daily timeframe this year.

*XRP/USD and BTC/USD daily correlation coefficient. Source: TradingView*

Overall, the bullish scenario for XRP remains dependent on a Ripple win against the SEC in the near term, while a "sell the news" scenario should also not be ruled out.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

3 signs Axie Infinity price risks giving up its 135% gains in January

January 23, 2023 Coin Telegraph

Altcoin Market

AXS price has formed a "gravestone" doji on its daily chart that coupled with its recent token unlock event hint at a potential bearish reversal ahead.

Axie Infinity (AXS) has rallied 135% month-to-date to reach approximately $14 on Jan. 23, its highest level in two months. Nonetheless, the AXS/USD pair could suffer major losses in the coming weeks owing to a flurry of negative technical and fundamental indicators.

Axie Infinity price prints "gravestone" doji

The AXS price formed a "gravestone doji" candlestick on Jan. 23, which technical analysts view as a bearish reversal pattern.

A gravestone doji appears when an asset's opening, closing, and the lowest price comes to be nearly identical except for the highest price, as shown in the chart below. The long upper wick shows that the bears pared all of the gains printed by the candle during the given session.

*AXS/USD daily price chart featuring gravestone doji. Source: TradingView*

AXS seems to have been forming a similar candlestick pattern as of Jan. 23, with bears rejecting its advance above the $14 price level, triggering a 10%-plus intraday price drop.

In addition, the rejection came as the AXS/USD pair's relative strength index (RSI) crossed into overbought territory, coinciding with its price testi the 200-day exponential moving average (200-day EMA; the blue wave in the chart above), which has served as resistance in January 2022 and April 2022.

These three factors have raised AXS's possibility of undergoing a price correction in the coming weeks. The nearest downside target for AXS comes to be near its 50-day EMA (the red wave) at around $8, or a 40% drop by March.

Axie Infinity total supply expands 1.8%

From a fundamental perspective, the Axie Infinity price could fall in the coming weeks due to its latest supply unlock.

On Jan. 23, AXS's circulating supply grew by 4.8 million, about 1.8% of its total supply of 270 million, after a scheduled vested token unlock. Theoretically, more supply could push prices lower if demand does not increase.

$AXS #AXS

Token unlocking coming ⚠️⚠️⚠️

Dont #fomo guys this one …looks like #bulls are doing exit pump on $axs pic.twitter.com/azSvRYjZ7m
— KalababaS crypto world (@KalababaS) January 23, 2023

AXS price bullish hopes remain

On larger-timeframe charts, however, AXS appears to have formed a falling wedge, which analysts treat as a bullish reversal pattern.

*AXS/USD three-day price chart featuring falling wedge pattern. Source: TradingView*

AXS's ongoing recovery run has resulted in its price breaking out of the wedge that's been in place since May 2022.

In theory, such a move could mean that the price could rise by as much as the the wedge's maximum height. In other words, the bullish target for AXS price is now around $22.50, up nearly 70% from current prices.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Shiba Inu Burn Rate Hits 26,000% in the Last Day, 1.4 Billion SHIB Destroyed in 24 Hours

April 9, 2022 Bitcoin.com

Ethereum price risks losing $4K on ‘rising wedge’ breakout fears

November 16, 2021 Coin Telegraph

Ethereum price risks losing K on ‘rising wedge’ breakout fears

Altcoin Market

The potential price decline would also mark ETH’s return to its ascending channel support.

A selloff in Ether (ETH) on Nov. 16 has increased the chances of its price falling below $4,000.

ETH plunged 10% to around $4,100 amid an ongoing market correction led by Bitcoin (BTC). In doing so, Ether dropped below its fourth-quarter upward trendline support.

*ETH/USD daily price chart. Source: TradingView*

ETH/USD also tested its 50-day exponential moving average (50-day EMA; the velvet wave in the chart above) as its new price floor before bouncing higher. The next support line to keep an eye on if the 50-day EMA is broken is somewhere around $3,700.

More declines ahead?

The given ascending trendline comes as a part of a rising wedge, a technical pattern many analysts treat as a bearish reversal signal. It appears when the price fluctuates inside a range defined by two converging, rising trendlines.

*ETH/USD daily price chart featuring rising wedge setup. Source: TradingView*

Meanwhile, analysts confirm a wedge breakout when the price breaks below the lower trendline and if accompanied by a rise in trading volumes. They typically eye a run down toward the level at a length equal to the widest distance between the wedge’s trendlines.

As a result, Ether has the potential to drop below $3,000, based on the rising wedge setup. Nonetheless, there is a catch.

Retesting ascending triangle resistance as support

Offsetting the bearish reversal setup brought forth by the rising wedge structure is an ascending triangle, which puts Ether at around $6,500 by the end of 2021.

The bullish setup emerges as the price of ETH retests the triangle’s resistance level as support days after breaking above it. Such a move typically removes weak hands from the market and creates opportunities for traders/investors with a long-term upside outlook based on the asset’s strong underlying fundamentals.

*ETH/USD three-day price chart featuring ascending triangle setup. Source: TradingView*

Therefore, Ether’s latest pullback may end up exhausting as ETH price reaches the triangle resistance below $4,000 — also the rising wedge’s lower trendline. Should a rebound follow suit, the price could climb toward $6,500.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.

Shiba Inu risks drop with SHIB’s 574% October’s price rally near exhaustion

October 26, 2021 Coin Telegraph

Altcoin

Shiba Inu's massive gains all across October may pare on potential bearish divergence signals and an overvalued relative strength index.

Shiba Inu (SHIB) may see a pullback by almost 25%-35% on fears that the cryptocurrency's excessive price rally in October has left it overvalued, a key indicator shows.

Dubbed Relative Strength Index (RSI), the indicator measures the magnitude of an instrument's recent price changes to evaluate its oversold and overbought conditions. The result can be anywhere between the number 0 and 100, with a reading below 30 showing the instrument's oversold and above 70 showing its overbought status.

SHIB crossed above 70 on Oct. 3 and peaked around 94 three days later. Ideally, its overbought reading could have resulted in price correction. But SHIB continued its rally as the monthly session progressed, eventually rising over 574% to its five-month high at $0.00004860 on Tuesday.

Bearish divergence

On the other hand, Shiba Inu's RSI slipped lower, thus creating a broad divergence between SHIB's price and momentum. That reflected an underlying weakness in the cryptocurrency's ongoing uptrend, raising possibilities of a pullback in the coming days.

*SHIB/USDT daily price chart featuring divergence between the rising price and falling RSI. Source: TradingView*

Additionally, the last three price candles on the Shiba Inu daily chart formed a sequence of higher highs at their close. But that coincided with declining trading volumes three days in a row, thus further validating the SHIB uptrend's underlying weakness.

That does not mean an immediate price correction. According to the breakout that followed the formation of a Bull Pennant indicator, SHIB bulls appeared to have been eyeing $0.00005222 as their next upside target.

25%-35% SHIB price pullback?

A Fibonacci Retracement graph between the Shiba Inu's swing high of $0.00003466 and the swing low of $0.00000621 presented a string of levels that earlier served as support and resistance.

For instance, the 1.618 Fib line of the graph coincided almost with the Shiba Inu's Bull Pennant target, just a two-notch upward at $0.00005224.

Thus, the resistance confluence of the 1.618 Fib line and Bull Pennant target raised SHIB's potential to test the $0.00005222-$0.00005224 price range before undergoing a strong price correction.

*SHIB/USDT daily price chart featuring Fibonacci retracement levels. Source: TradingView*

In doing so, the cryptocurrency's next downside target is near the 1.0 Fib line of $0.00003466, almost 25%-35% below the current price and $0.00005224.

On the other hand, a break above the 1.0 Fib line risked invalidating the entire bearish setup temporarily. That said, a bullish move may still make SHIB excessively overvalued based on its RSI readings, raising the potential of a correction in future sessions.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

LINK price locks in 36% gains following Ethereum layer 2’s Chainlink integration

September 6, 2021 Coin Telegraph

Altcoin Market

The price of LINK also surged in the wake of a marketwide bullish boom, wherein Bitcoin and its top rivaling altcoins jumped in tandem.

Chainlink emerged as one of the best cryptocurrency performers on Sept. 6 as the price of its LINK token jumped 8.25% against the U.S. dollar.

The LINK/USD exchange rate reached $36.35 for the first time since May 20, months after bottoming out near $13.45 — thus recovering by more than 170% altogether. At the same time, its recent bout of buying saw prices bringing in about 36% month-to-date returns.

Ecosystem growth

Optimism Ethereum announced on Sept. 1 that it had integrated Chainlink's market-leading decentralized oracle solutions to its Ethereum layer-two services. As a result, LINK — which serves as a payment and staking token inside the Chainlink ecosystem — rose by 36% on the prospects of seeing higher interim demand from Chainlink users.

The same fundamentals previously assisted LINK investors in closing 2020 at a 540% profit.

A booming decentralized finance (DeFi) space and its dependency on Chainlink to secure live data feeds pushed demand for LINK higher among users and speculators alike. As a result, Chainlink's market share in the DeFi reached 80% at one point in time, reported ZDNet.

*How Chainlink works. Source: Chainlink*

LINK continued its climb in the first quarter of 2021, surging 161%, but followed the upside boom with a disappointing second quarter after falling 37%. Its losses came in the wake of an overall correction trend across top cryptocurrency tokens, including Bitcoin (BTC) and Ether (ETH).

Yuriy Mazur, head of data analytics at crypto exchange CEX.IO, said LINK could climb above $50 in the coming three weeks. The analyst cited Chainlink's partnership with over 76 new projects in August as one of the primary bullish indicators for its native token.

He told Cointelegraph:

"This relevance has perhaps boosted LINK accumulation to access the Chainlink offerings. As a result, spot traders appear ambitious to stir the price growth until LINK/USD retests the previous all-time high of $52."

But for Stephen Tuttle, a financial analyst at Seeking Alpha, the next big upside target for Chainlink's token sits near $65.

Tuttle noted that traders have allocated all their attention to Ether due to its principal involvement in the booming nonfungible token (NFT) space. As a result, he anticipated a capital reallocation after the ETH price rally tops out, which would be extremely beneficial to the LINK market.

"If Chainlink can once again reach 0.02 Eth per Link, at Ethereum's current price, this would place the Link token at about $65, or a 2.6x increase from its current price of $25."

At the time of writing, the LINK/ETH rate was 0.009 ETH.

Broadening wedge alert!

LINK's latest price rally also surfaced in the wake of an overall crypto boom, with Bitcoin retaking $51,000 and Ether rising toward $4,000. Crypto traders raised their bids across the board, anticipating that the Federal Reserve would delay its taper plans after two disappointing U.S. jobs reports last week.

As a result, LINK's market bias remains highly correlated to top coins. Atop that, there are hints that the token is seeing the formation of a bearish reversal indicator, as highlighted in the chart below.

*LINK/USD daily price chart. Source: TradingView*

Dubbed an "ascending broadening wedge," the indicator showcases two rising bullish trendlines that deviate from one another. The pattern does not warrant buying exhaustion but points to sellers' ambition to take over each time the price touches the upper trendline.

As a result, LINK/USD still holds the potential of undergoing a large pullback toward the lower wedge trendline (around $28). Nonetheless, bears would need to close below $37.96, the 50% Fibonacci level of the Fibonacci retracement graph drawn from the $52.32 swing high and $13.61 swing low.

XRP price skyrockets by 17% as double bottom chart pattern takes shape

July 28, 2021 Coin Telegraph

Altcoin

Ripple’s XRP token is in the middle of a bullish breakout, which could open the door to $1 next.

XRP’s price swung higher on Wednesday as its parent company, Ripple, entered an agreement with SBI Remit to back a remittance corridor from Japan to the Philippines.

Positive news boosts XRP’s price

The Ripple blockchain’s native cryptocurrency, also ranked as the sixth-largest digital asset by market capitalization, reached its one-month high of $0.759 after rallying 17.73% intraday. At a monthly low, it was changing hands for as little as $0.514.

*XRP sustains its uptrend amid a market-wide bullish mood. Source: TradingView*

The bullish boost came over a partnership between Japan’s largest money transfer provider, SBI Remit, and Philippines-based mobile payments service Coins.ph. With additional assistance from SBI’s digital asset exchange platform, the duo aims to use Ripple’s On-Demand Liquidity (ODL) to offer more affordable remittance options for the Filipino diaspora in Japan.

ODL via Ripple’s xRapid cross-border payment service enables parties to send funds using XRP as a bridge currency. In other words, the sender first converts the local fiat currency to XRP and sends it to the receiver via the Ripple blockchain. In turn, the receiver, upon receiving the XRP tokens, converts them back to their local currency.

Technicals skewed to upside

XRP’s latest jump also activated a classic technical setup known as the double bottom, suggesting that Ripple’s token might undergo an extended bullish momentum in the interim sessions.

That is because double bottoms are bullish reversal chart patterns. They appear when an asset drops, rebounds, drops again to the same or similar level to rebound back. The twice-touched high is called a neckline, which, if broken to the upside, expects to send the prices as high as the distance between the neckline and the double-bottom support.

*XRP is forming a double bottom pattern. Source: TradingView*

The maximum double bottom pattern height comes to be $0.25. Therefore, breaking above the neckline (near $0.75) could have XRP traders eye $1 as their next upside target.

Providing support to XRP is also an upside momentum in the broad cryptocurrency market. It began after Tesla CEO Elon Musk revealed that his private rocket company, SpaceX, holds Bitcoin (BTC), the world’s leading digital asset by market capitalization.

The disclosure came during “The ₿ Word” conference last week, also attended by Ark Invest’s Cathie Wood and Twitter’s Jack Dorsey. Dorsey called Bitcoin a big part of Twitter’s future, noting that it is the de facto currency of the internet.

Bitcoin’s 30-day realized correlation with XRP was 0.75 at the time of writing, indicating the assets’ likelihood of moving in tandem. BTC’s price is up over 7% in the past 24 hours, trading over $40,400 at the time of writing.

Altcoin Market

XRP price paints bull pennant

Whales scoop up XRP as dollar weakens

Axie Infinity price prints "gravestone" doji

Axie Infinity total supply expands 1.8%

AXS price bullish hopes remain

More declines ahead?

Retesting ascending triangle resistance as support

Bearish divergence

25%-35% SHIB price pullback?

Ecosystem growth

Broadening wedge alert!

Positive news boosts XRP’s price

Technicals skewed to upside

Share this video