Author: Sollcrypto
Shiba Inu (SHIB), once a prominent player in the world of meme coins, is now teetering perilously close to a crucial threshold, with its price hovering around the annual lows at approximately $0.00000683. This vulnerable position starkly contrasts the exuberant highs it achieved earlier in 2023, casting a cloud of uncertainty over its immediate prospects. The sustained decline since August reflects a diminishing interest from investors, exacerbated by the broader market’s shift towards more utility-driven digital assets. The present price trajectory of SHIB holds significant importance, and a breach of this pivotal support level could pave the way for two…
After the Terra LUNA network experienced a collapse in 2022, Ethereum’s price mirrored the broader market downturn. Consequently, the price of ETH plummeted to a fresh cycle low of $900 before staging a recovery. However, given the lingering bear market conditions in the world of altcoins, uncertainties have resurfaced regarding the possibility of the price revisiting its 2022 lows. Cryptocurrency Analyst Predicts Ethereum’s Potential Drop to $900 In a recent analysis shared on TradingView, FieryTrading, a cryptocurrency analyst, presents a scenario wherein the price of Ethereum could potentially regress to its 2022 lows. This analysis takes into consideration the numerous…
While Ethereum’s spot prices appear to be in a state of stagnation, fluctuating within the $1,540 to $1,560 range according to technical charts, there is an underlying development that should not be overlooked. Despite this consolidation phase and concerns among holders about Ethereum’s future, it’s noteworthy that Kaiko has observed a gradual increase in the coin’s open interest since September 2023. Ethereum Open Interest on the Rise: What’s the Significance? As of October 10th, Kaiko’s data indicates an accumulation of over 2.2 million contracts, and this number has exhibited a consistent uptrend over the past few weeks of trading. This…
Data from on-chain sources indicates that Ethereum whales have divested approximately 12 million units of the cryptocurrency in the past year, with no apparent signs of reducing their activity. Ethereum Whale Holdings Have Been on a Steady Decline Since 2020. In a recent post on X, analyst James V. Straten delves into the contrasting behaviors of Bitcoin and Ethereum whales. The chart shared by the analyst provides a comprehensive comparison of these prominent holders’ trends for both assets throughout their histories. To define what qualifies as a “whale,” the analyst employs a 1,000-token threshold for both assets. The chart illustrates…
A cross-party committee in the United Kingdom is urging the government to collaborate with non-fungible token (NFT) marketplaces to tackle copyright infringement issues and institute a code of ethics for the protection of creators. This initiative was disclosed in a report published on Wednesday. Copyright infringement arises when NFTs are generated from original works without the consent of their creators and owners. The UK and the United States have witnessed numerous legal disputes related to this issue. Dame Caroline Dinenage MP, who chairs the Culture, Media, and Sport Committee, expressed concern about artists facing the risk of having their hard-earned…
Despite the ongoing uncertainties within the cryptocurrency realm, Cardano’s price demonstrates remarkable resilience, maintaining a firm stance above the $0.24 threshold, which has consistently weathered market pressures for the past nine months. Furthermore, the Momentum indicators, particularly the RSI, signal a notable surge in buying activity around this pivotal support level. This confluence of factors hints at the possibility of the asset being well-positioned for a potential turnaround and the initiation of a recovery phase. Is ADA’s Price Likely to Break Below the $0.24 Support Level? The $0.24 support has the potential to fuel a 15% surge in the coming…
XRP’s price initiated a fresh descent after encountering resistance at the $0.550 level against the US Dollar. This decline could gain momentum and lead to a retest of the $0.45 support. Ripple’s token value is currently retreating following its rejection at the $0.550 resistance against the US dollar.The price is presently trading above the $0.500 mark and remains above the 100 simple moving average (4 hours).On the 4-hour chart of the XRP/USD pair (data sourced from Kraken), a significant bearish trend line is forming, indicating resistance in the vicinity of $0.5065.If the price breaches the $0.488 support zone, there’s potential…
Ethereum’s price recently dipped into the $1,550 range before experiencing a rapid rebound to $1,570, though the potential for further losses remains on the horizon. Furthermore, ETH transaction fees have reached their lowest levels in 2023, causing some traders to grow impatient with the current price dynamics. Amidst the prevailing bearish sentiment, experts from the market intelligence platform Santiment suggest that a potential turnaround may be on the horizon. Notably, Ethereum (ETH) has seen its correlation with Bitcoin (BTC) widen since mid-September, with the second-largest cryptocurrency by market capitalization increasingly charting its own path. This bearish trajectory has often frustrated…
The Bitcoin price has remained in the vicinity of $27,500 for the past few days. During the past week, both Bitcoin Cash and Bitcoin SV have experienced significant declines, with losses amounting to 11.6% and 16.13%, respectively. BTC is once again approaching a point where a bearish crossover is imminent, potentially leading to substantial losses. Last week, Bitcoin price managed to break through the Exponential Moving Averages (EMA) and trade above $27,500. However, despite this upward movement, the diminishing bullish sentiment poses concerns not only for BTC but also for its hard fork counterparts, Bitcoin Cash and Bitcoin SV. Tokens…
Ethereum, the cryptocurrency ranking as the second-largest by market capitalization, finds itself in a challenging phase at present. The once-thriving DeFi and NFT sectors, which played a pivotal role in propelling Ethereum’s remarkable ascent, are currently subdued. The excitement and activity surrounding these sectors have waned, resulting in a noticeable reduction in Ethereum’s trading volume. Furthermore, the notion of Ethereum as “ultrasound money” is under scrutiny. Initially hailed as a deflationary asset following the introduction of the EIP-1559 upgrade, which incorporated a mechanism to burn a portion of transaction fees, Ethereum’s current status seems to challenge this characterization. The deflationary…