Cardano’s Rally Turns Cold Feet

Posted on January 7, 2025January 7, 2025 by Olumide Adesina

Cardano’s rally isn’t as strong as before even as Bitcoin’s broke above $101K. ADA’s price has been consolidating within a narrow range after gaining a third of its value in the past week

Cardano’s price surged above the upper line of the bearish descending wedge pattern it had been trading in for the past few weeks. ADA has been consolidating in a narrow range with support at $1.05 and resistance at $1.1 as the bulls lose momentum

ADA is trading at $1.1 at the time this analysis was written. The coin may eventually move toward the $1 support zone due to the growing bearish sentiment towards it. The altcoin may fall below $1 to settle at $0.95 if it can’t hold the $1 support line.

Although the technical outlook is pessimistic, on-chain data presents a more positive image. Coinglass reports that long-term holders are becoming more optimistic. There has been a significant outflow of ADA from exchanges this month.

Interestingly, there haven’t been any sizable inflows during this time, indicating that investors are likely holding onto their positions rather than liquidating them.

This pattern suggests that long-term holders are still optimistic and may see the current drop in price as a chance to buy more ADA. The current market sentiment projects that if the bearish phase ends, a rally may be in play as these assets leave exchanges and enter private wallets.

ADA’s Outlook

Cardano’s short-term price action is set up for a further drop, possibly hitting the $1 support level. Nonetheless, many long-term holders prefer to hold rather than sell, and the attitude among buyers is still positive. Investors will watch the technical indicators and on-chain metrics to determine the best entry points given ADA’s price volatility.

Why XRP Might Sink Like Titanic Ship

Posted on January 7, 2025 by Olumide Adesina

XRP has sparked caution among investors and cryptocurrency enthusiasts as bullish signals worry about losing momentum. The Ripple-based token is changing hands at $2.43 with little gains though it posted a 20% rise in the past week.

Price action

The next significant level for the price of XRP is $2.90, which is consistent with an upward spiral forecast. Analysts, however, believe that the breakout strength is still uncertain. The crucial support levels before a stronger move are $2.00 and even $1.47, which the price of XRP may retreat to if it fails to break out of this level.

A bearish trend, marked by sluggish price movements and decreased investor participation may hurt its future. This might cause profit-taking and additional price drops, which could cause XRP to drop below its $2.00 support level.

This support for XRP is established at the crucial $2 price level. It may be difficult for the bulls to hold this price point amid increased selling pressure.

XRP is currently trading below its 20-day exponential moving average (EMA), which determines the average price of an asset over the previous 20 days and gives more weight to recent prices. A downtrend or increased short-term selling pressure is indicated when the token falls below this important moving average, confirming bearish sentiment.

A stronger selling pressure could cause the price of the XRP token to drop below the $2 support provided by the lower line of its descending triangle. The token’s value will plummet to $1.88 in that case. If this level is broken, XRP’s price might fall even lower to $1.35.

The low accumulation seen from XRP whales in recent weeks has elevated uncertainty. Santiment claims XRP whales that own between 10,000,000 and 100,000,000 tokens have decreased their holdings by 350 million XRP.

This indicates that this group of XRP investors has sold tokens totaling $746 million during the reviewed period, which has pushed the price of the cryptocurrency lower.

Ripple’s RLUSD Bigger Than PayPal’s Stablecoin Market

Posted on January 7, 2025 by Olumide Adesina

Ripple’s recently launched stablecoin, RLUSD, reached a noteworthy milestone. It surpassed PayPal USD (PYUSD) and EURC in 24-hour trading volume.

RLUSD recorded a daily trading volume of $35 million, surpassing PYUSD’s $19.7 million and EURC’s $12.4 million, according to data shared on X by the Paul Barron Network. The strong reception of RLUSD in the banking and decentralized finance (DeFi) sectors is reflected in this volume spike.

RLUSD’s ability to beat more well-known competitors like PYUSD demonstrates Ripple’s stablecoin strength.

PayPal’s large user base helps PYUSD, but RLUSD offers special value propositions due to its integration with the XRP Ledger and emphasis on cross-border payments. RLUSD had significantly outperformed EURC and PYUSD. It is currently ranked fourth at $417.8 million in 24-hour trading volume. It trails USDC, USDT, and FDUSD.

Ripple introduced RLUSD as part of a larger plan to fortify its position in the banking industry and enter the DeFi market. It is accessible on the Ethereum network as well, exposing a wide spectrum of users to the XRP ecosystem and enabling them to benefit from it.

Ripple wants RLUSD to reach a $2 trillion market valuation before the end of this decade. This forecast illustrates the company’s aim to build a long-term presence in a market where rivals like Tether and Circle continue to pose a serious threat.

Monica Long, the president of Ripple, claims that RLUSD is meant to supplement XRP rather than take its place. According to her statement from last June, “The RLUSD stablecoin is designed as a complementary element to the XRP ecosystem,” positioning the two assets as strategic pillars within Ripple’s offering

Big Players dominate Ripple’s stablecoin (RLUSD) Market

Posted on January 6, 2025January 7, 2025 by Olumide Adesina

Ripple’s stablecoin (RLUSD), saw an impressive spike in trading volume. The token’s total trading volume reached over $600 million despite having a market capitalization of only $53 million, placing it as the fourth most-traded stablecoin.

The trading volume on the RLUSD/USD pair at Bullish looks disproportionately high, according to a validator on XRP Ledger (XRPL); the pair has low liquidity, meaning that only a few players are accountable for such startling figures.

Most of these tokens, specifically 70.97 percent, or roughly 40,880,019 tokens, are managed by the Ripple Deployer address. Bullish holds about 3 million RLUSD, or 5.2 percent of the entire supply, and is held by Bullish’s address. Notably, with six trading pairs with RLUSD listed just last week, the Bullish trading platform—represents over 96% of the stablecoin’s trading volume.

Uphold, a global multi-asset digital trading platform controls the fifth-largest RLUSD reserve. Bitso, a cryptocurrency exchange based in Mexico, has the seventh-largest RLUSD wallet.

Ethereum’s co-founder Sells 28 Meme Coins Worth $1 Million

Posted on January 6, 2025 by Olumide Adesina

Vitalik Buterin, Ethereum’s co-founder, recently sold about $1 million worth of meme coins

Buterin sold meme coins in exchange for USDC stablecoin tokens intended for charitable donations on January 6 through a series of swaps. Data shows that the “vitalik . eth” address made about $1 million from selling 28 meme coins.

Buterin’s public wallet frequently receives free tokens from meme coin developers, either as a marketing tactic or as a nod to one of the most well-known blockchain developers and pioneers.

Buterin occasionally donates these meme tokens to charitable organizations. Even though they are unintended, his sales frequently cause the tokens’ prices to drop significantly. For instance, after he exchanged DINU for USDC, the value of one of the meme coins he sold fell by more than two-thirds of its value

Meanwhile, he recently called for a “pause” in artificial intelligence advancement in a post on his blog on Sunday night.

He claims that the imminence of an artificial “superintelligence” was an existential threat to humanity. Vitalik Buterin suggests, among other things, a one- or two-year “pause” potent computer chip production.

The goal would be to “buy humanity more time to prepare” by cutting the computing power computers depend on by more than 99 percent. He thus reaffirmed the necessity of putting the idea of “decentralized/defensive acceleration – d/acc” into practice.

Forex Signals Brief January 6: Forex Traders Are Back at Work, Starting 2025 with Inflation Data

Posted on January 6, 2025January 5, 2025 by Skerdian Meta

The USD made considerable gains against most major currencies in 2024, particularly in Q4, and it already started 2025 on a great footing.

Continue reading “Forex Signals Brief January 6: Forex Traders Are Back at Work, Starting 2025 with Inflation Data” →

SUI Shows Buyers Exhaustion

Posted on January 6, 2025 by Olumide Adesina

SUI showed signs of bullish exhaustion amid high buyer pressures in the crypto market. The 12th most valuable crypto asset is down 86 basis points with a market valuation of about $16 billion.

The altcoin will likely face seller pressure below the breakout level of the $5 support line. The price must drop below $4 for a bearish confirmation bias A strong rebound from $5.25, on the other hand, will indicate that the bulls are attempting to turn the level into support.

Additionally, the new all-time highs on SUI follow important ecosystem developments. On-chain analytics firm Coinglass claims that the bullish move caused retail investors, investors, and long-term holders to sell their SUI tokens, which may be profit-taking signs. According to data on inflows and outflows, SUI tokens totaling $16 million were added to exchanges.

The transfer of assets from the wallets of long-term holders to exchanges may indicate a possible divestment in the cryptocurrency market, which could result in selling pressure and a price drop. , SUI’s price is still solid at $5 amid market correction.

The recent rally that occurred despite the January 1 token release event, which saw the release of 64.19 million tokens valued at $300 million, is also noteworthy.

Though it was widely expected, this abrupt increase in supply could have had a negative effect and did not impede SUI’s ascent, indicating the token’s resilience and investors’ faith in its long-term prospects.

Ethereum Breaks Jail, set for $4K March

Posted on January 6, 2025January 6, 2025 by Olumide Adesina

Ethereum surged 2 percent on Monday’s trading session after breaking and closing above its upper consolidation level of $3,500 in the new week

This area was a crucial accumulation zone that promoted higher buying pressure and an upward spike. The $4K resistance becomes a psychological and technical barrier as the price rises, and a clear breakout is necessary to create a long-term upward trajectory

The most valuable altcoin consolidates between $3.5K-$4K, suggesting a possible breakout in either direction. A successful break through the $4K barrier might confirm bullish sentiment and pave the way for a new rally. On the other hand, further consolidation or retracement within the current range could result from rejection at this level

The daily chart’s RSI is near 60, above its neutral value of 50, indicating that bullish momentum is gaining ground The MACD indicator indicated an upward trend on Friday by flipping a bullish crossover on the daily chart.

A strong rally could follow a successful breakout above the $4K resistance, but a failure could mean extended consolidation or retest of lower support levels around $3.5K.

The Taker Buy Sell Ratio shows whether buyers or sellers are more aggressive in carrying out market orders. This indicator has shown a significant increase since Ethereum’s bullish recovery close to the $3K support, suggesting a spike in market buy orders in the futures market.

This pattern implies that traders in the futures market are growing more hopeful about Ethereum’s near-term price trajectory and anticipate that the asset will move closer to the $4K resistance.

Stellar’s XLM Bullish Than Ripple’s XRP

Posted on January 6, 2025January 6, 2025 by Olumide Adesina

Stellar is poised for a robust bullish breakout in January. XLM is now setting itself apart with a more decentralized strategy after being marginalized by the Ripple-based token. XRP has reached overbought RSI levels for the first time since the 2021 bull market peak, following a gain of over 280 percent in November.

The RSI is above 80 on the daily chart and the weekly RSI is approaching historical highs, which indicates the buyer’s exhaustion. Stellar had a deflationary advantage due to the significant reduction in supply caused by the 50% token burn in 2019. XLM surged more than 450 percent in tandem with XRP in November.

XLM’s RSI levels are not as high as those of XRP, however, If $0.4 is lost, selling may speed up. It is a crucial pivot point. Long-term buyers may have a safety net with the 200-week moving average drawing near, Although its trading volume is much lower than Ripple’s XRP the token has been less parabolic

Their growth models and tokenomics differ greatly, but both assets seem ready for institutional adoption. XLM is developed through community-based utilities, whereas XRP depends on institutional support.

Stellar is a decentralized peer-to-peer (P2P) network developed in 2014. Its purpose has been to link global financial systems and create a uniform protocol for financial institutions and payment providers. The platform facilitates the quick, dependable, and affordable transfer of financial assets.

Bitcoin Marches Near 100K Again

Posted on January 6, 2025 by Olumide Adesina

Bitcoin (BTC) kept getting closer to the $100,000 mark in Monday’s trading session.

Increased holdings among the wealthiest could encourage retail investors to increase their BTC holdings, tipping the supply-demand balance in favor of Bitcoin, according to market sentiment regarding demand.

Market participants predicted that the correction would persist, pushing Bitcoin below $90,000, however, the bulls intervened to prevent such a price moderation. Instead, Bitcoin began to rebound and experience significant price fluctuations amid market volatility.

Publicly traded companies are joining the fray, along with the incoming Trump Administration, which intends to create a strategic Bitcoin reserve. The Donald Trump Administration plans to keep them rather than sell them.

The Coinbase Premium Index, which calculates the difference in BTC prices between Coinbase and Binance, is a crucial indicator that highlights the general attitudes of US investors toward Bitcoin and cryptocurrency. It indicates that US-based investors are making significant investments when it soars into positive territory, and vice versa. According to reports, the metric recently fell to an all-time low, coinciding with the increasing outflows from ETFs following the FOMC meeting.

However, data from CryptoQuant now indicates that it nearly instantly returned to neutral territory after hitting that low. This demonstrates that institutional investors and the US’s sentiment has returned.