NEIRO up 2000% within a week

Posted on September 19, 2024 by Olumide Adesina

NEIRO rose by more than 2000% for the past seven days. The digital asset posted high buying pressure amid a volatile session in the crypto space. On September 19 the token saw a significant gain, going from $0.0007822 to $0.0009717. At this point, the project has a $400 million market valuation

Wintermute, an algorithmic trading company and liquidity provider, is currently the biggest owner of the digital asset. The fund has recently persisted in repurchasing Neiro on Ethereum, siding with First Neiro in the conflict over Ethereum (community buyout).

Wintermute continues to be the biggest market maker for Neiro on Ethereum, The fund does more than create markets; it also invests in Neiro on Ethereum, which is the asset that powers Binance’s perpetual futures market.

Wintermute’s NEIRO holdings have increased to 63.46 million, but in a matter of minutes, they surpassed 65.41 million. Since September 10, 46 million more tokens have been added.

Wintermute uses a wallet containing over 37 million NEIRO engaged in high-frequency trading. With the wallet taking in deposits from several smaller wallets, it is evolving into a major net buyer.

Market makers employing Bitget and Gate.IO for high-frequency trading driving most of the price activity. Wintermute appears to be taking all the selling, playing a nerve-wracking game with short sellers who want to bring down NEIRO.

Though there have been a few dips along the road because of profit-taking, the expert price projections indicate that the NEIRO price is still undervalued and has a good potential for a significant increase.

Before its launch on Binance, Neiro On Ethereum was a comparatively obscure startup. Conversely, Neiro Ethereum, a related project, was making waves, hitting an all-time high price of $270 million, and even getting listed on Binance Futures.

Binance co-founder, however, clarified that “reflecting on what is a good MEME” led to the decision to put First Neiro on Ethereum. She asserted that the new NEIRO, or First Neiro On Ethereum, is a decentralized meme coin while raising bias that Neiro Ethereum is a highly concentrated bubble and maybe a Ponzi scam.

Ethena Labs shutdown website after hack

Posted on September 18, 2024September 18, 2024 by Olumide Adesina

Malicious actors successfully penetrated the website of a decentralized banking service provider on September 18. The team’s notification clarified that neither funds nor risk were drained and the frontend user interface was affected.

Users were advised to disconnect their wallets and avoid project-related URLs until further notice. Numerous DeFi protocols, including Ethena, have experienced layer-by-layer compromises. Hackers have occasionally targeted on-chain endpoints and used smart contract flaws to steal money.

On the other hand, malicious actors have been more focused on the web2 services that web3 startups use. In July, hackers targeted the websites of Celer Network and Compound Finance in addition to Ethena’s domain registrar.

The most typical assault usually entails using X-page hijacking to initiate phishing operations. Hackers had access to social media accounts earlier this month, controlled by the Trump family and layer-1 blockchain Near Protocol.

One of the biggest operators of synthetic dollars in DeFi is Ethena. There is a $3 billion supply of its dollar-tied, collateralized token, most of which is released on Ethereum.

Dubbed a “synthetic dollar,” the USDe token yields returns to investors by combining a short-term,perpetual ether futures position with liquid ether staking tokens to sustain a $1′ price

Forex Signals Brief Sept 18: Financial Markets Await the Big Event

Posted on September 18, 2024September 17, 2024 by Skerdian Meta

Yesterday, the German and Eurozone ZEW economic confidence indicators continued to decline, but the Euro remained relatively stable. However, EUR/USD finished the day near the 1.11 lows as the US dollar saw modest gains across most pairs ahead of the upcoming FOMC decision. The key driver was a stronger-than-expected retail sales report, which further fueled the debate over whether the Fed would opt for a 0.25% or 0.50% rate cut, pushing both rates and the dollar higher.

Continue reading “Forex Signals Brief Sept 18: Financial Markets Await the Big Event” →

XRP Resilient As Executive Invests $10 Million In DeFi Protocol: Will Ripple Ever Hit $100?

Posted on September 18, 2024 by Dalmas Ngetich

XRP is moving sideways, per the formation in the daily chart. Buyers are upbeat, expecting more gains in the next few trading days. Technically, that prices remain above $0.55 is important. For the uptrend to continue, this level must hold. However, a decisive, high volume close above $0.66 will be necessary for reassurance. Before then, aggressive, risk-off traders can load the dips, expecting more gains in the coming days as sentiment improves.

Traders are closely monitoring candlestick formation now that politicians are warming up to crypto. As things stand, XRP is steady on the last day and up 9% in the past week. The only challenge in the short term is the low engagement. Even as bulls soak in sellers, the average trading volume is back below $1 billion.

XRP and Ripple investors and traders are watching the following news events:

Chris Larsen, the co-founder of Ripple, is a lead investor of Yellow Network, a DeFi protocol. According to reports, the executive poured $10 million into the project. Whether the protocol will deploy on the XRP Ledger remains to be seen.
XRP reaching $100 is possible, one analyst thinks. All that’s needed is for the seventh most valuable network to capture a portion of the average trading volume processed by SWIFT. The network currently processes over $5 trillion in daily transactions, moving over 45 million messages through its global network.

XRP Price Analysis

[[XRP/USD]] is firm at spot rates.

Buyers are in control, soaking in every attempt to push the coin lower.

Technically, as long as prices are above $0.55, every low could offer entries for aggressive bulls.

The first target will be at $0.66.

A break above July highs could see conservative, risk-on traders consider longs with medium-term targets at $0.93 and $1.

However, if there is an unexpected dump below $0.55, XRP might fall to September lows of around $0.50.

Ethereum Defying Sellers, 61% Of ETH Holders In The Money: When $2,800?

Posted on September 18, 2024 by Dalmas Ngetich

Ethereum is up at press time, but gains, compared to other altcoins, especially Bitcoin, are muted. The only positive is that the bounce is a net positive for the coin. If anything, it could be the basis of a leg up that would lift the coin above $2,400 and, ideally, the upper limit of the resistance zone at $2,800. If buyers are to take over, then gains of September 17 need to be confirmed. At the same time, there must be engagement, meaning trading volume must exceed the recent averages of less than $20 billion.

The inactivity and buyers’ inability to rapidly move prices is a concern. From the daily chart, Ethereum is bound within a sideways consolidation with clear resistance. However, after the uptick of September 17, Ethereum is flat on the last day. Moreover, the average trading volume is low, at just $16 billion over the last day.

Ethereum traders are tracking the following trending news:

Even with the current lull, most ETH holders are making money. According to trackers, 61% of all holders are in the green. If prices continue edging higher, a bigger percentage will be incentivized to HODL, hoping for more price gains.
World Liberty Financial, a DeFi protocol by the Trump family, is launching on Ethereum. The decision is a massive endorsement for the first smart contracts platform, drawing more attention to the network. A governance token, WLFI, will launch at an unknown date.

Ethereum Price Analysis

[[ETH/USD]] is firm at press time.

The only problem is that despite high hopes, the coin remains below $2,400.

All the same, the local support is below $2,100 and $2,200.

If Ethereum loses this zone, prices could dump harder, towards $1,800.

Conversely, any sharp breakout above the September 13 high and $2,400 could see ETH fly to $2,800.

If the breakout is with rising volume, ETH may reach $3,000 and even $3,500.

Bitcoin Soars 6% As Buyers Step In, 1.54 Million Addresses Bought At $64,000: Will Bulls Take Charge?

Posted on September 18, 2024 by Dalmas Ngetich

Bitcoin erupted higher yesterday, flying above $60,000 and reversing recent losses in a major boost for traders. Looking at the candlestick arrangement in the daily chart, the path of least resistance remains to be northwards. Considering the recent turn of events, traders can look at loading the dips, targeting $66,000 or higher in the coming days. For now, bulls are confident and are in the driving seat, assuming there are no shocks, pushing the coin lower and unwinding gains of September 17.

After the explosion of yesterday, Bitcoin is in green. To put in the numbers, the coin is up nearly 6% in the last week. The sharp explosion of prices on September 17 means the uptrend remains. Moreover, the leg up is with rising trading volume, reaching $39 billion on the last day.

Traders are closely monitoring the following Bitcoin trending news:

Bitcoin is dominant, as its market share now comprises over 56% versus altcoins. This dominance means more investors are confident of the coin’s prospects and continue to channel more capital.
The surge of the last day means the coin is firmly on the uptrend. However, on-chain data shows that the next major resistance is at $64,000. At this level, over 1.54 million addresses bought BTC. Since prices are still lower, it means they are at a loss.

Bitcoin Price Analysis

[[BTC/USD]] is firmly on an uptrend, looking at the formation in the daily chart.

Buyers have the upper hand as long as prices remain above $60,000 and, ideally, the lower limit of the support zone at $58,000.

In a buy trend continuation of September 13 gains, traders may consider loading the dips above $58,000, targeting $66,000 in the short term.

However, any expansion above this local resistance would see Bitcoin fly to $70,000 and $72,000.

Forex Signals Brief September 17: Canada Inflation and US Retail Sales

Posted on September 17, 2024September 16, 2024 by Skerdian Meta

Yesterday’s economic calendar may have been light, while today we have the US retail sales and Canadian CPI inflation. However, there was still notable action. USD/JPY broke below the 140.00 mark, plunging to a 2024 low of 135.60 in early European trading before bouncing back. The pair managed to recover throughout the US session, reaching 140.90, with most of the gains coming after the release of a strong NY Empire Fed Manufacturing Index. The index surged to 11.5 points, marking its first return to expansion territory since November 2023.

A soft Canadian CPI number would cement a 50 bps BOC rate cut

Continue reading “Forex Signals Brief September 17: Canada Inflation and US Retail Sales” →

Bitcoin shows stability amid Fed rate decision

Posted on September 17, 2024 by Olumide Adesina

Bitcoin kept calm at around the $58.5K mark on Tuesday morning with mild movements in the altcoin market. The market is preparing for a potential Federal Reserve interest rate cut on September 18, with a 67% possibility of a 50 basis point rate drop. This move is expected to have a positive effect on risk assets.

Little has for Bitcoin and the broader cryptocurrency markets as traders await the Federal Open Market Committee (FOMC) meeting on Wednesday, where officials are expected to announce their first-rate cuts in four years.

According to Australian cryptocurrency trading firm Zerocap, following the Federal Reserve’s rate announcement on September 18, Bitcoin is “tough to call” and may fall as low as $53,000 or increase as high as $65,000.

Wet, however, noted that the price action is “tough to call” because of the ongoing uncertainty around the short-term effects of rate decreases and the volatility of the forthcoming US election in November.

Following the most recent range lows, the downside goal for BTC is 53,000, while the upside target is 65,000 once the market breaks above the descending wedge.
He added that the market has already factored in the 62% possibility that the Fed will lower interest rates by at least 50 basis points (0.5%), which helped spark the temporary spike that saw Bitcoin reach $60,000 on September 13.

The Fed is expected to announce a reduction in interest rates, starting the so-called easing cycle that has historically boosted risk assets, such as bitcoin.
Rate reductions have historically been seen favorably by the risk sector since they enable investors to borrow money at a cheaper cost and take on more risk because cash and treasuries pay less interest.

Nonetheless, some economists have cited prior market action from 2001 and 2007, when rate decreases came before of recessions, especially when weakening macroeconomic conditions were present.

XRP Bounces 8% And Is Bullish: Will Ripple Break $0.66?

Posted on September 17, 2024 by Dalmas Ngetich

XRP is flat when writing but still struggling to shake off the weakness of the past two trading days. Scanning events in the daily chart shows that buyers are in control. How prices will print out in the next few trading days depends on if bulls close above the local resistance levels. If buyers take on, closing above $0.60, the probability of XRP soaring to July highs in a buy trend continuation will be highly likely. What’s needed, at least looking at events in the daily chart, is for buyers to hold steady above $0.55.

Ripple bulls might be in control, but sellers are rejecting every attempt higher. From coin trackers, XRP remains at seventh. It is up 3% in the past 24 hours, extending gains to 8% in the previous trading week. Meanwhile, the average trading volume is above $1 billion.

XRP and Ripple traders are closely monitoring the following trending news:

The United States SEC has acknowledged its mistakes, especially regarding regulating crypto assets. While stating that it wanted to protect investors, the agency said their actions created uncertainty.
Bitstamp, one of the top exchanges, plans to launch a derivatives exchange on top of the XRP Ledger. The trading platform will go live within the next few months, a huge boost for Ripple and its burgeoning ecosystem.

XRP Price Analysis

[[XRP/USD]] is down when writing.

Notably, there is a double bar bear formation in the daily chart.

The leg down of September 14 is, all the same, with lighter trading volume.

Buyers have the upper hand, which holds as long as XRP prices remain above $0.55.

Aggressive traders might look to load the dips above $0.55.

On the other hand, there are clearer opportunities above $0.60—or last week’s highs.

A decisive close could easily see XRP float to $0.74 in a buy trend continuation formation.

Ethereum Collapsing Versus Bitcoin: Is This The Start Of A Dump Below $2,100?

Posted on September 17, 2024 by Dalmas Ngetich

Ethereum fell yesterday, extending losses and, once more, marking $2,400 as a crucial resistance level. For the uptrend to take shape, ETH bulls must float above this zone, ideally above $2,800, at the back of rising trading volume. Before then, sellers remain in control. With every rejection of higher prices, there is a high probability of ETH sliding below August lows. If this happens, and the sell-off is with expanding volume, the coin might drop harder, reaching $1,800 in a bear trend continuation formation.

Sellers have the upper hand, and this shows in the daily chart. Trackers also confirm that ETH is down 2% in the past. However, what’s evident is the absence of interest from traders. On the last day, the average trading volume is at around $14 billion.

Despite the discouraging turn of events, Ethereum investors and traders are closely monitoring the following news:

Ethereum is weak, and continues to discouragingly underperform versus Bitcoin. According to Binance market data, the ETH/BTC rate fell below 0.04 for the first time since April 2021. At this pace, the odds of BTC extending gains, pushing the ratio to 0.0615 recorded in September 2019, remain on the table.
In a major boost to Ethereum and its layer-2 ecosystem, Sony and Circle, the issuer of USDC, are partnering. By joining hands, the goal is to grow the upcoming Soneium ecosystem.

Ethereum Price Analysis

[[ETH/USD]] is steady when writing, though under pressure.

Unless there is a sharp expansion above $2,400, sellers are in control.

For this reason, traders can consider unloading ETH on every attempt higher, targeting $2,100 in the short term.

As mentioned earlier, if sellers press on, the probability of Ethereum losing $2,100 and sinking to as low as $1,800 will be on the table.

If, however, ETH bulls find strength, a close above $2,800 would be the basis of a trend shift.