Pepe, Floki losing meme steam after hitting all time highs

Posted on June 1, 2024June 1, 2024 by Olumide Adesina

Bitcoin’s sudden break below the $68,000 support line adds tremendous adverse pressure on meme assets amid a dwindling appetite for risk in the crypto market. This has also forced a significant retreat in the value of the other altcoins, with meme coins leading the way. PEPE and FLOKI are two of them, and it is anticipated that they might likely lose some support in the crypto community.

Since Pepe’s price broke out of the bearish pattern a few days ago, it has been rising gradually. The price of Pepe has consistently displayed bearish candles, and it is anticipated that this trend will continue for some time to come. According to recent data from Pepe, over 227,990 addresses, or 96% of its holders, are currently profitable which represents an all-time high though profit-taking is also on the high
The impending introduction of Ethereum spot ETFs may provide these coins the impetus they need to resume their bull run, as an increasing number of institutional investors inject liquidity into the digital space.

Pepe popularized by the viral Pepe the Frog meme, PepeCoin has become well-known for its lighthearted branding and neighborhood-focused projects. It is worth observing because of its emphasis on NFTs and gaming collaborations. PEPE enhanced its value and attractiveness by announcing partnerships with top blockchain gaming platforms in 2024.

The recent upsurge in the price of FLOKI appears to have followed the PEPE price rally quite closely, as the token likewise reached new highs. While the recent inclusion of FLOKI perpetual on well-known exchanges like Coinbase may indicate further price increases, comparable strong rallies to those seen in other meme coins such as PEPE and Shiba

But the levels have been cracking and are now back within the acceptable range. This suggests that consolidation may go on for a little while longer before the ultimate breakthrough

Technically speaking, the daily RSI is presently at the 58 mark, indicating that sellers have been more active during the last two days of the downturn, pushing this reading away from the overbought area.

Regarding technical analysis, the asset’s price action highlighted a double bullish continuation pattern, comprising a bullish flag formation inside a symmetrical triangle. Following a more than month-long consolidation phase that started in early March when FLOKI hit a high of $0.00031500. The price fell significantly after reaching the swing high, reaching a low at $0.00011434, where it was greeted with double strong support from the base of the symmetrical triangle and the bullish flag.

Floki Inu makes use of clever marketing techniques and celebrity influence. Socially concerned investors are drawn to it because of its intentions for charitable endeavors and solid roadmap. In 2024, Floki Inu’s environmental initiatives and recent philanthropic contributions have garnered much media attention.

Ethereum’s hangover at $4K resistance

Posted on June 1, 2024June 1, 2024 by Olumide Adesina

The well-known altcoin has failed to break over the $4K resistance line on many occasions despite its massive gains in May. Given that Ether’s massive gains happened on May 21, two days before the SEC’s certification of Ethereum as a spot exchange-traded fund, the market seems to have cooled off after such an announcement.

Essentially, the rise that followed the adoption of the spot ETF is partly to blame for Ether’s inability to overcome the $4K obstacle. There is also some uncertainty and a negative influence on prices because some investors are disappointed that effective trading will take longer. Given that the open interest in Ether futures reached an all-time high on May 28, the price broke through the upper limit of the huge downward channel on the daily period. Since then, the market has been consolidating, but a significant correction does not appear imminent.
The market will probably break the pivotal $4,000 resistance zone, with the $3,600 region emerging as a support level. In this scenario, investors may feel confident that a mid-term rally toward the all-time high of $4,800 may start shortly.

If the super altcoin’s price unexpectedly rises by 10% and shorts exert undue leverage, a reverse movement might likely occur. In these situations, the exchanges will immediately liquidate the positions that do not have the necessary margin deposits and purchase Ethereum futures to reduce their risk. As a result, purchasers are hesitant to buy the altcoin due to its $16.8 billion open interest in futures, which keeps the price of ETH below $4,000.

The price of Ethereum has fluctuated significantly over the past 12 months, changing by over 101%. This hypothetical situation highlights the market’s erratic behavior and propensity to undergo significant shifts.
While longs (buyers) and shorts (sellers) in ETH futures are always matched, the danger of liquidations increases exponentially with increasing notional in play. For instance, if long contracts have an average leverage of 10x, they will be forcibly liquidated if Ether’s price drops by 10%.

Investors should carefully limit their risk in the short term given the high open interest values and the related dangers of heightened volatility. Although the approval of the 19b-4 documents was a good step forward, the S-1 forms presented additional difficulties for Ethereum Bulls.

Bitcoin Stabilizes Above $66,000: Will Trump Fever Pump BTC To All-Time Highs?

Posted on May 31, 2024 by Dalmas Ngetich

Bitcoin continues to range, judging by its performance in the daily chart. Even though the uptrend, at least from a top-down preview, is valid, it is critical for prices to trend above $66,000. This level of support also coincides with the low of the May 20 bull bar. If buyers are successful, this reaction line may anchor the next wave higher toward $70,000 and $72,000.

As it is, Bitcoin remains under immense pressure and continues to consolidate, soaking in attempts for higher highs. At press time, the coin is stable on the last day but up 2%. This formation is an improvement from yesterday, especially considering trading volume, which is up $27 billion at spot rates. Technically, price action evolution will significantly impact engagement. Therefore, like on May 20, any break above $72,000 might see a record uptick in the average trading volume.

Thus far, the following Bitcoin news events will shape price action in the short term:

Reports show that two capital markets are reportedly negotiating and looking to implement MicroStrategy’s overly successful business model. As of late May 2024, the business intelligence firm is a public company with the largest holding of BTC.
Elon Musk, the brains behind Tesla, is reportedly advising former President Donald Trump on Bitcoin and crypto policy ahead of the highly charged elections.

Bitcoin Price Analysis

[[BTC/USD]] prices stabilized on May 30.

The primary support is now at the 20-day moving average and $66,000.

Since the May 20 bar still influences the short to medium-term trajectory, buyers are in control.

An aggressive approach would be to load the dips, targeting $72,000.

However, risk-on traders can wait for a conclusive close above $72,000 to buy, targeting $73,800 and fresh all-time highs.

A sharp, high-volume and wide-ranging bar forcing Bitcoin below $66,000 will cancel this outlook.

Ethereum Dropping, Are Investors Re-balancing Portfolios Ahead of Spot ETH ETF Launch?

Posted on May 31, 2024 by Dalmas Ngetich

Ethereum is waving lower at press time. Even though the pace of this draw down is low, prices trending above a key support line is all-important. In the short term, buyers still have the upper hand, even presenting an opportunity for traders to double down on dips, expecting more gains. As things stand, traders can expect a recovery, though losses below $3,700 will likely slow down the uptrend.

From events in the daily chart, the state of price action means there is weakness across the board, though buyers might also be taking this chance to accumulate. Ethereum prices are stable on the last day but down 2% in the previous week of trading. With the coin printing lower lows, engagement is also falling, down to over $13 billion in the past 24 hours.

The following Ethereum news events are worth watching:

Analysts speculate that ETH prices are stuck at current ranges because investors are actively reallocating capital. BlackRock recently filed an updated S-1 registration form for their spot Ethereum ETFs mid-this week. The product will be a game-changer for ETH and the broader crypto ecosystem.
Shibarium developers are actively building. In a recent post, their action has seen bridge time drastically reduced. This means developing and deploying time-sensitive dApps is faster than before.

Ethereum Price Analysis

The path of least resistance remains northwards.

Even so, [[ETH/USD]] is tracking lower, albeit with relatively low trading volume.

Buyers remain in charge as long as Ethereum is trading above $3,700.

Conservative traders can wait for a breakout above $3,900 for a chance to load, targeting $4,100 or an aggressive drop below $3,700 to ride with the emerging short-term trend. In that case, ETH might drop to $3,500 and $3,300.

The decision to wait for trend definition can pay off for now.

Further gains above $4,100 will propel ETH to all-time highs.

XRP Whales Likely Accumulating Above $0.50, Will a Spot Ripple ETF Materialize?

Posted on May 31, 2024 by Dalmas Ngetich

XRP is still moving sideways, looking at the performance in the daily chart. Of importance, the coin is printing a series of higher highs, even with losses of May 30. In the short-term, buyers have a chance, but it might require extra effort to neutralize stubborn bears of mid-April 2024. Even so, bulls, looking at how price action has been printing out, are hopeful, expecting more gains in the weeks ahead.

When writing, XRP is mostly stable in the past day and week. Even with optimism high, the failure of a solid close in either direction is a concern—for impatient bulls. Since prices are tight, within a narrow range, whales may be accumulating. This week, the average trading volume has been within yesterday’s average of over $1.1 billion.

Active traders should closely monitor the following XRP and Ripple news events:

Analysts argue that the ongoing court case pitting Ripple and the United States SEC is weighing negatively on prices. However, with the United States warming to crypto, the expected favorable ruling will likely pump XRP to fresh 2024 highs.
This month, the United States SEC set the stage for the eventual approval of spot Ethereum ETFs. Now, Brad Garlinghouse, the CEO of Ripple, expects similar products not only for XRP but also for Solana and Cardano.

XRP Price Analysis

[[XRP/USD]] is moving inside an ascending triangle, looking at the candlestick arrangement in the daily chart.

For now, traders can wait on the sidelines until there is trend definition.

XRP is likely accumulating (or distributing) depending on the eventual breakout.

Since the coin is technically within a bear breakout formation, it will be a relief for bulls should Ripple break $0.55, unwinding losses.

However, if the coin drops below the lower limit of the immediate support zone at $0.46, there could be more losses in play.

Forex Signals Brief May 31: Euro CPI and US PCE Close the Week

Posted on May 31, 2024May 30, 2024 by Skerdian Meta

Yesterday we saw a decline in the US dollar, driven by a retreat in Treasury yields, which reversed the week’s previous USD gains. The market was met with some mixed economic numbers, including a decrease in the GDP report’s inflation figures, disappointing trade data, and a significant drop in pending home sales.

Continue reading “Forex Signals Brief May 31: Euro CPI and US PCE Close the Week” →

Bitcoin Finds No Reprieve: Will The Expiry Of Over $4.5 Options Contract Support BTC Bulls?

Posted on May 30, 2024 by Dalmas Ngetich

Bitcoin is printing lower lows, looking at the performance in the daily chart. With every red candlestick printed, the upside momentum fades. If bears press on today, it is likely that all gains of May 20 will be reversed, increasing the probability of a breakout below $66,000. On the upper end, $72,000 would have successfully rebuffed bullish momentum once more; highlighting its significance.

When writing, sellers are in control as BTC changes hands at around $67,100. Despite the high optimism, Bitcoin is in red, dropping by 1% in the past 24 hours and 3% in the previous week. Since there is a direct correlation between prices, sentiment, and participation, dwindling upside momentum has seen the average trading volume on the past day shrink to $27 billion.

The following Bitcoin news events will likely shape price action in the days to come:

Today, over $4.5 billion of options contracts will expire. Most of them are calls as options traders expected prices to breach the $70,000 level by the end of the month. Analysts have picked out $65,000 as the “max pain point, ” a price level where most call options will be out of the money and, therefore, worthless.
BlackRock’s IBIT is now the largest spot Bitcoin ETF in the world after flipping Grayscale’s GBTC. Even so, the upward trajectory will largely depend on price action. Any expansion above $70,000 will trigger more institutional inflow, widening the gap.

Bitcoin Price Analysis

The path of least resistance, at least from a top-down preview, is northwards.

At spot rates, [[BTC/USD]] is inching lower in the short term.

The immediate support level is $66,000 and May 20 lows. On the upper end, resistance is at $72,000.

If buyers are to take charge, Bitcoin prices must break $72,000, confirming the bulls of May 20. In that case, BTC will likely float to $73,800.

On the other hand, losses below $66,000 might fast-track the retest of $60,000.

Ethereum Falling, ETH Bulls Must Keep Prices Above $3,700 To Keep Hope Alive

Posted on May 30, 2024 by Dalmas Ngetich

Ethereum, like Bitcoin, is tracking lower, cooling off from May 2024 highs of around $3,900. If buyers are to take over, there must be a sharp break above $4,100, confirming the bulls of May 20. For now, the uptrend remains, but it is imperative that ETH bulls shore prices above $3,700—a key support level. Any attempt to push higher will be welcomed, possibly priming buyers angling for all-time highs.

As things stand, Ethereum is in red, dropping 2% in the past day and week. Falling prices have negatively impacted sentiment, explaining the contraction in the average trading volume slightly to $16 billion. If buyers of last week are to flow back, Ethereum buyers must soak the current selling pressure and keep prices above $3,700.

The following Ethereum news developments are worth watching:

Bernstein analysts are upbeat about the future. In their encouraging assessment, they expect the Bitcoin and Ethereum ETF markets to reach $450 billion. In their estimate, crypto ETFS would receive inflows exceeding $100 billion in the next two years alone.
The Volatility Shares 2x Ether ETF (ETHU) will be the first leveraged ETH ETF in the United States. According to its issuers, the product will begin trading in early June. This launch is roughly a year after a similar product for BTC launched.

Ethereum Price Analysis

There is a clear contraction from this year’s highs, looking at the performance in the daily chart.

Even though the uptrend remains, there are risks that bears will stretch gains.

This means [[ETH/USD]] must find solid ground above $3,700.

Any loss, backed by high trading volume, will catalyze a sell-off that may allow aggressive traders to short on attempts higher, targeting $3,500 and $3,300.

Conservative bulls, waiting for trend continuation, can stay on the sidelines until May highs of $3,900 are broken.

In that event, the next target, aligning with bulls of May 20, will be $4,900.

XRP Sellers Winning: Will June Be Worse For Ripple?

Posted on May 30, 2024 by Dalmas Ngetich

XRP is down and sliding, just like Bitcoin and Ethereum prices. The coin remains above the crucial support zone at $0.50 even as bears reject any attempts for higher highs. In the short to medium term, $0.50 and $0.55 will be crucial reaction points. Though the reaction inside the ascending wedge matters, traders are inclined more to watch how prices move either above or below resistance and support.

Over the last day and week, XRP has dropped around 2%. Impressively, the average trading volume, according to CoinMarketCap, is above $1.2 billion. Considering the current consolidation and the fact that sellers are technically in charge from a top-down preview, any rejection of lower prices might attract buyers. This formation will improve sentiment, subsequently forcing participation higher.

The following XRP and Ripple developments are worth tracking:

The CEO of Ripple, Brad Garlinghouse, is an optimist. He has asserted that XRP and Ripple did nothing wrong, and the United States SEC is placing a cap on crypto innovation. This year, the CEO thinks, will be a massive year for crypto since supporters will be forced to play a crucial role. Supporters have been actively lobbying for pro-crypto regulations.
If past price action guides, some analysts think XRP will disappoint bulls this coming June. The coin is just a meager 7% in May, and there could be more turbulence in June. Historically, XRP prices tend to drop, recording an average negative 8% over the years.

XRP Price Analysis

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

Even though bulls are optimistic, sellers have the upper hand.

The absence of activity means aggressive traders can wait on the sidelines until prices close above $0.46 or $0.55.

If buyers from last week flow back, forcing prices higher, a close above $0.55 will be crucial. It might ignite a wave of demand, lifting XRP to $0.66, a key resistance level.

However, a drop below $0.46 will confirm sellers of mid-April, confirming the multi-month support trend line break. In that event, there will be a strong case for a retest of $0.40.

Forex Signals Brief May 29: Australian and German Inflation

Posted on May 29, 2024May 29, 2024 by Skerdian Meta

Yesterday started with the retail sales from Australia and the core CPI inflation from Japan, both of which missed expectations. However, both the JPY and the AUD made gains against the USD during the Asian and European sessions, with the USD in retreat after the US session, when we saw a comeback after economic events in the US.

Continue reading “Forex Signals Brief May 29: Australian and German Inflation” →