Author: dfmines

Sky is offering $500,000 in USDS rewards for early adopters and stablecoin liquidity providers.

Grayscale Investments has finalized reverse share splits for its Bitcoin Mini Trust ETF (BTC) and Ethereum Mini Trust ETF (ETH), effective Nov. 19, 2024. These splits adjust share prices relative to their net asset values, with BTC shares increasing fivefold and ETH shares rising tenfold, while reducing the number of outstanding shares proportionally. Fractional shares […]

Cardano price started a consolidation phase above the $0.700 zone. ADA is holding gains and might aim for a fresh increase above $0.7880. ADA price started a downside correction after a strong rally toward $0.8200. The price is trading above $0.740 and the 100-hourly simple moving average. There was a break above a short-term contracting triangle with resistance at $0.7550 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $0.7880 resistance zone. Cardano Price Holds Gains Above Support In the past few days, Cardano saw a major increase above the $0.50 resistance. ADA outpaced Bitcoin and Ethereum. There was a move above the $0.650 and $0.750 resistance levels. It even cleared the $0.800 level. A high was formed at $0.8199 before there was a pullback. The price tested the $0.6880 support and is currently rising. There was a move above the $0.740 resistance. The price climbed above the 50% Fib retracement level of the downward move from the $0.8199 swing high to the $0.6893 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.7550 on the hourly chart of the ADA/USD pair. Cardano price is now trading above $0.740 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.7750 zone. The first resistance is near $0.7880 or the 76.4% Fib retracement level of the downward move from the $0.8199 swing high to the $0.6893 low. The next key resistance might be $0.8180. If there is a close above the $0.8180 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.8800 region. Any more gains might call for a move toward $0.950. Are Dips Supported in ADA? If Cardano’s price fails to climb above the $0.7880 resistance level, it could start another decline. Immediate support on the downside is near the $0.750 level. The next major support is near the $0.740 level. A downside break below the $0.740 level could open the doors for a test of $0.6880. The next major support is near the $0.600 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $0.7400 and $0.7200. Major Resistance Levels – $0.7880 and $0.8180.

A crypto mining firm faces a $14 million penalty after admitting to a $2.5 million bribery scheme to secure a Japanese casino contract, which ultimately failed. A Mining Empire’s Downfall: Bribery Scandal Leads to Global Fallout The U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) have taken major actions against […]

Bitcoin price movements often correlate with large-scale investors’ actions, commonly called “whales.” These individuals or entities hold between 1,000 and 10,000 BTC, and their trading behavior is a critical indicator of market trends. With that being said, recent data indicates that these whales have been increasing their Bitcoin holdings, which has fuelled momentum in the Bitcoin market thereby capturing the interest of more investors. Related Reading: Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why BTC Whales Continue Accumulation: Implications and Risks A CryptoQuant analyst known as Datascope recently highlighted the trend of increasing BTC whale accumulation, noting that a positive 30-day percentage change supports the accumulation of Bitcoin by whales. This trend according to the analyst, represents a shift that can significantly impact Bitcoin’s price trajectory. When these major players accumulate, it often signals more liquidity in the market and a likely impending price surge. Datascope discloses that the correlation between whale balances and Bitcoin’s price “highlights the growing dominance of these investors in the market.” The CryptoQuant analyst added: Whale Accumulation and Its Impact on Price Whales accumulating Bitcoin is seen as a significant signal of an upward price trend. It indicates a period of market confidence and sufficient liquidity. Additionally, the 30-day Simple Moving Average (SMA30) helps analyze the long-term tendencies of whale behavior. A positive slope in the moving average suggests potential for upward price momentum. However, datascope mentioned that there are potential caveats to this accumulation trend. He noted that the accumulation phase can lead to upward momentum, but it inherently carries the risk of a sharp reversal when these large holders decide to sell their assets. Selling pressure from whales, especially if executed suddenly, could lead to rapid price declines, reversing gains during accumulation. The analyst concluded by noting: Thus, monitoring whale accumulation and selling cycles is critical. Understanding the current market phase and timing exits correctly are key success factors for investors. Bitcoin Market Performance While the accumulation of BTC from whales continues, the asset appears to be gearing up for another rally. It is worth noting that prior to today’s price performance, Bitcoin has remained just above $90,000 following its sharp decrease away from its all-time high (ATH) of $93,477 registered last week. Related Reading: Bitcoin Exchange Reserves Hit 5-Year Low—What Does This Signal? However, today, the asset is beginning to see a return of upward momentum. Particularly, at the time of writing, Bitcoin has increased by 1.9% to a current trading price of $91,635, bringing it to a 1.7% decrease away from its ATH. Featured image created with DALL-E, Chart from TradingView

XRP price is correcting gains from the $1.185 resistance zone. The price might revisit the $1.00 support before the bulls appear. XRP price started a downside correction below the $1.120 level. The price is now trading below $1.100 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $1.110 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could retest the $1.00 support zone before the bulls take a stand. XRP Price Dips Again XRP price struggled to extend gains above the $1.180 and $1.20 levels. It started a downside correction and traded below the $1.150 level. It underperformed Bitcoin and Ethereum in the past two sessions. There was a drop below the 50% Fib retracement level of the upward move from the $0.9988 swing low to the $1.1860 high. Besides, there was a break below a key bullish trend line with support at $1.110 on the hourly chart of the XRP/USD pair. The price is now trading below $1.100 and the 100-hourly Simple Moving Average. It is now approaching the 76.4% Fib retracement level of the upward move from the $0.9988 swing low to the $1.1860 high. On the upside, the price might face resistance near the $1.100 level. The first major resistance is near the $1.140 level. The next key resistance could be $1.1850. A clear move above the $1.1850 resistance might send the price toward the $1.200 resistance. Any more gains might send the price toward the $1.2250 resistance or even $1.2320 in the near term. The next major hurdle might be $1.250. More Downsides? If XRP fails to clear the $1.140 resistance zone, it could continue to move down. Initial support on the downside is near the $1.040 level. The next major support is near the $1.00 level. If there is a downside break and a close below the $1.00 level, the price might continue to decline toward the $0.980 support in the near term. The next major support sits near the $0.920 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $1.1040 and $1.0000. Major Resistance Levels – $1.1400 and $1.1850.

Bloomberg’s senior ETF analyst Eric Balchunas said that “$1.9 billion is unheard of for day one” as the debut day for options on BlackRock’s spot Bitcoin ETF saw huge volumes.

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Ethereum price struggled to extend gains above the $3,220 resistance zone. ETH is slowly moving lower and approaching the $3,060 support. Ethereum is consolidating and facing hurdles near $3,200. The price is trading below $3,120 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $3,120 resistance zone. Ethereum Price Dips Again Ethereum price attempted an upside break above the $3,220 resistance but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels. There was a move below $3,100 and the price tested $3,070. A low is formed at $3,069 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 low. Ethereum price is now trading below $3,120 and the 100-hourly Simple Moving Average. However, there is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $3,120 level. The first major resistance is near the $3,150 level or the 50% Fib retracement level of the recent decline from the $3,224 swing high to the $3,069 low. The main resistance is now forming near $3,220. A clear move above the $3,220 resistance might send the price toward the $3,350 resistance. An upside break above the $3,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,500 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside is near the $3,060 level or the trend line. The first major support sits near the $3,000 zone. A clear move below the $3,000 support might push the price toward $2,880. Any more losses might send the price toward the $2,740 support level in the near term. The next key support sits at $2,650. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,060 Major Resistance Level – $3,150

Veteran trader Peter Brandt has identified a bullish “massive coil” pattern for XRP, signaling a potential breakout, while legal uncertainties and regulatory shifts fuel market speculation. Peter Brandt’s Chart Insight Sparks Debate on XRP’s Next Market Move Peter Brandt, a renowned trader and chartist, highlighted a bullish outlook for XRP in a post on social […]