Category: Cryptocurrency News

Bitcoin proponents eyeing fiat failures are in no shortage of news on the topic as of late, as multiple officials, economists, authors, and analysts from around the world have been weighing in on “de-dollarization” in a prolific fashion. Author and libertarian Jeffrey Tucker said recently: “The dollar’s just not going to be king,” and Russia’s […]

The price of Ethereum has fallen below $1,900, dropping from the $2,000 mark that was previously held by bulls. This has led to another sell-off and the bearish influence remains strong despite attempts at recovery. In the last 24 hours, Ethereum has risen by only 1.2%, but on the weekly chart, the altcoin has seen a significant drop of over 10%. The technical outlook for Ethereum is also in favor of the bears, as demand and accumulation for the altcoin have decreased. In order for Ethereum to make a recovery, it is crucial for it to breach the immediate resistance strength from buyers. Related Reading: Ethereum (ETH) Drops 11%, Sheds All Gains From Shanghai Rally Despite this, most altcoins, including Ethereum, have remained bullish on the higher time-frame structure. However, bulls must defend the following support line or supply zone for Ethereum to start its recovery. With Bitcoin struggling under the $30,000 price mark, many altcoins are also experiencing difficulty in breaking through their immediate price ceilings. On the one-day chart, the decline in the market capitalization of Ethereum indicates a decrease in buyers. Ethereum Price Analysis: One-Day Chart At the time of writing, ETH was valued at $1,880, having fallen below its bearish block ranging from $1,900 to $2,000. This drop in price is likely due to a routine price pullback, as Ethereum had traded above the $2,025 price mark after approximately eight months. However, as selling pressure increased, the bears have taken control. The immediate overhead resistance for the altcoin is $1,910. A move above this level could potentially push ETH to touch $1,950, which may help to facilitate a price recovery. Conversely, the support levels for ETH are currently at $1,840 and $1,820. During the previous session, the amount of ETH traded was in the red, indicating an increase in selling pressure. Technical Analysis As demand for ETH decreased, buyers also began to lose confidence in the asset. The Relative Strength Index showed that sellers outnumbered buyers on the one-day chart, as it was positioned just below the 50-mark. Additionally, ETH dropped below the 20-Simple Moving Average line, indicating that sellers were in control and driving the price momentum in the market. However, with a slight increase in demand, ETH has the potential to trade above the 20-SMA line once again. In line with other technical indicators, ETH began to exhibit sell signals on the one-day chart. The Moving Average Convergence Divergence, which measures price momentum and reversals, formed red histograms. This reading corresponds to sell signals for the altcoin. Related Reading: Time To Pay Attention: Bitcoin Reaches “Logical” Level Additionally, the Bollinger Bands, which gauge price volatility, were relatively far apart, but they have started to slightly converge. It suggested that ETH may trade within a specific price range over the coming trading sessions. Featured Image From UnSplash, Charts From TradingView.com

As always, Twitter is the source for all the sauce of the internet. Twitter user foobar took a jab at Safemoon comparing the new policy by the government. In the scheme, essentially on the surface customers with better credit scores are given worse loan terms in an effort to subsidize the higher risk borrowers. It's…
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PepeCoin (PEPE), a newly launched memecoin, has been a focal point of investors’ interest in the last few days due to its massive market gains. In a crypto market that is generally bleeding red, PepeCoin, along with a host of other memecoins, has been quite profitable for investors.  PEPE Gains 42% In 24 Hours According to data from CoinMarketCap, PEPE’s market price has increased by 42.03% in the last day, making it one of the biggest gainers in the crypto space. More interestingly, PEPE has gained over 528.17% following its launch on Monday, April 17. As earlier stated, PepeCoin (PEPE) is a memecoin; however, it differs from most popular memecoins as it was inspired by the cartoon character Pepe the Frog rather than the Shiba Inu dog. According to the bio on its official Twitter handle, PEPE is described as “the most memeable memecoin in existence” by its developers. Interest quickly grew around PEPE following a high-profile purchase that saw an investor reap nearly 4,500 times his initial investment.  Barely days after purchasing 5.9 trillion PEPE tokens with 0.125 ETH, valued at $250, this memecoin investor saw his investment surge to a peak value of $1.8 million. As expected, this led to a massive influx of investors into the PEPE market as everyone is seeking to make a quick profit. Related Reading: Solana (SOL) Plunges Over 13% – Will It Bounce Back? However, there is still much concern about PEPE, as with all memecoins. For PepeCoin, its major concerns center on the currently low liquidity of the token. Without a moderate liquidity level, it may be hard for investors to convert their tokens to profit regardless of how high their value rises. At the time of writing, PepeCoin is trading around 0.0000003341, with a daily trading volume of $87.98 million. Based on additional data from CoinMarketCap, the token has also attained an impressive market value of $145.66 million.  PEPE trading at $0.000000349 | Source: PEPEUSDT chart on Tradingview.com Related Reading: Polkadot (DOT) Price Slumps Below $6 – Any Chances For Reversal? Memecoins Record Heavy Gains, Draw Investors’ Interest Memecoins are a type of cryptocurrency based on internet memes and are promoted majorly by celebrities’ engagements. While these tokens are usually criticized for their lack of utility, they can serve as a source of quick and large gains – especially upon launch – as seen with PepeCoin. In addition to PEPE, some other meme coins have generated significant profit in recent times, even amidst the general crypto market dump.  Examples of such tokens include Tamadoge (TAMA), ArbDoge AI (AIDOGE), and Good Gensler (GENSLR), which have gained by 160.34%, 608.36%, and 1719.46%, respectively, in the last seven days.  According to a report by on-chain analytics firm, Santiment, meme keywords such as “pepe”, and “baby doge” have trended at a high frequency in the past week, demonstrating the growing interest in the memecoin market.  Source: Santiment Unfortunately, prominent memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have been well affected by the market’s general mood, recording losses to the tune of 10.88% and 10.00% in the last week. Featured Image: Bitcoinist, Chart from Tradingview

Following its disappointing market dip last week, the price of Shiba Inu (SHIB) seems to be in recovery at the moment. In fact, some analysts are backing the meme-inspired token to embark on an impressive bullish run anytime from now. Over the past 24 hours, Shiba Inu seems to be on a reversal after losing nearly 10% of its value during the week. Today, SHIB is up by 2%, and it appears to be building momentum for a price rally. Related Reading: Shiba Inu Remains In Red Despite Whales SHIB Buying Spree Shiba Inu Holds Above Critical Support Shiba Inu has been on a downward trend in the past few days, despite the buying frenzy by the SHIB whales. It is, however, worth noting that this whale accumulation trend has somewhat slowed down in the last 24 hours. Bitcoin, the largest cryptocurrency by market cap, experienced a significant price drop in the previous week, which affected the entire crypto market. It is understood that the latest bearish trend of the blue-chip crypto impacted the value of several altcoins, including SHIB. The Shiba Inu price decline started on Wednesday, 19th April, with the coin losing more than 5% of its value in one day. The meme token would fall by a further 7.47% in the next few days. However, SHIB has displayed remarkable strength and stability by not sliding beneath the $0.00001 price level, which was last breached on March 10. Since rising back above this level on the same day, the Shiba Inu market has been in consolidation, with its price ranging between a low of $0.0000101 to a high of $0.0000117. Time For A Rally? As of this writing, a SHIB token is valued at $0.00001046, according to data from CoinGecko. This reflects a nearly 3% increase since the coin found support at the critical $0.0000101 level. Shiba Inu trading at $0.00001041 | Source: SHIB/USD chart from TradingView Shiba Inu’s ability to hold above this significant support level is a strong indicator of bullish momentum. After all, this threshold has proven to be a vital point a couple of times already. A sustained hold above this level would likely lead to a major price upswing. Additionally, going by past price action, Shiba Inu looks set for another retest of the range high at $0.0000117. If there is prolonged buying pressure, we could see SHIB break this level to the $0.0000126 point. This move would represent a 20.4% increase from the current price. While this projection looks very much plausible, it may not go as planned if the SHIB price does not gather enough bullish momentum from this current run.  Related Reading: Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens During Price Dip Featured image from Dreamstime.com, chart from TradingView

A “horrendous bearish engulfing” risks defining the weekly close, but all may not be lost, Bitcoin price analysts insist.

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