Former FTX CEO Sam Bankman-Fried (SBF) and a number of celebrities including Tom Brady, Gisele Bündchen, Stephen Curry, and Shaquille O’Neal have been named in a class-action lawsuit involving the alleged engagement in deceptive practices with FTX. The lawsuit was filed by the attorneys Adam Moskowitz and David Boies late Tuesday, and the suit alleges […]
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Shiba Inu (SHIB) and XRP have shown strength in the present recovery in the market. The crypto market decline had been triggered by the FTX collapse, and even now, the negative effects are still being felt all across the space. However, it has also been a time for digital assets in the space to show their resilience. Currently, in the middle of the week, there is already recovery going on and these two digital assets have shown the most promise. XRP Moves Into The Green Like the rest of the crypto market, XRP had not been spared the wrath of the market as it reeled from FTX’s bankruptcy. The token had lost about 30% of its value during this time, finally losing its footing above $0.4. Nevertheless, it continues to put up a good fight, which has now seen the digital asset move into the green. Related Reading: TRX Surges Over 600% Following Justin Sun’s Deal With FTX On a 7-day moving average, the majority of cryptocurrencies in the market are still in the red, some even up to double-digit losses, but XRP has managed to break out of this trend. The digital asset now sits neutral on a 7-day average while seeing minor gains on both the 24-hour and one-hour charts. Data from Coinmarketcap shows that XRP’s price is up 2.33% in the last 24 hours with over 5% gains recorded for Tuesday alone. In the last hour, it is already up 1.18% and this brings it closer to $0.4 once more. If this trend continues, then XRP is likely to break above $0.4 before the close of the midweek trading day. A test of the $0.42 remains likely given the strength that the digital asset continues to show. XRP trending at $0.37 | Source: XRPUSD on TradingView.com There is a decline in the trading volume of the token over the last day which could work against this recovery, but a recovery above $0.4 would put it above its 100-day moving average, triggering buy signals across the board. SHIB Is On The Mend Just like XRP, SHIB is also showing very strong signals in the last day. After falling below $0.00001, the sell-offs has begun quickly, but even this would not last. SHIB is seeing good momentum on a 24-hour basis, although, unlike XRP, it is still recording losses on a 7-day moving average. Add to this that whale accumulation of SHIB is on the rise and it is a recipe for another rally. A major Ethereum whale had been accumulating the meme coin over the last day and has added 653 billion SHIB ($6 million) to its balance during this time. It has dragged up the ranking of the meme coin to number 1 among the largest 5,000 ETH whales during this time. Related Reading: Bitcoin Recovers Above $17,000, Why This Could Be A Bull Trap SHIB burning has also ramped up during this time. A single wallet burned over 51 million SHIB, bringing the 24-hour burn figure above 53 million. The digital asset is also one of the most used smart contracts among the top 1,000 ETH whales. If the accumulation and positive sentiment among whales towards SHIB continue, then the digital asset could see a price above $0.00001 once more before the week runs out. Featured image from Coinmarketcap, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Gemini website is down and users are not able to access their trading or withdraw their funds. Here is a screenshot: https://i.redd.it/3tmq7y13dc0a1.jpg . I posted the screenshot a few minutes ago but the post was automatically removed. If Gemini is not going down and this is just an unfortunate co-incidence, then the timing could not…
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The latest casualty of the FTX meltdown raises concerns over the Grayscale Bitcoin Trust institutional investment fund.
Bitcoin cash rose to a one-week high in today’s session, despite crypto markets mostly trading lower. The global cryptocurrency market cap is down by 2.45% as of writing, which comes as traders reacted to rising geopolitical tensions. Polkadot was a notable token to slip, as prices collided with a key support point. Bitcoin Cash (BCH) […]
Following FTX’s demise, Ethereum and the whole cryptocurrency industry in general experienced one of its most challenging periods. Because of this, the value of ETH, a significant alternative currency, has plummeted by over 36% in the last week. Bearish emotion may be pervading over the cryptocurrency market, but the second most popular cryptocurrency is now trading almost sideways. But @sanr king, a contributor to Santiment’s insights, has been thinking about this pricing stability. One should view his observation of a heavy influence from whales in the market with caution, as this is often a precursor to a more severe bear market. Now, what does the ETH chart reveal? Related Reading: Solana Loses 60% Of Its Value After FTX Collapse – Can SOL Bounce Back This Week? ETH Prognosis: Dark Clouds Ahead According to @sanr king, the present market model cannot account for the whales’ “abnormal” accumulation period. This is risky since it suggests the coin is fairly priced in relation to the market as a whole. To recapture bullish momentum, ETH will need the market to correct its overvaluation, which is currently a tall order given the current bearish trend. After losing 6.4% over the past week, ETH’s price is establishing a double bottom in front of the previous price movements. This bearish formation occurs following a retreat, which transpired in the $1,214 price range in this instance. The latest price movement is barely above the 23.60 Fibonacci retracement line. A breach below this Fibonacci level would confirm a bearish break and bolster the market’s existing bearish momentum. The fact that investors are more ready to HODL than sell, reflecting a high level of investor confidence in the present market direction, does not help matters. Which in this instance is a decline. ETH Bears Take The Driver Seat The current position is unlikely to improve in the near future, as a decline is more likely to occur than a rebound. Even though RSI values are rising over the long haul, the CMF value of -0.18 indicates a complete bear market takeover. As the scenario worsens in the next days and weeks, the crypto sector will endure a great deal more of suffering. ETH will soon lose its footing at $1,200 and could fall to the $1,100 range. Related Reading: Shiba Inu (SHIB) Ranks No. 1 In Top 5,000 ETH Whales’ Crypto Holdings ETH total market cap at $147 billion on the daily chart | Featured image from Watcher Guru, Chart: TradingView.com
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