First and foremost. Dogecoin has massively pumped over the last week, up 77%, it's likely massively hyped and due for a correction, buying Doge will probably get you burnt. Over the past year Dogecoin has taken hit after hit along with the rest of the crypto market. Every time Dogecoin dropped out of the top…
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Meme coins were trading significantly higher on Saturday, as both shiba inu and dogecoin rose by over 20%. Shiba inu rallied to a six-week high in today’s session, as the token broke out of a key resistance level. Dogecoin extended recent gains, climbing to a five-month high in the process. Shiba Inu (SHIB) Shiba inu […]
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Bitcoin is getting livelier at current six-week highs, data shows, as profit-taking comes back into the spotlight.
XRP has struggled to break out of a narrow range over the last few weeks and has failed to make any significant progress in terms of price pump. XRP struggles to surpass he crucial $0.53 resistance marker The altcoin is swinging between narrow ranges in terms of price movement Whales continue to accommodate despite previous selloff The asset’s trading data chart reveals it is trapped within a Fibonacci support and resistance region where it encounters strong challenge surpassing the $0.53 marker. Related Reading: Cardano (ADA) Market Cap Grows By Over $1 Billion In 24 Hours Source: TradingView Every time XRP tries to move past this certain price point, it ends up testing the $0.43 support level. This cycle has been ongoing for the altcoin since the month of September. Despite the recent rally of the crypto market, the virtual coin declined by 1.3% over the last 24 hours and is still down by 4.4% for the past two weeks. At press time, according to tracking from Coingecko, the digital currency is trading at $0.47. A bit of good news for investors is that its Relative Strength Index is within an ascending support line which denotes a bullish signal for the asset that is the subject of an ongoing court battle between Ripple Labs and the U.S. Securities and Exchange Commission. Ripple Focusing On Development To Help XRP Despite being in a long-standing legal tussle, Ripple is turning its focus to network development activities that will help XRP recover from its losses. The company recently announced the launching of its third wave of $250 million creator fund which is open for all creators of both digital and physical non-fungible tokens (NFTs). Ripple said the application is open until December 30, 2022 and all interested applicants are welcome to try their luck for the millions worth of creator fund. This is still in line with the company’s goal of increasing network activity of Ripple users and also underscores their interest to grow their NFT market. Should Investors Buy XRP Today? As the crypto is not moving much in terms of price range, investors might opt to buy right now and hold their tokens while waiting for the next bullish market rally. XRP whales are doing the same, accumulating as much as they can even during the mini surge that helped the crypto space push its overall valuation back to over $1 trillion. It is, however, important to note that addresses holding more than 10 million tokens have sold their XRP and trimmed their balances. This would mean that while some big investors are buying, the others are selling, ensuring balance to the asset’s distribution. Some analysts believe it is wise to hold the asset for now as the Ripple Labs is on the verge of finally winning its legal battle against SEC. They are looking at this development as a catalyst to trigger an XRP rally that will finally break its bearish cycle. Related Reading: Stellar (XLM) Could Grow Dim This Week, But Buyers Don’t Need To Back Down XRP market cap at $23.6 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.
SHIB’s price shows strength as it bounces from a downtrend range price rallied to a high of $0.0000122 with eyes set on $0.0000135. SHIB could rally more as the price creates more bullish bias breaking out of its range channel with good volume as SHIB army could push the price to $0.0000135. SHIB’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies. The price of Shiba Inu (SHIB)has had a tough time dealing with this current bear market, with the price suffering so much decline in the past six months. The crypto market is looking increasingly welcoming as many altcoins continue producing over 30% gains. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.1 after the news broke out of Elon Musk taking over Twitter, considering he is referred to as DOGE father. This has affected DOGE positively, with many speculating if Shiba Inu (SHIB) can follow in the footstep of DOGE. (Data from Binance) Related Reading: Shiba Inu Facing Tough Hurdles For Weeks – How Could SHIB Overcome These? Shiba Inu (SHIB) Price Analysis On The Weekly Chart. SHIB has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of SHIB hasn’t enjoyed a measure of relief after showing so much strength on the weekly to how its key support zone of around $0.00000850. After the price of SHIB rallied to a high of $0.00004, the price has faced rejection to break higher to a region of $0.00007, and the price has continued to struggle to stay afloat, considering how tough the crypto market has been lately. The price of SHIB dropped to a low of $0.00000800 after rejection from the high of $0.00004; the price of SHIB bounced from that region to a high of $0.000017, where the price was rejected into a range channel. Weekly resistance for the price of SHIB – $0.00002. Weekly Support for the price of SHIB – $0.00000800. Price Analysis Of SHIB On The Daily (1D) Chart In the daily timeframe, the price of SHIB continues to look strong as the price narrowly broke out of its range; it has found itself for the past few days. SHIB currently trades at $0.00001220, just above its key Support formed at 50 EMA after forming a range channel as the price builds more strength to break out for a rally. The price of SHIB needs to hold above $0.000012 for the price to trend higher to a region of $0.000013 and possibly $0.00002, which is a key supply zone for most traders. Daily resistance for the SHIB price – $0.000013. Daily Support for the SHIB price – $0.00000950. Related Reading: Polygon (MATIC) Keeps Shining With Over 12% Gain In Value Featured Image From Adobe, Charts From Tradingview
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MAtPolygon (MATIC), the Ethereum layer-2 protocol, is swimming in gains throughout October. The last seven days alone have seen the coin increase by over 12% and currently sits at a value of $0.941. Polygon is one of the highest-performing coins on CoinMarketCap, with a market cap of just above $8 billion. Polygon suffered a devastating dip in price this June. However, it has slowly recovered since then, reaching a peak of $1.04 in the middle of August. The MATIC price reached $0.95 on October 26th, close to its August all-time high. This was possible thanks to significant community support, strategic alliances, new product releases, and developer activity. Related Reading: Polkadot Price Depreciates, Will The Bulls Be Able To Defend This Support Line? The coin has now stabilized in price, trading around $0.94 at press time. But this makes it something of an exception in the red crypto market. MATIC Looks Pretty With Weekly/Monthly Gains In the past week and month, MATIC has gained more than 12% and 26%, respectively. Polygon’s favourable price performance in this period has been driven by dramatically increased user activity. According to CryptoSlate’s analysis, the number of unique IP addresses on the network has increased significantly, reaching levels not seen since July. There has been a rise in Polygon’s user base, but this hasn’t resulted in a MATIC sell-off just yet. More and more MATIC is being withdrawn from exchanges, suggesting that users are shifting their attention away from trading. They are now using the tokens on the many dApps and services sprouted on the Polygon platform. According to CryptoSlate data, the highest exchange outflow for MATIC occurred in April 2021. This was exactly when MATIC’s rapid surge brought its price to an ATH of $2. The growth in Polygon’s user base in October is a direct outcome of the platform’s overall popularity. It has quickly become the preferred platform for various organizations, services, and products, including Reddit and its ambitious NFT plans. Polygon (MATIC) Price Analysis: Where Is the Token Headed? Polygon has been flat since August, but there has been an uptick in bullish activity as of late. After gaining over 12% over the past week, the price is once again testing the critical resistance level at $1. In the event that MATIC can rise beyond $1, this prolonged consolidation period will come to an end. So far, traders have been successful in keeping the price above the important support level of $0.86. If current momentum continues, we could see a test of the critical resistance as soon as the first week of November. Although the bears were able to push the price down in August, a repeat of that low might be seen as favourable. Related Reading: Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach New High The future seems bright for MATIC since its price grew by over 20% in October. This token may enter a continuous rally in November, which may take it to $1.3, which will be the next target. However, this might only happen if the bulls can maintain the strong momentum it has been experiencing throughout the month. Featured image from Pixabay and chart from TradingView.com
Bitcoin was back in the green on Saturday, as bulls returned to cryptocurrency markets to start the weekend. The token moved closer to a peak of $21,000, rebounding from Friday’s sell-off in the process. Ethereum was also higher in today’s session, climbing by nearly 10%. Bitcoin Bitcoin (BTC) rebounded from Friday’s sell-off in today’s session, […]
