Category: Cryptocurrency News

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Ethereum (ETH) investors are bracing for a turbulent ride ahead as a well-regarded crypto analyst casts a shadow of doubt over the smart contract platform’s future.  In a recent report, Nicholas Merten predicts that Ethereum has less than a year to break free from an ascending triangle pattern, a technical indicator that holds significant implications for the cryptocurrency’s trajectory. Related Reading: Tron Shows Might With 4.8-M Daily Transactions – Will This Boost TRX Price? The Enigma Of The Ascending Triangle Pattern In a nutshell, an ascending triangle pattern is a chart formation that typically indicates an impending breakout. It forms when the price of an asset reaches higher lows, forming a rising trendline (the ascending side of the triangle), while facing resistance at a horizontal level (the flat top of the triangle). The longer the pattern persists, the more pressure builds for a decisive price move, either upwards or downwards. Merten, a prominent voice in the crypto community, has been closely monitoring Ethereum’s performance against this crucial pattern. According to Merten, Ethereum’s inability to convincingly breach the resistance at around $2,000 is a cause for concern.  “Ethereum cannot show up to the plate. It keeps getting shot down at around $2,000, and that’s okay for a while,” he emphasized.” But eventually, you’ve got to be able to either break out to the upside or, if you break through the ascending line of support to the downside, that spells bad news.” ETHUSD trading at $1,622 as of Thursday, Sept. 14. Chart: TradingView.com The Ethereum Exodus And Ambiguous Implications Meanwhile, a separate report has presented a puzzling trend that adds to the uncertainty surrounding Ethereum. Approximately 640,000 ETH has recently exited exchanges, a move that could be interpreted as a bullish sign. This outflow suggests that investors might be hoarding Ethereum for the long haul, anticipating a future price surge. However, caution is warranted. Ethereum’s long-term performance has not been impressive, with persistent bearish trends weighing it down. This raises questions about the credibility of the accumulation theory. While investors might be tempted to stock up on Ethereum at its current lower price point, they must tread carefully given the unpredictable nature of the cryptocurrency market. Related Reading: Can Ethereum Tally Spring Highs After Correction? Top Analyst Shares His Views At the time of writing, Ethereum is trading at $1,619, displaying a 1.7% gain over the past 24 hours, yet nursing a 1.0% loss in the seven-day period, according to CoinGecko. The coming months will likely determine whether Ethereum will defy the odds, break free from its current constraints, and soar to new heights — or if it will succumb to the pressures outlined by Merten, leading to a collapse that could reshape the crypto landscape. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Daily Express

Forex trading involves the exchange of traditional fiat currencies, while cryptocurrency trading involves the buying and selling of cryptocurrencies.

The much-anticipated biography of the world’s richest man, Elon Musk, recently dropped. As expected, it contains some interesting tales of Musk’s involvement with the meme coin Dogecoin and how he has contributed to its growth. Musk’s Love For Dogecoin Runs Deep Musk’s biography, authored by Walter Isaacson, contains certain important parts that highlight how much the world’s richest man is invested in the token. In one part, Isaacson writes that Musk’s brother discussed the possibility of creating a blockchain-based social media platform that would include a payment system using Dogecoin.  Related Reading: By The Numbers: How Much Crypto Has Been Lost In The CoinEx Hack So Far Musk thought it was a great idea and even sent his brother an idea for “a blockchain social system that does both payments and short messages like Twitter.” Considering that it will be decentralized, Musk stated that it will guarantee free speech (something which Musk has continuously advocated for). The other option that Musk mentioned instead of this idea was to buy Twitter, which he eventually did. However, considering that the initial idea was to create a decentralized social system with Dogecoin being an integral part of the payment system, it won’t be surprising to see Musk incorporate the meme coin into the payment system he intends to build on the X (formerly Twitter) platform.  Musk is known to post cryptic memes about Dogecoin usually. Still, his wittiness towards the meme token doesn’t stop there, as he went as far as purchasing a Shiba Inu dog named Floki, which happens to be Dogecoin’s logo. In February, he posted a tweet of this pet dog with the caption, “The new CEO of Twitter..” According to the book, FTX’s CEO Sam Bankman-Fried (SBF) was in support of Musk acquiring Twitter as he believed that Twitter could be rebuilt on the blockchain and was “eager” to be part of the deal. Last year, Musk confirmed that SBF wanted to finance his Twitter takeover, but he wasn’t so inclined to the idea as SBF had “set off his bullshit meter.” The world’s richest man considered the idea of using blockchain technology as a support system for Twitter. However, it seems that Musk’s love for Dogecoin didn’t translate to him being a huge fan of blockchain technology. Isaacson stated that “despite the fun he had with Dogecoin and other cryptocurrencies, he was not a blockchain acolyte and he felt it would be too sluggish to support fast-paced Twitter postings.” DOGE price still trading sideways at $0.06 | Source: DOGEUSD on Tradingview.com DOGE Is An Investment Beyond his fondness for the meme token, Musk is reportedly invested in Dogecoin’s development. A page in the book revealed that Musk had been funding the cryptocurrency, with Isaacson labeling Dogecoin “the semi-serious cryptocurrency whose development he [Musk] had been quietly funding.”  As such, it won’t be surprising to see Musk work towards ensuring that the meme token attains new heights, with a prominent member of the Dogecoin community positing that Elon Musk will make the token “the official currency of X and earth in the future.” Related Reading: Why The NASDAQ’s Latest Move Is Important For Fund Managers Filing Ethereum ETFs While this may seem farfetched to many, Musk is already taking steps that could place Dogecoin on the global stage. His X platform recently acquired licenses to offer payment services in multiple states in the US. This move could undoubtedly form part of Musk’s plans to create a payment system where users make payments in DOGE.  DOGE is currently trading at around $0.06145, up by 0.50% in the last twenty-four hours, according to data from CoinMarketCap.  Featured image from Fox Business, chart from Tradingview.com

The company behind PUBG announces a new Web3 platform, monetization in Web3 and more.

Nansen CEO Alex Svanevik is confident there will be a protocol in the future that creates a balance between both and is compliant with regulators.