Blackrock CEO Larry Fink has emphasized bitcoin’s growing legitimacy as an investment, calling it an alternative to commodities like gold. “We believe bitcoin is an asset class in itself,” said the CEO of the world’s largest asset manager. Fink downplayed regulatory changes, arguing broader acceptance and liquidity will drive market expansion. With the firm’s bitcoin […]
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Technical analysis suggests that Shiba Inu is currently positioned at a critical price junction, one that could lead to a massive 400% breakout to the upside. According to an analyst on the TradingView platform, the current Shiba Inu price action is pointing towards a full breakout of a bull flag formation. If this interesting projection were to materialize as anticipated, it would put the meme-inspired cryptocurrency on a steady path to a return towards its current all-time high. Shiba Inu Price Waiting To Break Above Bull Flag Taking to the TradingView platform, the analyst (without_worries) revealed an interesting take after an analysis of the Shiba Inu price action since the beginning of the year. The analyst highlighted a significant correction by examining the 5-day candlestick price chart, noting that Shiba Inu has retraced approximately 75% from its yearly high of $0.00003595. This correction has been marked by a sequence of lower highs and lower lows, giving rise to the creation of a bull flag pattern. Related Reading: Expert Dissects $60 Forecast For XRP Price, Institutional Investors Are The Key The analyst pointed out several reasons why going long on Shiba Inu now presents a favorable opportunity. The most critical factor is the breakout above the bull flag pattern, which often signals the continuation of an upward trend following a period of consolidation. In addition, the Relative Strength Index (RSI) has also provided a bullish signal. For the first time since April, the RSI has broken above a descending trendline and is now trending upward meaningfully. The RSI currently stands at 54.7 on the 5-day chart, relaying the inflow trend among investors. Although there remains the possibility of SHIB retesting the bull flag pattern, the analyst emphasized that if SHIB experiences a second impulsive move, it could trigger a repeat rally similar to the one seen during its last major breakout. During that previous rally, SHIB surged by about 400% to reach a peak of $0.00003595. If history were to repeat itself under similar conditions, Shiba Inu could see its price break above its current 2024 peak and reach a target between $0.00006204 and $0.000074. Bullish Predictions For SHIB The Shiba Inu price action in the past seven days has been highlighted by intense volatility. From October 7 to October 10, the SHIB price tended downward to reach a low of $0.00001613. Since that point up until the time of writing, SHIB has gained about 11.84%, although it has been rejected multiple times at $0.00001809. Related Reading: Whales Accumulate 40 Million XRP In 48 Hours – Where’s The Price Headed? At the time of writing, SHIB is trading at $0.00001809. Another analyst, Javon Marks, is echoing the return to SHIB’s all-time high. According to Marks’ analysis, based on an earlier breakout of a falling wedge pattern, SHIB is now free for a run up to $0.000081. Featured image created with Dall.E, chart from Tradingview.com
Smart contracts, the blockchain-automated programs, are now legal in Argentina after local jurisdiction recognized the enforceability of the first one. They can now be used to execute rental agreements, purchase payments, and other legal contracts, as cryptocurrency is now approved for use as payment in commercial contracts in the country. Smart Contracts Reach Legally Enforceable […]
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On Monday, a long-dormant bitcoin wallet, first activated on Aug. 4, 2011, made its move, sending 100 BTC—valued at $6.59 million—out into the world for the first time in over 13 years. While September saw some exciting transactions from 2009-era wallets, October has been relatively quiet when it comes to the reawakening of old bitcoin […]
The perpetual futures DEX has set up a foundation and will announce the details of an airdrop next month.
Solana (SOL) is trading above $150 after days of uncertainty and testing critical demand levels. The altcoin has surged 13% since last Thursday, showing signs of strength amid market volatility. Now, Solana is just 5% away from the $160 key resistance, a crucial level it hasn’t surpassed since early August. This resistance marks a pivotal point for SOL, as breaking above it could trigger a significant bullish move. Related Reading: Active Dogecoin Addresses Reach Highest Level In 8 Months – Is DOGE About To Rally? Top analyst and investor Carl Runefelt has shared a technical analysis suggesting that Solana is forming a bullish pattern. According to his analysis, if SOL breaks above this pattern, it could lead to a massive surge and potentially reach new all-time highs. As traders closely monitor this resistance level, the next few days will be crucial for determining Solana’s future price action. Investors are eager to see if SOL can break through and spark a broader rally or if it will face rejection and enter a consolidation phase. With momentum building, Solana’s price movements are at the center of attention in the crypto market. Solana Analyst Predicts New ATH Soon Solana is approaching the critical $160 resistance level after a 4% surge in the past few hours. Analysts and investors are paying close attention as the entire crypto market rebounds from local lows, and Solana is now poised to follow this trend. The cryptocurrency has gained 13% since last Thursday and is 5% away from breaking the key $160 resistance, a level it hasn’t surpassed since early August. The market’s growing optimism is reflected across social media platforms, where speculation about Solana’s future price action is mounting. Prominent crypto investor and analyst Carl Runefelt recently shared his technical analysis of Solana on X. In his analysis, Runefelt highlights that Solana is forming a bullish pattern, which could signal a massive breakout if the price breaks above the $160 resistance. According to Runefelt, Solana’s surge to new all-time highs would be substantial once it breaks the upper boundary of this bullish triangle pattern. The $160 zone has proven to be a key resistance level, pushing Solana’s price thrice since early August. As Solana moves closer to this critical level again, many investors are optimistic that the price will break through this time, leading to significant upside momentum. Related Reading: Dogecoin Could Break Yearly Highs ‘Any Moment Now’ – Crypto Analyst However, a failure to breach this resistance could result in consolidation, with traders looking for stronger confirmation of the next big move. The coming days will be crucial for Solana, as the market eagerly awaits confirmation of a breakout or further consolidation. If bulls break above the $160 resistance, it could pave the way for Solana to target new highs, driving renewed interest and momentum in the price of the altcoin. SOL Supply Zone About To Break Solana (SOL) is trading at $153 after a modest surge above the daily 200 moving average (MA) at $151. This upward movement marks a significant moment for SOL, as being above this crucial indicator is seen as a positive sign for potential future gains. If the price can maintain its position above the 1D 200 MA, it could pave the way for a direct push toward the key $160 resistance level. A successful close above $160 would open the door to a challenge of yearly highs around $210, enticing traders and investors looking for momentum in the altcoin. However, if Solana fails to maintain its position above the daily 200 MA, investors anticipate a retracement to lower demand levels around $140. Related Reading: XRP Will Jump 75% If It Holds Current Demand Level – Details Staying above the 1D 200 MA will be crucial in determining the short-term direction for SOL. Investors are closely monitoring these levels, as they could signal either a continuation of the bullish momentum or a potential reversal, leading to increased volatility in the coming days. Featured image from Dall-E, chart from TradingView
