Category: Cryptocurrency News

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The Shiba Inu (SHIB) price currently treads on crucial technical terrains. As highlighted in previous comprehensive analysis, the potential impacts of two distinct chart patterns were observed on the 1-week timeframe for SHIB, both leading to vastly different price trajectories. The 1-week chart reveals a compelling quadruple bottom formation for SHIB. If this pattern materializes, it could suggest a bullish surge of up to 250% from its breakout point, as delineated in prior assessments. Conversely, a starkly contrasting pattern emerges in the form of a descending triangle, which has taken shape over a span of 60 weeks. A conclusive break below its defining neckline could induce substantial declines in SHIB’s valuation. Shiba Inu Price: Currently, the bearish sentiment around Shiba Inu seems to be intensifying in the wake of the crypto market downturn. With SHIB recording a price of $0.00000695 at the press time and briefly touching a low of $0.00000674 yesterday, it has breached the descending triangle’s neckline pegged at $0.00000715. Related Reading: Shiba Inu Stagnation: What’s Causing Meme Coin’s Recent Sluggishness? Should SHIB close this week below this key support level, it might portend strong bearish implications, possibly steering the price toward its annual low of $0.000006. Yet, a closure below $0.00000715, while foreboding, is not conclusively bearish. An analogous dip occurred in June, which was swiftly followed by a robust rally. Over an 8-week period, SHIB ascended by 59%, only to face resistance at the 50-day EMA of $0.00001140, leading to a renewed breach under the descending triangle’s trend line on the weekly chart. At this juncture, if SHIB can secure a weekly close above the $0.00000715 mark either this week or the next, it might bolster the case for the bullish quadruple bottom setup. So SHIB could see a similar rally to June this year. From a technical viewpoint, the cryptocurrency will then confront key resistance barriers: the 20-day EMA at $0.00000806, the descending triangle’s trendline approximately at $0.000009, and the 50-day EMA at $0.00001019. Subsequently, a monumental target, pinpointed at the 23.6% Fibonacci retracement level of $0.00002545, representing a rally in excess of 250%, could be attainable. Related Reading: Shiba Inu-Based BONE Gearing Up For Massive Rally, Here’s Why When interpreting these patterns, investors must decide whether the quadruple bottom or the descending triangle holds more weight for them, making it a buy or sell position. Community Insights In a recent post on X (previously known as Twitter), prominent SHIB influencer, Lucie, urged the Shiba Inu community to persevere: “In these turbulent times, it’s imperative for us to remain resilient. The crypto landscape is indeed tumultuous, inundated with unsettling global updates. However, as the formidable ShibArmy, our collective endeavours will undoubtedly yield dividends. Let’s remain united, weathering challenges and championing our shared vision.” Investors and traders are encouraged to exercise caution and conduct due diligence, keeping a close watch on the unfolding SHIB price narrative. Featured image from Shutterstock, chart from TradingView.com

Founded in 2013, Okcoin will have the same name as OK Group’s other crypto venture, OKX, formerly known as OKEx.

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Dogecoin (DOGE) has been in a state of horizontal consolidation since mid-August, as it trades within the narrow range of $0.068 and $0.053. This period of consolidation has been marked by daily charts adorned with short-bodied candlesticks, a visual testament to the lack of enthusiasm from both buyers and sellers.  It’s a curious phase in the world of DOGE, where the price appears to be biding its time, awaiting a catalyst to break free from this stasis. However, recent market fluctuations have cast a shadow over this tranquility, pushing DOGE closer to a foundational support level, possibly signaling an impending bullish resurgence. Related Reading: What’s Behind XRP Price Retreat? Assessing Some Eye-Opening Metrics Dogecoin Price Analysis Suggests Sideways Movement Recent price analysis indicates that DOGE’s sideways trend may continue, with the coin hovering near the $0.055 support level within a downsloping trendline. This level, coinciding with a long-standing support trendline, forms a significant accumulation zone.  While DOGE’s price currently stands at approximately $0.059099 according to CoinGecko, it has experienced a 2.6% decline over the past 24 hours and a 4.9% dip over the last seven days. Should the resistance trendline maintain its influence, DOGE holders may anticipate a potential 7% drop, which could lead to a retest of the year-long support trendline located around the $0.055 region. DOGE market cap reaching the $8.3 billion level. Chart: TradingView.com Influential Figures Debate Crypto’s Inherent Value Meanwhile, on the social media platform X, a lively debate unfolded as two influential figures shared their perspectives on a contentious topic. The discussion was ignited by a statement from the Securities and Exchange Commission (SEC) regarding the Coinbase case, where they asserted that “crypto has ‘no innate or inherent value.’”  This assertion did not go unnoticed by Dogecoin’s co-founder, Billy Markus, who responded with a pointed critique, emphasizing the taxes he had paid on his cryptocurrency earnings. then return all the taxes y’all made me pay for receiving it you horrific evil hypocrites pic.twitter.com/rwisnADwLe — Shibetoshi Nakamoto (@BillyM2k) October 9, 2023 Elon Musk, the CEO of Tesla and SpaceX, renowned for his influential stance on cryptocurrencies, also entered the conversation, offering support to Markus’s perspective. Musk challenged the regulatory body by posing a rhetorical question: “It’s real if you have to pay taxes, but otherwise not real?” Related Reading: Shiba Inu Stagnation: What’s Causing Meme Coin’s Recent Sluggishness? This exchange by DOGE proponents highlights the ongoing debate surrounding the intrinsic value of cryptocurrencies and the increasing involvement of regulatory bodies.  As the crypto market remains in a state of flux, the perspectives of influential figures like Markus and Musk continue to shape the discourse and influence market sentiment. It remains to be seen how these debates will impact the broader crypto landscape and whether DOGE will break free from its consolidation phase in the near future. (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 NDTV Food

According to Hut 8 CEO Jaime Leverton, the new merged mining business will have “highly diversified fiat revenue streams.”

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Ripple usually returns a substantial part of its unlocked XRP tokens following every monthly release of 1 billion tokens from its escrow system. Justifying this move, pro-XRP legal expert Bill Morgan explained why Ripple does this rather than leaving these tokens in circulation. Why Ripple Returns Some XRP Tokens To Escrow In a tweet shared on his X (formerly Twitter) platform, Morgan suggested that Ripple’s decision not to sell most of the XRP released each month is one of the steps the firm takes to “support XRP’s price.” Morgan is likely referring to the fact Ripple selling all the 1 billion tokens could significantly affect (in a negative manner) the token’s price. Related Reading: These Bullish Factors Prove XRP Price Rally Is Not Over Yet Morgan’s tweet came in response to another X user (Alter Diego), who suggested that Ripple wasn’t relocking those tokens of its own volition but because there was no demand for them. He mentioned that the crypto company’s inability to sell “even half of its monthly XRP escrow release” despite gaining clarity says a lot about the coin.  The fact that Ripple doesn’t manage to sell even half of its monthly $XRP escrow release even after “having gained clarity” should tell you everything you need to know about this coin. — Alter Diego (@elalterdiego) October 9, 2023 Another member of the XRP community noted that Ripple could sell all the tokens from its monthly release, and if they did, people like Diego would still complain that “they were dumping.” Meanwhile, he stated that most XRP sales from Ripple were made to “support the rails for new ODL networks which have to be primed.” Diego’s claims that there is little or no demand for XRP seem unfounded, as XRP sales have jumped this year. Meanwhile, institutional investors seem to be taking a greater interest in the token as institutional inflows into the the token continue to spike.  Token price falls to $0.49 | Source: XRPUSD on Tradingview.com Ripple Has Lost Most Of Its Gains From ‘Second Victory’ In a prior tweet to the one where he explained why Ripple relocks its escrowed XRP tokens, Morgan noted that the token had lost most of its gains from Judge Analisa Torres’ denial of the US Securities and Exchange Commission (SEC) motion for an interlocutory appeal. Related Reading: 39-Month Cycle Says XRP Price Is Poised For Breakout To $1,000, Here’s When XRP had climbed as high as $0.6 following Judge Torres’ order. However, the token has dropped by over 2% since then to $0.49. However, despite the decline, many in the community are choosing to remain positive. One particular X user (who happens to be a software developer) noted that XRP’s price wasn’t solely dependent on the court’s decision as its price “will go where the market takes it.” Irrespective, the user believes that the token’s value is growing as the network’s developers continue to build “incredible things daily.” Featured image from American Banker, chart from Tradingview.com

Sam Bankman-Fried’s legal team is seeking permission to cross-examine Gary Wang over FTX lawyers’ involvement in Alameda loan approvals.