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Shiba Inu shows promising signs, but key breakout must occur to go higher

  • Shiba Inu’s token has been consolidating since May.

  • The “meme” cryptocurrency has been regarded as a Dogecoin killer.

  • SHIB needs to break above key resistance to consider a bullish move attenable.

Shiba Inu SHIB/USD is a coin to watch as market sentiment remains weak. Notably, the coin has been showing signs of a recovery. The price has been consolidating between $0.00001 and $0.000012 since May. The crypto-token slipped below the consolidation zone in June but recovered some days later. We believe $0.000012 is a key resistance zone for investors seeking to buy Shiba Inu.

Shiba Inu has often been touted as a Dogecoin killer. The labeling comes due to their resemblance to Dogecoin. Both cryptos are regarded as “meme coins.” Shiba Inu was an overnight sensation in 2021, ending the year as one of the most searched cryptos. Often, SHIB and Dogecoin have been driven by social media mentions rather than fundamentals. With crypto interest remaining muted, the two coins have faced steep selloffs. 

SHIB consolidates but needs a breakout to surge higher

Source – TradingView

Technically, Shiba Inu is in consolidation mode. The 14-day and 21-day moving averages have joined support. The price has crashed back to the $0.00001 support after hitting a resistance. However, historically, SHIB has been very volatile. It could break above the resistance quickly for the smallest of news. At the moment, we find no immediate trigger, and the price could remain subdued. Investors’ attention should turn to the $0.000012 resistance if they seek to buy SHIB.

Summary

Shiba INU is a popular meme token, together with Dogecoin. SHIB crashed this year, alongside major cryptocurrencies. The meme token is currently consolidating. Investors should watch $0.000012 for bullish confirmation before buying.

The post Shiba Inu shows promising signs, but key breakout must occur to go higher appeared first on CoinJournal.

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How likely will Ethereum rebound at the $1000 – $1100 level?

  • Ethereum is forming support at around $1,000.

  • The cryptocurrency price has been weakened by the waning DeFi and NFT sectors.

  • Ethereum is yet to bottom as the price remains bearish.

Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls resist further downside, and a potential reversal could occur. At the current price of $1,047, Ethereum has slightly recovered. This was after slipping below $1,000 in the third week of June.

Since topping $4,800 Ethereum in November 2021, Ethereum has failed to match the gains. Crypto weakness and waning interest in NFTs and DeFi have contributed to the decline. NFT sales are now at their one-year lows. The sales hit the lowest in the year in June. However, NFTs and DeFi remain popular market segments as the crypto sector booms. We believe it’s a matter of when and not if Ethereum will recover to its former self. Investors should be watching for price bottoms to take the price higher. The key question is, has Ethereum bottomed at the $1,000-$1,200 region?

Ethereum consolidates at $1,000 bottom, but the price is under pressure

Source – TradingView

Technically, we view $1,000-$1,100 as a potential zone for Ethereum. The cryptocurrency is establishing the zone as important support. However, technical indicators suggest that Ethereum could fall further. Although the MACD line moves above the moving averages, it is still yet to get out of the bear zone. Again, the 14-day and 21-day moving averages suggest a bear market. The confirmation of a rebound is if the price successfully moves above moving averages. The price surge must also coincide with an improved crypto sentiment.

The other likely bottom is the established support at around $750. With the current bear market, $750 is a very realistic bottom for Ethereum. The level will be reached if Ethereum breaks below $1,000. For now, there is no confirmed bottom for Ethereum, and the price could fall further.

Summary

Ethereum is bearish at developing support of $1,000-$ 1,100. The token is yet to become bullish, and the price could fall to $750.

The post How likely will Ethereum rebound at the $1000 – $1100 level? appeared first on CoinJournal.

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Fantom’s failure to take off at $0.28 could see the price drop to below $0.1

  • Fantom token trades at $0.25, slightly below the $0.28 support.

  • Fantom network has been hit by crypto sector weakness and developers exit.

  • FTM could find the next support at $0.5 if $0.28 fails to hold.

Fantom network FTM/USD experienced exponential growth in 2021. The growth continued in January this year, as the native token almost recovered to its all-time high. However, Fantom was subsequently hit by a weakness that swept across the sector. 

Fantom experienced a downturn in March this year. Two of its leading developers announced the exit of a once booming crypto project. Andre Cronje, one of the lead developers, was instrumental in the growth of Fantom. The market didn’t receive the news well, as Fantom’s native token crashed afterward. The network’s total value locked dropped by more than 21% in 24 hours after the news. Currently, Fantom boasts $842.25 million TVL. The TVL is significantly below an all-time high of $12.79 billion as of January 25.

Fantom has been bearish as network woes continued. There were speculations of the return of the developers, but nothing remains confirmed to date. Alongside the crash in the crypto segment, Fantom remains under pressure.

Fantom trades slightly below $0.28 support

Source – TradingView

From the technical outlook, FTM is trading around the support, established at $0.28. The current price is $0.24, although not sufficient to be called a breakout. The price is under pressure as nothing confirms a bullish reversal at the support. The 21-day and 14-day moving averages offer resistance above. The MACD indicators are in the bear zone. We project a further decline of the Fantom token. The next support is established at $0.05 if the $0.28 zone fails to hold. However, crypto volatilities mean the price could recover quickly.

Concluding thoughts

Fantom is under pressure at the $0.28 support. Although yet to successfully break below, technical indicators support a lower price. The crypto-token may fall further if the support fails to hold, with the next level at $0.05. The price may reverse above the next support if crypto fundamentals improve.

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Bitcoin Visa card with ‘no-limit’ spend launches in the UAE

A Visa VIP crypto credit card for Bitcoin  millionaires and billionaires is now officially available in the United Arab Emirates (UAE), giving holders a chance to join an exclusive club. 

Available by-invite to only 10,000 members across the globe, the bitcoinblack will offer holders the opportunity to convert their BTC or other major digital assets into spendable cash. 

With this, the card provides “the gateway” holders may need to splash their crypto wealth – with access to the world of luxury goods and services.

Premium benefits to members

A press release announcing the Bitcoin card teases several premium benefits to this private club. For one, users will enjoy no limit spending on their card at all Visa accepted locations.

They will also earn up to 10% rewards on the expenditure in an exclusive SPND token.The card’s holders can redeem their SPND tokens at Haute Living Luxury Marketplace, an online boutique with top of the range luxury watches, cars, purses, charter jet deals, and private mansion access among others will be available.

Prakash Chand aka ‘Dr. Crypto’ on Twitter is the CEO of bitcoinblack. He said the card has seen massive interest since its launch in 2021. Below is his tweet to the winner of a giveaway he announced on 2 July.

Chand first invested in Bitcoin in 2011 and says he fancied the Visa card following a spike in crypto wealthy individuals who wanted a product that gives them the best way to spend their money and get rewarded while doing it.

“bitcoinblack is perfectly suited for high networth individuals who want to use their crypto for business or pleasure wherever they are in the world, including the 140+ countries where Visa is accepted” he said.

According to Chand, all that a holder needs to do is “load up their crypto through the web app or soon-to-come secure bitcoinblack wallet app,” and they have instant access to the world of luxury available to members.

The post Bitcoin Visa card with ‘no-limit’ spend launches in the UAE appeared first on CoinJournal.