Kategorie: Crypto Analysis

Key takeaways

• SHIB is up 11% in the last 24 hours, outperforming the broader crypto market.
• The cryptocurrency could rally higher in the near term.

Memecoins surge higher

Leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) have performed positively over the past 24 hours, easing from the recent selling pressure. The memecoins began December bearish but have recovered some gains over the past few hours.

The technical indicators remain mixed despite the recent positive price action. Retail interest in Dogecoin and Shiba Inu has increased in recent days. Data obtained from CoinGlass revealed an increase of 4.33% and 2.62% in DOGE and SHIB futures Open Interest (OI) over the last 24 hours, reaching $1.38 billion and $80.51 million, respectively. This surge in capital at risk in DOGE and SHIB futures indicates that investors are gaining confidence in the memecoins. 

 SHIB eyes the $0.00001 psychological level

The SHIB/USD 4-hour chart remains bearish and efficient as Shiba Inu has underperformed over the past few weeks. SHIB dropped below the $0.000010 psychological level since November 12 and has failed to recover since then. 

At press time, Shiba Inu is trading above $0.00000800 after four previous days of losses. The ongoing recovery could see SHIB recover above the November 29 high of $0.00000913. 

Similar to Dogecoin, SHIB’s RSI stands at 47, below the neutral 50, but suggesting that the bearish momentum is fading. The MACD lines are also closing in on a bullish crossover, confirming a potential recovery. If the recovery persists, SHIB will top the $0.00000913 resistance and head towards the $0.00001 psychological level.

However, if the bears regain control of the market, SHIB could retest the Monday low of $0.00000780 in the near term.

The post Is SHIB heading to $0.000010 after its latest rally? Check forecast appeared first on CoinJournal.

Key takeaways

• XRP is up 6% in the last 24 hours and is trading around $2.2.
• The cryptocurrency could surge higher amid a renewed bullish potential. 

XRP tops $2.2 as altcoins edge higher

XRP, the native coin of the Ripple ecosystem, is trading around $2.2 after adding more than 2% to its value in the last 24 hours. The positive performance comes as the broader crypto market recovers from the Monday dip.

Bitcoin, the leading cryptocurrency by market cap, is trading around $93k after retesting the $83k support level earlier this week. Meanwhile, Ether, the second-largest cryptocurrency by market cap, is trading above $3k and could rally higher in the near term. 

The market is pumping due to renewed optimism regarding a potential Federal Reserve interest rate cut next week. The rate cut could boost Bitcoin and XRP’s price in the near term, potentially reversing the recent losses.

XRP eyes the $2.5 psychological level

The XRP/USD 4-hour chart remains bearish and inefficient despite XRP adding 6% to its value since Tuesday. At press time, XRP is trading at $2.18, which is below key moving averages, including the 50-day EMA at $2.32, the 100-day EMA at $2.47, and the 200-day EMA at $2.50.

The technical indicators remain bearish but could switch bullish once XRP overcomes the major resistance level above $2.2. The MACD histogram has turned positive and is expanding on the daily chart, with the blue line above the red signal, suggesting improving upside momentum. 

Furthermore, the RSI on the 4-hour chart reads 43, suggesting a declining bearish momentum. If the recovery continues, XRP could rally towards the next major resistance level at $2.63 in the near term, with the $2.5 region a key one for the cryptocurrency. 

However, if the momentum stalls, the bears will regain control, and XRP could retest the $1.9 support level once again.

The post XRP could surge to $2.5 amid renewed bullish optimism appeared first on CoinJournal.

Key takeaways

• ADA has lost 7% of its value in the last seven days.
• The coin could record further losses as the market remains bearish.

ADA sheds 35% in November

ADA, the native coin of the Cardano blockchain, is up by less than 1% on Tuesday after recovering from the 6% dip on Monday. The bearish performance occurred as the  Cardano derivatives market saw a decline in traders’ interest.

According to CoinGlass, ADA futures Open Interest (OI) dropped 6.82% over the last 24 hours to $693 million. This decline suggests that investors are adopting a risk-off approach to the market.

Furthermore, the OI-weighted funding rate stands at -0.0057% suggesting increased confidence among bearish-aligned traders. Due to the current market conditions, the long-to-short ratio stands at 0.8765, with short positions building to 53.29% of all derivatives contracts over the last 24 hours.

This data suggests that there is a sell-side dominance in Cardano derivatives, with traders anticipating a decline in ADA’s price in the near term.

Will ADA close below the 2025 low?

The ADA/USD daily chart is bearish and inefficient as Cardano has underperformed in recent weeks. The coin dropped below $0.40 after losing 35% of its value in November and could dip lower over the coming days and weeks. 

The technical indicators are also bearish, with the daily RSI now at 28, indicating an oversold condition. The MACD lines are also within the negative territory, suggesting heavy selling pressure. If the RSI remains below 30, Cardano remains at risk of steeper corrections. 

If the daily candle closes below the November 21 low of $0.3876, ADA could suffer heavy losses and retest the September 16, 2024, low of $0.3264. On the upside, if the buyers regain control and ADA stays bullish above $0.3876, it could reclaim the $0.40 resistance level in the near term. 

The post Cardano risks dropping to $0.32 as bearish trend thickens appeared first on CoinJournal.

Key takeaways

• BTC is trading below $87k, down by less than 1% in the last 24 hours.
• The leading cryptocurrency could retest the $93k resistance level in the near term.

Bitcoin’s $83k support holds

Bitcoin briefly dropped below $84k on Tuesday but has bounced back and is now trading above $86k per coin. The bearish performance comes amid macroeconomic conditions due to global liquidity tightening, and confidence in crypto is also deteriorating further following the Yearn hack.

Analysts predict that Bitcoin’s price could suffer further bearish movements as we head into the last few weeks of the year. In an email to Coinjournal, Nick Forster, Founder at the onchain options platform, Derive.xyz, said that macro uncertainty continues to dominate. 

A BOJ tightening and ambiguity around a U.S. Fed cut continue to negatively affect Bitcoin and the broader cryptocurrency market.

“Volatility surged in response. BTC 30-day volatility jumped from 46% to 50% in the past 24 hours, while skew collapsed from -5% to -8% before recovering slightly to -6% at the time of writing. The move reflects aggressive demand for downside protection as traders reposition for further weakness,” Forster added.

The options market shows that 15% of traders predict Bitcoin’s price will drop below $80k by the end of the year. However, 21% are still optimistic about Bitcoin ending the year above $100k.

BTC eyes the $93k resistance

The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has underperformed over the past five days. The technical indicators are also bearish but could switch bullish if Bitcoin tops the $93k resistance level.

At press time, BTC is trading at $86,882 per coin. If the market recovery continues, BTC could rally towards the $93k resistance level over the next few hours or days. 

The 4-hour RSI of 40 shows a fading bearish trend as Bitcoin is no longer in the oversold area.

On the flipside, if the bears regain strength, Bitcoin could retest the $80k low created on November 21.

The post Bitcoin price forecast: BTC eyes $93k as $83k support holds appeared first on CoinJournal.

Key takeaways

• ETH is down 5.5% and is now trading below $2,900.
• The leading altcoins could record further losses amid renewed bearish momentum.

The cryptocurrency market is starting another month bearish after the poor performance recorded by Ether and other major coins in November. Ether recorded a temporary relief last week, hitting the $3k psychological level.

However, the recent gains have been wiped out, with Ether now trading around $2,800 after losing 5.5% of its value in the last 24 hours. The negative performance saw over $140 billion wiped out from the crypto market during that period, with the total market cap now below $3 trillion.

Furthermore, the bearish performance saw over $500 million worth of leveraged positions liquidated in the last 24 hours, with Binance, Bybit, and Hyperliquid accounting for 90% of the total liquidations.

Ether and other major cryptocurrencies could face further selling pressure in the near term. However, with the Fed’s FOMC meeting slated for next week, Ether and other leading cryptocurrencies could experience a temporary relief if the Federal Reserve cuts its benchmark interest rate for the third time this year. 

Ether could retest the $2,600 low.

The ETH/USD daily chart is bearish and efficient as Ether has underperformed in recent days. The coin has lost 5.5% of its value since Sunday and is now trading around the $2,840 region. 

If the ETH/USD daily candle closes below the November 21 low of $2,623, the bears could push the price lower over the next few hours or days, with the next major support around the June 22 low of $2,111.

 

The technical indicators remain bearish, with the RSI of 34 suggesting that sellers are in control. The MACD also risks a cross below the signal line, indicating Ethereum is still bearish.

However, if the bulls recover from the recent selloff, Ether could challenge the trend and push towards the $3k psychological level once again.

The post Ethereum price forecast: Ether risks further downside as bears regain control appeared first on CoinJournal.