Kategorie: Crypto Analysis

Key takeaways

• PUMP is up 1.1% in the last 24 hours, outperforming the broader crypto market.
• The recent rally comes after Pump.fun launched a new callout in the previous feature that lets creators share trending coins on the platform.

Pump.fun’s DEX volume surges as price approaches $0.003

PUMP, the native coin of the Pump.fun DEX is up 1% in the last 24 hours, outperforming the broader crypto market.

The positive performance comes after Pump.fun released a callout feature on Thursday for creators to share listed coins with their followers. This latest development could boost the social interest and trading activity on the platform. 

The release also comes when Pump.fun’s DEX volume is on the rise, hitting $84.34 million a few hours ago. 

In addition to that, derivatives data indicate wavering retail interest in PUMP as capital flow and funding rates see-saw over the last week. According to CoinGlass, PUMP’s Open Interest (OI) is down 2% in the previous 24 hours to $237.69 million, pulled from $250 million twice so far this month.

Furthermore, the OI-weighted funding rate is at -0.0032%, pulling into the negative territory, suggesting that traders are holding more short positions. 

PUMP eyes the $0.0033 psychological level

The PUMP/USD 4H Chart is bullish and efficient as the cryptocurrency has performed excellently since the start of the week. PUMP is trading at $0.0029 after facing rejection in the last two sessions.

The Moving Average Convergence Divergence (MACD) remains above the signal line and in positive territory. The Relative Strength Index (RSI) at 60 rises toward the overbought zone, consistent with this week’s recovery.

If the daily candle closes above $0.003000, it would keep the near-term bias supported and push PUMP’s price towards $0.0033. The next major resistance level stands at $0.004048

However, if the bulls fail and PUMP drops below the 20-day EMA at $0.002577, it could dip further towards the $0.002330 support level.

The post PUMP eyes $0.0033 on release of creator-focused callout feature appeared first on CoinJournal.

Key takeaways

• ETH has maintained its price above $3,300 despite losing less than 1% of its value.
• The leading altcoin could rally higher in the near term amid growing institutional demand.

ETH stays above $3,300 despite market pullback

ETH, the second-largest cryptocurrency by market cap, has lost less than 1% of its value in the last 24 hours and is now trading above $3,300 per coin.

This performance comes despite growing institutional demand for Ethereum products. According to data obtained from SoSoValue, Ether-linked funds saw steady demand. Spot ether ETFs recorded $175 million in net inflows on Wednesday, led by BlackRock’s ETHA and Grayscale products, extending a gradual recovery in flows after a quiet December.

The market pullback was primarily caused by the U.S. Senate Banking Committee (SBC) pushing back on discussing the crypto market-structure bill after Coinbase withdrew support for the latest draft.

The committee Chairman, Tim Scott, announced in an official statement that bipartisan leaders, alongside the crypto and financial sectors, are continuing to work on the draft.

The postponement comes after Coinbase’s CEO, Brian Armstrong, suddenly opposed the way, stating that it is better to have no bill than a bad one. 

Armstrong pointed out that the bill kills stablecoin rewards, erodes the Commodity Futures Trading Commission’s (CFTC) authority, imposes DeFi prohibitions that violate privacy rights, and imposes a de facto ban on tokenized equities.

ETH eyes a breakout to $3,500

The ETH/USD 4-hour chart remains bullish despite the current market pullback. ETH is trading above $3,300 as the bulls defend the support level at $3,288. 

The MACD indicator on the 4-hour chart remains above the signal line, with green histogram bars above the zero line, expanding in support of the bullish thesis.

The RSI of 67 shows that buyers remain in control, with the bulls breaking above the immediate 200-day EMA resistance at $3,339. A daily candle close above this level could see ETH surge towards the resistance zone at $3,447, tested on December 10.

However, failure to overcome this resistance level could see ETH retracing towards the $3,000 psychological region.

The post Ether maintains price above $3,300, eyes breakout to $3,500 appeared first on CoinJournal.

Key takeaways

• XRP has lost its fourth place in the market to BNB after losing 3% of its value in the last 24 hours.
• The coin is struggling to overcome the $2.2 resistance level despite growing ETF demand.

XRP loses fourth place to BNB

XRP, the native coin of the Ripple ecosystem, has lost more than 2% of its value in the last 24 hours and is currently trading at $2.11 per coin. The bearish performance comes despite rising Open Interest (OI) and institutional inflow into XRP ETFs.

According to CoinGlass, XRP’s OI has increased to $4.09 billion on Thursday, up from $3.93 billion on Tuesday. The increase, albeit minor, suggests that investors are beginning to lean more into risk.

If the OI continues to increase, it could see XRP’s price rally higher in the near term and target the nearest resistance level. Despite that, the OI sits below the yearly high of $4.55 billion, recorded on January 6.

Furthermore, interest in XRP spot Exchange Traded Funds (ETFs) continues to build. SoSoValue reports that XRP ETFs gained nearly $11 million in inflow on Wednesday. Since their launch in November, XRP ETFs have recorded just one outflow, totaling nearly $41 million on January 7. The cumulative inflow now stands at $1.25 billion with net assets at $1.54 billion.

Will XRP resume its uptrend soon?

The XRP/USD 4-hour chart is bearish and efficient as Ripple has underperformed over the past few days. The coin is still trading above the key support provided by the 50-day Exponential Moving Average (EMA) at $2.08.

A minor decline in the Relative Strength Index (RSI) to 53 on the 4-hour chart confirms the buildup of downside pressure. If the RSI continues to decline, XRP could retest the $1.90 support level in the near term. 

However, the Moving Average Convergence Divergence (MACD) indicator on the same chart holds above the signal line, which could allow investors to bet on XRP’s price soaring higher. 

If the daily candle closes above the 100-day EMA at $2.21, XRP could extend its rally towards the 200-day EMA ($2.33).

The post XRP rally stalls despite growing ETF inflow: Check forecast appeared first on CoinJournal.

Key takeaways

• Hedera is up 6.5% in the last 24 hours and is now trading above $0.12.
• The coin could rally towards $0.145 amid growing ETF inflow.

ETF inflow boosts HBAR’s sentiment

HBAR, the native coin of the Hedera blockchain, is up 6.5% in the last 24 hours and is now trading at $0.123 per coin. The rally makes it one of the best performers among the top 30 cryptocurrencies by market cap.

The positive performance is fueled by growing institutional demand. According to SoSoValue, Hedera spot ETFs recorded an inflow of $817,770 inflow of Tuesday, marking the third consecutive positive flow since last week. 

If these inflows intensify, HBAR could extend its ongoing price rally. In addition to that, data obtained fromCryptoQuant shows that HBAR’s spot and futures markets have large whale orders, signaling a potential rally ahead.

CoinGlass’s data also shows that HBAR’s long-to-short ratio reads 1.06 on Wednesday, the highest level in over a month. The ratio crossing one reflects bullish sentiment in the market, with more traders taking long positions over short. 

HBAR could extend gains towards $0.145

The HBAR/USD 4-hour chart is currently bullish after Hedera extended its value above $0.12 earlier this year. At press time, HBAR is nearing the 50-day Exponential Moving Average (EMA) at $0.127.

If the bulls push HBAR’s daily candle to close above the 50-day EMA, it could extend its gains towards the $0.145 resistance level. An extended rally could see HABR retest the upper trendline boundary of the wedge pattern at around $0.152.

The RSI on the 4-hour chart is at 58, above the neutral 50 level, indicating bullish momentum is gaining traction. Moreover, the Moving Average Convergence Divergence (MACD) shows a bullish crossover that remains intact.

On the flip side, if HBAR undergoes a correction, it could extend the decline toward the weekly support level below $0.1

The post HBAR eyes $0.145 as ETF inflows boost sentiment appeared first on CoinJournal.

Key takeaways

• XMR has hit an all-time high price of $716 after adding 4% to its value in the last 24 hours.
• The rally comes as privacy tokens have been recording gains since the start of the year.

XMR continues its rally, hits an ATH of $716

Monero (XMR) continued its excellent start to the year after hitting a new all-time high. The coin has added more than 4% to its value in the last 24 hours to hit an all-time high of $716 a few hours ago.

At press time, XMR has slightly retraced to now trade at $708 per coin. The rally means that XMR has added more than 50% to its value in the last seven days, outperforming other cryptocurrencies in the top 20.

Thanks to the ongoing rally, Monero is now the 12th-largest cryptocurrency, with a market cap close to $13 billion.  

However, crypto analytics platform Santiment has warned investors that the rising FOMO surrounding Monero could be risky. According to Santiment, XMR’s social dominance peaked on Sunday, while development activity has declined.

“If you are looking for an entry point, consider doing so after social hype and FOMO wears off slightly,” Santiment added. 

The coin is currently facing a retracement after hitting the all-time high price. 

XMR could rally higher amid growing FOMO

The XMR/USD 4-hour chart is bullish and efficient thanks to Monero adding 50% to its value in the last seven days. The coin is trading at $708 per coin and could rally higher in the near term. 

The momentum indicators are in the overbought region, which could result in Monero undergoing a correction. 

The Relative Strength Index (RSI) of 84 shows that XMR is overbought, signaling heightened bullish momentum. Overbought conditions in the RSI often lead to a short-term correction, as evidenced by XMR’s recent moves.

The MACD lines are also in the bullish zone, adding more confluence to the market conditions. 

If the rally continues, XMR could hit an all-time high of $750 or more in the near term. However, if the market undergoes a correction, the leading privacy coin could retrace towards the support level at $601.

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