Schlagwort: crypto analysis

• BNB/USD forms a possible bearish flag pattern
• The US dollar strength is not responsible for the BNB/USD bearishness
• $200 provides support for now

Bitcoin rallied in 2023 and holds onto its gains. Most other major cryptocurrencies did so too, but some exceptions exist. 

One is Binance Coin (BNB). 

Sure enough, it rallied at the start of the year, following Bitcoin’s lead. But then it gave up all of its gains – and some more. 

One cannot blame the US dollar’s strength as the cause for the BNB/USD decline. After all, the dollar’s strength is not visible in other cryptocurrencies. 

Instead, it appears to be the Binance Coin that trades with a bearish tone. That is particularly true if one looks at the technical picture, which shows the bearish pressure building as the market nears the $200 support level. 

Binance Coin chart by TradingView

A bearish flag pattern suggests that BNB/USD will break the $200 support level

A bearish flag pattern is a continuation pattern forming in a downtrend. The consolidation area follows a steep decline, and the breakout or the measured move equals the distance that the market traveled prior to the consolidation. 

If, indeed, BNB/USD formed a bearish flag pattern, then the support in the $200 area should give way. The pattern’s measured move, seen in orange above, points to $150 and lower. 

What should worry investors is the inability of the market to bounce while other cryptocurrencies hold near their yearly highs. It points to other factors weighing on the market, different than the US dollar’s strength. 

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• Ethereum is consolidating around the yearly highs
• $2,000 proves to be stiff resistance
• ETH/USD price action holds between a $1,000 range since May 2022

There is only one trading day left in July, and the cryptocurrency market is consolidating. That is particularly true of major cryptocurrencies such as Bitcoin or Ethereum, as they both hover around their yearly highs against the US dollar. 

Ethereum found strong resistance at the $2,000 area in 2023, just as it found strong support at $1,000 last year. The question now is whether resistance holds and the price will be sent back to $1,000? Or will bulls manage to push over resistance, and the rally will continue in the last months of the year? 

ETH/USD remains bullish while the price holds above $1,000

The rally in the cryptocurrency market seen in 2023 triggered enthusiasm among cryptocurrency investors. However, without more follow-through, the bullish sentiment will dissipate soon. 

Ethereum chart by TradingView

A quick look at the chart above reveals a $1,000 range since May 2022. More precisely, the market moved between $1,000 and $2,000, clearly with an upside bias but failing to make a meaningful break higher. 

Since touching the $1,000 support level in 2022, ETH/USD started a series of higher highs and higher lows, typical in bullish formations. Because the higher lows formed against horizontal resistance, it looks like the market builds energy to break higher. However, the bullish bias should hold only if the price does not break the higher lows series. 

If it does, the focus suddenly turns to the $1,000. A clear break there brings back the previous head and shoulders pattern with a measured move much lower than $1,000. 

The post ETH/USD price forecast as July comes to an end appeared first on CoinJournal.

• Key US economic data is due this week
• An increase in the US dollar’s volatility should move the cryptocurrency market too
• The NFP report is the highlight of the week

The final week of July is ahead of us, and cryptocurrency traders might want to consider what happens with the US dollar. After all, Bitcoin’s consolidation around $30k in the past few weeks brought little or no activity in the market. 

Therefore, should the US dollar’s volatility rise in the week ahead, Bitcoin’s volatility may rise too. Consequently, the entire cryptocurrency market will be more active if Bitcoin’s volatility rises. 

So here are three events that might move the US dollar consider next week: 

• ISM Manufacturing and Services PMI 
• ADP Employment Change 
• Non-Farm Payrolls

ISM Manufacturing and Services PMI

The PMI data is calculated monthly and interpreted in relation to the 50 level. A print bigger than 50 shows an expanding sector, while one above 50 shows an expanding sector. 

The United States is a service-based economy, so the services sector tends to have more weight for the US dollar. However, this week, the focus will be on the manufacturing data because it is forecast to come out below the 50 level. Any positive surprises should see the US dollar bouncing higher. 

ADP Employment Change

July’s ADP Employment Change or the private payroll numbers will be released on Wednesday. Market participants look at the private payrolls in anticipation of the all-important Non-Farm Payrolls report due two days later. 

This week, the market expects the US economy to have added 195k new jobs in July. Details matter because the ADP and NFP numbers often reflect the same thing. 

Non-Farm Payrolls

Because next Friday is the first Friday of the new month, the NFP report for the month of July is due. The market expects the US economy to have added 200k new jobs in July and the unemployment rate remained steady at 3.6%.

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• Fed’s July decision did not impact the cryptocurrency market
• Despite rallying in 2023, ADA/USD dipped below the 2022 lows
• A double bottom pattern might be in place, and a move above $0.55 would confirm the reversal pattern

Three central banks announced their interest rate decisions this week, and the Federal Reserve was one of them. For those trading cryptocurrencies denominated in US dollars, the Fed’s decision marked one of the most important events of the summer. 

Following the decision to “skip” a rate hike in June, the Fed signaled that it would hike the rates in July, despite the clear improvements in the fight against inflation. Accordingly, the market priced in a rate hike, and the Fed delivered. 

As such, all the attention was on what the Fed will signal moving forward – more tightening or the fact that it had reached the terminal rate? Every detail was important for the US dollar as its volatility directly impacts cryptocurrency traders. 

As it turned out, the Fed did hike the funds rate by another 25 basis points and did not signal that the current cycle ended. Therefore, the outcome of the Fed’s meeting might be viewed as hawkish for the US dollar, and so, it is no wonder that the cryptocurrency market continued its consolidation and experienced less volatility following the Fed meeting than the traditional currency market. 

Cardano chart by TradingView

ADA/USD unable to break above horizontal resistance

Cardano (ADA) rallied in 2023 as Bitcoin and other major cryptocurrencies bounced from their 2022 lows. In doing so, the market met little or no resistance until the $0.4 area. This is an area where ADA/USD found support in the past, and now support turned into resistance.

For several months now, ADA/USD was not able to break and hold above resistance – every time sellers emerged. So heavy was the selling pressure that the market even dropped below the 2022 lows. 

Naturally, this week’s Fed decision was important because it might be that ADA/USD formed a double bottom with the last attempt to the lows. While the Fed’s decision did not trigger a lower dollar, the bias remains somehow bullish for ADA/USD because of the possible double bottom. 

Therefore, if ADA/USD climbs above $0.4, more buyers might step in to trade the pattern’s measured move, seen in orange above. It points to $0.55, and on such a market move, the bearish bias might finally be left behind. 

The post ADA/USD price forecast following the Fed’s July interest rate decision appeared first on CoinJournal.

Key takeaways

• Shiba Memu’s presale has generated more than $1.2 million in its first month.

• SHMU’s price is increased daily, with the presale set to last for eight weeks. 

The cryptocurrency market has underperformed this week. Bitcoin has lost more than 2% of its value in the last seven days and is now trading below $30k. At press time, the price of Bitcoin stands at $29,212.

Despite the market’s poor performance, Shiba Memu’s presale has hit a new milestone. The presale has surpassed the $1 million mark in the first month of its presale. 

What is Shiba Memu?

AI has become the rage in the world now. Following the launch of ChatGPT earlier this year, we have seen a number of AI solutions crop up to solve numerous problems within society.

Shiba Memu is a project that is taking advantage of AI and blockchain technology to make it easier for people to create content and market their services. 

According to their whitepaper, Shiba Memu is designed to handle the task of 100 marketing agencies. The Shiba Memu machine is always active and is working 24/7 to find the best work going on in creative advertising, consuming it and generating better content marketing. 

Shiba Memu is launching a meme token thanks to the explosive growth recorded by meme coins in recent years. In 2020, meme coins were practically unknown in the crypto ecosystem but grew to a market cap of over $20 billion within two years. 

However, Shiba Memu could be better than most of the meme coins currently available in the crypto market, thanks to its utility. The team explained that Shiba Memu has self-sufficient marketing capabilities powered by AI technology, making it a unique and attractive investment.

With Shiba Memu, users have a powerful AI that can create its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks. Currently, Shiba Memu is available on the Ethereum and BNBChain blockchains. 

Shiba Memu’s presale tops $1.2M

Shiba Memu is becoming quite popular amongst cryptocurrency investors despite the recent bearish sentiment in the market. 

The presale has been on for less than a month, and the team has raised $1.2 million so far. The development team will use the funds to develop some of its products. 

Most of the funds generated from the presale would be used to develop Shiba Memu’s AI technology. With the Shiba Memu AI technology, the platform can engage with users directly.

The development team added that the platform would have a robotastic dashboard to interact with the AI, provide feedback, make suggestions, and ask questions. 

Click here to find out more about Shiba Memu’s presale event.

Shiba Memu price prediction

It is hard to accurately predict Shiba Memu’s price as the token is still in its presale phase. Currently, 1 SHMU = 0.016300 USDT. 

The team revealed that the Shiba Memu price increases every day at 6 pm GMT. In a few hours, the token will go for 0.016525 USDT. 

SHMU began trading at $0.011125 when the presale began and will trade at $0.0244 when the presale ends. Users can purchase the SHMU token using Ethereum, USDT, BNB and BUSD

Should you invest in Shiba Memu now?

If you are interested in the project, then it is not too late to invest in Shiba Memu. the project’s utility could make it one of the leading meme coins in the world. 

By combing AI and blockchain technology to ease marketing strategies for companies and organisations, Shiba Memu could gain massive adoption in the coming months and years. 

If the project gets the necessary adoption, SHMU, the native token of the Shiba Memu ecosystem, could record massive gains in the medium to long term.

Furthermore, if the broader crypto market enters a bullish cycle, SHMU could emerge as one of the biggest winners. Bitcoin and other major cryptocurrencies are up by more than 40% year-to-date. 

If the market fundamentals improve over the next few months, SHMU could record excellent growth once it starts trading on cryptocurrency exchanges.

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