Schlagwort: crypto analysis

• Shiba Inu is the most held cryptocurrency by Ethereum whales after stablecoins.

• The cryptocurrency is undergoing a market correction.

• SHIB has to recapture $0.000012 resistance to consider a bullish case.

Shiba Inu SHIB/USD remains the most held cryptocurrency among the top 1,000 Ethereum whales. That excludes the stablecoins USDC, USDT, and stETH, which rank in the first three positions. WhaleStats data show that the whales have a combined $133,680,683 worth of SHIB holding. 

Amid the sizable share, Ethereum whales have reduced their SHIB holding. As of August 25, the total stake was $162,127,202. By then, SHIB was trading at a high of $0.000014. The meme token now trades at $0.000011 amid a market correction.

A large whale holding indicates a belief in Shiba Inu’s recovery. Recently, Shiba Inu’s burn rate rose by more than 1,500%, prompting a price recovery. However, Shiba Inu lacks a sustained momentum to stay bullish. Key developments expected to boost the token, including the Shiba metaverse, remain far from becoming a reality. A series of non-starter developments amid the macro jitters have been responsible for SHIB’s decline.

Shiba Inu meets resistance as the price recovers slightly

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Source – TradingView

Shiba Inu’s price action shows the token at a key resistance zone around $0.000012. The price is showing limited upside potential. The formation of inside bars from a mother bearish pin bar at the resistance could force a bear market. 

Recently, the 20-day MA crossed below the 50-day MA, affirming a bearish momentum. The RSI shows some upside since the token touched a nearly oversold $0.000010 level. 

Concluding thoughts

Despite some upside, Shiba Inu remains largely bearish. We can confirm a bullish reversal if the token recovers above $0.000012. A bearish movement could see the token retest the $0.000010 support again.

The post What’s the bull case for Shiba Inu as whale holdings remain high? appeared first on CoinJournal.

Harmony ONE price has been in a strong bearish trend in the past few months. It dropped to a low of $0.016, which was the lowest level since February 2021. It has fallen by more than 94% from the highest level, making it one of the worst performers in the industry.

Why has Harmony crashed?

Harmony is a blockchain project that hopes to help developers build fast decentralized applications (dApps). Apps in its ecosystem complete transactions in less than 3 seconds. Some of the top applications in its ecosystem are SushiSwap, Tranquil Finance, and Synapse among others.

Harmony was one of the biggest projects in the blockchain industry. This changed a few months ago afer the giant hack that led to a loss worth over $100 million. According to US investigators, the Horizon Bridge hack was instigated by North Korean hackers.

As a result, the total value locked (TVL) in the network crashed from an all-time high of over $1.3 billion to less than $30 million. This explains why ONE price has crashed in the past few months. Indeed, only 5 applications in its ecosystem have a TVL of over $1 million.

Harmony has been working on how to fix the network after the hack. In a statement, the developers announced that they had decided not to mint tokens to compensate those who lost their funds. They said:

“We propose not minting more ONE tokens nor changing our tokenomics with a hard fork of the protocol. Instead, we propose deploying our treasury towards both recovery and development.”

Still, from a fundamental perspective, Harmony has a long way to go to regain its trust among developers and investors.

Harmony ONE price prediction

The daily chart shows that Harmony has been in a strong bearish trend in the past few months. It has managed to move below the 25-day and 50-day moving averages. Its volume has crashed as demand remains much lower. The MACD has moved to the neutral level.

ONE price has also formed what looks like a head and shoulders pattern. Therefore, the coin will likely have a bearish breakout in the coming weeks. If this happens, the next key support level to watch will be at $0.015.

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Uniswap price bounced back on Tuesday as investors moved back to blue-chip DeFi projects. UNI, the platform’s token, rose to a high of $6.61, which was the highest level since September 13. It has risen by more than 30% from the lowest level this week.

Uniswap growth continues

Uniswap is a leading blockchain project that seeks to become the biggest decentralized exchange (DEX) in the world. In the past few years, it has handled over $1.1 trillion worth of transactions and processed over 111 million transactions.

In addition, Uniswap has built a protocol that makes it possible for developers to build decentralized apps in the finance industry. Some of the top applications in its ecosystem are Endaoment, TrustWallet, Universe Finance, and Token Terminal among others. 

Uniswap’s UNI token is rising on Tuesday as other cryptocurrency prices rebound. Bitcoin surged back to $20,000 while Ethereum, BNB, XRP, and Solana rose. According to CoinMarketCap, the total market cap of all cryptocurrencies jumped to over $972 million. Historically, cryptocurrencies tend to move in sync.

Uniswap price also rose as the total value locked (TVL) in the ecosystem tilted upwards. According to DeFi Llama, Uniswap has a TVL of over $5.3 billion, making it the fifth biggest DeFi platform in the world. Still, this TVL is much lower than its all-time high of over $10 billion. In terms of trading volume, it is the biggest DEX, far bigger than PancakeSwap.

Uniswap price has also risen recently as the developers make plans to disrupt leading centralized companies like Coinbase and Binance. Speaking at the recent Messari’s Mainnet event, the company’s COO said that it was eying several new products to boost its market share. For example, the firm intends to become a leading player in the NFT industry.

Uniswap price prediction

The daily chart shows that UNI price has been in a consolidation phase in the past few days. The coin has moved above the 25-day and 50-day moving averages. The MACD has also moved slightly below the neutral level. 

This price is slightly below the descending trendline shown in black. Therefore, there is a likelihood that the coin will have a bullish breakout as buyers target the next key resistance level at $10. A move below the support level at $5.25 will invalidate the bullish view.

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Cosmos price moved sideways on Tuesday as investors focus on the latest update by the developers. ATOM was trading at $14.45, which was slightly below last weekend’s high of $16.91. It has risen by more than 156% from the lowest level this year, giving it a market cap of more than $4.2 billion.

Cosmos new vision

Cosmos is a leading blockchain project that aims to solve some of the biggest challenges in the world. It is used to ensure that cryptocurrencies created in different chains can communicate with each other. 

At the same time, the Cosmos SDK has been used to build some of the most popular projects like Injective Protocol, ThorChain, and Osmosis. Cosmos also introduced social coordination technology, interchain security, interchain allocator, and liquid staking

Cosmos is now moving to the next stage of its development. In a statement, the developers said that the original vision they had been realized. 

In the new Cosmos whitepaper, the developers said that the next part of the platform’s transition will be to strengthen its interoperability and security. Also, there will be more emphasis on ATOM, the native coin for the Cosmos ecosystem.

One of the key changes that will come in Cosmos will be the reinvention of the Cosmos Hub as the interchain web. As a result, this will enable other Cosmos blockchains to borrow the validator pool to secure their networks.

All these changes are now proposals and the governance individuals are assessing and voting for or against them. The changes will then happen on October 3rd of this year.

The new changes happen as more developers continue shifting to the network. dYdX, one of the biggest decentralized exchanges (DEXes) is moving to its platform. And in August, Delphi Labs announced it would shift focus of its research and development toward Cosmos.

Cosmos price prediction

The daily chart shows that the ATOM price has been in a strong bullish trend in the past few weeks. Along the way, the coin has formed an ascending channel that is shown in black. It is now along the lower side of this channel.

Cosmos has moved above the 25-day and 50-day moving averages while the MACD has continued falling. The price is along the 23.6% Fibonacci Retracement level. Therefore, ATOM price will likely continue rising as bulls target the upper side of the channel at $20, which is a 40% increase.

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The big headline to start the week was the British pound falling to an all-time low, following announcements from new Prime Minister Lizz Truss that a series of tax cuts would be introduced.

Investors feared this would undermine confidence in the pound, and the sell-off tanked the value down to a historic low of $1.03. Headlines were full of talk about the Armageddon-type move, the future of the pound and what it meant going forward.

One thing which struck me – it shows quite how far we still have to go if Bitcoin is to be considered a sound form of money.

As can be seen in the below chart, the pound fell close to 7%, down to $1.03, before bouncing back up to where it now trades at $1.07.

GBP/USD chart by TradingView

Bitcoin

On the flipside, if we look at Bitcoin’s daily returns, this 7% drop is just a walk in the park. I have plotted the daily returns of Bitcoin over the last year to illustrate this below. In fact, there have been 23 occasions over the last year alone where Bitcoin has had a daily move of a magnitude of 7% or greater (11 downward, 12 upward).

Obviously, for a currency or a store of value, this is totally unacceptable – which is precisely why Bitcoin can be considered neither, for the time being at least. And it has a long way to go.

I am on record as a staunch believer in the power that Bitcoin holds, but it’s simply preposterous to declare it as a reputable store of value right now. The pandemonium around the 7% plummet in the GBP shows this better than anything. A 7% barely makes headlines at all in cryptoland.

I saw the limits of Bitcoin first-hand when I went to El Salvador this summer. Citizens reported feeling uneasy with the volatility, and many set up their native Chivo app to immediately convert whatever Bitcoin they received via their businesses into USD so they did not have to bear the volatility.

One stat should be all you need to hammer home how far Bitcoin has to go: the world’s biggest cryptocurrency is down 70% from its all-time high less than a year ago (November 2021). Imagine being 100% allocated to Bitcoin and referring to it as a store of value? It’s quite simply objectively wrong.

Is Bitcoin becoming less volatile?

I plotted the below charts of all daily moves in Bitcoin in percentage terms going back to 2014. The results don’t point towards volatility reducing in any great manner.

However, it really is only in the last two years – the COVID era – that Bitcoin has truly become mainstream. Before that, it was largely a niche asset operating in esoteric corners of the Internet. It thus may be the next couple of years that will be the most significant with regards to a fall in volatility.

One thing is for sure, the volatility right now in the GBP is causing mayhem, and that shows precisely how far Bitcoin still has to go to achieve its goal of becoming a reputable store of value.  

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