Schlagwort: crypto business

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Bitcoin’s price dip has attracted large whales – Here is what this means

After a very bullish trend in March, Bitcoin (BTC) has slowed significantly in April. The coin dropped below the $40,000 for the first time in weeks. BTC has managed to pair up some of these losses and much of this is down to increased whale buying. Here are the main takeaways:

  • Institutional investors and other big wallets bought BTC massively at $38,000.

  • This buying activity has pushed the coin above $42,000 once again

  • Whale accumulation often suggests a bullish momentum is around the corner.

Data Source: Tradingview 

How will whale activity affect Bitcoin?

In the near term, we expect the price of Bitcoin to maintain a steady upward trajectory. The accumulation of BTC by large wallets is often a sign that more gains are coming. At the moment, BTC remains firmly above the crucial; $40,000 mark. We expect consolidation to continue before the mega-cap strides towards $45,000. 

It is very difficult however to see any more upside above $45,000. In fact, even during its robust March rally, BTC failed to clear $49,000 and would soon fall sharply after. It is likely that most of the dip buyers we saw at the $38,000 prices are short-term investors. 

We expect a majority of them to lock in profit once the coin crosses $45,000. This will lead to a mini sell-off that will return Bitcoin back to $40,000 in the shorter term.

Should you follow the Whales?

Well, the $38,000 price was the most appropriate for BTC investors. But there is enough upside for the coin to hit $45,000 from its current price. You can therefore consider buying and make at least 10% in returns over the coming days. But if you want to hold for the longer term, BTC still has the potential to 2x your money by the end of this year.

The post Bitcoin’s price dip has attracted large whales – Here is what this means appeared first on Coin Journal.

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Ripple (XRP) could accelerate to $0.82 in the near term

Ripple (XRP) has entered a bullish setup that could trigger a decisive uptrend. The coin has regained an important trend line and will look to build momentum in the coming days. But how far can it go? More analysis below but first, here are key takeaways.

  • XRP has consolidated gains firmly above the 100-day moving average

  • The coin has breached $0.72 and regained an important trend line.

  • The momentum could push XRP towards $0.82 in the near term.

Data Source: Tradingview

Ripple (XRP) and the upside potential

The broader crypto market has stabilized after a difficult start to April. Although most coins have not reported record-breaking returns, they have held to most of the gains we saw during the March bull run. 

XRP added 10% to its value last week and has now entered a bullish setup that could bring additional gains of around 15%. The moment the token smashed past $0.72, it entered an important upper trend line. So far, the coin has held this line and appears poised to surge towards $0.83. XRP also remains steadily above its 100-day SMA, something that adds more support to this bullish thesis. 

Despite this, there are still several risk factors. For starters, the relative strength index is still slightly in bear territory. This could make upward momentum very hard to sustain. For this reason, it would be best to approach this setup with effective risk management. In fact, if XRP falls below $0.68, this analysis will become null and void.

Should you buy XRP?

As noted above, some risk still remains for XRP. But the upside potential to gain 15% in the next few days is there. In that case, you can buy XRP but make sure you use small amounts of capital. 

However, if you plan to hold the coin for the long haul, then you can buy it without any worries. XRP’s long-term outlook is very positive.

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Bitcoin touches $42.5K as analyst points to a possible trend reversal

  • Bitcoin has touched intraday highs of $42,562, the highest price level this past week.

  • Analysts say holding above $43K could see BTC-USD eye fresh gains to $50K or higher.

  • This is likely if an inverse head and shoulder pattern validates, says an analyst

Bitcoin has bounced off lows of $39K this past week, with some selling by whales (amid US tax season selling) contributing to the negative sentiment. But despite the offloading, whale accumulation by addresses holding 10,000 BTC or more has remained in an uptrend since early 2021.

A key price level to watch, according to the highly respected crypto analyst Rekt Capital is $43,000. 

He says some large holders sold at this level, suggesting bulls face a challenge here. Break that and BTC could post further gains in the $43K-$50K range.

“Number of unique addresses holding min. 10K BTC has been increasing since Feb ’21. That said, 1st signs of a Lower High forming as some whales offloaded positions at ~$43K,” the analyst noted in a tweet Wednesday.

Possible trend reversal for BTC?

Popular analyst and trader Michael van de Poppe also sees the $42.5K-$43K level as key for bulls. He suggests a daily close above this level would boost buyers and open up $46,000 as the new target. 

A run to $50,000 would not be out of the picture in such a scenario.

“If the market wants to see continuation, it has to crack that region around $42.3K for Bitcoin. This is also a daily breaker. If it breaks, I’m assuming a new test of $46K is around the corner and possibly $50k+.”

Crypto trader Dan Gambardello highlights the formation of an inverse head and shoulders pattern as suggestive of a breakout. The pattern is a common indicator that traders use to identify a potential trend reversal.

If the price breaks and sustains above the neckline (in this case an upward sloping line), the pattern’s height suggests a possible retest of prices above $46K. Invalidation of course opens up the possibility of new downward action to recent lows.

“Bitcoin upward sloping inverse head & shoulders, target $46,000,” said Gambardello, the founder of Crypto Capital Venture.

Chart showing inverse head and shoulder pattern on the 6-hour chart. Source: Dan Garmbadello on Twitter.

Pseudonymous trader HornHairs says the market structure on the 12-hour chart suggests new momentum is likely. He notes that any fresh drawdown presents a buying opportunity.

“12H confirmed a break in market structure to the upside – dips are for buying for now,” he tweeted early Wednesday.

Bitcoin was trading at around $42,528 at the time of writing, up 1.1% in the past 24 hours.

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Highlights April 21: Cryptos mixed, strong day for dog-themed meme coins

The crypto market as a whole was mixed today with the majority of top 20 cryptos registering slight losses. Bitcoin’s price rebounded in Asian hours, resulting in gains for many other cryptos. It was trading for just under $42,000 at the time of writing. 

Top cryptos

Most cryptos saw changes of +/- 1-3% in their value. All of the top 10 are flat. 18th-ranked NEAR Protocol has reversed recent gains, down by around 4% today. 

Top movers

The movement was similar outside the top 20. Privacy coins are seeing an upswing. Monero is a prime example, up 6% in the last 24 h. EOS is another, gaining 8%. Theta Network’s THETA also added 6% to its value. 

CAKE, the coin of the PancakeSwap exchange and automated market maker, is up 10%. One possible reason for its surge is the ongoing PancakeSwap and BSC Easter campaign, in which the two platforms are handing out $15,000. 

Zilliqa, the world’s first public blockchain to rely entirely on a sharded network, added 9% to its value today. 

The biggest top 100 winner by far is 0x’s token ZRX, which gained 52% after announcing a partnership with leading crypto exchange Coinbase to power the latter’s new social NFT marketplace. 

Kava is on an upward trajectory as the Kava 10 Mainnet upgrade approaches. It will go live on May 10. Kava added 15% to its value today. 

Synthetix, a decentralized finance protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets, is at #100 with gains of 7% in the last 24 h. 

The biggest losers are Loopring (-7%), STEPN’s GMT (-6%), and ApeCoin (-9%), all of which are seeing an end to recent rallies.  

Trending

It’s a strong day for canine meme coins. Dogelon Mars gained 50% on reports of an upcoming listing on Binance, and the upswing was supported by the Bitcoin price rebound.  

Another meme coin, Shiba Rewards, is up 229% today. Its creators say they made it out of frustration due to many new projects featuring high taxes with a majority collected going to the developers rather than the investors. 

The SHREW token was designed to be a low tax rewards token and features a 0% buy and transfer tax. 

The post Highlights April 21: Cryptos mixed, strong day for dog-themed meme coins appeared first on Coin Journal.

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Best places to buy Dogelon Mars, which spiked on rumors of Binance listing

Dogelon Mars gained 50% on reports of an upcoming listing on Binance, and the upswing was supported by a Bitcoin price rebound. However, its price declined thereafter. At the time of writing, it had lost around 1% of its value. 

This brief guide has everything you need to know about Dogelon Mars, including whether and where to buy Dogelon Mars if you choose. 

Top places to buy Dogelon Mars now

As ELON is such a new asset, it’s yet to be listed on major exchanges. You can still purchase ELON using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy ELON right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the Uniswap DEX

Head to Uniswap, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for ELON

Now that you’re connected, you’ll be able to swap for 100s of coins including ELON.

What is Dogelon Mars?

Dogelon Mars is a dog-themed meme coin on Ethereum and Polygon. It follows the example of other successful dog coins and plays on several popular themes in the meme coin space. 

Its name is a mixture of Dogecoin and Elon Musk and alludes to Mars, a spin on the famous moon meme, implying that Dogelon will experience a massive upward movement. 

Dogelon Mars does not have a roadmap per se, but instead developed a fantasy version through its comics. After the re-colonization of Mars in 2420, Dogelon will have to fight for survival against the annihilators. 

This fantasized version suggests that once the coin is listed on all major exchanges, the price of ELON will reach Mars.

Should I buy Dogelon Mars today?

Dogelon Mars can definitely be worth investing in if your timing is right. Unfortunately, this is often impossible to know in advance. Any investment decision should take your risk tolerance into account. Don’t take any price predictions at face value. 

Dogelon Mars price prediction

CryptoNewsZ predicts that Dogelon Mars will hit $0.00000127 by the end of 2022 and $0.00000194 in three years.

Crowd Wisdom gives Dogelon Mars a “Strong Buy” rating and an average price prediction of $0.00000285 for next year. In 2030, they forecast ELON will hit an all-time high of $0.0000367.  

Dogelon Mars on social media

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