Schlagwort: crypto market

• American stocks continued their sell-off this week as risks rose.

• Cryptocurrencies have proven resilient despite the challenging environment.

• Shiba Memu token sale has accelerated recently. 

It has been a sea of red in the financial market this week as the fear and greed index plunged to the lowest level in months and the US dollar index (DXY) surged to $106.7. The closely watched iShares 20 Plus Year Treasury Bond ETF (TLT) has plunged to the lowest point since 2014. It has fallen by over 17% from the highest point this year.

Meanwhile, the small-cap Russell 2000 index, has moved into a correction zone by plunging by over 12% from its peak this year. Other assets like commodities have also retreated as investors remain concerned about the next action by the Federal Reserve. The Fed has committed to hike interest rates to 5.7%, raising concerns about defaults and a recession. 

Cryptocurrency prices have remained quite resilient in the past few weeks. Bitcoin has remained above $26,000 while the total market cap of all digital coins has remained above $1 trillion. Other coins like Chainlink, Tron, and Terra Luna have been relatively resilient in this period.

Shiba Memu token sale continues

Meanwhile, Shiba Memu’s token sale has continued firing on all cylinders. The developers have raised over $3.36 million in the past few weeks, making it one of the most successful token sales this year. 

Shiba Memu’s sale gained steam this week after Amazon made a $4 billion investment in Anthropic, a new company in the generative AI industry. The company has launched Claude, a new platform similar to ChatGPT that aims to become a leading player in generative AI. It can answer long and complex questions with ease.

Amazon’s investment in Anthropic is important for Shiba Memu since the project has AI features. For starters, Shiba Memu aims to become a leading player in the meme coin and AI space. As a meme coin, the project seeks to become a viable alternative to Shiba Inu, one of the biggest meme coins in the world.

As part of its strategy to create utility, Shiba Memu will incorporate artificial intelligence features in its ecosystem. Initially, these features will be about automated marketing. It will use technologies like neural language processing and regression modes in all this. You can buy Shiba Memu token here.

Is Shiba Memu a good investment?

Shiba Memu has proven quite resilient in the past few weeks as concerns in the crypto and stock market have continued. It has continued raising huge sums of money from global investors. Most of these early adapters hope that their little investment will make them Shiba Memu millionaires.

Recently, we saw a few people become Pepe millionaires. We have also seen Shiba Inu and Bonk millionaires in the past few years. Therefore, because of Shiba Memu’s popularity in the presale, there is a likelihood that it will also create many wealthy people.

However, like all assets, especially cryptocurrencies, there are always risks. Recently, we have seen many hot cryptocurrencies like Zilliqa and Hedera Hashgraph plunge. Therefore, you should have proper risk management strategy and invest funds you are comfortable to lose.

The post Shiba Memu resilient as Nasdaq 100, Russell 2000, bonds plunge appeared first on CoinJournal.

Riot Platforms (NASDAQ: RIOT) stock price continued its sell-off even as Bitcoin and other cryptocurrencies held steady. The shares plunged to a low of $8.90 on Tuesday, the lowest level since April 6th. It has retreated by more than 56% from its highest point this year, meaning it is in a deep bear zone.

Bitcoin is holding really well

Riot Platforms is a major company in the Bitcoin mining industry. The company runs some of the biggest mining rigs in the world. For example, its Rockdale facility is the biggest mining and hosting facility in North America. It has a deployed hash rate of 10.7 EH/s. 

Riot Platforms and other mining companies like Marathon Digital, Cipher Mining, and Argo Blockchain tend to do well when Bitcoin price is rising. This explains why the shares jumped to a high of over $20.6  when Bitcoin surged to the year-to-date high of $32,000.

Therefore, it is quite surprising that the Riot Platforms share price has plunged even as Bitcoin has done well in the past few weeks. Bitcoin has remained above $26,200 even as the fear and greed index has dropped to the extreme fear zone of 25. The Dow Jones, Nasdaq 100, and S&P 500 have also slipped sharply recently.

I believe that Riot Platforms and Marathon Digital are good speculative buys. For one, I believe that Bitcoin will be much higher than where it is today. Bitcoin halving is coming in 2024, which will likely push its price higher.

Further, I suspect that the Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF. Besides, the leading applicants are some of the biggest companies in the industry like Blackrock, Fidelity, and WisdomTree.

Most importantly, Bitcoin has held quite well even as the Federal Reserve has hiked interest rates to the highest point in more than two decades.

Riot Platforms stock price forecast

The daily chart shows that the RIOT share price has been in a strong bearish trend in the past few months. It recently crashed below the key support at $14.45, the highest point in April this year.  The stock has dropped below the key support at $10.07, the lowest point on August 25th. 

Most importantly, the 50-day and 200-day weighted moving averages (WMA) are about to form a death cross. Therefore, the stock will likely remain underwater for a while. If this happens, the next level to watch will be at $8.

The post Riot Platforms stock price analysis: Here comes the death cross appeared first on CoinJournal.

• Binance Coin forms a descending triangle above important support area
• 2023 gains are gone
• A break below $200 should trigger more weakness

The US dollar is the month’s winner as it rallied against its peers and against major cryptocurrencies in September. Moreover, the strength appears to be more visible against cryptocurrencies.

Take Binance Coin for example. It erased all its 2023 gains (and some more). It also formed a descending triangle right above horizontal support seen at $200. This is dangerous for bulls because, if broken, there is not much left to support the price until much lower.

Bearish technical picture for Binance Coin

Binance Coin made a double top pattern during the COVID-19 pandemic. Twice, it tried to break above $700, without success.

Since then, however, it was all downside. The scandals in the cryptocurrency industry surely did not help. After all, FTX went busted, trust was lost, and many chose to leave the industry altogether.

Binance Coin chart by TradingView

In the first quarter of 2022, the Binance Coin found support in the $350 area. It hovered above for a while until breaking lower to the next support level.

Once broken, support became resistance.

So powerful the resistance was that not even the 2023 rally, seen on all major currencies, was enough to break it. Instead, the market formed a reversal pattern (i.e., a triangle) and then erased all its gains for the year.

Currently, it sits right above horizontal support at $200. A break there could spell trouble because there is nothing else to hold the price action until much lower levels.

The US dollar’s strength is a cause of major disruption in the cryptocurrency industry. But so is the uncertainty in the industry, the ongoing scandals, that led to investors fleeing for good.

Bulls may want to see that descending triangle (in blue on the chart above) invalidated by the market. If not, more pain lies ahead.

The post Binance Coin under severe pressure, tests the $200 support level appeared first on CoinJournal.

• Bitcoin Cash has formed a symmetrical triangle pattern.

• The two lines are nearing their confluence levels.

• The Federal Reserve is the biggest risk in the market.

Bitcoin Cash price has held quite well in the past few weeks even as a sense of fear spreads in the market. The BCH coin was trading at $214.50 on Tuesday, higher than this month’s low of $180.

Crypto risks remain

Bitcoin Cash price has done relatively well in the past few weeks. This performance was notable since it happened at a time when global stocks were in a freefall. The Nasdaq 100 index has dropped by more than 7% from its highest level this year.

Bonds have also been in a steep sell-off, which has pushed their yields to the highest level in years. The 2-year yield has jumped to 5% while the 10-year and 30-year have jumped to their highest level in more than a decade.

Bitcoin Cash price has likely done well because of the performance of Bitcoin. The BTC coin has remained above $26,000 even as the fear and greed index dropped to the fear zone of 34.

A likely reason for this price action is that investors are optimistic that the Securities and Exchange Commission (SEC) will approve the Bitcoin ETF by key companies like Blackrock, Invesco, and Fidelity.

If this happens, it means that the SEC will need to approve other ETFs. I believe that some of the coins that will have ETF applications are Ethereum, Litecoin, and Bitcoin Cash.

Still, there are risks in the crypto industry. The biggest risk is that the Federal Reserve has committed to be more hawkish since inflation remains stubbornly high. The most recent data showed that inflation jumped to 3.7% in August.

Bitcoin Cash price forecast

The daily chart provides a good picture of the Bitcoin Cash price action. It has formed a symmetrical triangle pattern shown in green. This triangle is nearing its confluence level, meaning that a breakout or breakdown is about to happen. Bitcoin Cash has moved above the 25-day and 50-day moving averages. 

It is also oscillating at the 50% Fibonacci Retracement level while the MACD has moved above the neutral point. Therefore, the BCH coin will likely remain in this range and then have a bullish breakout soon. If this happens, the key level to watch will be at $240. The support of the coin will be at $180.

How to buy Bitcoin Cash

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