Schlagwort: crypto market

• Cryptocurrencies dipped sharply as bond yields surged.

• Most coins attempted to bounce back, in what could be a dead cat bounce.

Cryptocurrencies stabilized on Saturday after going through one of their worst performance in the past few months. After consolidating at $29,000 for weeks, Bitcoin plunged to $25,000. Sei, one of the newest tokens, plunged by over 80% from its all-time high. This article will look at some of the top-performing tokens like THORChain, Bitcoin SV, and Akash Network.

Akash Network price prediction

Akash Network’s AKT did not go through a major meltdown this week. On the daily chart, we see that the token rose to a high of $1.5580, the highest level since April last year. The token has moved above the 50-day and 25-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.

Akash Network has also flipped the important resistance level at $0.7462 into a support. This was an important level since it was the highest point on June 1st and July 4th. Now, the token has formed what looks like a double-top pattern whose neckline was at $1.1077. In most periods, a double-top pattern is usually a bearish sign.

Therefore, Akash Network price will likely retreat in the coming days as buyers start to take profit. If this happens, the next level to watch will be the psychological level at $1.0. 

THORChain price prediction

THORChain’s RUNE price has made a bullish breakout in the past few weeks. In this period, it has jumped from $0.9170 to a high of $1.60. It has flipped the important resistance point at $1.110, the highest point on July 3rd. 

Like Akash Network, the token has jumped above all moving averages and is about to form a golden cross pattern. This pattern usually forms when the 50-day and 200-day moving averages make a bullish crossover.

Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought levels. The outlook for the RUNE price is bullish, with the next level to watch being at $2.

How to buy RUNE

Bitcoin SV price forecast

Bitcoin SV price was not left behind in this week’s crypto crash. This move was expected since BSV has a close correlation with BTC. As it dropped, the coin dropped below the important support at $34.33, the lowest level on July 27th. 

BSV has also slipped below the 25-day and 50-day moving averages. It has now rebounded and flipped the resistance at $29, the lowest point on May 8th. This rebound seems like a dead cat bounce, signaling that the coin will likely resume the bearish trend in the coming days. If this happens, the next level to watch will be at $25.

How to buy Bitcoin SV

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Key Takeaways

• Trading volume, liquidity and volatility are all falling in the crypto markets
• Even Bitcoin’s strong rise thus far this year has been steady and methodical rather than via sudden spikes, as in the past
• Bitcoin dominance is rising, uncharacteristic during periods of price increases, highlighting a potential divergence 
• Regulatory crackdown is suppressing market participation through lawsuits against exchanges and heightened legal uncertainty 
• Volatility should return eventually, but previous six months have been the most placid in recent memory

It’s all quiet on the blockchain front. 

The crypto markets continue to plod along with volume, liquidity and volatility all extraordinarily low. All across the board, the numbers point to market participation lowering incessantly. 

Even Bitcoin’s rise year-to-date, which is impressive thus far at 76%, has come through steady, methodical gains. This contrasts sharply with previous bull markets, which have seen the asset spike higher in very short time periods. Then again, the market seems unsure of whether this is a bull market, a bear market, or something in between.

The slow but steady incline this year has come amid a further fall in trading volume. Last year, volumes on centralised exchanges fell 46%. This came amid a vicious bear market, highlighted by several scandals, such as the FTX collapse, Terra’s death spiral and numerous bankruptcies. 

The year 2023 has seen the trading slump continue lower, without even the dramatic episodes of volatility such as those aforementioned scandals. The Block’s data for July has trading volumes now at levels last seen in 2020: 

As we analysed here recently, this is partially a result of a typical summer trading lull, something which affects asset classes beyond crypto, too. The next chart from Kaiko shows this, with Q3 frequently yielding the lowest volume in Bitcoin’s short history. However, it is prudent to note that this is heavily skewed towards the last couple of years, with Bitcoin surging into mainstream consciousness and its liquidity therefore rocketing. Hence, blaming this lull on seasonality alone feels misguided.

Bitcoin dominance is rising 

Looking beyond Bitcoin, altcoins have also been quiet. There have been stories of the odd meme coin (Bald and Pepe, to name a couple) that have gained attention, but in comparison to previous years, the altcoin market has been devoid of the usual intrigue. 

One way of looking at this is the notable rise of Bitcoin dominance, which measures the ratio of the Bitcoin market cap to the entire cryptocurrency market cap. It has risen above 50%, up from around 40% at the start of the year. 

This rise in Bitcoin dominance is unusual because it has occurred during a period of price expansion across the industry. Previously, Bitcoin has tended to underperform alts in bull markets, with dominance therefore falling.

One factor in both the rise in Bitcoin dominance and the low market participation across crypto is the impact of the regulatory crackdown in the US. The SEC outlined several coins as securities, including Solana (SOL), Polygon (MATIC) and Cardano (ADA), and while Ripple secured an optimistic ruling in its own case against the SEC, the climate is undoubtedly more uncertain with regard to where all these tokens fit in. 

Bitcoin, on the other hand, has largely been left out of the securities wars, and has even seen a slew of spot ETF applications lodged in recent months. Lawmakers very much seem to be dealing with Bitcoin as a separate genre of asset (as many in the sector have long done). 

The regulatory crackdown on exchanges themselves has also been severe, and has certainly contributed to falling volumes across the space, Bitcoin or otherwise. Both Coinbase and Binance were sued in June, with Binance also the subject of a Department of Justice investigation, with some reports claiming charges may be imminent. 

Moreover, we need to be careful when assessing the apparent trading volumes. One of the (many) accusations in the SEC case is that Binance manipulated trade volumes, meaning the true figures could be even lower. 

Then there is the issue of, even if real, how much volume is meaningful. Binance ceased zero-fee trading for all Bitcoin pairs in March, and before this, zero-fee trading accounted for approximately 75% of volumes on the exchange. After the promotion ended, however, it promptly fell to 36%, with the majority through the stablecoin which Binance continued to promote zero-fee trading on: TrueUSD. Prior to this development, TrueUSD was seldom used with minimal liquidity. 

Volatility

With the fall in volume, it follows that there is also a fall in volatility. Traders live and die by volatility, and it is closely correlated with volume. In fact, volatility is currently around three-year lows.

The effects of the drain in market participation are being seen on volatility beyond Bitcoin, too. The below chart shows that Ethereum volatility has recently dipped to the level of Bitcoin’s, or even below it. That contrasts with what we have come to expect historically, with Ethereum typically trading with higher volatility than its big cousin. 

The volatility is more notable when considering that liquidity is also so thin. Order books are as shallow as they have been in a long time. Liquidity took a particular fall in November when prominent market maker Alameda collapsed amid the FTX scandal. Since then, not only has its capital not been replaced on order books, but more US market makers have pulled out or scaled back operations in the wake of the regulatory climate. 

All things considered, the crypto markets are showing remarkably low levels of liquidity, trading volume and volatility. This comes via a combination of factors, from investors retreating on the risk curve to other bear market-related factors. Regulation is also a key factor, however, and undoubtedly suppressing market activity while uncertainty is so high. 

The turbulent price action will return. But for now, crypto charts are not throwing up their trademark chaos.

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Key takeaways

• Bitcoin has dropped below the $29k level, presenting a buying opportunity for some investors.

• Shiba Memu’s presale has now surpassed the $2 million mark.

The cryptocurrency market has been bearish this week, with the prices of most cryptocurrencies currently in the red zone.

Bitcoin, Ether, XRP, and SHIB have all lost more than 2% of their values this week and could experience further downward movement in the short term. 

Bitcoin drops below $29k level

Bitcoin has dropped below the $29k level as the cryptocurrency market recorded huge losses over the last 24 hours. At press time, the price of Bitcoin stands at $28,479 per coin. 

The other leading cryptocurrencies including ETH, SOL, SHIB, and XRP all recorded massive losses over the past few days. The decline in prices could serve as an opportunity for investors to purchase more cryptocurrencies. 

Despite the bearish sentiment in the market, Shiba Memu’s presale has hit a new milestone. The team has now raised more than $2 million in this presale round. 

What is Shiba Memu?

Shiba Memu is a cryptocurrency project that seeks to make it easier for people and organisations to carry out marketing campaigns. Although it is a meme coin, Shiba Memu has real-world use cases and offers value to the users.

It is still in its presale stage but Shiba Memu holds promise, with investors already pledging millions of dollars to the project’s development. 

So far, the Shiba Memu stage two presale has raised more than $2 million, with over 65 million SHMU tokens sold so far. 

In their whitepaper, the Shiba Memu team said the project combines AI and blockchain technology to develop an unstoppable, entirely self-sufficient marketing powerhouse.

Shiba Memu can execute the work of 100 marketing agencies thanks to how it leverages AI. As an AI-based platform, Shiba Memu will provide users with operational transparency thanks to its use of blockchain technology. 

If deployed, Shiba Memu will work 24/7 to identify ideal creative scenarios and work round the clock to develop excellent marketing campaigns. 

The project was launched as a meme coin as the team decided to take advantage of the recent popularity of meme tokens. Meme coins have become important in the crypto ecosystem, growing from a market cap of $0 in 2019 to $20 billion in 2022. 

With Shiba Memu, the platform has self-sufficient marketing capabilities powered by AI technology. When deployed, Shiba Memu will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and various social media platforms.  

Currently, Shiba Memu operates on BNBChain and Ethereum, two of the leading DeFi blockchains in the world.

Shiba Memu’s presale hits $2 million

The cryptocurrency market has been bearish in recent weeks but that hasn’t deterred investors from investing in projects.

Shiba Memu’s stage two presale recently hit an important milestone. The team has raised more than $2 million in this current presale round and could reach its target very soon. 

Shiba Memu has been attracting interest from investors despite the current market conditions. Funds generated from the various presale rounds would be diverted towards developing the Shiba Memu products. The team will use most of the funds to develop the Shiba Memu AI technology. 

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

Should you invest in Shiba Memu today?

The cryptocurrency market has underperformed this week, with the prices of most coins in the red zone. The recent bearish trend could serve as an opportunity for investors to buy more cryptocurrencies. 

As investors continue to look for worthwhile projects, Shiba Memu could be one to consider. By combining the power of blockchain technology and AI, Shiba Memu could turn out to be a unique project. The platform will look to ease marketing strategies for companies and organisations. 

With the right level of adoption, its native SHMU token could rally higher over the coming months and years.

The post Bitcoin Drops Below $29k: Is this a buying opportunity for traders? appeared first on CoinJournal.

• Dogecoin price has joined other cryptocurrencies in a strong sell-off.

• Technical analysis shows that the coin will continue falling.

Dogecoin price was not left behind in the recent cryptocurrency sell-off. The coin dropped to a low of $0.067, the lowest level since July 18th. It has dropped by more than 20% from the highest level in July and over 58% from the highest level in 2022. Other coins like Bitcoin, Litecoin, and Hedera Hashgraph have also dipped.

Dogecoin price forecast (daily chart)

The daily chart shows that the DOGE price has been in a strong bearish trend after peaking at $0.1587 in October last year. It has underperformed the crypto market, partly because of the strong growth of alternative meme coins like Bone Shibaswap, Pepe, and Bad Idea. 

The coin has remained below the descending trendline, which connects the highest levels since December last year. At the same time, the coin has moved below the 25-day and 50-day exponential moving averages (EMA). 

Dogecoin price is hovering slightly above the important support level at $0.065, the lowest point in March and December last year. The Relative Strength Index (RSI) has moved below the neutral point at 50 while the Stochastic Oscillator has moved below the oversold level.

Therefore, DOGE price will likely have a bearish breakout in the next few days. If this happens, the next level to watch will be at $0.055, the lowest level on June 10th 2023 and September last year. The stop-loss of this trade is at $0.080, the descending trendline.

DOGE price analysis (4H chart)

Turning to the four-hour chart, DOGE price has been in a downtrend in the past few weeks. It has managed to move below the ascending channel shown in black. It dropped below that level on August 2nd and then retested it on August 5th. In technical analysis, a break and retest pattern is usually a sign of a bearish continuation.

Dogecoin has also retreated below the 25-period and 50-period moving averages while the Relative Strength Index has moved below the oversold level. Therefore, the outlook of the token is bearish, with the next level to watch will be at $0.063. 

How to buy Dogecoin

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