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SHIB’s $7B growth path
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SHIB's $7 Billion opportunity: Will the memecoin seize the moment?
Key points:
SHIB is attempting to recover from recent price losses.
Breaking key resistance could result in over $7 billion in profits for investors.
News - Shiba Inu is making strides to recover from recent setbacks, as it aims to break through a significant resistance level that could yield considerable profits for investors.
The meme cryptocurrency has demonstrated resilience, and a successful breakthrough could potentially generate over $7 billion for its holders.
According to the Global In/Out of the Money metric, around 416 trillion SHIB, valued at over $7 billion, is poised for profit, having been purchased when prices ranged from $0.00001800 to $0.00001900. A price increase of 25% is required for these investors to see returns.
Any negative indicators? While enthusiasm grows, the broader market conditions suggest caution. The Network Value to Transactions ratio indicates SHIB may be overvalued at its current price levels.
An elevated NVT could signal an impending price correction, as an imbalance between network value and transaction volume might hinder further growth.
Currently trading at $0.00001687, SHIB is testing support at $0.00001676. A rebound from this level could propel prices toward $0.00001961, recovering losses from a previous 20% drop in September.
Nigerian court rejects Binance executive's bail despite health concerns
Key points:
Tigran Gambaryan’s bail request was denied due to his alleged health issues.
The judge ruled that deteriorating health does not justify release from prison.
News - A Nigerian court has denied bail to Tigran Gambaryan, a Binance executive facing money laundering charges in the country. Despite his worsening health condition, the court ruled that Gambaryan must remain in prison until the case is resolved.
The backstory - Gambaryan has been detained in Nigeria since February and has repeatedly complained about his deteriorating health. His family and lawyers have argued that he requires specialized medical treatment outside the prison, including surgery for a herniated disc and psychiatric care.
However, the Nigerian Economic and Financial Crimes Commission (EFCC), which is prosecuting Gambaryan, has disputed his health claims. The EFCC has argued that Gambaryan can receive adequate medical care within the prison and that his lawyers have exaggerated the severity of his condition.
The court's decision to deny bail has sparked outrage among Gambaryan's family and supporters. They argue that the decision is inhumane and that Gambaryan's health is at risk.
China's fiscal stimulus could boost Bitcoin and the crypto market
Key points:
China’s upcoming fiscal stimulus is expected to positively influence Bitcoin and cryptocurrency prices.
Analysts believe that new liquidity could benefit risk assets like cryptocurrencies.
News - The cryptocurrency market is eagerly awaiting China's announcement of new fiscal stimulus measures, which could provide a significant boost to Bitcoin and other digital assets. Analysts believe that the increased liquidity injected into the broader economy could fuel buying demand for risk-on assets like cryptocurrencies.
While the exact details of China's stimulus package remain uncertain, the mere anticipation has already generated excitement in the market. The potential for a significant influx of liquidity could lead to a temporary spike in Bitcoin's volatility as traders adjust to the new market conditions.
What’s more? In addition to China's stimulus, other global factors could also contribute to Bitcoin's price growth. A global economic recovery, coupled with monetary policy pivots by central banks, could create a favorable environment for risk assets.
Overall, the combination of China's stimulus, global economic factors, and supply dynamics could create a positive environment for Bitcoin and the broader cryptocurrency market. However, it's important to note that the market is subject to volatility, and the actual impact of these factors may vary.
UNI token surges following the launch of Unichain Layer-2 network
Key points:
UNI token surged 15% after the launch of Uniswap’s Unichain layer-2 network.
Trading volume increased by 418%, reaching $583.2 million.
News - Uniswap, a popular decentralized exchange, has seen a significant surge in its governance token, UNI, following the launch of its own layer-2 network, Unichain. The price of UNI has risen by 25% in the past week, and trading volume has increased by over 400%.
Unichain is designed to offer faster transaction speeds and enhanced interoperability with other blockchain networks. The launch of this new layer-2 network has generated excitement among investors, leading to increased demand for UNI tokens.
More details - The price rally for UNI has also resulted in significant liquidations of leveraged positions, indicating both profit-taking and forced selling. However, the overall trend remains positive, suggesting that investors are bullish on the future of Uniswap and its ecosystem.
The increase in Uniswap's network activity, including the number of daily transactions and active addresses, further supports the growing adoption of the platform. This suggests that Uniswap is becoming a more popular choice for traders and developers looking to participate in the DeFi ecosystem.
More stories from the crypto ecosystem
Interesting facts
In 2018, South African authorities clamped down on a company called BTC Global after defrauding investors of up to $80 million. The company allegedly promised huge returns - 2% in a week, 14% in a week, and 50% in a month - to clients who invested in Bitcoin.
Initially, Bitcoin and Gold had their prices moved independently, but after the market crash in 2020, triggered by the COVID-19 crisis, their correlation stands at an impressive 0.87, signaling a strong positive relationship.
According to CoinMarketCap, over the past decade, the cryptocurrency market has seen explosive growth, with the number of cryptocurrencies soaring to over 23,000 from just seven in 2013.
Top 3 coins of the day
Binance Coin (BNB)
Key points:
BNB, at press time, was trading at $568.
Buying pressure outweighed the selling pressure.
What you should know - Binance Coin is currently trading within a symmetrical triangle pattern, with the price consolidating between the $525 support and $625 resistance levels. This formation indicates a potential breakout in either direction as the price approaches the triangle's apex. The MACD shows a slight bearish crossover, suggesting that selling pressure may increase if BNB fails to break above the resistance line. However, if bulls can push the price above $625, a rally toward $675 or higher could be on the cards. On the other hand, a breakdown below $525 may lead to a test of lower support levels around $480. Volume remains moderate, indicating indecision among traders.
Avalanche (AVAX)
Key points:
After mid-August, AVAX has been forming higher highs on its chart.
The market momentum remained neutral, at press time.
What you should know - Avalanche has recently experienced a sharp rally from $20 to $32, marking a 60% gain over a short period. However, the price has since retraced and is now consolidating around $26.50, showing a pullback from its recent high near $30. The Relative Strength Index is close to 51, suggesting neutral momentum, with neither buyers nor sellers showing dominance. This level indicates that the market could swing in either direction depending on upcoming volume and market sentiment. If AVAX breaks above $28 with strong buying pressure, it could retest the $30-$32 resistance zone. On the downside, failure to hold the current level might result in a move back towards the $24 support.
Sui (SUI)
Key points:
SUI saw its value increase by 21% in the past week.
It was trading at $2.05, at the time of reporting.
What you should know - SUI has been experiencing a strong uptrend within a rising channel, recently reaching a high above $2.05. The price is currently testing the upper boundary of the channel, which may act as resistance, while the lower boundary near $1.75 provides support. The Bollinger Bands are widening, reflecting increased volatility, and the recent move has pushed the price close to the upper band, which could indicate overextension. The MACD indicator remains bullish, with the MACD line above the signal line, suggesting continued upward momentum. If SUI can sustain momentum and break above the current resistance, it may target the next psychological level at $2.20. Conversely, a pullback could find support around $1.75, where buying interest may re-emerge.
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