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61
Forex / US Dollar Index jumps to near ...
Last post by forex4you - Today at 08:01 pm
US Dollar Index jumps to near 104.30 as US political uncertainty dampens market sentiment

The US Dollar (DXY), which tracks the Greenback's value against six major currencies, extends its upside to near 104.30 in Friday's European session after a sharp recovery from an almost four-month low of 103.65 this week.

Source: US Dollar Index jumps to near 104.30 as US political uncertainty dampens market sentiment
62
Forex / Silver price today: Silver fal...
Last post by forex4you - Today at 08:01 pm
Silver price today: Silver falls, according to FXStreet data

Silver prices (XAG/USD) fell on Friday, according to FXStreet data.

Source: Silver price today: Silver falls, according to FXStreet data
63
Forex / China: Third plenum reaffirms ...
Last post by forex4you - Today at 08:01 pm
China: Third plenum reaffirms focus on high quality development and multifaceted reforms - UOB Group

Third plenum reaffirms China's focus on high quality development and deepening reforms across the economy.

Source: China: Third plenum reaffirms focus on high quality development and multifaceted reforms - UOB Group
64
Сryptocurrency exchanges / XRP Price Regains $0.60: Key L...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
XRP Price Regains $0.60: Key Levels to Watch Moving Forward

XRP price extended its increase above the $0.600 resistance zone. The price is consolidating gains and might correct lower toward the $0.5850 support.



  • XRP price started another increase above the $0.60 resistance zone.

  • The price is now trading above $0.5850 and the 100-hourly Simple Moving Average.

  • There is a key bullish trend line forming with support at $0.5820 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair could correct lower, but the bulls might be active near the $0.5850 level.


XRP Price Clears The $0.60 Hurdle


XRP price remained stable above the $0.550 level and started a fresh increase. The price broke the $0.5850 resistance and extended gains, whereas Ethereum and Bitcoin struggled to continue higher.


The price even cleared the $0.60 resistance, as discussed in the previous analysis. It price traded as high as $0.6374 and is currently correcting gains. There was a minor decline below $0.620. The price declined below the 23.6% Fib retracement level of the upward move from the $0.5330 swing low to the $0.6374 high.


The price is now trading above $0.600 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $0.5820 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.5330 swing low to the $0.6374 high.


XRP Price


On the upside, the price is facing resistance near the $0.620 level. The first major resistance is near the $0.6350 level. The next key resistance could be $0.6420. A clear move above the $0.6420 resistance might send the price toward the $0.650 resistance. The next major resistance is near the $0.6550 level. Any more gains might send the price toward the $0.680 resistance.


Are Dips Limited?


If XRP fails to clear the $0.620 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.600 level. The next major support is at $0.5850 and the trend line.


If there is a downside break and a close below the $0.5850 level, the price might continue to decline toward the $0.550 support in the near term.


Technical Indicators


Hourly MACD - The MACD for XRP/USD is now losing pace in the bullish zone.


Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is now below the 50 level.


Major Support Levels - $0.5850 and $0.5500.


Major Resistance Levels - $0.620 and $0.6350.


Source: XRP Price Regains $0.60: Key Levels to Watch Moving Forward
65
Сryptocurrency exchanges / Crypto Analyst Predicts 450% M...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Crypto Analyst Predicts 450% Move For Shiba Inu To Reach New All-Time High

A crypto analyst has shared his optimistic projections for the popular dog-themed meme coin Shiba Inu (SHIB). According to the analyst, Shiba Inu is set for a massive 450% rally to reach new All-Time Highs (ATH). 


Shiba Inu Aims For 450% Surge To New Highs


In a recent X (formerly Twitter) post, crypto analyst, Javon Marks expressed bullish optimism about Shiba Inu's future price outlook. The analyst has forecasted that Shiba Inu is preparing for a 450% surge to new all-time highs this bullish season. 



Highlighting SHIB's past performances, Marks revealed that Shiba Inu has shown incredible progress after breaking out of similar patterns observed in the previous bull run. At the time, the popular meme coin surged as high as 400%, moving from approximately $0.000009079 to $0.00004559.


The crypto analyst predicts that Shiba Inu could witness another substantial increase of around 351%, moving from this bullish area to break out of a new price target of $0.0000886. He indicated that this surge to $0.0000886 would represent a new all-time high for SHIB, surpassing its current ATH of $0.00008616, recorded in October 2021. 


 


Shiba Inu 1

Sharing a SHIB/USDT price chart depicting Shiba Inu's historical price movements from 2021 to 2026, Marks suggested that the popular meme coin mimicking a pattern from the 2021 bull run, potentially signaling a massive increase of 930.20% that could propel the price of SHIB to $0.00008063.


Shiba Inu 2

In a previous post, Marks also maintained his bullish optimism for Shiba Inu. He revealed that despite its sluggish performance recently, Shiba Inu's 3D prices are holding on to this key pattern that could trigger another massive rally, potentially propelling the cryptocurrency up by 855% to new all-time highs. 


Looking ahead, Marks suggests that Shiba Inu's bullish projection is further confirmed by the "Hidden Bullish Divergence" between the meme coin's price and the Relative Strength Index (RSI). The analyst asserts that this divergence validates the underlying strength behind SHIB's price, indicating the continuation of its already impressive uptrend


SHIB Price Fundamentals Remain Strong


In the past few weeks, Shiba Inu has witnessed a significant change in its price performance, shifting towards a more bullish position and indicating strong fundamentals. In June, Shiba Inu and various other meme coins witnessed an unexpected price crash, experiencing double-digit declines as the demand for meme coins in the market began to wane. 



However, now, Shiba Inu is in an uptrend, recording a significant increase of approximately 16.46% in just one week. As of writing, the cryptocurrency's price is trading at $0.0001944, steadily increasing to reach the $0.00002 price mark. 


In the last 24 hours, Shiba Inu has continued its upward trend, witnessing a 3.61% increase in its value, according to CoinMarketCap. A crypto analyst identified as 'SHIB Knight' on X has also highlighted Shiba Inu's recent positive performance and price reversal, predicting that the cryptocurrency could pump to $0.00005 after a breakout confirmation. 


Shiba Inu price chart from Tradingview.com

Source: Crypto Analyst Predicts 450% Move For Shiba Inu To Reach New All-Time High
66
Сryptocurrency exchanges / Ethereum Price Stays Strong: W...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Ethereum Price Stays Strong: Will ETH Continue To Rise?

Ethereum price failed to clear the $3,500 resistance zone. ETH is consolidating above the $3,380 support and might attempt another increase.



  • Ethereum is correcting gains and struggling near the $3,500 zone.

  • The price is trading above $3,380 and the 100-hourly Simple Moving Average.

  • There is a key bullish trend line forming with support at $3,375 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could continue to rise unless there is a close below the $3,350 support.


Ethereum Price Fails To Surpass $3,500


Ethereum price made another attempt to clear the $3,500 resistance zone. ETH struggled to continue higher above $3,500 and started a downside correction like Bitcoin. There was a move below the $3,450 and $3,420 levels.


The price even dipped below $3,400 and tested $3,375. A low is formed at $3,376 and the price is consolidating above the 23.6% Fib retracement level of the recent decline from the $3,516 swing high to the $3,376 high. There is also a key bullish trend line forming with support at $3,375 on the hourly chart of ETH/USD.


Ethereum is now trading above $3,375 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,450 level and the 50% Fib retracement level of the recent decline from the $3,516 swing high to the $3,376 high.


The first major resistance is near the $3,480 level. The next major hurdle is near the $3,500 level. A close above the $3,500 level might send Ether toward the $3,550 resistance.


Ethereum Price

The next key resistance is near $3,640. An upside break above the $3,640 resistance might send the price higher toward the $3,750 resistance zone in the coming days.


More Downsides In ETH?


If Ethereum fails to clear the $3,450 resistance, it could continue to move down. Initial support on the downside is near $3,380 and the trend line.


The first major support sits near the $3,350 zone. A clear move below the $3,350 support might push the price toward $3,270. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,150.


Technical Indicators


Hourly MACD - The MACD for ETH/USD is losing momentum in the bullish zone.


Hourly RSIThe RSI for ETH/USD is now below the 50 zone.


Major Support Level - $3,380


Major Resistance Level - $3,450


Source: Ethereum Price Stays Strong: Will ETH Continue To Rise?
67
Сryptocurrency exchanges / Bitcoin Price Steadies: What A...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Bitcoin Price Steadies: What Are the Chances of Another Rise?

Bitcoin price struggled to extend gains above the $66,000 resistance level. BTC is consolidating and holding gains above the $63,500 zone.



  • Bitcoin struggled to continue higher above the $66,000 resistance zone.

  • The price is trading above $63,500 and the 100 hourly Simple moving average.

  • There is a key bullish trend line forming with support at $64,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair might continue to move up unless it breaks the $63,500 support zone.


Bitcoin Price Holds Gains, Can It Rise Again?


Bitcoin price remained in a bullish zone above the $63,500 and $63,800 resistance levels. BTC made another attempt to clear the $66,000 resistance zone. However, the bulls failed to extend gains and the price started a downside correction.


There was a drop below the $65,000 and $64,500 levels. The price dipped below the 50% Fib retracement level of the upward move from the $62,465 swing low to the $66,100 high.


It found support near the $63,850 zone and the 61.8% Fib retracement level of the upward move from the $62,465 swing low to the $66,100 high. There is also a key bullish trend line forming with support at $64,000 on the hourly chart of the BTC/USD pair.


Bitcoin price is now trading above $64,000 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $65,000 level. The first key resistance is near the $66,000 level.


Bitcoin Price

A clear move above the $66,000 resistance might spark another increase in the coming sessions. The next key resistance could be $66,500. The next major hurdle sits at $67,200. A close above the $67,200 resistance might push the price further higher. In the stated case, the price could rise and test the $68,000 resistance.


More Downsides In BTC?


If Bitcoin fails to climb above the $65,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level and the trend line.


The first major support is $63,850. The next support is now near $63,500. Any more losses might send the price toward the $62,500 support zone in the near term.


Technical indicators:


Hourly MACD - The MACD is now losing pace in the bullish zone.


Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now near the 50 level.


Major Support Levels - $64,000, followed by $63,500.


Major Resistance Levels - $65,000, and $66,000.


Source: Bitcoin Price Steadies: What Are the Chances of Another Rise?
68
Сryptocurrency exchanges / Cardano Analyst: ADA To 2X Aft...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds?

Cardano has not been left behind in the ongoing revival as with Bitcoin and other top altcoins. From the daily chart, ADA, the native currency, is up roughly 4% in the last day and 17% in the previous week, according to CoinMarketCap data.


Analyst: Bulls To Lift ADA By 2X


Even as ADA reverses recent losses, one analyst thinks more will come. In a post on X, the analyst said the coin is gearing up for more price gains that could see ADA more than 2X in the medium term.


ADA breaks out | Source: @CryptoFaibik via X

The bullish outlook is primarily technical, looking at the candlestick arrangement in the daily chart. ADA has been nearly 40% since July 8, rising from below $0.35 to over $0.44 at press time.



The surge also comes amid decent trading volume. Although prices have been moving sideways in the past few days, the uptrend is clear. At this pace, ADA bulls appear to be targeting $0.51, the immediate liquidation line, and May 2024 highs.


Cardano price trending upward on the daily chart | Source: ADAUSDT on Binance, TradingView

 


Of note, the expansion of ADA prices from June and July 2024 pits meant the coin broke up from a bull flag. As the analyst observed, the surge above the descending wedge and multi-week resistance trend line was decisive on July 13. Most importantly, bulls have confirmed the leg up, backing optimistic buyers.


The upswing is, however, expected. ADA is a leading altcoin, benefiting from the recovery of Bitcoin and Ethereum prices. Beyond this, holders are backing on fundamental factors, especially the upcoming activation of the Chang hard fork in the next two weeks.


Cardano Preparing For Chang Hard Fork And Voltaire


Over the years, Cardano has been building. Every transition shift has benefited ADA prices and holders from Byron to Basho. Therefore, as the community prepares for the Chang hard fork, ADA prices seem to be expanding in tandem.


The update will mark the beginning of the Voltaire era. At this phase, the aim is to decentralize governance, giving voting rights to ADA holders. To make this possible, Cardano developers are introducing Delegate Representatives who will facilitate decision-making. Furthermore, the goal will be to improve transaction processing speeds further and boost the network’s security.



The development team released Cardano node v9.0 ahead of the Chang hard fork. This major node update marked the end of primary development work and the start of on-chain governance. Even so, minor changes will be needed to integrate elements spelled out by the Cardano constitution.


Source: Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds?
69
Сryptocurrency exchanges / Bitwise CIO Bullish On Ethereu...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Bitwise CIO Bullish On Ethereum ETFs Fueling Surge To Record Highs Above $5,000

As the highly anticipated launch date of spot Ethereum ETFs approaches, Matt Hougan, Chief Investment Officer of crypto asset manager Bitwise, has stressed the potential for these ETF inflows to drive the Ethereum price to record highs. 


In a recent client note, Hougan highlighted the significant impact that ETF flows could have on the Ethereum price, surpassing even the effects witnessed in the spot Bitcoin ETF market in the US. 


Ethereum ETFs Poised To Surpass Bitcoin’s Impact? 


Hougan confidently predicts that introducing spot Ethereum ETFs will lead to a surge in ETH's value, possibly reaching all-time highs above $5,000. However, he cautions that the first few weeks after the ETF launch could be volatile, as funds could flow out of the existing $11 billion Grayscale Ethereum Trust (ETHE) after it is converted to an ETF. 


This could be similar to the case of the Grayscale Bitcoin Trust (GBTC), which saw significant outflows of over $17 billion after the Bitcoin ETF market was approved in January, with the first inflows recorded 5 months later on May 3. 


Still, Hougan expects the market to stabilize in the long term, pushing Ethereum to record prices by the end of the year after the initial outflows subside, drawing a comparison with Bitcoin in key metrics to understand this thesis.



For example, Bitcoin ETFs have purchased more than twice the amount of Bitcoin compared to what miners have produced over the same period, contributing to a 25% increase in Bitcoin’s price since the ETF launch and a 110% increase since the market began pricing in the launch in October 2023. 


Ethereum ETFs

That said, Hougan believes the impact on Ethereum could be even more significant, and identifies three structural reasons why Ethereum’s ETF inflows could have a greater impact than Bitcoin’s.


Lower Inflation, Staking Advantage, And Scarcity


The first reason Bitwise's CIO highlights is Ethereum’s lower short-term inflation rate. While Bitcoin’s inflation rate was 1.7% when Bitcoin ETFs launched, Ethereum’s inflation rate over the past year has been 0%. 


The second reason lies in the difference between Bitcoin miners and Ethereum stakers. Due to the expenses associated with mining, Bitcoin miners generally sell much of the Bitcoin they acquire to cover operational costs. 


In contrast, Ethereum relies on a proof-of-stake (PoS) system, where users stake ETH as collateral to process transactions accurately. ETH stakers, not burdened with high direct costs, are not compelled to sell the ETH they earn. Consequently, Hougan suggests that Ethereum’s daily forced selling pressure is lower than that of Bitcoin.



The third reason stems from the fact that a substantial portion of ETH is staked and, therefore, unavailable for sale. Currently, 28% of all ETH is staked, while 13% is locked in smart contracts, effectively removing it from the market. 


This results in approximately 40% of all ETH being unavailable for immediate sale, creating a considerable scarcity and ultimately favoring a potential increase in price for the second largest cryptocurrency on the market, depending on the outflows and inflows recorded. Hougan concluded:


As I mentioned above, I expect the new Ethereum ETPs to be a success, gathering $15 billion in new assets over their first 18 months on the market... If the ETPs are as successful as I expect--and given the dynamics above--it's hard to imagine ETH not challenging its old record.


Ethereum ETFs

ETH was trading at $3,460, up 1.5% in the past 24 hours and nearly 12% in the past seven days.


Featured image from DALL-E, chart from TradingView.com 


Source: Bitwise CIO Bullish On Ethereum ETFs Fueling Surge To Record Highs Above $5,000
70
Сryptocurrency exchanges / Bitcoin Developer Samson Mow S...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Bitcoin Developer Samson Mow Says BTC Will Rise To $1 Million, Here's When

Bitcoin developer Samson Mow has for a while now continued to assert that BTC is going to reach $1 million. He has again reaffirmed his bullish stance and mentioned when exactly the flagship crypto will hit this unprecedented price target. 


When Bitcoin Will Rise To $1 Million


Mow mentioned that he is still certain that Bitcoin will reach $1 million and added that the flagship crypto will reach this price target within a year. Mow had previously explained why he believes that BTC can reach such an ambitious price target. Back then, he alluded to the fact that Bitcoin's demand was outpacing its supply



He also highlighted the Bitcoin halving which he noted was going to bring about a supply shock for the crypto token. Based on these reasons, Mow expects BTC’s price to "react accordingly" as demand continues to outpace supply. The Bitcoin maximalist also mentioned the Spot Bitcoin ETFs, which have been accumulating a significant amount of the BTC supply, as another factor that would contribute to BTC’s meteoric rise. 


Mt. Gox's Bitcoin repayment is an event that is believed could impact the crypto's price negatively since it could lead to more Bitcoin supply dumped on the market. However, Mow doesn't believe that is going to happen. He mentioned that only about 20% of the defunct crypto exchange's BTC will hit the market while the remaining 80% will be moved to cold storage or borrowed against. 


Mow also had something to say about when exactly the crypto bull run will begin. He mentioned that the bull run starts when Bitcoin is at $100,000. He added that the recent market downtrend is just the "unwinding of the fakery to make retail think Bitcoin is over." Based on predictions made by crypto analysts like PlanB, BTC could hit $100,000 this year. 


Interestingly, PlanB also shares a similar sentiment to Mow that Bitcoin can hit $1 million by next year. He claimed that the crypto token could rise to this price level based on the stock-to-flow (STF) indicator. 


More Conservative Price Targets For BTC


Other crypto analysts have given more conservative price targets for Bitcoin in this bull run, although a major consensus seems to be the fact that the flagship crypto will more than likely rise above $100,000. Crypto analyst Mikybull Crypto once mentioned between $138,000 and $150,000 as "optimal targets for Bitcoin in this bull run."



Crypto analyst Cryptorphic also mentioned that BTC could rise to as high as $156,000 by next year, while Skybridge Capital CEO Anthony Scaramucci expects Bitcoin to rise higher and reach $170,000 sometime in 2025. Cryptoquant's CEO Ki Young Ju predicted that BTC could reach $265,000 in this market cycle based on the Hashrate/Market Cap ratio, which he claimed supports such a parabolic rise.


Bitcoin price chart from Tradingview.com

Source: Bitcoin Developer Samson Mow Says BTC Will Rise To $1 Million, Here's When
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