The post SOL Price At End Of Correction Crossroads, Warns Volatile Move Ahead! appeared first on Coinpedia Fintech News With a spike in meme coins last night, the market anticipates a bull run for altcoins this week. The SOL price action shows a critical pivot stage in support of this view that could lead to high momentum move shortly. Awaiting a breakout move, the altcoin is on the verge of a price jump to …
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Shiba Inu Price Could Skyrocket By 1,100%, Predicts Analyst
In an analysis, Moataz “Eljaboom” Elsayed, a crypto analyst and Forbes 40 under 40 nominee, has forecasted a significant surge in the value of Shiba Inu (SHIB). According to Elsayed, the meme-based cryptocurrency is poised for a potential increase that could see its value reach $0.00024, marking an unprecedented 1,105% gain from its current levels. Shiba Inu Price Set To Skyrocket 1,100%? In a review of SHIB’s price activity on the weekly chart (SHIB/USDT), Elsayed pinpointed a repeating pattern that initially occurred during the second quarter of 2021, shortly after Binance, a major crypto exchange, began trading SHIB. According to him, Shiba Inu’s historical data is exhibiting a pattern that, if repeated, will propel its price to new heights. He noted that the cryptocurrency experienced a notable rise to $0.00005 during the week of May 10, 2021, following its listing on Binance. Related Reading: Shiba Inu Open Interest Returns To February 2024 Levels, What Happened Last Time? Elsayed’s analysis draws attention to a critical period in SHIB’s market behavior. After reaching a high of $0.00005, the token underwent a correction, settling below a pivotal support range of $0.00001784 to $0.00001995 for nearly 120 days. However, a subsequent breakout occurred in October 2021 as the broader bull market gained momentum, catapulting SHIB by 343.64% from its support level to a peak of $0.00008854. History Is Repeating Itself 👀 #SHIB pic.twitter.com/zeeXVWhpKZ — Elja (@Eljaboom) June 8, 2024 The subsequent correction and entry into a bear market, exacerbated by the collapse of the Terra ecosystem in May 2022, saw SHIB prices fall below key support levels. It remained subdued under these levels for 658 days, struggling to surpass the $0.00001 mark. Yet, a resurgence in March of this year saw SHIB soar by more than 370% to a yearly high of $0.00004567. Building on this data, Elsayed anticipates a similar, if not more pronounced, trajectory for SHIB in the near future. He estimates that this next breakout could propel SHIB’s price to $0.0002404, effectively increasing its market capitalization to $141.6 billion. Given the cyclical nature of the crypto market, such could be on the cards, according to the crypto analyst. Related Reading: Shiba Inu Whale Enter Buying Frenzy, 715 Billion SHIB Snapped Up In Days In the daily SHIB/USD chart, Shiba Inu’s price is currently in a consolidation phase, following a significant rally to this year’s high in early March. Despite breaking out of a symmetrical triangle pattern in mid-May, SHIB failed to sustain a close above the 0.382 Fibonacci retracement level of $0.00002883. Subsequent to this rejection, the price fell below the 0.236 Fibonacci level and is now struggling to establish support at the 100-day Exponential Moving Average (EMA). Maintaining a daily close above $0.00002326 is critical to prevent a potential further decline towards the 200-day EMA at $0.00001977. Featured image created with DALL·E, chart from TradingView.com
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Expert Lists The Perfect Crypto Portfolio Picks So You Don’t Miss Major Gains
TLDR Milei Moneda’s ($MEDA) presale excites investors with NFTs, a deflationary model, and 50x profit potential. Worldcoin (WLD) expands to Colombia, boosting adoption and investor interest. Chainlink (LINK) integrates with six major blockchains, bolstering its reputation. Uniswap (UNI) ERC-7683 development aims to reduce fees and enhance competitiveness. In the ever-evolving crypto market, several notable projects
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EETH: Indirect Exposure Opportunity For Crypto Bulls
Summary ProShares Ether Strategy ETF allows exposure to crypto without owning ether, with strong performance and just over $100 million in assets. EETH invests in ether futures contracts and aims to go long on ether futures, betting on an increase in price. The fund has achieved a 96% price return since its inception, outperforming ETH-USD, annualized, but investors should consider the volatility and regulatory risks of the crypto market. The ProShares Ether Strategy ETF ( EETH ) is essentially a way to gain exposure to crypto without having to deal with the nitty-gritty of actually owning ether. If you’ve been on the crypto fence so far but have been generally bullish on ether, bitcoin, or even just the blockchain concept, this is one alternative to consider. EETH is the first ETF of its kind , with the objective of replicating the performance of the underlying asset: ether. It was incepted in October 2023, so we have several months of performance history, and you should note that this is a relatively small fund. Nevertheless, it’s been growing, going from about $71 million in AUM as of 3/31/24 to the current +$100 million as I write this. The expense ratio of 0.95% is definitely a little steep, considering that several bitcoin ETFs are available in the range of 0.20% to 0.25% . You can also find other ether ETFs that charge 0.66%, such as the VanEck Ethereum Strategy ETF (EFUT), but most of these have much smaller AUMs so they need to be priced more attractively to attract investor funds. EETH Strategy Explained To be clear, the fund doesn’t invest in ether itself. It invests in ether futures contracts, while retaining its cash assets in the form of short-term securities such as T-Bills. The contracts themselves are rolled over as they approach their contract dates. Another important point to note is that the fund doesn’t seek to track ether spot prices. That’s a key consideration because there’s usually a variance between spot prices and futures, and they work differently as well. Both are CFDs or contracts for difference instruments, but spot price trading is done at the current market price, while a futures contract trade is done at an agreed-upon price sometime in the future. As you’ve probably figured out, both types of CFDs are speculative, whether it’s spot or futures, but one important difference is that you can generally limit your loss to the value of the contract fees. With spot trading, there’s potentially much more to lose if price action goes against your trade, and you don’t exit quickly enough. The purpose of EETH is to go long on ether futures, so it’s essentially betting that (ETH-USD) will increase in the future, with the difference being the gain. Naturally, if it goes the other way, you could lose quite a chunk of your investment. Still, as I mentioned earlier, losses are typically lower with futures contracts because fees are generally lower than spot trade fees. That’s the case with most commodities as well. How Has EETH Performed? Looking at the fund’s 96% return since its inception at the beginning of October last year, it’s easy to be impressed. Annualized, that’s 145% - even better than the 101% annual return for ETH-USD itself! And that’s net of the expense ratio, so the only additional cost will be your transaction fee for purchasing the ETF, as well as any short-term or long-term capital gains that may apply, for taxable accounts. That tells me a couple of things. One, the fund managers have made excellent decisions on timing their ether futures contracts, and two, the current return on money-market instruments is providing a boost to total return. In a downturn, it would provide a cushion to help offset losses. The real question, however, is whether or not you believe ether will increase in price over whatever investment horizon you have in mind. If you look at the chart over the past six months, it’s amply clear that there are several forces at play, which shows up in the volatility of the underlying asset. SA Takeaway and Conclusion Of course, one can attribute that volatility to the inherent uncertainties baked into the crypto market, but one particular positive we can take away from this is that interest levels in crypto, in general, and ether, in particular, are clearly stabilizing, if not on the rise. This can be demonstrated in various ways, such as ETH put call ratio or PCR movements over the last month. In the graph below, you can see the global ETH PCR showing overall stability despite the temporary bump toward the end of last month. The Block That was an important timeline for crypto enthusiasts to watch because it’s right after the U.S. House of Representatives approved joint resolution 109, which if eventually passed will limit the SEC’s regulatory power over cryptocurrency markets. There’s significant skepticism about the bill ever passing into law, and the White House has made its position very clear right from the very beginning: The Administration strongly opposes passage of H.J. Res. 109, which would disrupt the Securities and Exchange Commission’s (SEC) work to protect investors in crypto-asset markets and to safeguard the broader financial system. The crypto market clearly panicked after that May 8 statement from the Biden administration, but the bill did pass through the House. Moreover, now that the President’s veto message of May 31 has been put before the House , albeit tabled until July 10, 2024, hope has again sprouted in the crypto investing world. The decline in the PCR since the beginning of June clearly shows that negative sentiment is abating. That could be a positive signal for ETFs like EETH. Although you may think that the bill wouldn’t have an immediate impact on the ETF’s performance, the fact that it could and will very likely impact the underlying asset directly makes it implicit that investors should be cognizant of these evolving dynamics around crypto regulation. As such, your stance on ETH-USD and crypto in general are key to making an investment decision. Even if you’re not keen on being directly involved in crypto trading, such ETFs give you the kind of indirect exposure you might want. SA In summary, if you’re averse to direct crypto risks but still want to get your feet wet, an ETF like EETH might be just the vehicle for you. The fund managers are doing a great job, and you’re getting the additional benefit of your investment having a floor in the form of short-term investments. For context, ( US3M ) is currently yielding about 5.4%, so there’s a margin of safety here that could cushion any losses on the ETF’s futures contracts, and on the upside, it should help boost any contracts-based gains made by the ETF. Overall, you’d need to be quite bullish on ETH-USD, and that’s what it boils down to. And since I’m transparently ambivalent on cryptocurrency, I’m rating this a Hold, particularly because I do see a potential value play for the right type of investor.
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ROSE And AKT Tokens To Surge 20% This Week As AI Tokens Regain Momentum?
The post ROSE And AKT Tokens To Surge 20% This Week As AI Tokens Regain Momentum? appeared first on Coinpedia Fintech News With the increased price volatility in the crypto market, the Bitcoin price has successfully reclaimed the $69,000, resulting in a bullish rebound. Moreover, top altcoins have followed in their footsteps and displayed a similar trend in their respective portfolios. Will the Artificial Intelligence (AI) category record a strong bullish bounce back this week amid increased …
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Bull Run Insights: Will Bitgert Hit the $0.0001 Milestone?
Analysts have long been predicting that the Bitgert alternate coin will hit $0.0001, and the reasons for this include its use of modern technologies and its user base that is The post Bull Run Insights: Will Bitgert Hit the $0.0001 Milestone? appeared first on Live Bitcoin News .
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