May’s Low at $57,000 Holds as Support for Bitcoin

Posted on July 4, 2024 by Skerdian Meta

Bitcoin was finding some solid support at the $60,000 zone, which was a good place to go long for some time, bit it has taken a sudden turn. The cryptocurrency experienced a significant drop this week, falling below $60,000 yesterday and continued to decline today, falling to the next critical threshold which is low from early May. The price briefly dipped below $57,000, raising the possibility of a more substantial break on the charts.

Continue reading “May’s Low at $57,000 Holds as Support for Bitcoin” →

Forex Signals Brief July 4: Quiet Markets for US Independence Day

Posted on July 4, 2024July 3, 2024 by Skerdian Meta

Yesterday it started off in the Asian and European session, however the retail sales report from Australia showed a nice jump for May, which kept the Aussie in demand all day. However, the bullish break in this pair came during the US session, after the data from the US was released, which sent the USD tumbling lower.

Continue reading “Forex Signals Brief July 4: Quiet Markets for US Independence Day” →

PEPE on a bear sauce, dips below $0.0000100

Posted on July 4, 2024 by Olumide Adesina

PEPE received a dip in the bear-delicious sauce. The price of Pepe has dropped by over 10% and on Thursday morning it broke below the $0.0000100 support line. A negative financing fee and a declining long-to-short ratio for PEPE are shown by on-chain statistics, suggesting possible bearish momentum that may cause a price drop in the upcoming days.

However, increasing trading activity indicates that the big players are waking up to add to their PEPE holdings or cash in on the gains. A significant quantity of PEPE coins were moved between hot wallets by Binance before the surge of intense PEPE trading activity.

PEPE’s derivatives trading has resulted in liquidations of more than $4 million. Long position investors lost $3.13 million of the $3.97 million in total liquidations. Even with the 11% drop in price over a day, short sellers had to liquidate $837K worth of leveraged positions. PEPE’s market price is still falling even though trading volume on derivatives has flickered a fresh surge of interest with a 73% rise in a single day.

According to Santiment’s research, there has been a surge in selling pressure on the meme-coin since last week. Notably, there was a notable spike in supply on exchanges.

The meme coin was still under strong selling pressure even when its supply outside of exchanges decreased. This bearish thesis is supported by the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart, below their respective neutral thresholds of 50 and zero. This indicates that bears are still in the lead, which could cause the meme currency with the frog motif to drop even further.

Price action shows that if the prognosis for the cryptocurrency market as a whole remains unfavorable, PEPE may break below $0.00000801 and drop a further 15% to retest its low of $0.00000761 on May 8. Given that a favorable 70% of current PEPE Token holders are profiting at this pricing, large holders may be able to save PEPE.

Crypto armageddon: Bitcoin sinks below $58K

Posted on July 4, 2024July 4, 2024 by Olumide Adesina

Bitcoin and the altcoin market witnessed steep declines during Asian trading hours, reversing earlier in the week’s gains. Bitcoin dropped from nearly $61K to about $57.8K shortly after Asian markets opened, with losses of up to 11% on Solana’s SOL and Dogecoin

The devastation left the total market capitalization for virtual currencies at $2.17 trillion; nonetheless, daily trading volumes have increased by 60% in the past day, despite the deteriorating indicators. Meme coins like Pepe and Floki seem to be the greatest losers

Even if there is growing interest in Ethereum spot ETFs, Ethereum is down nearly double digits this week. Ethereum spot ETFs might start trading by mid-July. Concerns of significant Bitcoin sales from the now-defunct Mt. Gox exchange, scheduled to release money taken in a 2014 hack later this month, contributed to the high selling pressure.

After years of delayed deadlines, Mt. Gox will begin distributing money taken from clients in a 2014 attack in July 2024. As previously reported, the reimbursements would be done in bitcoin and bitcoin cash, which may put more selling pressure on both markets.

On the other hand, other traders’ long-term bullish outlooks are still intact, with forecasts of a $150,000 surge following the completion of the Mt. Gox payout. Geopolitical unrest, the impending November U.S. presidential election, and ongoing concerns about U.S. monetary policy are all expected to affect the price of the leading cryptocurrency in 2024.

112,263 traders were liquidated in the last 24 hours, for a total liquidation value of $307.53 million. The greatest single liquidation order, worth $4 million, was placed on OKX – ETH-USD-SWAP.

Forcibly terminating a trader’s position in the crypto market is known as “crypto liquidation.” It happens when there is not enough margin to cover maintenance expenses or when a trader experiences large losses to the point that their margin account is unable to sustain their open positions.

Forex Signals July 3: Will US Jobs Report Show More Weakness?

Posted on July 3, 2024July 2, 2024 by Skerdian Meta

Yesterday started with the CPI inflation report from the Eurozone, which showed that headline inflation ticked lower to 2.5%, approaching the 2% ECB target, however, core CPI remained stubbornly sticky at 2.9%. But that didn’t help the Euro or change the ECB stance as Christine Lagarde later confirmed.

Continue reading “Forex Signals July 3: Will US Jobs Report Show More Weakness?” →

Ethereum bulls show exhaustion, seek support at $3,350 line

Posted on July 3, 2024 by Olumide Adesina

Ethereum is down over 2% on Wednesday, trading at $3,3, after failing to break through a significant barrier at $3,500.Ether Bulls was rejected for about $3,523, which resulted in lengthy liquidations that cost about $33 million. However, long liquidations have decreased in frequency and have only made up 50% of all ETH liquidations during the last day.

At today’s open, Ethereum bulls are under pressure to test the critical support level of $3.5K. Some signs suggest the price may break through this barrier and back on the negative correcting track. Stochastic, however, exhibits encouraging signals that could stop further drop.

Should the downturn persist and a breach of this level be made, negative targets would be aimed at about 3132.80$. On the other hand, a recovery towards $3641.82 would be supported by consolidation above it. The $3,203 is a crucial level of support for the downside since a move below it could intensify the general negative mood.

For the altcoin to validate the bullish attitude surrounding the possible spot ETH ETF debut, it must overcome the $3,629 resistance, a price level it has not been able to sustain any meaningful rise above in the previous three weeks.

However, the introduction of spot Ether exchange-traded funds (ETFs) could cause the ETH to outperform Bitcoin in the weeks following their US launch. The ETFs, which could debut as soon as July 8, are a “golden egg” for ETH’s price, while Bitcoin is expected to come under selling pressure as this week sees the return of $8.5 billion to creditors of the defunct exchange Mt. Gox.
ETH has lagged behind Bitcoin for over a year, which has had market-leading gains this year thanks to inflows of nearly $14 billion into exchange-traded products for the cryptocurrency.

Solana in a break-or-make moment, faces $150 resistance line

Posted on July 1, 2024 by Olumide Adesina

The fast-emerging altcoin has been rallying since reports that reputable asset managers are interested in Solana. SOL’s value has dropped by 16% during the previous month, but it has risen almost 5% in the last day, currently trading at about $148.

Solana is trading above the 100-hourly simple moving average at $144. A positive trend line is building on the hourly SOL/USD chart, with support at $142, near the 50% Fibonacci retracement level of the last advance between $138 and $151.

Should the bullish run acquire more gas, it might encounter resistance at $150, with a bigger barrier at $152. On the other hand, SOL may initiate a correction if it is unable to break the $152 resistance line. The first level of support is around $145, a short-term decline below $140 would drive it as low as $128.

A document from VanEck made with the Securities and Exchange Commission (SEC) on Thursday, this was the first-ever bid for a Solana (SOL) exchange-traded fund in the United States.

As global asset managers look to expand into more cryptocurrency-backed investment vehicles, the so-called VanEck Solana Trust will follow and reflect the performance of SOL prices. In keeping with updating prospectus filings for Ethereum (ETH) ETFs on the spot, VanEck emphasized in its filing that its Solana Trust would not be staked.

It indicates that traditional investors are becoming more optimistic about Solana’s long-term survival. The premium paid may serve as a prelude to Solana’s future market position as it develops its infrastructure and applications. Furthermore, increased price stability and wider market adoption are facilitated by decreased entry barriers like investment trusts and increased liquidity.

The approval of a SOL ETF will likely spur additional institutional and retail investment, like how Ethereum’s early ETFs increased investor involvement. With its developing ecosystem, governmental approval, and technological similarities to Ethereum, SOL is well-positioned to see a large increase in worth.

DAX Takes a Dive as Political Concerns Garner Speed

Posted on June 28, 2024June 28, 2024 by Gino Bruno D'Alessio

General elections in France are raising concerns as it seems ever more likely the right-wing party will land an outright majority.

The two-round vote will take place on June 30 and July 7 to elect a new national assembly. The latest polls show Le Pen’s National Rally (RN) party well in the lead, and possibly landing 307 seats out of the 577-seat parliament.

If the polls are right many of Macron’s candidates won’t even make it to the second round. This would leave the current presidential party with a small representation.

Polls suggest that the second largest party would be France Unbowed. Which is a coalition of far-left parties and has a similar stance to RN on illegal immigration and EU overreach.

An outright majority would allow Le Pen to elect the prime minister and put Macron at odds with the legislative branch. Still, Macron has said he will stay in power until the next presidential elections in 2027.

However, it would greatly undermine his authority, Macron has used article 49.3 of the constitution to pass laws as a directive at the stroke of a pen. The directive power is similar to the executive order used by U.S. presidents.

The [[DAX]] is down 0.81% on the day and almost 3.0% over the past 3 days. More importantly, the index is down 5.8% since the Monday open following the EU elections.

Whether the next elections usher in a new left- or right-wing movement, the market has it clear that they are unlikely to be as corporate friendly as Macron’s business driven party. The president’s drive to make France a corporate friendly country has helped the stock index returns.

However, citizens have different concerns about healthcare, public security and quality of life. Macron’s focus on profits has driven many of his voters away from the party. And it seems that his CEO approach to running France is about to face a hefty bill.

[[DAX-graph]]

Forex Signals Brief June 28: All Attention Is on the PCE Prices!

Posted on June 28, 2024June 27, 2024 by Skerdian Meta

Yesterday during the US session, there was a simultaneous release of several US economic data points, creating a challenging environment to decipher. The dollar initially declined by 20 pips amidst mixed news, with attention drawn to higher continuing claims and lower core durable goods orders, but then turned higher after the higher GDP and the prices index.

Continue reading “Forex Signals Brief June 28: All Attention Is on the PCE Prices!” →

Forex Signals Brief June 27: A Round of US Data Ahead of the PCE

Posted on June 27, 2024June 26, 2024 by Skerdian Meta

The day started with Australian inflation data highlighting a key market theme: persistent inflationary pressures. This led to a drop in bond prices as higher interest rate expectations bolstered the US dollar and prompted some risk aversion in equities. The US dollar exhibited broad strength, particularly against the yen.

Continue reading “Forex Signals Brief June 27: A Round of US Data Ahead of the PCE” →