Market

BNB Falters At $600, Paving The Way For A Deeper Pullback

Published

5 days ago

September 24, 2024

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BNB bullish rally has hit a wall as the $600 resistance level proves to be a formidable barrier. After an impressive upward run, momentum has stalled, and downside pressure is starting to build. While bulls are struggling to regain control, the bears are gaining confidence, signaling a potential shift in market direction. With the rally halted and key support levels under threat, BNB is now facing an increased risk of a pullback, leaving traders on edge as the price hovers at this crucial threshold.

As BNB faces the formidable $600 resistance, the aim is to analyze the mounting pressure that has halted its recent rally. We will explore the technical indicators that signal a potential downturn, market sentiment, and potential price movements as the bulls fight to regain control.

Risk Assessment: Evaluating The Downside Potential

Despite BNB’s price trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, which typically signals a positive trend, the cryptocurrency has faced significant resistance at the $600 mark. This resistance has resulted in a noticeable pullback, indicating that upward momentum falters as sellers capitalize on the current price level.

An analysis of the 4-hour Relative Strength Index (RSI) suggests a potential price drop as the RSI line is dropping from the overbought zone toward the 50% threshold, reflecting rising bearish pressure for the cryptocurrency that might push the price toward $537.

Also, on the daily chart, BNB is currently showing bearish momentum as it drops toward the $537 mark. Since breaking above the 100-day SMA, the price has experienced a consistent upward trend without any significant pullbacks, indicating that a huge correction may be on the horizon.

Finally, on the 1-day chart, a comprehensive analysis of the RSI signal line reveals a recent decline to 68% after peaking at 72%. This movement suggests a shift in momentum, signaling that BNB is entering a consolidation phase or facing increased selling pressure, which could lead to additional price corrections.

Future Outlook: What Lies Ahead for BNB?

Although the cryptocurrency has demonstrated resilience by maintaining its position above key moving averages, the increasing bearish pressure and recent pullbacks indicate that BNB’s price could decline toward the $537 support level. If it reaches this point and manages to break below, this could trigger a further drop toward other support levels, heightening concerns among traders about the potential for extended downward momentum.

Alternatively, if the bulls can stage a recovery before BNB reaches the $537 support level, the price could begin to rise again toward the $600 resistance. A breakout above this key level may open the door for more gains, with BNB likely testing higher resistance points as bullish momentum builds.

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BlackRock ETHA Hits $1 Billion in Assets

Published

49 mins ago

September 29, 2024

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BlackRock asset management firm has hit a new milestone in its spot Ethereum ETF (exchange-traded fund) offering, breaching the $1 billion mark in total asset value in a record two months.

It comes after a favorable week of trading, during which Bitcoin (BTC) and Ethereum (ETH) ETFs recorded multi-week highs as crypto markets recovered.

BlackRock Hits Key Milestone With ETHA

According to Sosovalue data, BlackRock’s Ethereum ETF (ETHA) reached a significant milestone after Friday’s inflows, bringing its total net asset value to over $1 billion just two months after its launch.

This achievement makes ETHA the second Ethereum ETF to surpass $1 billion in value, following Grayscale’s Ethereum Mini Trust (ETH). Nate Geraci, President of the ETF Store, noted that this milestone places BlackRock’s ETHA among the top 20% of the 3,700 ETFs currently available in the US market.

Read more: How to Invest in Ethereum ETFs?

BlackRock’s Ethereum ETF, ETHA. Source. Nate Geraci

BlackRock’s watershed moment comes after crypto ETFs recorded a favorable week. As BeInCrypto reported, both Bitcoin and Ethereum ETFs hit multi-week highs in inflows, signaling growing optimism for a crypto market recovery. Bitcoin ETFs attracted $1.11 billion in inflows, while Ethereum ETFs recorded $84.6 million — the highest since August.

Notably, three out of five trading days last week saw positive net inflows for Ethereum ETFs, marking the second consecutive week of gains since their debut in late July.

The renewed optimism comes amid a paradigm shift in the US macroeconomic space, instigated by the Federal Reserve’s interest rate decision. With the stance inspiring increased liquidity, investors continue to bet on crypto market recovery, with Bitcoin holding well above $65,000.

BlackRock Bought More Bitcoin This Week Than Any ETF Sold

As BlackRock advances its Ethereum ETF, it is also ramping up efforts in its Bitcoin portfolio. As BeInCrypto reported, the firm’s BTC stash is steadily closing in on Binance.

Data from Arkham shows that BlackRock bought more Bitcoin this week than any ETF has sold in the past three weeks. Specifically, the firm acquired 5,894 BTC, valued at $387.68 million, over four days, signaling a strong accumulation trend.

This buying spree follows three years of skepticism, with BlackRock now holding approximately $23.86 billion worth of Bitcoin. Further purchases were reported by Lookonchain, including an additional 1,684 BTC worth $110.7 million on Saturday, September 28. These acquisitions have brought BlackRock’s total Bitcoin holdings to around 365,310 BTC, valued at over $24.039 billion.

Read more: Who Owns the Most Bitcoin in 2024?

Robbie Mitchnick, BlackRock’s head of digital assets, notes Bitcoin’s immunity to risks such as currency debasement and political turmoil. BlackRock suggests that Bitcoin’s scarce, non-sovereign, and decentralized nature makes it a potential flight-to-safety asset. The firm also believes that global instability could drive long-term adoption of Bitcoin as a store of value.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

BONK In Trouble As Sharp Decline Hints At An Impending Pullback

Published

2 hours ago

September 29, 2024

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BONK is currently facing turbulent waters as a sharp decline casts a shadow over its recent price performance. After a period of impressive gains, the recent downturn is raising concerns about an impending correction, with mounting selling pressure suggesting that the bullish momentum may be waning. As the market sentiment shifts, the crypto community is left wondering how low BONK could go and whether it can regain its footing.

With uncertainty in the air, this analysis aims to analyze the recent sharp decline of BONK and explore the implications for its future price action. By examining key technical indicators, market sentiment, and trading patterns, we aim to assess the likelihood of an impending correction. This piece will provide insights into potential support levels and resistance points, enabling traders and investors to make informed decisions in the face of uncertainty.

Recent Performance: Analyzing The Decline

Recently, BONK’s price has turned bearish on the 4-hour chart, retracing toward the 100-day Simple Moving Average (SMA) and moving above the $0.00001792 support level. The drop from the overbought zone may signal that traders are taking profits or that buying enthusiasm is diminishing resulting in the pullback.

An analysis of the 4-hour Relative Strength Index (RSI) reveals that the signal line has decreased to 66%, retreating from the overbought territory. This decline suggests a shift in market momentum, indicating that buying pressure is beginning to wane. A retreat from the overbought zone often signals that the market may be experiencing a correction, as traders who bought during the bullish run might start to take profits.

Furthermore, on the daily chart, BONK is exhibiting negative momentum, as evidenced by the formation of a bearish candlestick, even while trading above the 100-day SMA. This situation reveals a possible contradiction in market sentiment. Should selling pressure continue and BONK is unable to maintain its position above the 100-day SMA, it may lead to a more significant price correction.

Finally, on the 1-day chart, the RSI has climbed above 50% and currently sitting at 73%, reflecting strong optimistic sentiment and buying pressure. Although this points to more price gains, the closeness to the overbought zone increases the chance of a reversal if buying slows down.

Predictions For The Price Trajectory Of BONK

With technical indicators suggesting an impending pullback, BONK may face a decline in price toward the $0.00001792 level. If this support is breached, it could open the door to further losses, potentially pushing the price down to $0.00000942 and other lower ranges.

However, if the bulls manage to mount a comeback and push the price above $0.00002320, the meme coin could continue its upward momentum toward the next resistance level at $0.00002962. A successful breach of this level may trigger additional gains, allowing the price to challenge other resistance levels above.

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Market

What’s Wrong With the Hamster Kombat Airdrop

Published

3 hours ago

September 29, 2024

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On September 26, 2024, Hamster Kombat, a popular tap-to-earn Telegram game, launched the trading of its HMSTR token on several major exchanges. While the event was highly anticipated, the airdrop ended up disappointing a large portion of the crypto community.

Many believe it was “one of the worst airdrops in the history of the crypto.” Here are five reasons why the Hamster Kombat airdrop failed to meet expectations.

What’s Wrong With the Hamster Kombat Airdrop

1. Unfair Reward Distribution

Ahead of the airdrop, many participants were unexpectedly disqualified. Those who focused on boosting their points per hour (PPH) to accumulate tokens were banned just before the event. The developers implemented a new “anti-cheat” system, which caught many off guard.

According to those affected, the move seemed to benefit influencers, with a significant amount of the tokens redirected to them instead of regular players. This last-minute rule change caused major outrage.

2. Frequent Postponements and Sudden Rule Changes

Initially, the Hamster Kombat team had planned the airdrop for July 2024, but due to technical unpreparedness, the event was delayed. This postponement angered many who had been eagerly awaiting their rewards.

In late August, the team announced that the airdrop would finally occur in September. While they met this new deadline, they lost the trust of many community members.

Worse, just before the airdrop, the developers announced that participants would only receive 88.75% of their tokens. The remaining 11.25% wouldn’t be distributed until July 2025. This unexpected rule change led to a growing boycott movement within the community.

3. Low Listing Price of the HMSTR Token

One of the main concerns going into the airdrop was the value of the HMSTR token at launch. Unfortunately, these fears were realized when the token debuted at $0.01.

Almost immediately, the price began to decline. This sharp drop disappointed both long-term and short-term investors who had expected more from the project’s token.

“Where are those YouTubers and influencers who gave the community false hope of $0.10 or $0.50? Hamster Kombat has turned out to be the worst airdrop in crypto history. It’s almost 50%-60% down now,” one X user wrote.

HMSTR price — HMSTR Price. Source: BeInCrypto

As of this writing, HMSTR is trading at $0.0019 — almost 40% lower than its initial value.

4. Problems with Selling HMSTR Tokens

Many project participants found themselves with only a few dollars’ worth of HMSTR tokens after months of interacting with the game. Players complained that despite the time spent on activities like tapping hamsters to earn rewards, the payouts were disappointingly low.

“Hamster Kombat has cheated the community. They have allocated a large portion of airdrops to YouTubers and influencers for referrals. They’ve implemented vesting without informing the community. They’ve made people work like labor, day and night to collect keys from their games and gave $5 or $10 tokens,” Crypto with Khan, a prominent crypto influencer commented.

Moreover, those with small token amounts faced additional challenges when trying to sell them. Some exchanges, like Binance, require a minimum transaction value of $5, making it impossible for users with smaller token balances to cash out their HMSTR.

5. Telegram Wallet Outages

The launch of HMSTR trading coincided with technical issues in the Telegram wallet, which is operated by TON blockchain. TON, built on the remnants of an abandoned Telegram crypto project, is responsible for running the crypto wallet within Telegram, where users hold HMSTR tokens.

Due to network overloads, many users found themselves unable to access or trade their tokens, further compounding frustrations around the airdrop.

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