Market

Shiba Inu (SHIB) Eyes 23% Gain: Bullish Signals Build Up

Published

2 weeks ago

November 5, 2024

Coin2049 Newsletter

Shiba Inu (SHIB) price is showing signs of potential growth, with multiple indicators suggesting room for an upward trend. After 5% gains in the last 24 hours, the 7-day MVRV metric highlights that SHIB holders are near break-even, reducing immediate selling pressure and allowing space for further gains.

Additionally, while whale holdings have slightly declined, the decrease has been gradual, implying a limited impact on the current price trend. The EMA lines are nearing a golden cross formation, a bullish signal that could drive SHIB to test key resistance levels if the uptrend strengthens.

SHIB 7D MVRV Shows Its Price Has Room For Growth

SHIB’s 7-day MVRV is currently at -0.04%, indicating that recent buyers are close to their break-even point with minimal gains or losses. The 7-day MVRV (Market Value to Realized Value) metric compares the current price to the average acquisition price over the past week, providing insight into short-term profitability.

A slightly negative MVRV suggests that SHIB holders have not yet seen substantial gains, which can reduce immediate selling pressure.

Historically, SHIB’s price tends to rise until the 7-day MVRV reaches levels above 4%, a point at which holders may begin to capitalize on profits, leading to increased selling activity. The current MVRV level implies that there is still room for SHIB’s price to grow before selling pressure intensifies.

This suggests that SHIB could continue its upward movement until higher MVRV levels prompt more holders to take profits, potentially affecting the trend.

Shiba Inu’s Biggest Whales Are Not Accumulating

Between October 31 and November 1, the number of SHIB holders with at least 1 billion tokens dropped from 11,024 to 10,981. Tracking these large wallets, or “whales,” is essential because they hold significant portions of the supply and have the potential to impact price movements.

Changes in the number of these wallets can provide insight into market sentiment, as an increase in whale activity often signals accumulation, while a decrease may suggest selling pressure.

Addresses Holding At Least 1 Billion SHIB. Source: Santiment

Although this recent drop in whale wallets shows a slight reduction, it has been gradual rather than sharp. The daily decrease in whale numbers has not been substantial, indicating that this trend may not yet be strong enough to exert significant selling pressure on the market.

This gradual decline suggests that the current trend could continue without major disruption, as the selling activity from these whales has not intensified enough to alter the trajectory of SHIB’s price movement.

SHIB Price Prediction: A Potential 23% Price Surge In Sight?

The EMA lines on the SHIB price chart are showing a potentially bullish setup, with short-term EMAs approaching the point of crossing above the long-term ones.

This formation, known as a golden cross, is generally seen as a strong bullish signal, indicating that an uptrend may be taking shape. If this cross occurs, it could suggest increased buying momentum and a shift in market sentiment toward SHIB.

SHIB EMA Lines and Support and Resistance. Source: TradingView

If this uptrend strengthens, SHIB price could test resistance at $0.00001959. If it breaks through, it may rally further to $0.00002171, representing a potential 23% gain. However, if the golden cross fails to materialize and the uptrend does not hold, SHIB’s trend could reverse into a downtrend.

In that case, SHIB might first test support at $0.00001583. If that level does not hold, the price could fall further to around $0.00001296.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Build Bullish Eyes Gain Inu Shib Shiba Signals

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Market

XRP Price 25% Rally: Breaking Barriers and Surpassing Odds

Published

5 minutes ago

November 22, 2024

Coin2049 Newsletter

XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.

XRP price started a fresh surge above the $1.20 resistance level.
The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is up over 25% and it seems like the bulls are not done yet.

XRP Price Eyes Steady Increase

XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.

There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.

The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.

A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.

Are Dips Supported?

If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.

If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

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

Major Support Levels – $1.3350 and $1.2850.

Major Resistance Levels – $1.4000 and $1.4200.

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Market

WisdomTree Europe Launches XRP ETP

Published

1 hour ago

November 22, 2024

Coin2049 Newsletter

ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.

ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.

WisdomTree’s XRP ETP

WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.

“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.

The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.

WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.

The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.

XRP Price Spike — XRP Price Performance. Source: BeInCrypto

WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.

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

Rallies 10% and Targets More Upside

Published

2 hours ago

November 22, 2024

Coin2049 Newsletter

Este artículo también está disponible en español.

Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.

Ethereum started a fresh increase above the $3,220 and $3,300 levels.
The price is trading above $3,250 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $3,385 resistance zone.

Ethereum Price Regains Traction

Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.

The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.

Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.

The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.

Another Decline In ETH?

If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.

A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,250

Major Resistance Level – $3,385

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