Market
Arbitrum (ARB) Price Fights to Hold Support: Is $1 Next?
As the market observes the movements of Arbitrum (ARB), many are questioning whether it will shift towards a bullish trend.
Identifying key reversal points is crucial for anticipating such a potential turnaround.
Arbitrum Technical Analysis
On the daily chart, Arbitrum’s price is trading at the lower boundary of the Ichimoku cloud, indicating a bearish sentiment.
The 100-day EMA, acting as resistance, stands at $1.23. The 100 EMA is near the upper boundary of the daily Ichimoku cloud. A price breakout above the cloud could encounter resistance at the 100 EMA daily.
If the price surpasses this level, it could potentially reach $1.36, which aligns with the 0.5 Fibonacci retracement level. Key Fibonacci retracement levels are at 0.5 ($1.36), 0.618 ($1.18), and 0.786 ($0.98). The price oscillates between these levels, indicating a phase of consolidation.
The daily Ichimoku cloud’s baseline (red line) acts as an important support level. A break below this line could send the price down to $0.98.
Read More: 5 Best Arbitrum (ARB) Wallets in 2024
On the 4-hour chart, the Ichimoku cloud is positioned above the price, reinforcing the bearish trend. The 100-period EMA stands at $1.12, acting as short-term resistance.
The price is struggling to break above the baseline of the 4-hour Ichimoku cloud in red. If the price rejects this line and breaks above the 100-period EMA, it could incentivize a move into the cloud and potentially break to the upside.
The most crucial reversal point, signaling a shift from a bearish to a neutral trend, is the price entering the Ichimoku cloud in the 4-hour timeframe.
Arbitrum’s Transaction Volume and Unique Addresses
The Arbitrum daily transactions chart shows a steady increase in transactions starting from mid-March, peaking around mid-May, with over 3,500,000 daily transactions. Although there is a slight decline post-peak, the transaction volume remains high, consistently above 1,000,000 per day.
The cumulative unique addresses chart for Arbitrum demonstrates consistent growth since April 2023, with a significant acceleration in the growth rate beginning in early 2024.
By June 2024, the number of unique addresses has exceeded 30 million, indicating a growing user base and increased adoption of the Arbitrum network.
Read More: Arbitrum (ARB) Price Prediction 2024/2025/2035
Strategic Recommendations
Keep a close watch on the baseline (red line) of the daily Ichimoku cloud. This line acts as a critical support level. A break below this level could lead to a drop towards the $0.98 support level. Set alerts for any significant movement below this line to take timely action.
Given the bearish trend indicated by the Ichimoku cloud and the overall price action, prepare for potential downside risks. Consider setting stop-loss orders slightly below the baseline of the daily cloud to mitigate potential losses in case of a further decline.
If the price reaches the $0.98 support level, it could present a buying opportunity. Especially if there are signs of consolidation or reversal. Look for bullish signals, such as a bounce from this level or positive divergence on momentum indicators, before entering long positions.
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.
Market
LayerZero On The Rise: ZRO Bullish Momentum Points To New Highs
LayerZero (ZRO) is currently experiencing strong bullish momentum, positioning itself for potential new highs in the future. This sustained upward trend indicates growing investor confidence and increased market interest in the platform’s capabilities.
As ZRO continues to gain traction, technical indicators suggest that this momentum could drive the price to unprecedented levels. Traders and investors are closely monitoring this movement, anticipating further gains and strategic opportunities as LayerZero pushes toward new market peaks.
This article delves into providing an in-depth analysis of ZRO’s current bullish momentum and its potential to reach new highs. By examining current price performance and technical indicators, this article seeks to provide strategic advice for investors looking to capitalize on ZRO’s potential growth.
ZRO was trading at around $4.15 and was up by 36.66% with a market capitalization of over $456 million and a trading volume of over $816 million as of the time of writing. There has been a 24-hour increase of 36.62% and 152.75% in ZRO’s market capitalization and trading volume respectively.
Analyzing The Current Bullish Trend Of ZRO
A technical analysis of ZRO’s price action on the 1-hour chart reveals that the crypto asset is actively bullish and trading above the 100-day Simple Moving Average (SMA). Since facing rejection at the $2.69 support level, ZRO has been consistently bullish and is currently attempting to break above the $4.28 resistance level.
The formation of the 1-hour William alligator signals that the price of ZRO may continue to extend its bullish trend as both the alligator lip and teeth are currently trending above the jaw after a successful cross above it.
On the 4-hour chart, it can be observed that ZRO is actively bullish. Although the price is attempting a short-term pullback by dropping a bearish candlestick, the crypto asset may extend its bullishness in the long run.
Additionally, the 4-hour William alligator indicates more bearishness for ZRO as both the alligator lip and teeth are actively trending above the jaw after moving above it.
ZRO Price Forecast
Analyzing potential future possibilities of ZRO’s price movement reveals that if the digital asset breaks above the $4.28 resistance level, it may move higher to challenge its all-time high of $5.62. If this level is breached, ZRO might move on to create a new all-time high.
However, if the price of ZRO experiences rejection at the $4.28 resistance level, it will begin to descend toward the $3.27 support level. Should the asset breach this level, it may continue to decline to test the $2.69 support level and possibly move on to test other higher levels if it breaches the $2.69 level.
Market
This Is How Ripple (XRP) Price Recovery Will Take Place
Ripple (XRP) price momentum has turned bearish, and its potential for recovery has also cooled down.
One of the biggest reasons is the lack of activity among XRP holders, rendering their optimism useless.
Ripple Investors Try but Not Too Hard
XRP price is bound to be impacted by both the attempt and lack of participation noted among the investors. The presence of XRP holders remains weak, affecting the potential for recovery.
The low level of engagement is evident, with active addresses averaging under 20,000 on a daily basis. This lack of activity suggests a decrease in short-term trading and concern about bearing losses.
Read More: How To Buy XRP and Everything You Need To Know
However, despite the weak participation, conviction among XRP holders remains strong. This is reflected in the Mean Coin Age (MCA), which has noted an uptick. The increasing MCA indicates that investors are holding onto their XRP for longer periods, showing faith in the asset’s future potential.
The rise in MCA also suggests that investors are refraining from moving their holdings around. By holding their assets rather than engaging in frequent transactions, they demonstrate a long-term belief in XRP. This behavior is often indicative of confidence in the cryptocurrency’s eventual recovery.
While the current low level of daily active addresses is a concern, the strong conviction shown by the uptick in MCA provides a silver lining. If this trend continues, it could help stabilize XRP’s price and support a potential recovery, as long-term holders typically contribute to market stability.
XRP Price Prediction: Tall Hike Ahead
The XRP price is trading at $0.43, recovering from the lows of $0.41 over the last 24 hours. Based on the aforementioned cues, consolidation is likely under $0.46. A breach, however, could help recover the recent losses.
Read More: Ripple (XRP) Price Prediction 2024/2025/2030
But if the bearish cues continue to dominate the altcoin, the XRP price could lose the critical support of $0.41 again. This would invalidate the bullish-neutral thesis, resulting in further drawdown.
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.
Market
Shiba Inu (SHIB) Price Recovery Likely as Losses Run up by 42%
Shiba Inu’s (SHIB) price is bouncing back from four-month lows, looking to recover the losses witnessed in the past month.
Investors also have a shot at making the most of this opportunity, as selling will likely take a break for now.
Shiba Inu Investors Lose Big
While Shiba Inu’s price only declined by 15% over the last week, the impact on investors was three times larger. The total supply in profit dropped by close to 42%, falling from 75% to 33% in a day.
This is because about 434 trillion SHIB, worth $6.7 billion, was bought between $0.00001900 and $0.00001500. As the meme coin slipped to $0.00001281 during intra-day lows yesterday, this supply lost its profitability completely. This will keep investors from selling now, as such a large supply would only be sold when it bears profit again.
Furthermore, most investors anticipating recovery and profits will likely turn to accumulation. The Market Value to Realized Value (MVRV) ratio suggests a good opportunity to do so.
The MVRV ratio assesses investor profit and loss. Currently, Shiba Inu’s 30-day MVRV stands at -14.5%, indicating losses, which may lead to buying pressure.
Historically, SHIB’s MVRV between -7% and -18% usually signals the start of recoveries and rallies, marking an opportunity zone for accumulation. This could help steer Shiba Inu’s price upwards.
Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
SHIB Price Prediction: The Critical Range
The range between $0.00001473 and $0.00002093 is critical to Shiba Inu’s price as it houses 73% of all SHIB circulating supply. For this reason, the meme coin could find considerable resistance here.
Nevertheless, investors’ attempts to recover their profits would motivate them to push SHIB upwards. Once $0.00002093 is breached, the altcoin would have a shot at profits.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
However, if this breach fails, Shiba Inu’s price might consolidate within this range. This would continue until stronger bullish cues help the coin escape; otherwise, the bullish thesis would be invalidated.
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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