Market
SHIB and BONK Up, WIF Down
Following a week of losses, the meme coin market has witnessed a notable rebound.
The values of leading meme coins Shiba Inu (SHIB) and Bonk (BONK) have risen by double digits in the past seven days. However, the Solana-based meme coin Dogwifhat (WIF) has bucked the trend as it recorded a decline during the same period.
Shiba Inu (SHIB) Climbs By Double Digits, Trends Toward Key Moving Average
The price per Shiba Inu (SHIB) coin has risen by 17% during the week in review. As of this writing, the meme coin trades at $0.000015.
Assessed on a one-day chart, the coin’s price is poised to cross above its 20-day exponential moving average (EMA).
This moving average assesses an asset’s short-term trends and identifies potential entry and exit points. It measures an asset’s average trading price over the past 20 days.
When an asset’s price is about to cross this key moving average, it is a bullish signal. In SHIB’s case, it has traded below the 20-day EMA since June 7. Therefore, the move to rally above it is significant because it indicates a shift in momentum towards buying and potentially higher prices.
If this happens, the coin’s value will rise to exchange hands above the $0.000016 price.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
However, if profit-taking commences, the coin’s price might witness a downtrend and fall under $0.000015.
Bonk’s (BONK) Current Uptrend is Strong
At press time, BONK trades at $0.000022. During the week in review, its price has climbed by 14%.
Confirming the strength of the current uptrend, BONK’s Aroon Up Line is at 92.86%. An asset’s Aroon indicator measures its trend strength and identifies potential price reversal points. When the Aroon Up Line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.
Further, the token’s positive Chaikin Money Flow (CMF) shows liquidity inflow into the BONK market. This is needed to sustain its current price rally.
An asset’s CMF indicator measures money flow into and out of its market. When its value is above zero, it signals market strength, as asset holders supply the capital to help sustain the price growth. At press time, BONK’s CMF is 0.02.
If the meme coin continues to enjoy liquidity inflow and demand remains high, its price may rally to $0.000023.
Read More: 11 Top Solana Meme Coins to Watch in July 2024
However, if the current trend is reversed and sentiment shifts from positive to negative, the token’s value will drop to $0.000021.
Dogwifhat (WIF) is the Odd One Out
Out of the top five meme coins by market capitalization, Dogwifhat (WIF) is the only one that has recorded a price decline in the week under review. Trading at $1.56 at press time, the price of the dog-themed token has dropped 4% in the last week.
Readings from WIF’s Parabolic Stop and Reverse (SAR) indicator suggest that the price decline might extend into the weekend. This indicates that the bearish sentiments trailing the meme coin remain significant.
The indicator’s dots rest above their price at press time, indicating that the market is in decline and might continue.
The Parabolic SAR indicator is used to identify potential trend direction and reversals. When its dotted lines are placed above an asset’s price, selling pressure is high.
If this trend continues, WIF’s price will drop to $1.50.
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.
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.
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.
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
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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