Connect with us

Market

Arbitrum (ARB) Price Rises Above This Key Level

Published

on


Many cryptocurrencies in the Layer 2 (L2) ecosystem have seen their values surge in the last week. 

Leading L2 token Arbirtum (ARB) has witnessed a 10% price hike during that period and currently trades within an ascending channel. As of this writing, the altcoin exchanged hands at $0.73.

Arbitrum Rallies Above 20-day EMA

Arbitrum’s double-digit price surge in the last week has caused it to form an ascending channel. An ascending channel is a bullish signal formed when an asset’s price moves between two upward-sloping parallel lines. The upper line of the channel acts as resistance, while the lower line serves as support.

ARB has been trending within this channel since July 4, and its value has grown by 17%. During Monday’s trading session, the token successfully closed above its 20-day Exponential Moving Average (EMA) for the first time since June 5.

Arbitrum Analysis. Source: TradingView
Arbitrum Analysis. Source: TradingView

An asset’s 20-day EMA tracks its average price over the past 20 trading days. When its price climbs above this level, it indicates a shift towards a bullish trend. It suggests that the short-term price momentum is turning positive, with recent prices trading higher than the average price over the past 20 days.

Further, an asset’s price crossing above its 20-day EMA offers confirmation of an uptrend. It indicates that the asset’s price is rising, and the uptrend may continue in the short term.

ARB’s surging Chaikin Money Flow (CMF) lends credence to the above position. As of this writing, the token’s CMF value was above zero at 0.01.

Read More: How to Buy Arbitrum (ARB) and Everything You Need to Know

Arbitrum Analysis. Source: TradingView
Arbitrum Analysis. Source: TradingView

This indicator measures how money flows into and out of an asset. A value above the zero line is a sign of market strength. It indicates liquidity inflow into the market and is often a precursor to a sustained price rally.

ARB Price Prediction: Demand is Needed to Sustain Rally

New demand for ARB has steadily declined amid its price uptrend. Data from IntoTheBlock show that in the past seven days, the number of new addresses created to trade the altcoin has dropped by 2%.

Likewise, the daily count of active addresses that have completed at least one transaction involving ARB during that period has plunged by 10%.

Arbitrum Daily Active Addresses. Source: IntoTheBlock
Arbitrum Daily Active Addresses. Source: IntoTheBlock

For ARB’s rally to be sustained, this trend must change. It must continue to enjoy market demand. If demand resurges, its price may rally to $0.99.

Read More: Arbitrum (ARB) Price Prediction 2024/2025/2035

Arbitrum Analysis. Source: TradingView

However, if market participants begin to take profits at this level, the token’s price will drop to $0.55.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Why SUNDOG Price Surge May Signal a Bull Trap Ahead

Published

on


Tron-based meme coin Sundog (SUNDOG) has surged by 8% in the past 24 hours, breaking above a falling wedge pattern it had traded within since September. 

However, BeInCrypto’s analysis of the meme coin’s technical setup indicates that the recent rally could be a false breakout. This assessment dives into the reasons behind it and outlines key signals for SUNDOG holders to watch closely.

SUNDOG’s Surge May Cause a Bull Trap

An assessment of the SUNDOG/USD one-day chart has revealed that the meme coin broke above the upper line of its falling wedge during Thursday’s intraday trading session. This pattern is formed when an asset’s price moves between two descending trend lines, with the upper line acting as resistance and the lower line as support.

A breakout above the wedge’s upper trendline is a bullish move. It suggests buyers are gaining strength over sellers and hints at a sustained price increase. However, a closer look at some of SUNDOG’s momentum indicators suggests that this rally may be a false breakout, potentially setting up a bull trap.

A bull trap occurs when an asset’s price briefly breaks above a key resistance level which would usually signify a positive shift in trend. However, instead of continuing the uptrend, the price falls again, ‘trapping” those who bought in on the bullish signal. 

SUNDOG Falling Wedge.
SUNDOG Falling Wedge. Source: TradingView

The setup of SUNDOG’s Super Trend Line is a notable indicator of this potential bull trap. At press time, the red line of the indicator rests above SUNDOG’s price. 

The Super Trend indicator tracks the overall direction and strength of an asset’s price trend. It appears as a line on the price chart that changes color according to the trend’s direction: green for an uptrend and red for a downtrend. 

When the Super Trend line appears below the asset’s price, it indicates an uptrend, suggesting bullish momentum may persist. On the other hand, when the Super Trend line turns red and appears above an asset’s price, bearish pressure is strong. 

SUNDOG Super Trend Line
SUNDOG Super Trend Line. Source: TradingView

Additionally, the negative readings of SUNDOG’s Balance of Power (BoP) confirm the possibility of a price reversal in the near term. As of this writing, the meme coin’s BoP stands at -0.82 despite its price uptick.

This indicator measures the strength of buyers versus sellers in the market. A negative BoP suggests sellers are in control and attempting to push the asset’s price downward.

SUNDOG Balance of Power
SUNDOG Balance of Power. Source: TradingView

SUNDOG Price Prediction: If Retest Fails…

A combined reading of SUNDOG’s Super Trend and BoP indicators suggests that its breakout above the upper line of the falling wedge may occasion a bull trap when the retest attempt of the resistance line fails due to strong bearish sentiments in the market. 

SUNDOG Price Analysis
SUNDOG Price Analysis. Source: TradingView

At press time, SUNDOG trades at $0.13. A reversal of its uptrend due to strengthening bearish pressure may see its price drop to $0.09, where support lies. However, if the uptrend persists, SUNDOG’s price may rally toward $0.20.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Can Ethereum Whales Protect Recent 20% Rally From Reversal?

Published

on


This 20% rise has sparked optimism among investors, but there remains some uncertainty over whether the uptrend will continue without a reversal.

Ethereum Whales Make a Comeback

Ethereum whale activity has increased significantly, showing a resurgence of confidence among large holders. The number of addresses holding over $100,000 worth of ETH has grown by 17%, while those holding over $1 million have risen by 19%. These substantial accumulations by high-value addresses reflect growing confidence in Ethereum’s future price performance, with whales likely anticipating further gains.

Such increased whale participation is often a bullish signal, as large investors are typically seen as market stabilizers, reducing volatility by holding their assets long-term. As these significant holders consolidate their positions, Ethereum’s price stability may improve, adding resilience to the recent rally.

Ethereum Whale Addresses.
Ethereum Whale Addresses. Source: Glassnode

Ethereum’s overall momentum is reaching a crucial point, with technical indicators suggesting a potential reversal. The Relative Strength Index (RSI), a key gauge of overbought or oversold conditions, is close to entering the overbought zone. 

Historically, Ethereum has experienced price reversals after brief spikes into this territory, although it has occasionally sustained prolonged stays without immediate pullbacks. Given current market conditions, a breach of the overbought zone on the RSI could lead to a price correction for Ethereum.

Ethereum RSI
Ethereum RSI. Source: TradingView

ETH Price Prediction: Securing Supports

Ethereum’s price has surged by 20% over the past three days, currently trading at $2,911. The cryptocurrency is attempting to establish the 61.8% Fibonacci Retracement level at $2,899 as a support. Holding this support level would strengthen ETH’s upward momentum, potentially preventing a reversal.

If Ethereum can secure $2,899 as a support floor, a rise to $3,000 and beyond may be possible. This level, often seen as a bull market support, could provide the foundation needed for ETH’s price recovery. Successfully maintaining this position would enhance investor confidence and signal further bullish prospects.

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

However, failure to close above $2,899 could open the door for a potential pullback. Coupled with profit-taking among short-term holders, Ethereum’s price might decline to $2,745. Such a drop would invalidate the bullish thesis and indicate a potential shift toward short-term bearish sentiment among investors.

Ethereum price has seen a strong rally recently, hitting a three-month high after breaking out of a prolonged consolidation range it had been trapped in since August. 

This 20% rise has sparked optimism among investors, but there remains some uncertainty over whether the uptrend will continue without a reversal.

Ethereum Whales Make a Comeback

Ethereum whale activity has increased significantly, showing a resurgence of confidence among large holders. The number of addresses holding over $100,000 worth of ETH has grown by 17%, while those holding over $1 million have risen by 19%. These substantial accumulations by high-value addresses reflect growing confidence in Ethereum’s future price performance, with whales likely anticipating further gains.

Such increased whale participation is often a bullish signal, as large investors are typically seen as market stabilizers, reducing volatility by holding their assets long-term. As these significant holders consolidate their positions, Ethereum’s price stability may improve, adding resilience to the recent rally.

Ethereum Whale Addresses.
Ethereum Whale Addresses. Source: Glassnode

Ethereum’s overall momentum is reaching a crucial point, with technical indicators suggesting a potential reversal. The Relative Strength Index (RSI), a key gauge of overbought or oversold conditions, is close to entering the overbought zone. 

Historically, Ethereum has experienced price reversals after brief spikes into this territory, although it has occasionally sustained prolonged stays without immediate pullbacks. Given current market conditions, a breach of the overbought zone on the RSI could lead to a price correction for Ethereum.

Ethereum RSI
Ethereum RSI. Source: TradingView

ETH Price Prediction: Securing Supports

Ethereum’s price has surged by 20% over the past three days, currently trading at $2,911. The cryptocurrency is attempting to establish the 61.8% Fibonacci Retracement level at $2,899 as a support. Holding this support level would strengthen ETH’s upward momentum, potentially preventing a reversal.

If Ethereum can secure $2,899 as a support floor, a rise to $3,000 and beyond may be possible. This level, often seen as a bull market support, could provide the foundation needed for ETH’s price recovery. Successfully maintaining this position would enhance investor confidence and signal further bullish prospects.

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

However, failure to close above $2,899 could open the door for a potential pullback. Coupled with profit-taking among short-term holders, Ethereum’s price might decline to $2,745. Such a drop would invalidate the bullish thesis and indicate a potential shift toward short-term bearish sentiment among investors.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

APU, NEIRO Hit New ATHs, CAT Rallies 33%

Published

on


The current week marked strong bullish momentum for meme coins and other crypto tokens as major macro events drove Bitcoin to a new all-time high. This unexpected rally fueled impressive growth for several meme coins.

BeInCrypto has analyzed three meme coins that surpassed expectations, delivering significant rallies and reaching new all-time highs.

Apu Apustaja (APU)

APU has gained significant traction this week, with its price climbing by 60% over the past seven days. This strong performance has propelled the meme coin to a new all-time high at $0.00129, marking it as one of the best-performing tokens of the week.

Currently, APU is striving to maintain stability above the critical support level of $0.00098. Holding above this support would enable the meme coin to sustain its upward trend, provided that investors refrain from taking profits. A steady base at this level could further strengthen the coin’s bullish outlook.

APU Price Analysis.
APU Price Analysis. Source: TradingView

However, if APU holders choose to sell, the price may drop below the $0.00098 support level, potentially declining to $0.00074. Such a fall would disrupt the bullish momentum, likely leading to a correction and prompting caution among investors eyeing the meme coin for short-term gains.

First Neiro On Ethereum (NEIRO)

NEIRO has surged by 58% over the past seven days, reaching a new all-time high of $0.00251. This marks the second ATH for the meme coin in a month, reflecting heightened interest and significant buying momentum. NEIRO’s consistent upward trajectory suggests strong investor confidence in its growth potential.

The meme coin appears ready to sustain its bullish trend, supported by broader positive market cues. As long as investors see value in NEIRO, its upward movement could persist. This optimism indicates a favorable environment for further gains.

NEIRO Price Analysis.
NEIRO Price Analysis. Source: TradingView

However, if investors shift to a more cautious outlook, NEIRO may face a price reversal. A drop to $0.00169 would cut into recent gains, signaling increased selling pressure. Falling below this support could invalidate the bullish thesis, prompting investors to reassess their positions in NEIRO.

Simon’s Cat (CAT)

CAT has seen a strong 33% rise over the past week, bringing its trading price to $0.00003697. Though it hasn’t hit a new all-time high, the meme coin is edging closer to its ATH of $0.00004650. This increase highlights the meme coin’s growing interest and potential for further gains.

For CAT to maintain its upward trend, it would need to breach the $0.00004063 level and establish it as a support floor. Doing so could bolster investor confidence and open the path toward its all-time high.

Read More: 11 Top Solana Meme Coins to Watch in November 2024

CAT Price Analysis.
CAT Price Analysis. Source: TradingView

However, if CAT fails to flip $0.00004063 into support, it risks retracing to $0.00003410. Losing this support level could undermine the current bullish outlook and potentially lead to further declines. Such a reversal would prompt caution among investors, reassessing CAT’s potential for short-term gains.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io