Market
BONK Traders Reposition for Gains Following Price Recovery
Bonk (BONK) price experienced one of its most significant drawdowns on Monday, August 5. The incident, which led to a sharp decline to $0.000015, caused a notable decrease in leveraged positions.
However, futures traders have moved on quickly from the infamous day, according to recent data. This analysis explains the reason for this change and what to expect from BONK.
Bonk Leveraged Traders Pivot to Bullish Positions
One indicator that gives a clear picture of traders’ position is the Funding Rate. This indicator is the cost of holding an open perpetual position in the market and also acts as a barometer of investors’ expectations.
When the Funding Rate is positive, longs (buyers) pay shorts (sellers) a fee, and the average expectation is bullish. In contrast, negative funding means shorts pay longs while expecting a price decrease.
From the image below, traders aligned with short positions during the earlier downturn. But at press time, BONK’s price has increased beyond previous levels. As a result, Funding has turned positive, indicating that traders in the futures market are hoping to profit from the continued price increase.
Read more: 11 Top Solana Meme Coins to Watch in August 2024
To be crystal clear, if the BONK price continues to increase as funding stays positive, traders will get more rewards for their positions. However, that will only be the case if buying pressure in the spot market remains at a heightened level.
However, futures traders are not the only ones with a changed view of the meme coin. According to Santiment, the Weighted Sentiment around Bonk has left the negative region and is now positive.
Weighted Sentiment uses social volume to measure the perception of a crypto project in the market. If the reading is negative, it means that comments online are mostly gloomy. However, a positive rating like it with BONK indicates a rise in optimistic discussions.
BONK Price Prediction: Bullish Pattern Continues
While BONK trades at $0.000021, the daily chart shows that it has formed a cup and handle pattern. This formation is a bullish continuation pattern and appears when a cryptocurrency has undergone a downtrend, recovery, and another downturn amid consolidation.
However, confirmation of the bullish continuation occurs when the price breaks out of the downtrend, as seen in the BONK chart below. If buying pressure increases, the price of BONK may climb to $0.000025 in the coming days.
A successful breach of this level could send the meme coin toward the upper resistance situated at $0.000029. However, traders may need to watch as the Relative Strength Index (RSI), which measures momentum, is yet to cross the neutral line.
Read more: Best Upcoming Airdrops in 2024
Once the RSI does, the bullish thesis may be confirmed, and the value of BONK can increase exponentially. However, failure to surpass the 50.00 midpoint could leave the token hanging between $0.000019 and $0.000021.
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
Dogecoin Hashrate Surges To New All-Time High Amid Rise In Positive Momentum
WisdomTree Europe Launches XRP ETP
BTC Surges to $99K, ETH Shoots, XRP Jumps 25%
Rallies 10% and Targets More Upside
Rallies 10% and Targets More Upside
“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum22 hours agoFundraising platform JustGiving accepts over 60 cryptocurrencies including Bitcoin, Ethereum
-
Market23 hours agoCardano’s Hoskinson Wants Brian Armstrong for US Crypto-Czar
-
Market19 hours agoSouth Korea Unveils North Korea’s Role in Upbit Hack
-
Market14 hours agoETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge
-
Altcoin17 hours agoSui Network Back Online After 2-Hour Outage, Price Slips
-
Market22 hours agoLitecoin (LTC) at a Crossroads: Can It Rebound and Rally?
-
Altcoin16 hours agoDogecoin Whale Accumulation Sparks Optimism, DOGE To Rally 9000% Ahead?
-
Altcoin21 hours agoWhy FLOKI Price Hits 6-Month Peak With 5% Surge?
