Market

Ethereum Poised for Upside Break!

Published

3 hours ago

October 17, 2024

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Ethereum price is consolidating gains above the $2,550 resistance. ETH could gain pace if it clears the $2,650 resistance zone.

Ethereum started a fresh increase above the $2,550 and $2,580 resistance levels.
The price is trading above $2,600 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rally if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Eyes More Upsides

Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH cleared the $2,600 and $2,620 resistance levels. The price even spiked above $2,650 before there was a downside correction.

The price is again rising and trading above the $2,600 level. The bulls were able to clear the 50% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low. There is also a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,635 level. The first major resistance is near the $2,650 level or the 76.4% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low.

A clear move above the $2,650 resistance might send the price toward the $2,680 resistance. An upside break above the $2,680 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.

Another Drop In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,610 level and the trend line. The first major support sits near the $2,575 zone.

A clear move below the $2,575 support might push the price toward $2,550. Any more losses might send the price toward the $2,475 support level in the near term. The next key support sits at $2,450.

Technical Indicators

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

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

Major Support Level – $2,575

Major Resistance Level – $2,650

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Related Topics:Break Ethereum Poised Upside

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Market

Can SUI Price Push Past FUD to Achieve 20% Gain?

Published

43 mins ago

October 17, 2024

admin

Three days ago, SUI reached a new all-time high of $2.36, but Fear, Uncertainty, and Doubt (FUD) surrounding a recent development overshadowed the achievement.

Despite this, market investors remain confident that SUI will soon overcome the setback and break resistance levels again. This analysis explores the factors driving this sentiment and what SUI’s price could reach in the near term.

Traders Are Bullish on Sui Again

SUI’s price is currently $2.12, down 10.63% from its all-time high of $2.36 on October 14. The decline may be tied to rumors of a $400 million insider sell-off of SUI, a claim the Sui Foundation has denied.

During that time, the coin’s Funding Rate dropped into negative territory. The Funding Rate measures the difference between an asset’s perpetual futures price and its spot price. When the rate is high, traders favor long positions and are willing to pay to maintain them, reflecting bullish sentiment.

On the other hand, a negative Funding Rate signals bearish sentiment, as short positions dominate and traders are paying longs to hold their positions. Currently, the Funding Rate has returned to positive territory, indicating that traders have moved past the FUD and are now expecting a significant rebound for Sui.

Sui Positive Funding Rate. Source: Santiment

In line with this outlook, the Balance of Power (BoP), which gauges the strength of buyers versus sellers, has risen. When the BoP drops, it indicates sellers (bears) are dominant, often leading to a price decline.

However, an increasing BoP suggests that bulls (buyers) are outpacing the bears, which appears to be the case with SUI. This could signal that SUI’s price may climb above $2.11 in the short term.

SUI bulls in control — Sui Balance of Power. Source: TradingView

SUI Price Prediction: New All-Time High Soon

On the daily chart, SUI seems to have solid support around $2.05. This level was vital to the initial move up to $2.36. With SUI’s price at $2.12, it appears that the same support is proving to be instrumental in cementing strength for the altcoin.

If this remains the same, SUI’s price is likely to surpass $2.36 within a few days. But that would only happen as long as bears do not tug the price back from $2.12. Should that happen, the altcoin’s value might climb by 20% and hit $2.55.

SUI price analysis and prediction — Sui Daily Price Analysis. Source: TradingView

On the other hand, this forecast could be invalidated if SUI holders cash out before the price runs beyond $2.36. In that scenario, the cryptocurrency might drop back to the $2.05 support, and if it loses that level, it could decline to $1.84.

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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Market

Dogecoin Restarts Rally: Is The Doge Hype Reigniting?

Published

2 hours ago

October 17, 2024

admin

Dogecoin is rising above the $0.120 resistance zone against the US Dollar. DOGE is now showing positive signs and might clear the $0.1280 resistance.

DOGE price started a fresh increase above the $0.1200 resistance level.
The price is trading above the $0.1220 level and the 100-hourly simple moving average.
There was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could gain bullish momentum if it clears the $0.1250 and $0.1280 resistance levels.

Dogecoin Price Regains Traction

Dogecoin price started a fresh increase above the $0.1100 resistance zone. DOGE gained traction for a move above the $0.1200 resistance zone, beating Bitcoin and Ethereum. There was also a move above the $0.1250 and $0.1265 resistance levels.

During the increase, there was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair. The pair traded as high as $0.1297 and recently saw a minor downside correction.

The price dipped below the $0.1265 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high. Dogecoin price is now trading above the $0.1200 level and the 100-hourly simple moving average.

Immediate resistance on the upside is near the $0.1280 level. The next major resistance is near the $0.1300 level. A close above the $0.1300 resistance might send the price toward the $0.1320 resistance. Any more gains might send the price toward the $0.1350 level. The next major stop for the bulls might be $0.1400.

Are Dips Supported In DOGE?

If DOGE’s price fails to climb above the $0.1280 level, it could start another decline. Initial support on the downside is near the $0.1235 level. The next major support is near the $0.1200 level and the 50% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high.

The main support sits at $0.1175. If there is a downside break below the $0.1175 support, the price could decline further. In the stated case, the price might decline toward the $0.1150 level or even $0.1120 in the near term.

Technical Indicators

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

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

Major Support Levels – $0.1235 and $0.1200.

Major Resistance Levels – $0.1280 and $0.1300.

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Market

Game Developer Sues Jump Trading for Crypto Manipulation

Published

4 hours ago

October 17, 2024

admin

FractureLabs, a game developer, has filed a lawsuit against Jump Trading, accusing the firm of manipulating the price of the DIO token in late 2021.

Jump Trading, a US-based financial trading company specializing in algorithmic trading, is well-known for its investments in the crypto market.

Jump Trading Allegedly Breached its Market-Making Contract.

According to a Bloomberg report, FractureLabs planned to raise capital through an initial token offering for Decimated (DIO) on the Huobi exchange in 2021. The game developer hired Jump Trading as its market maker.

In its complaint, FractureLabs claims that Jump committed to maintaining DIO’s price within a specific range. However, in practice, the token’s price surged to nearly $1 before steadily dropping to $0.006 over the following year. As a result, FractureLabs accuses Jump Trading of manipulation of DIO’s price for profit through pump-and-dump tactics.

DIO Token Price Chart — DIO Price Performance. Source: TradingView.

The price chart of DIO shows a continuous decline since the beginning of 2022, with no recovery period.

“Jump then systematically liquidated its DIO holdings, generating millions of dollars in revenue for itself.” the lawsuit states.

FractureLabs also revealed that it had lent Jump Trading 10 million DIO tokens and sent 6 million tokens to the Huobi exchange as part of the agreement. At the time, the 10 million tokens were valued at $9.8 million. However, when Jump Trading returned the tokens, their value had dropped to just $53,000.

In addition to FractureLabs, the US Commodity Futures Trading Commission (CFTC) is also investigating Jump Trading’s involvement in cryptocurrency trading and investment activities.

Jump Trading’s subsidiary, Jump Crypto, is focused on investments in the cryptocurrency market. Data from CryptoRank shows that the company’s investment activities have been sparse over the past two years.

Jump Trading Investment Track. Source: Cryptorank.

Although Jump Trading had early success with investments in projects like Solana and Lido, it has also faced challenges, notably with investments in TerraUSD and Wormhole.

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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