Market
Eyes $29.35 Breakout And Further Gains
My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.
I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.
One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.
I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.
I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.
I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.
Market
AI Tokens of the Week
Undeniably, there has been a broader market pullback over the past couple of days. However, several AI-focused tokens have managed to post gains despite the downturn.
In this analysis, BeInCrypto highlights three AI coins with significant price growth.
AIOZ Network (AIOZ)
AIOZ, the native token of the AIOZ Network—a decentralized platform that leverages a global network of nodes to deliver content—has noted a 45.63% price surge over the past seven days. It is one of the AI tokens of the week to pay attention to. As of this writing, it trades at $0.75.
At its current price, the altcoin trades above its 20-day exponential moving average (EMA). The 20-day EMA calculates the average price over the past 20 days, with more emphasis on recent data points.
This setup indicates a short-term bullish trend. It signals that buying pressure is prevailing and the asset is in an uptrend.
If AIOZ maintains this upward trend, its price may climb toward $0.79. A successful rally past this level may set it on the path to reclaim its year-to-date high above $1.
However, there is a catch. Its plummeting Chaikin Money Flow (CMF) indicates that the buying pressure is weakening. AIOZ’s CMF, which tracks money flows into and out of its market, is below zero at -0.02.
When an asset’s CMF is negative during a price rally, buying pressure is waning, thus forming a bearish divergence. This divergence is a warning signal that the rally may not be sustainable and could face a reversal if the selling pressure continues.
AIOZ’s price may fall to $0.61 if this happens, invalidating the bullish outlook above.
Render (RENDER)
The price of the leading AI-based token Render (RENDER) has spiked by 34% over the past seven days, making it one of the top AI tokens of the week. During the week in review, the AI-based token rallied to a five-month high of $7.20 before witnessing a pullback over the past 24 hours due to the general market downturn. Nonetheless, it trades at $6.69 and still enjoys a bullish bias.
RENDER’s Parabolic Stop and Reverse (SAR) indicator confirms this bullish outlook. As of this writing, the indicator’s dots, which identify an asset’s trend direction and potential reversal points, rest below RENDER’s price.
When the Parabolic SAR dots are positioned under an asset’s price, it suggests that the asset is enjoying upward pressure and the trend is bullish. Traders interpret this as a signal to go long and exit short positions.
If this trend persists, RENDER’s price will likely test resistance at $7.39. A successful breakout could propel the token towards $8.62.
However, if profit-taking activity resurges, this bullish outlook may be invalidated. The token’s price may fall to $5.87.
NEAR is another AI token that has performed impressively over the past week. It exchanges hands at $5.52 and has logged a 31% rally in the week under review.
Its Elder-Ray Index confirms that the bulls remain in market control and are attempting to push NEAR’s price higher. At press time, the indicator’s value stands at 1.07.
The Elder-Ray Index measures the strength of buyers (bulls) and sellers (bears) in the market. When its value is positive, it generally means that buyers are stronger than sellers, indicating a bullish market sentiment.
If buying pressure strengthens, NEAR’s price will break above resistance at $6.04 and attempt to trade at $6.74, a high last reached in June.
However, shifting market sentiment from positive to negative will invalidate this bullish thesis. If selling activity gains momentum, NEAR’s price may drop below $5 to trade at $4.47.
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
PEPE Experiences Pullback, But Bulls Remain Hopeful
Pepe’s Coinbase listing pushed its price to an all-time high of $0.000025 yesterday, November 14. However, due to the broader market correction, it has witnessed an 8% pullback over the past 24 hours.
Despite the dip, bullish sentiment around the meme coin remains strong. This suggests a potential revival of its uptrend and an attempt to reclaim its all-time high.
PEPE Traders Anticipate Further Gains
Yesterday, PEPE recorded a 75% intraday rally after leading cryptocurrency exchange Coinbase confirmed its listing on its spot market using a frog emoji. BeInCrypto reported that this coincided with Robinhood’s decision to list the meme coin, which drove it to an all-time high of $0.000025 during yesterday’s trading session.
Although it has since slipped by 17% to trade at $0.000021 at press time, the meme coin continues to enjoy a significant bullish bias.
The positive reading from its Elder-Ray Index is one confirmation of this. As of this writing, it stands at 0.000011. For context, yesterday, it rose to 0.000018, its highest level ever.
The Elder-Ray Index assesses the strength of bullish and bearish pressures in the market. When its value is positive, it means that bull power is dominant. It indicates strong buying pressure in the market and offers a good opportunity for traders looking to take a long position.
Notably, PEPE’s funding rate confirms the preference for long positions among its futures traders. Per Santiment, the meme coin’s funding rate, which is the periodic fee paid to keep an asset’s contract price aligned with its spot price, is 0.013% at press time.
When the funding rate is positive, long-position holders pay short-position holders to maintain their trades. This indicates that there are more buyers than sellers in the market, suggesting bullish sentiment, as it reflects higher demand for the asset and a willingness to pay to keep long positions open.
PEPE Price Prediction: It All Lies With the General Market
PEPE is currently trading at $0.000021. If broader market sentiment improves, the meme coin could break through the newly formed resistance at $0.000022. A successful breach would pave the way for the PEPE meme coin’s price to reclaim its all-time high of $0.000025 and potentially rally beyond it in the short term.
However, a sustained decline in demand would push PEPE’s price lower, invalidating the bullish outlook. In this case, the meme coin could drop by 17% to $0.000018. If selling pressure intensifies at this level, the PEPE meme coin’s price may slide further to $0.000015.
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
Can Moo Deng Market Cap Hit $1 Billion After 40% Hike?
The market cap of Solana-based meme coin Moo Deng (MOODENG) has surpassed $600 million following a 40% price increase in the last 24 hours. The milestone also saw the cryptocurrency’s value rally to a new all-time high of $0.63.
Interestingly, this development comes amid a sideways market movement, suggesting that the meme coin has decoupled from the broader trend. What’s next for the token?
Market Attention Shifts to Moo Deng
On Thursday, November 14, the Moo Deng market cap was less than $300 million. However, as demand increased for the hippo-themed meme coin, the price climbed from $0.35 to $0.62.
This price increase also affected the market capitalization since the metric is the product of circulating supply and price. According to data from Santiment, the token’s market cap is $625 million at press time.
MOODENG’s rise to a new all-time high could linked to the trending narrative around hippo-themed meme coins. For instance, yesterday, Binance listed sudeng (HIPPO), a meme coin built on the Sui blockchain. As a result, the hype around HIPPO spread to MOODENG since the latter inspired the former’s creation.
Furthermore, on-chain data shows a massive rise in the token’s social dominance. Social dominance measures the proportion of discussions focused on a specific asset.
An increase in social dominance indicates that discussions about the token are surpassing the average focus on top cryptocurrencies. Conversely, a decrease suggests the market is shifting attention away from the token toward others.
In MOODENG’s case, the rise in social dominance reflects growing market interest. If this trend persists, the cryptocurrency’s volume and price could continue to surge.
MOODENG Price Prediction: Rally Could Run to $0.70
A look at the 4-hour chart shows that MOODENG’s price has rallied above the key Exponential Moving Averages (EMAs). When the EMA is below the price during an uptrend, it acts as a support level. Conversely, when the EMA is above the price during a downtrend, it serves as a resistance level.
Therefore, the current positions of the 20 EMA (blue) and 50 EMA (yellow) suggest that MOODENG’s price might continue to rise. If the indicators maintain their positions below the meme coin’s value, then the value might climb to $0.70, with Moo Deng’s market cap inching closer to $1 billion.
However, if momentum slows, the anticipated move may not materialize. Instead, the price could face a double-digit decline.
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.
-
Market16 hours ago
Uniswap (UNI) Price Vulnerable to Further Downside Pressure
-
Market8 hours ago
Crypto fear and greed rises as investors turn to Vantard
-
Market13 hours ago
OpSec CEO and Team Resign Amid Fraud Allegations by ZachXBT
-
Market20 hours ago
Ethereum Whales Fail to Drive Price to $3,500, Drawdown Likely
-
Market12 hours ago
XRP Price Rockets Upward: Bulls Poised for More Gains
-
Altcoin20 hours ago
XRP Price Rally As Gary Gensler Hints At Resignation
-
Bitcoin11 hours ago
$4 Billion Bitcoin, Ethereum Options Expiring
-
Market19 hours ago
Will Dogecoin (DOGE) Price Hold Above $0.35?