Market
FOMC Minutes, Airdrop, and More
This week, some major news has captured the attention of crypto investors and enthusiasts alike.
The release of the Federal Open Market Committee (FOMC) meeting minutes, Etherfi’s airdrop Season 3 launch, and several other significant developments are expected to influence the decentralized finance (DeFi) sector and the broader crypto industry.
FOMC Meeting Minutes and Other Macro Data Releases
This week, the crypto market braces for several macroeconomic data releases, notably the FOMC meeting minutes and the non-farm payroll figures for June. Analysts expect 180,000 new jobs in June, keeping the unemployment rate at 4%, the highest since February 2022. May saw a gain of 272,000 jobs, initially boosting confidence about the economy despite signs of a slowdown.
Investor concerns about US economic momentum may grow with below-expectation numbers. June’s data revealed continuing unemployment claims at 1.84 million, a peak since November 2021, highlighting difficulties for job seekers. The focus will also be on the average hourly earnings growth, expected to decrease to a post-pandemic low of 3.9% year-on-year in June.
Analysts believe these insights will significantly impact Bitcoin (BTC) and the broader crypto market. According to crypto analyst CrypNuevo, Bitcoin has shown preliminary signs of potential market movements.
They observed two crucial liquidity areas of interest. The first is between $62,500 and $63,500, marking the primary short-term liquidity zone. The second area is around $67,100, regarded as a significant mid-term zone.
CrypNuevo also noted a notable issue in the opposite direction involving a long wick. They believe it will likely get filled to balance the open interest gaps.
“So I finally came up with this projection: Not necessarily for the week ahead, the time frame is more like 2-3 weeks. Impulsive moves up to liquidate high-leverage short positions and then drop back down to fill the 50% of the wick. Forming a potential accumulation range,” CrypNuevo wrote.
Zero1 Labs, a decentralized AI solution, has announced a major activation for the Zero1 community. This initiative, involving over 25 prominent communities, aims to further decentralize its native token, DEAI.
The new Community Program seeks to foster greater engagement within crypto communities and expand Zero1 Labs into the largest AI crypto community. It delivers exclusive rewards to new supporters by forming strategic alliances with top community projects.
Collaborating with well-known communities, Zero1 Labs offers users a chance to claim a share of a $2 million DEAI prize pool. The protocol aims to reward both existing supporters and attract new participants eager to explore decentralized technology and AI.
Participants can earn rewards by engaging with the community and writing unique content about Zero1 Labs. They can enhance their chances of receiving more rewards by completing various social tasks, such as following on X, joining the Discord community, and discussing DEAI on X. Each action accumulates points, increasing the likelihood of earning rewards.
The Community Program will officially kick off on July 3, 2024. To ensure fair participation, snapshots of specific communities will be taken the day before the announcement. This snapshot will determine eligibility, giving participants limited time to engage in social activities and maximize rewards.
NATIX Token Launch and Listings
NATIX Network will launch its token, NATIX, on July 2. On the same day, major crypto exchanges, including KuCoin and Gate.io, will list the NATIX token on their respective platforms.
This launch is anticipated to provide significant opportunities for traders and investors as it becomes available on prominent exchanges. NATIX is an AI-powered dynamic map supercharged by the decentralized physical infrastructure (DePIN) and driver community.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Etherfi Announces ETHFI Airdrop Season 3
Etherfi, a protocol offering liquid restaking services on the Ethereum network, has recently announced details concerning its Season 2 ETHFI airdrop. The schedule is as follows: the checker tool to verify eligibility for the airdrop will become available on July 5, with the official claiming of airdrops set for July 8.
Additionally, there is exciting news for the upcoming Season 3. Etherfi has committed to distributing 25 million ETHFI tokens. The allocation of these tokens will be based on each community member’s level of participation and engagement.
Season 3 kicked off on July 1 and is expected to run until the beginning of September. Following the end of the season, the airdrop distribution will take place.
SUI and Other Major Token Unlocks
Ethena (ENA), the synthetic currency protocol on Ethereum, will unlock 14.89 million of its native token, ENA, dedicated to ecosystem development. According to Token Unlocks data, these tokens represent 0.92% of ENA’s circulating supply and are worth approximately $7.62 million at the time of writing.
In addition to ENA, DYDX and SUI have also held token unlocks today at midnight UTC. Read this article for further detailed information on major crypto token unlocks this week.
zkSync Introduces Elastic Chain in 3.0 Roadmap
zkSync, an Ethereum layer-2 (L2) network, has introduced a new “Elastic Chain” feature in its latest zkSync 3.0 roadmap. The v24 upgrade transforms zkSync into an Elastic chain from a single ZK chain. This Elastic Chain comprises multiple chains within the zkSync ecosystem, offering users the experience of using a single chain.
Matter Labs, the team behind zkSync, describes the Elastic Chain as an infinitely extensible network of ZK chains. These include rollups, validiums, and volitions. They are secured by mathematical proofs and seamlessly interoperable with a uniform, intuitive user experience.
In a June 29 announcement, the zkSync team promised to share more details on how these ZK chains seamlessly work together this week. This new feature could further enhance the network’s capabilities and user experience.
Read more: What Is zkSync?
Parcl’s Upcoming PRCL Staking Program
Parcl, a real-world asset (RWA) tokenization protocol on the layer-1 blockchain Solana, will present its upcoming PRCL staking program this week. Staking will effectively unlock all participation in the Parcl ecosystem, including governance, existing and future protocol incentives, and Parcl Labs Data API access.
Epochs are a fundamental principle of time for staking, with one epoch equaling seven days. The first epoch will be announced shortly.
This week’s news in the crypto space highlights significant milestones and potential market shifts. Investors and enthusiasts closely watch these events, anticipating their impacts on the market dynamics.
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.
Market
GOAT Price Sees Slower Growth After Reaching $1B Market Cap
GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.
However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.
GOAT BBTrend Is Negative For The First Time In 4 Days
GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.
BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.
GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.
GOAT Is In A Neutral Zone
GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.
The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.
RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.
This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.
GOAT Price Prediction: A New Surge Until $1.50?
If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.
Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.
However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.
Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.
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
Ripple (XRP) Price Hits 109% Monthly Gain as Indicators Weaken
Ripple (XRP) price has experienced a significant rally, rising 51.33% in the last seven days and an impressive 109.09% over the past month. This strong momentum has propelled XRP into a bullish phase, with key indicators like EMA lines supporting its upward trajectory.
However, signs of weakening momentum, such as a declining RSI and negative CMF, suggest that caution may be warranted. Whether XRP continues to push higher or faces a steep correction will depend on how the market reacts to these shifting dynamics.
XRP RSI Is Below The Overbought Zone
XRP’s RSI has dropped to 60 after nearly hitting 90 on November 16 and staying above 70 between November 15 and November 17.
This decline indicates that Ripple has moved out of the overbought zone, where intense buying pressure previously drove its price higher. The drop suggests that the market is cooling off, with traders potentially taking profits after the strong rally.
The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 60, XRP’s RSI reflects a still-positive momentum but shows a more balanced sentiment compared to the previous surge.
While the uptrend remains intact, the lower RSI could indicate a slower pace of gains, with the possibility of consolidation as the market stabilizes. If buying pressure returns, XRP price could extend its upward movement, but a further decline in RSI might signal a weakening bullish momentum.
Ripple CMF Is Now Negative After Staying Positive For 14 Days
XRP Chaikin Money Flow (CMF) is currently at -0.12, after showing positive levels between November 5 and November 19. That is also its lowest level since October 31. This shift into negative territory reflects increased selling pressure and a potential outflow of capital from the asset.
The transition from positive CMF values earlier this month signals a weakening in bullish momentum as more market participants reduce exposure to Ripple.
The CMF measures the volume and flow of money into or out of an asset, with positive values indicating capital inflow (bullish) and negative values showing capital outflow (bearish).
XRP’s CMF at -0.12 suggests that bearish sentiment is beginning to gain traction, potentially putting pressure on its price despite the recent uptrend. If the CMF remains negative or declines further, it could indicate sustained selling pressure, challenging Ripple’s ability to continue its upward movement.
Ripple Price Prediction: Biggest Price Since 2021?
XRP’s EMA lines currently display a bullish setup, with short-term lines positioned above the long-term lines and the price trading above all of them.
However, the narrowing distance between the price and some of these lines suggests a potential slowdown in bullish momentum. This could signal that the uptrend is weakening, leaving XRP price vulnerable to a shift in market sentiment.
If a downtrend emerges, as indicated by the weakening RSI and negative CMF, Ripple price could face significant pressure and potentially drop to its support at $0.49, representing a substantial 56% correction.
On the other hand, if the uptrend regains strength, XRP could climb to test the $1.27 level and potentially break through to $1.30, which would mark its highest price since May 2021.
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
Trump Media Files Trademark for Crypto Platform TruthFi
Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing.
The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.
Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year.
However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social.
The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter).
Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees.
“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter).
As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week.
Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.
Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance.
Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion.
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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