Market
Game Developer Sues Jump Trading for Crypto Manipulation
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.
Read more: Top 5 Initial Coin Offerings (ICOs) To Watch For in 2024
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.
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.
Read more: What Is a Rug Pull? A Guide to the Web3 Scam
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.
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.
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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.
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
Bitcoin price climbed further higher above the $67,500 resistance zone. BTC is now consolidating and might clear the $68,350 resistance to continue higher.
- Bitcoin remained stable and extended gains above the $68,000 zone.
- The price is trading above $67,200 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally further if there is a close above the $68,000 resistance zone.
Bitcoin Price Remains Supported for More Upsides
Bitcoin price remained supported and extended its increase above the $67,500 resistance. BTC cleared the $67,800 resistance to move into a positive zone. The price even rallied above the $68,000 and $68,200 resistance levels.
The price traded as high as $68,328 and currently consolidating gains. There was a minor decline below the $68,000 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $64,686 swing low to the $68,328 high.
Bitcoin price is now trading above $67,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $66,800 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $68,000 level. The first key resistance is near the $68,350 level. A clear move above the $68,350 resistance might send the price higher. The next key resistance could be $68,800.
A close above the $68,800 resistance might initiate more gains. In the stated case, the price could rise and test the $70,0200 resistance level. Any more gains might send the price toward the $72,000 resistance level.
Another Drop In BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $66,800 level and the trend line.
The first major support is near the $66,500 level and the 50% Fib retracement level of the upward move from the $64,686 swing low to the $68,328 high. The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,400 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $66,800, followed by $65,400.
Major Resistance Levels – $68,000, and $68,350.
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