Connect with us

Market

PENGU Price Crashes 26%, $1 Billion Market Cap in Jeopardy

Published

on


PENGU price has plunged nearly 26% in the last 24 hours, reaching its lowest levels ever. Once the biggest meme coin on Solana, it has now been overtaken by TRUMP, BONK, and DOGWIFHAT.

Technical indicators, including the Ichimoku Cloud and DMI, suggest that bearish momentum is still growing, increasing the risk of further declines. Unless a strong reversal occurs, PENGU could continue setting new lows in the short term.

PENGU Ichimoku Cloud Shows a Bearish Setup

The Ichimoku Cloud chart for PENGU shows a clear bearish trend. The price is trading below both the conversion line (blue) and the base line (red), indicating short-term and medium-term weakness.

The cloud (Kumo) is red and sloping downward, reinforcing the bearish sentiment. Additionally, the lagging span (green) is positioned below the price, confirming that bearish momentum has been dominant.

PENGU Ichimoku Cloud.
PENGU Ichimoku Cloud. Source: TradingView

With the price consistently staying below the cloud, there are no immediate signs of a trend reversal. The widening gap between the conversion and base lines suggests increasing bearish momentum.

For a trend shift, the PENGU price would need to reclaim the conversion line and eventually move into or above the cloud. Still, for now, the Ichimoku indicators continue to show strong downside pressure.

PENGU DMI Signals Strengthening Downtrend

PENGU’s DMI chart shows that its ADX has risen to 20.16 from 14.6 in just one day, indicating that the strength of the current trend is increasing.

The ADX measures trend strength, with values below 20 suggesting weak or indecisive trends, while values above 25 indicate stronger trends. The recent increase suggests that PENGU current trend is gaining momentum, though it is not yet fully established.

PENGU DMI.
PENGU DMI. Source: TradingView

Meanwhile, the +DI has dropped sharply from 31.4 to 15.49, signaling a decline in bullish pressure, while the -DI has surged from 16.8 to 37.42, showing strong selling dominance.

This shift confirms that PENGU price is in a downtrend, with bearish momentum increasing. With the ADX strengthening, the downtrend could persist unless buying pressure returns to counter the selling dominance.

PENGU Price Prediction: Will It Continue Testing New Lows?

PENGU, which has a market cap of $1.08 billion, is currently trading at its lowest levels ever, falling below $0.018 for the first time. Once the largest meme coin on Solana, it was surpassed by TRUMP, BONK, and DOGWIFHAT.

PENGU Price Analysis.
PENGU Price Analysis. Source: TradingView

Given the bearish signals from both the Ichimoku Cloud and DMI indicators, the likelihood of PENGU dropping below $0.017 appears high. The price remains well below the cloud, while the ADX has risen, confirming that the downtrend is strengthening. The -DI dominance further supports continued downside pressure.

However, if momentum shifts and PENGU price can reclaim key levels, a trend reversal could lead to a test of the resistance at $0.022, with further upside potential if buying pressure strengthens.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Analyst Shares Upper And Lower Targets For XRP Price

Published

on



Este artículo también está disponible en español.

XRP’s price action within the past seven days has been limited to a trading range as investors look to recover the losses they incurred at the beginning of February. This range is a consequence of the current indecisiveness on the XRP price. However, popular crypto analyst EGRAG CRYPTO has provided a detailed breakdown of XRP’s price trajectory from here. Particularly, the analyst highlighted crucial support and resistance levels that could determine XRP’s movement at each stage.

XRP’s Lower Price Targets Indicate Key Support Levels

Sharing his insights on X, EGRAG CRYPTO pointed out that recent price action suggests market manipulation was at play, liquidating leveraged traders before a rebound. His observation followed the sharp downturn in the first three days of February when XRP’s price dipped below $3 and found a temporary bottom at $2.12. Furthermore, this decline included a wick that caused a wave of liquidations among leveraged traders. 

Related Reading

However, the analyst maintains that as long as XRP remains above a certain blue channel on the XRP chart below, the outlook remains positive for its price trajectory. With this in mind, EGRAG CRYPTO provided a set of lower targets that serve as key support levels, emphasizing that closing below any of them could signal weakness.

XRP
Keys level to watch following XRP’s next move | Source: Egrag Crypto on X

Although price wicks may occur, the analyst suggests that the integrity of the bullish structure remains intact as long as the XRP price does not close below these levels. These support levels are at $2.21, $2.00, $1.80, $1.74, and $1.60. A break and close below the lowest support at $1.60 could indicate a final shift in sentiment and cause a deeper price correction.

Upper Targets Signal Potential Bullish Breakout

On the bullish side, EGRAG CRYPTO outlined upper price targets that could confirm a strong breakout if XRP successfully closes above them. The analyst identified these targets as $2.62, $2.75, $2.94, $3.22, and $3.40. Notably, XRP had already traded above these price targets during this cycle and even closed above the first four targets in the daily timeframe.

Related Reading

EGRAG CRYPTO noted that the higher the price closes above these targets, the more bullish the outlook becomes, particularly over longer timeframes. A breakout and close above $3.40 would mark the first time the cryptocurrency has reached a new all-time high in over seven years. . Furthermore, the analyst price action within the $2 to $3.40 range might simply be market noise. Hence, sustained closes above the resistance levels are all the confirmation that’s needed.

At the time of writing, XRP is trading at $2.55, reflecting a 4.6% increase over the past 24 hours. This upward movement brings XRP closer to testing the first breakout target of $2.62.

XRP
XRP trading at $2.7 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Pexels, chart from Tradingview.com



Source link

Continue Reading

Market

Warrior Coin Gains Traction in the Market

Published

on



Editorial Note: The following content does not reflect the views or opinions of BeInCrypto. It is provided for informational purposes only and should not be interpreted as financial advice. Please conduct your own research before making any investment decisions.

2024 was quite the rollercoaster for Crypto. In true industry style, BTC, ETH and many of our favourite alts from the previous season exploded back on to the scene to make headlines inside and outside of the space. As we always say, it’s when your grandma starts talking about BTC, that you know something big is happening. 

2024 – Alts and AI Season

2024 saw the climactic rise of XRP and SOL to secure their positions as top 5 coins, and the trend of the year was born in AI coins like NEAR and TAO which jumped on the rocket ship of a global push toward injecting AI into every aspect of daily life. 

Despite the expected Christmas dip felt market-wide, the energy in the markets was at a peak coming into the new year – If the market had been able to achieve so much in 2024, what would lie ahead for 2025? Well, it wasn’t long before BTC reached a jaw-dropping ATH of more than $108,000 in late January, with sentiment at an all-time high.

BTC Outperforming Alts into 2025

Elsewhere, not everything was going as swimmingly as in the BTC markets. Altcoins which had seen very high ATHs in the ‘21 run were struggling to push through to their previous highs. ETH for instance, which peaked at over $4,700 during the previous season, has struggled to push past $4,000 this time around. 

And the story is the same, when looking at market downturns, with alts tanking extremely hard this year. For comparison, ETH is down 33% on its season-high of $4,000, while BTC is down just over 10% in the same period. 

As ETH shorts have surge by 500% since the US presidential election, keen observers and analysts are reaching a consensus on the short-medium term outlook for the market – Altcoin season is over. 

Memecoins – The Saviour to the Market?

But all is not lost – the vibrant, and oftentimes crazy world of memecoins continues to deliver opportunities for traders looking to make gains, even when alts and fundamentals are performing poorly. 2025 has already seen a number of high-profile launches such as the TRUMP coin, which still sits at a market capitalisation of $3.25bn and saw the top trader clearing $7.7m in gains. 

Clearly, Memecoins provide something that alts don’t – access at the ground floor to coins which have the potential to reach extremely high market caps – Usually enabled by a very strong community. One example is Warrior Coin – Which recently launched on Solana off the back of an 800,000 strong community, and for the most part, WAR has been unaffected by the recent downtrends, showing a very strong floor with some upward movement today.

Warrior Coin looks different, and has been extremely smart in leveraging their massive community who play their tapper-fighter game, Tap Warrior, which is the ultimate battle arena where political leaders and billionaires clash, with players earning WarriorCoin as they rise through the ranks. Players can also bet points against each other, giving real utility to WAR.

What’s more, is that Warrior Coin is preparing to partner with a multitude of KOLs to spread the message far and wide. Couple this with a strong community, and real-world utility through Tap Warrior, and WAR looks to have a good footing coming into the end of Q1.

Conclusion

2025 has already been a strong start for BTC and Memecoins, and with Alts continuing their downtrend, the market may see more rotation from classic alts like ETH, NEAR and XRP into coins like WAR, BTC, and SOL. What’s for certain is that the market is changing – And how traders play their cards over the coming weeks and months will shape whether they’re left holding the bag, or holding the crown at the end of this season.

Disclaimer

This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.





Source link

Continue Reading

Market

Tether Invests in Juventus Football Club, Causing Token Spike

Published

on


Tether acquired a minority stake in Juventus, a world-famous Italian football club, causing its JUV fan token to spike. Tether is investing in a team with a pre-existing Web3 presence, and it plans to bring more teams on-chain.

The company was recently ejected from the EU market due to stablecoin regulations, but it first took careful preparations to set up alternate revenue streams. This investment may be part of a similar strategy.

Tether Plays Hard with Juventus

Juventus FC is one of the world’s most popular football teams, and it’s been dabbling in Web3 sectors like crypto and NFTs for a few years now. In 2019, it launched the JUV fan token, and it also created a couple of NFT offerings. Tether’s CEO Paolo Ardoino announced today that it bought a minority stake in Juventus, furthering the team’s Web3 connection:

““Aligned with our strategic investment in Juve, Tether will be a pioneer in merging new technologies, such as digital assets, AI, and biotech, with the well-established sports industry to drive change globally. We will explore avenues for innovative collaborations and the potential to revolutionize the global sports landscape.” said Ardoino.

For world-famous football teams, a collaboration like this is fairly standard. In the last World Cup, Binance made a futures index for fan tokens and football-themed fan tokens like JUV have spiked all around the world. Juventus’ token has been inactive for several years, but it shot up today after the Tether announcement:

Juventus (JUV) Price Performance.
Juventus (JUV) Price Performance. Source: CoinGecko.

A more pressing question is why Tether, the world’s leading stablecoin issuer, would substantially invest in Juventus in the first place. The firm has conducted international partnerships to bring value to completely different sectors, but it’s not shown much interest in a sports club like this. However, according to the announcement, this is going to change.

Technically, the firm indirectly invested in a Swiss football team last year. If that one is a small stepping stone, Juventus is the next step, as Tether plans to bring more sports organizations onto the blockchain in the future. This doesn’t just include tokenization or payment availability; Tether will leverage its research sectors like AI and biotech where it can.

Another clue could help explain why Tether is investing in Juventus. Last December, its stablecoin got kicked out of the EU due to MiCA regulations, but the firm’s bottom line stayed intact. Tether spent months preparing for this doomsday scenario, limiting EU operations and setting up new revenue streams. Juventus is a European team, so it also falls in this category.

Tether could afford to draw back operations in Europe, but it can’t afford to lose both it and the US in quick succession. Impending stablecoin regulations could have an apocalyptic impact on Tether, and US exchanges are already preparing to eject the firm if asked. In short, Juventus and other sporting opportunities may be another part of Tether’s doomsday preparation.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io