Market

The Meme Coins Market in the Past Seven Days

Published

3 months ago

August 10, 2024

Coin2049 Newsletter

The short-lived rally in Solana-based meme coins has come to an abrupt end, with Bonk (BONK), Cat in a Dog’s World (MEW), and Book of Meme (BOME) ranking as the top assets leading the decline.

These tokens climbed in value on Wednesday but have since retraced and are now poised for an extended decline.

Bonk (BONK) Lingers Below Key Moving Average

Despite Wednesday’s rally in BONK’s value, its price remains below its 20-day exponential moving average (EMA), which measures its average trading price over the past 20 trading days.

When an asset’s price is below its 20-day EMA, it typically indicates a short-term downward trend. This means the average price over the past 20 trading days is higher than the current price. It suggests that buying pressure has weakened, and the asset’s price may continue to decline if selling pressure increases.

BONK’s negative Elder-Ray Index confirms the surge in selling activity. At press time, the meme coin’s Elder-Ray Index is -0.0000024.

This index measures the market’s buying and selling pressure. A negative value indicates that selling pressure outweighs buying momentum, signaling that sellers are in control and pushing the asset’s price lower.

If BONK bears remain in control, the token’s price may drop to $0.000020. If the low demand persists, the price may fall further to $0.000012, a level last witnessed in April.

boNK price prediction — BONK Price Analysis. Source: TradingView

However, if sentiment shifts from bearish to bullish, the meme coin’s price may climb to $0.000025, invalidating the pessimistic projections.

Cat in a Dog’s World (MEW) Faces Weakening Uptrend

At press time, MEW trades at $0.0057. However, momentum indicators on the one-day chart suggest a weakening uptrend. For instance, its Aroon Up Line is down at 7.14%.

The Aroon Indicator tracks trends in an asset’s price and signals potential trend reversals. A declining Up Line suggests that the price is moving away from recent highs, reflecting a weakening uptrend. This means the asset may enter a consolidation phase or begin a downtrend.

While MEW’s positive directional indicator (+DI) is currently above its negative directional indicator (-DI), signaling stronger buying pressure, the Average Directional Index (ADX) at 20.22 suggests the uptrend is weak and the market could move sideways.

mew price prediction — MEW Price Analysis. Source: TradingView

If selling pressure increases, MEW’s price could drop to $0.0046. However, if the uptrend strengthens and buying pressure spikes, MEW may rise to $0.006.

Book of Meme (BOME) Witnesses Negative Divergence

While BOME rallied to a peak of $0.0074 on Wednesday, its Chaikin Money Flow (CMF) remained negative, creating a bearish divergence. This indicator measures the flow of money into and out of an asset. Still negative at press time, BOME’s CMF is -0.34.

A bearish divergence occurs when an asset’s CMF is negative while its price increases. This signals that the price rally lacks strong buying activity and may be due for a correction. Traders often see this as a cue to exit long positions and consider taking short positions.

If BOME’s price witnesses a correction, it will revisit the five-month low of $0.0053, which it traded at during Monday’s market downturn.

bome price prediction — BOME Price Analysis. Source: TradingView

However, an uptick in demand could push its price up to $0.011.

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

FLOKI Price Action Signals Strong Uptrend Despite Risks

Published

25 mins ago

November 14, 2024

Coin2049 Newsletter

FLOKI price has seen an impressive surge, climbing 21.79% in the last 24 hours and up 62.39% over the past week. This rally has pushed several key indicators into bullish territory, showing strong upward momentum.

However, caution is warranted as some signals suggest that the current trend may face resistance or a potential pullback. The coming days will be crucial for determining whether FLOKI can sustain its rally or if a correction is on the horizon.

RSI Shows FLOKI Is Now Overbought

FLOKI price recent surge has driven its RSI to 71.42, up from 60 just a day ago, indicating strong buying momentum. An RSI above 70 usually suggests that an asset is overbought, hinting at a potential correction.

However, this doesn’t always mean an immediate pullback is certain.

RSI is a momentum indicator that measures whether an asset is overbought or oversold. Values above 70 are considered overbought, and values below 30 are considered oversold.

Although FLOKI’s RSI is currently in overbought territory, it has historically climbed above 80 before correcting, implying that the rally may still have room to run.

Ichimoku Cloud Shows a Bullish Setting For FLOKI

This Ichimoku Cloud chart for FLOKI shows a clear bullish momentum. The price is well above the cloud, indicating a strong uptrend.

The leading span A (green line) is above leading span B (red line), which supports the bullish outlook, while the cloud itself is in a positive configuration.

FLOKI Ichimoku Cloud. Source: TradingView

Additionally, the price is significantly above the Tenkan-sen (blue line) and Kijun-sen (orange line), which further confirms the bullish momentum.

However, a small retracement is visible, suggesting that FLOKI may encounter some consolidation or pullback before deciding on its next move. As long as the price remains above the cloud, the uptrend is likely to stay intact.

FLOKI Price Prediction: A New 57% Price Surge?

FLOKI’s EMA lines are currently showing a very bullish setup, with the price trading above all of them. That rise consolidated FLOKI as the 6th biggest meme coin in the market.

This indicates strong upward momentum. If the rally continues, FLOKI price could potentially reach $0.00031, with further resistance at $0.000349, representing a possible 57% price increase from current levels.

FLOKI Price Analysis. Source: TradingView.

However, if the uptrend loses steam and reverses, FLOKI could face a significant retracement.

Key support levels are found at $0.00016 and as low as $0.00012, which could imply a potential 45% correction.

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Cardano (ADA) Price Stabilizes After Recent Whale Activity

Published

1 hour ago

November 14, 2024

Coin2049 Newsletter

Cardano (ADA) price has surged 52% in the last seven days, but has seen a pullback of over 5% in the past 24 hours. Despite the recent rally, there are signs that the current uptrend might be losing momentum.

Indicators such as ADX and whale activity suggest that while ADA remains in a positive trend, its strength is weakening. This points to a critical phase where ADA will either find renewed momentum or face a potential reversal.

ADA Current Trend Is Still Pretty Strong, But It’s Losing Steam

The ADX (Average Directional Index) for ADA currently stands at 45.02, a drop from nearly 70 just two days ago. This decline in ADX indicates a weakening of the trend strength, suggesting that the previous momentum might be losing steam.

While ADA price remains in an uptrend, the decrease in ADX signals that the pace of the upward movement may be slowing down, even though the trend direction itself hasn’t reversed.

The ADX is a technical indicator used to measure the strength of a trend, without specifying its direction. Typically, an ADX above 25 is considered a strong trend, while anything below that suggests a weaker trend.

With ADA’s ADX at 45.02, the trend is still quite strong, but the recent decline from higher levels suggests caution.

Cardano Whales Are Back

The number of addresses holding between 1,000,000 and 10,000,000 ADA remained stable from October through early November but started to grow again on November 8.

Since then, these large wallets have increased from 2,432 to 2,451. This surge in accumulation was followed by a stabilization phase between November 11 and November 13, indicating that the recent buying activity might have reached a plateau.

ADA Addresses Holding Between 1,000,000 and 10,000,000. Source: Santiment

Tracking these large addresses, often referred to as “whales,” is crucial because their buying or selling behavior can significantly impact ADA price.

The recent surge followed by stabilization suggests that while whales were accumulating ADA, driving a positive sentiment, they have now paused. This could mean that Cardano price may see a period of consolidation before the next significant move.

ADA Price Prediction: Can It Reach $0.80 In November?

ADA’s EMA lines are currently in a bullish setup, with short-term EMAs positioned above the long-term ones, which generally indicates an ongoing uptrend.

However, the price has now fallen below the shortest EMA line. That suggests that the strength of this uptrend might be fading.

If the current uptrend regains strength, ADA price could test resistance levels at $0.62 and $0.67. If these are broken, it may potentially rise to $0.80—a price it hasn’t reached since March and representing a possible 50.9% increase from current levels.

On the other hand, signals from ADX and whale activity hint that the uptrend may be losing steam. If ADA’s bullish momentum fails and the trend reverses, support zones around $0.47 and possibly as low as $0.41 could come into play.

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Bullish Whale Behavior Fuels Ethereum (ETH) Price 20% Rally

Published

2 hours ago

November 14, 2024

Coin2049 Newsletter

Ethereum (ETH) price has been on a remarkable rally, gaining 20% over the past week. This rally has been fueled in part by a significant outflow of ETH from exchanges, suggesting growing confidence among holders. Whale accumulation has also picked up, hinting at increasing bullish sentiment.

However, with recent minor corrections, ETH is now at a pivotal point, testing its support and resistance levels to determine its next move.

ETH Net Transfer Volume Reached 128,000 On November 10

ETH has been on a strong rally, climbing 20.10% in the past 7 days. More than 361,000 ETH left exchanges on October 25 – a substantial outflow that pointed towards growing confidence among holders before the current rally.

Such a large movement typically suggests that investors are moving their assets to personal wallets, hinting that they may be planning to hold rather than sell.

ETH Net Transfer Volume from/to Exchanges. Source: Glassnode

When a lot of coins leave exchanges, it’s generally bullish because it indicates users are less likely to sell. Conversely, when large volumes of coins flow into exchanges, it can be bearish, as holders might be preparing to sell.

Since October 25, the net transfer volume to and from exchanges has been fluctuating between positive and negative, reaching 128,000 on November 10. This indicates uncertainty, as the market is experiencing a mix of buying and selling pressure.

Ethereum Whales Are Accumulating Again

After weeks of decline, the number of whales holding at least 1,000 ETH has finally started to rise again. This trend reversal began on November 7, and the number has been climbing consistently day after day—from 5,527 on November 7 to 5,558 on November 12.

The renewed accumulation among whales suggests a shift in sentiment, with large holders showing increasing confidence in ETH price.

Addresses with Balance >= 1,000 ETH. Source: Glassnode

Tracking these whale wallets is crucial because their activity can significantly influence market trends. When whales start accumulating, it often signals a potential price increase, as these holders typically move markets.

Their buying can also reduce the available supply on exchanges, creating more upward pressure on the price of Ethereum.

ETH Price Prediction: Is a Rally To $4,000 Possible?

After a strong rally, ETH price has faced a minor correction over the last few days. The EMA lines remain bullish, with short-term lines still above the long-term ones, indicating an overall upward trend.

However, the price has dropped below the shortest EMA line, which suggests that the current uptrend might be losing some momentum.

ETH’s closest resistance level is now around $3,500. If this resistance is broken, ETH price could potentially surge to $3,700—a possible 17.9% rise and its highest level since June.

On the flip side, if the uptrend reverses, ETH price may retest support at $3,000. If that fails, the next level of support would be around $2,800.

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