Market
Top Crypto News This Week: Blast Airdrop, Trump-Biden Debate
This week, some major news has captured the attention of crypto investors and enthusiasts alike.
Market watchers expect these developments to substantially impact the decentralized finance (DeFi) sector and the broader crypto industry.
Blast Airdrop Launches
Blast, an Ethereum Layer 2 (L2) network, will launch its long-awaited airdrop next week on June 26. On June 19, the project announced that Blast-based decentralized applications (dApps) must distribute all Blast Gold and Blast Points to users by June 25 to be eligible for the airdrop.
The airdrop will equally divide tokens between users and developers on the network. Fifty percent of the tokens will be allocated to developers through Blast Gold and 50% to users via Blast Points. Users’ allocations will be determined by their wallet balances and activity on dApps.
Users must also sign into the Blast dashboard from an eligible Externally Owned Account (EOA) wallet to qualify for the airdrop. EOAs are non-custodial wallets controlled by a user via a private key.
Users with Points or Gold in their EOAs must sign into the Blast dashboard with that EOA at least once, either by receiving an invite or linking it to an existing account. Users are also reminded to link embedded wallets.
Initially, the airdrop was scheduled for May, but the project delayed its token generation event (TGE) last month. Consequently, it increased users’ airdrop allocations.
Ethena’s ENA Restaking Pools to Launch
Ethena, a synthetic currency protocol based on the Ethereum network, will release its first ENA restaking pools on Symbiotic on June 26. Symbiotic is a newly-launched protocol that enables permissionless restaking.
In its announcement last week, Ethena stated that staked ENA and sUSDE will be the only newly available assets to deposit in Symbiotic in the upcoming epoch. Ethena also detailed rewards for staked ENA in Symbiotic.
“Staked ENA in Symbiotic will receive the following rewards: Ethena 30x per ENA per day, Symbiotic points, Mellow points, and future potential LayerZero RFP allocations (if allocated to Ethena),” the team said.
Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?
GMX Will Start Distributing 5.4 Million Arbitrum (ARB) Tokens as Ecosystem Incentives
The Arbitrum DAO has approved a proposal from GMX, a decentralized exchange (DEX) in the Arbitrum ecosystem, to launch the STIP-Bridge Incentives Program with a 5.4 million ARB grant. These tokens will support the growth of GMX V2 and the Arbitrum DeFi ecosystem. The incentive campaign begins on June 26.
GMX’s STIP-Bridge program includes three incentive categories: Liquidity Incentives for LPs in GM Pools, Trading Incentives offering a 75% fee rebate on GMX V2 markets, and Grants Incentives for developers integrating projects with GMX V2. The campaign runs from June 26 to September 16, 2024.
GMX will distribute the incentives weekly, starting every Wednesday at 00:00 UTC. This initiative aims to enhance liquidity and trading activity on the GMX platform.
Biden vs. Trump Debate and Its Impact on Meme Coins
President Joe Biden and former President Donald Trump are set for a CNN presidential debate on June 27. This event marks the first face-off between a sitting president and a former president since 2020, as Trump skipped the Republican primary debates.
The debate could be a defining moment in the presidential race, featuring two universally known candidates. Unlike previous Biden-Trump debates, this one will have no studio audience.
The results could also impact the price of meme coins related to the two candidates, including TRUMP, MAGA, and BODEN. Historically, statements or campaign moves from these candidates have influenced the price movements of these meme coins.
Optimism and Other Major Token Unlocks
On June 30, Ethereum’s layer 2 Optimism will increase the circulating supply of its native token by releasing 31.34 million OP tokens. These upcoming unlocked tokens are worth approximately $56.73 million. According to TokenUnlocks data, the project will distribute these tokens to investors and core contributors.
Read more: What Is Optimism?
Some members of the crypto community are aware of the potential outcomes of this token unlock. One member cautioned that selling just 5% of the tokens released each month could lead to a substantial decrease of 30-70% in the value of certain assets like OP on major exchanges, as it may cause liquidity issues.
Additionally, some projects will have major token unlocks this week. One notable unlock is AltLayer, which will release 105.21 million ALT tokens. At the current market price, those tokens are worth roughly $20.32 million.
Read this article for further detailed information on major crypto token unlocks this week.
Anticipation Builds for Ethereum ETFs Approval
In addition to these key events, crypto investors and traders are keenly awaiting the approval of spot Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). ETF analysts, including James Seyffart and Eric Balchunas from Bloomberg Intelligence, have affirmed their predictions of July 2 as the “over/under for Ethereum ETFs launch date.”
This increased confidence came after several asset managers, such as Fidelity and Bitwise, updated their S-1 forms. While the SEC has approved the 19b-4 form, issuers still need their S-1 forms approved to begin trading in the market.
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 and broader adoption of cryptocurrencies.
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
Rallies 10% and Targets More Upside
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Market
Rallies 10% and Targets More Upside
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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.
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