Market
Trump’s Bullish Election, XRP ETFs, and More
This week in crypto, BeInCrypto unpacks everything from Donald Trump’s historic election, its impacts on Bitcoin and SEC Chair Gary Gensler, to new XRP ETF applications amidst institutional support, and a major new upgrade for Cardano.
These chaotic and interrelated developments have spurred bullish sentiment across the entire crypto community.
Cardano’s Node 10.11 Upgrade Opens New Era
On November 1, the Cardano-led member organization Intersect MBO launched the Node 10.11 update. It was the first mainnet update for the platform to support the Chang #2 hard fork. This update offered several major technical and democratic innovations, and will hopefully mark a new era in Cardano’s maturity as an on-chain governance model.
“Following a successful Chang #2 hard fork, decisions on the Cardano blockchain will be shaped and voted on via fully decentralized governance, as detailed in CIP-1694,” Intersect stated.
However, although the community was excited about these decentralization upgrades, it has also taken an increasingly polarized view of Cardano founder Charles Hoskinson. Hoskinson posted a poll via social media, asking, “Is Charles Hoskinson a Cancer for Cardano?” The results were almost a perfect tie, highlighting the community’s mixed views of him.
Grayscale Offers XRP Trust, 21Shares’ ETF Application
Grayscale, a major ETF issuer, launched trading on a new XRP-based trust fund. This aligns with Grayscale’s previous history of ETFs; namely, its Bitcoin ETF was converted from a similar trust fund. These trusts are legal to sell before official ETF approval, but their market value often suffers when approval takes place. This XRP Trust actually declined when sales went live.
21Shares, a competing ETF issuer, also applied for an official XRP ETF this week. The SEC has yet to officially confirm or reject it, but the race is officially on for a new crypto product. BitWise, too, filed for an XRP ETF, and Ripple CEO Brad Garlinghouse considers an eventual SEC approval “inevitable.”
Bitcoin Hits $77,000 All-Time High After Trump Win
After Donald Trump won the recent Presidential election, Bitcoin reached a new all-time high. Its value jumped to over $75,000 in the immediate aftermath of his victory, and has continued rising to shift around $77,000 Friday. New investor interest in Bitcoin purchases has seen a massive demand on crypto exchanges.
A series of positive factors related to political developments are increasing the bullish case for Bitcoin. Trump’s election also brought heightened gains for risk-on ETF assets, and cryptoassets qualify as risk-on assets. BlackRock’s IBIT has already benefitted from this trend. Additionally, the Federal Reserve cut interest rates by 25 bps, another bullish signal.
Ripple Transactions Boosted By Institutional Demand
Ripple also reported strong growth in Q3 2024, claiming that institutional interest spurred the majority of this action. Major financial institutions like the Chicago Mercantile Exchange began offering XRP offerings, highlighting this acceptance. This trend took place despite regulatory challenges from the SEC, instilling confidence in CEO Brad Garlinghouse.
“The message from the market is clear — institutional interest in XRP products is stronger than ever…The SEC’s war on crypto has lost battle after battle — their continued disregard for the court’s authority will further erode the SEC’s credibility and reputation,” Garlinghouse said.
XRP as a whole enjoyed elevated trade volumes during this period. Average daily volumes on several exchanges consistently remained between $600 and $700 million, with a few outliers going much higher. XRP transaction volumes also nearly doubled, but a large proportion of these were microtransactions. These tiny moves left a reduced impact on total on-chain volume.
Justin Sun Offers Job to Gary Gensler if Trump Fires Him
Tron founder Justin Sun also offered a job to SEC Chairman Gary Gensler, in the event that Trump fires him upon taking office. At the Bitcoin Conference in Nashville, Trump publicly vowed to fire Gensler if elected, drawing an outsized reaction from the crowd. Trump made several promises to halt a “crypto crackdown” from regulators and legislators, and that includes Gensler.
“As an industry, we should have an inclusive heart, no matter who it is. I’m open to hiring Gensler if he can genuinely treat the crypto industry with sincerity. After all, this person also has a family to support,” Sun claimed.
It is unclear if Sun made this as a genuine offer, or mockery. Gensler’s hostile activities towards the crypto industry have earned him many enemies in the space, but he is intimately familiar with it. Sun also congratulated Trump on his electoral success, hoping he can “promote industry growth” through pro-crypto regulations.
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
ADA Sights More Growth After Breaking $0.8119
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Market
PNUT Price Nears Oversold Zone After 20% 24-Hour Decline
PNUT price has dropped more than 20% in the last 24 hours, following its recent surge after being listed on major exchanges, where it reached $2.28. This sharp decline highlights weakening momentum, as indicators like ADX and RSI suggest that the uptrend is fading.
Despite this, PNUT still has the potential for a strong recovery if buyers return. However, if bearish pressure continues, PNUT could face a significant correction, testing key support levels and potentially losing more ground.
PNUT Current Uptrend Is Fading Away
PNUT currently has an ADX of 18.76, significantly down from above 50 just a few days ago. This consistent decline in ADX indicates that the strength of PNUT’s uptrend has been steadily weakening.
Despite still being in an uptrend, the sharp drop in price over the last 24 hours highlights the growing vulnerability of maintaining upward momentum. The ADX suggests a potential reversal could be on the horizon.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend.
PNUT’s ADX dropping below 20 reflects a weakening trend, even though the current directional movement still leans bullish. If this trend strength continues to deteriorate, PNUT may struggle to sustain its uptrend. That would leave PNUT price vulnerable to a more significant reversal in the near term.
PNUT Is Almost Reaching The Oversold Zone
PNUT currently has an RSI of 32.6, marking its lowest level since being listed on Binance.
The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels.
The consistent decline in PNUT’s RSI over the past few days highlights weakening momentum, with the asset now approaching oversold levels.
If the RSI falls below 30, it could signal that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep the price under pressure, delaying any recovery.
PNUT Price Prediction: A 72% Correction Ahead?
If PNUT price experiences a reversal and a strong downtrend emerges, it could test the support at $0.749. Should this level fail to hold, the price may drop further to $0.41 and even $0.32, marking a significant potential correction of up to 72%. This would make PNUT be surpassed by other meme coins such as MOG, GOAT, and MEW in terms of market cap.
Such a scenario would indicate increased bearish pressure, with traders potentially continuing to exit positions after the surges following the listing on major exchanges.
On the other hand, if PNUT uptrend regains strength, the price could rise to test the resistances at $1.87 and $2.21.
Breaking through these levels could allow PNUT to retest its previous all-time high of $2.50. That would offer a potential 111% upside and establish PNUT as a top 10 meme coin in the market.
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
How PNUT, GOAT, BONK Fared
In this weekly analysis of meme coins, BeInCrypto observed that these tokens experienced mixed results. While some tokens saw gains, others grappled with significant losses.
Peanut the Squirrel (PNUT) and AI-created Goatseus Maximus (GOAT) were among the week’s underperformers, both experiencing significant price drops. In contrast, Bonk (BONK) defied market trends, securing its place as one of the top-performing cryptocurrencies. Here’s a detailed recap of the week’s developments.
Peanut the Squirrel (PNUT)
At the beginning of the week, PNUT’s price was $1.94. However, the meme coin’s value has since decreased by 33%. This significant decline could be attributed to selling pressure from those who held the token until it reached an all-time high.
PNUT’s price is currently $1.17. However, the one-hour chart shows that the Relative Strength Index (RSI) has dropped to 31.66. When the RSI climbs to 70.00, it means that the asset is overbought.
On the other hand, if it is below 30.00, it means that it is oversold. Therefore, while the RSI reading indicates bearish momentum, it indicates that PNUT is oversold.
As such, the meme coin’s price could be in line for a rebound. If validated, then PNUT’s price could bounce toward $1.40. In a highly bullish scenario, the meme coin could rally toward $1.72. However, if selling pressure increases again, the price could decrease below $1.15 when we publish the next meme coins weekly update.
Goatseus Maximus (GOAT)
Similar to PNUT, GOAT, another meme coin, faced a sharp decline this week, with its price dropping by 22%.
The price of GOAT has fallen to $0.87, possibly due to waning interest in AI-themed meme coins. The shifting narrative in the meme coin market suggests that some traders may be moving on from the AI buzz, seeking opportunities elsewhere.
Adding to the bearish sentiment, GOAT’s 4-hour chart has revealed a head and shoulders pattern, a classic bullish-to-bearish reversal indicator. This formation suggests that the meme coin could face further downside.
If the pattern plays out, coupled with the negative Moving Average Convergence Divergence (MACD), GOAT’s price could decrease to $0.66. However, a surge in buying pressure could invalidate this bias. If that happens, the value could jump to $1.37.
Bonk (BONK)
Contrary to GOAT and PNUT’s performance, Bonk’s price experienced a 28% hike. This price increase happened because the project disclosed that it would burn 1 trillion tokens by December 25 at the latest.
As a result, this disclosure sent euphoria around the Solana meme coin’s community, driving demand and a higher value for the token. However, BONK faces resistance at $0.000050, which has made it challenging for the cryptocurrency to rise much higher.
Despite that, the Bull Bear Power (BBP) shows that bears do not still have control. If sustained, then BONK’s price could move toward $0.000060.
On the flip side, if bears outpace bulls’ dominance, that might not happen, as the next meme coins weekly analysis could see it decline to $0.000043.
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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