Market
What’s Next for Internet Computer?
Internet Computer (ICP) price has been in a bearish trend, marked by a significant correction from a local high of $21.28.
This sharp decline has brought the price down to its current range, fluctuating between $12.1 and $14.
Internet Computer Price Action
The ICP price fluctuates between $12.1 and $14, a crucial range characterized by two significant 1-day baseline plateaus.
Additionally, the price is confined between the 100-day and 200-day exponential moving averages, reinforcing this range and explaining the recent price action following the sharp correction from the local high of $21,28.
Internet Computer’s Ichimoku Cloud Analysis and Components on Daily and Weekly Timeframes
The current price range of $12.1 to $14 is critical due to the overlapping of technical indicators, specifically the 1-day baseline plateaus and the exponential moving averages. This confluence creates a robust zone of support and resistance.
Read More: Internet Computer (ICP) Coin Explainer for Beginners
The Ichimoku Cloud, or Ichimoku Kinko Hyo, is a comprehensive technical analysis tool used in trading to identify trends, support, and resistance levels, and potential buy or sell signals. It consists of several components that work together to provide a “cloud” of information:
The shaded area between two lines (Senkou Span A and Senkou Span B) indicates support and resistance zones. If the price is above the cloud, it suggests a bullish trend; if below, it suggests a bearish trend.
The Base Line: A medium-term indicator that averages the highest high and the lowest low over the past 26 periods. It acts as a key support or resistance level and helps identify the general trend direction.
The 1D baseline plateaus at approximately $12.65 and $13.79 are pivotal points within this range. These baselines, derived from the Ichimoku Cloud, signify equilibrium levels where the price tends to gravitate, thus explaining the current consolidation.
More significant than the 1D baseline plateaus, the 1W baseline plateaus at $8,13, $10,62, $11,92, $14,05, and $21.28 represent critical support and resistance levels. The 1W baseline plateaus have a stronger influence and provide a wider context for potential long-term price movements.
Analyzing Exponential Moving Averages:
The price of Internet Computer is currently oscillating between the 100-day EMA (around $13) and the 200-day EMA (around $12). The 100-day EMA provides immediate resistance, while the 200-day EMA offers support. The compression between these moving averages often indicates potential for a breakout once the price decisively moves out of this range.
The recent price action stems from a sharp correction from the local high of $21.28, which aligns with another 1W baseline plateau, representing a strong resistance level. This correction has brought the price down into the current range, where it is seeking stability.
The market is currently in a consolidation phase within this range. A breakout above $14, coinciding with the 1D baseline plateau and the Ichimoku cloud, could lead to a retest of higher resistance levels, potentially aiming toward the $15.76 level initially.
Conversely, a breakdown below $12.1 could see the price testing the lower support level at $10.62, aligned with the 1W baseline plateau.
Strategic Recommendations:
The market is currently consolidating, with the price hovering between key support and resistance levels.
Continued downward pressure may lead to further declines, but consolidation above $10.62 would indicate a stabilization and neutral sentiment.
Read More: Internet Computer (ICP) Price Prediction 2023/2025/2030
The ICP/USDT market is consolidated, trading within a critical range defined by key support and resistance levels. A breakout above $14, coinciding with the 1-day baseline plateau and the cloud itself, could lead to a retest of higher resistance levels, initially aiming towards $15.76.
Conversely, a breakdown below $12.10 could see the price testing the lower support level at $10.62, aligned with the 1-week baseline plateau.
Traders should closely monitor these key levels to identify potential entry and exit points while considering the overall market sentiment and the potential for reversing the bearish outlook.
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
Dogecoin Holding Time and Whale Activity Spikes
Dogecoin (DOGE), a leading meme coin, is signaling a potential breakout from its narrow trading range.
If this momentum continues, it could reclaim its multi-year high of $0.48, fueled by extended holding periods and increased accumulation by large holders.
Dogecoin Investors Reduce Distribution
The on-chain assessment of DOGE’s performance has revealed a significant spike in the holding time of all its coins transacted in the past seven days. According to IntoTheBlock, this has climbed by 302% during the review period.
The holding time of an asset’s transacted coins represents the average duration tokens are kept in wallets before being sold or transferred.
Longer holding periods like this reduce selling pressure in the DOGE market. This reflects stronger investor conviction, as investors choose to keep their coins rather than sell them.
In addition to reducing selling activity, DOGE whales have increased their holdings over the past week. This is reflected by the 112% uptick in its large holders’ netflow during that period.
An asset’s large holders’ netflow metric tracks the movement of coins into and out of wallets controlled by whales or institutional investors. When this metric spikes, it suggests that these large holders are accumulating more of the asset, signaling increased confidence in its future price movement.
DOGE Price Prediction: Bullish Run Could Continue
If this bullish momentum is maintained, DOGE will extend its weekly 3% spike. As buying pressure strengthens, the meme coin could revisit its four-year high of $0.48.
However, this bullish outlook will be invalidated if accumulation stalls and selling activity recommences. In that scenario, DOGE’s price could slip to $0.29.
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
Base DEX Volume Approaches $3 Billion Amid Growing Adoption
Base, Coinbase’s Layer-2 (L2) blockchain solution, has reached new heights, setting an all-time high daily decentralized exchange (DEX) trading volume near $3 billion.
This milestone reflects Base’s growing prominence in the L2 space and its role in scaling on-chain transactions for Coinbase users.
Base Hits New Milestone in DEX Volume
Blockchain analyst Dan Smith highlighted Base L2’s record-breaking volume of $2.9 billion, including $1.3 billion in ETH-USD trading, which also hit an all-time high. Other trading pairs, such as ETH-cbBTC and BTC-USD, were close to breaking their own records.
The $2.9 billion DEX volume reflects Base’s growing appeal among traders, particularly in ETH-USD pairs, which benefited from recent price volatility. Alexander, another blockchain enthusiast, noted that this milestone marked the first time Base nearly tagged $3 billion in daily volume, alluding to the development as evidence of L2’s growing adoption.
AerodromeFi, a liquidity-focused decentralized protocol on Base, also recorded an all-time high of $1.68 billion in volume, further emphasizing the ecosystem’s momentum.
“This is the first time Base nearly passed $3 billion and AerodromeFi set a new ATH of $1.68 billion in volume,” Alexander commented.
Base’s success is particularly notable because it operates without a native token. Coinbase explicitly ruled out launching a token for Base, prioritizing ecosystem growth and user adoption instead. This approach has likely contributed to its traction by focusing on utility and reducing speculative risks that could deter long-term users.
“There are no plans for a Base network token. We are focused on building, and we want to solve real problems that let you build better,” Base lead developer Jesse Pollak stated recently.
Consistent Growth in Transactions and TVL
The recent achievement follows Base’s earlier milestones, including reaching one billion transactions two months ago and surpassing six million daily transactions in October. More closely, the network recently outpaced Ethereum in user growth amid growing crypto markets.
Additionally, Base’s Total Value Locked (TVL) has seen consistent growth, indicating increased user participation, asset inflows, and liquidity within its ecosystem. A rising TVL signals greater confidence in the platform, fostering a stronger and more sustainable DeFi environment.
Despite its impressive growth, Base has faced some criticism. The network was accused of copying aspects of an NFT project, sparking concerns over originality and intellectual property. While this controversy did not deter adoption, it highlights the challenges of rapid innovation in the competitive blockchain space.
Base’s trajectory positions it as a serious contender in the L2 space, competing with established players like Arbitrum (ARB) and Optimism (OP). Its emphasis on utility, combined with rising user participation and liquidity, paints a promising picture for its future.
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
Is a Drop Below $0.92 Inevitable?
Cardano’s recent sideways price action has led to a surge in demand for short positions among futures traders.
As the coin’s momentum slows, traders are increasingly betting on a price decline, signaling a bearish sentiment toward ADA.
Cardano Traders Bet on a Price Decline
According to Coinglass, ADA’s Long/Short Ratio is at a monthly low of 0.82, indicating a high demand for short positions.
An asset’s Long/Short Ratio compares the number of its long (buy) positions to short (sell) positions in a market. As with ADA, when the ratio is below one, more traders are betting on the price falling (shorting) rather than rising. If short sellers continue to dominate, this can increase the downward pressure on the asset’s price.
Additionally, ADA’s Weighted Sentiment remains negative, currently standing at -0.074, reinforcing the bearish outlook for the altcoin.
Weighted Sentiment gauges the overall market bias by analyzing the volume and tone of social media mentions. A negative value signals growing skepticism among investors, often leading to reduced trading activity and downward pressure on the asset’s price.
Notably, ADA whales have reduced their trading activity over the past week, with the coin’s large holders’ netflow dropping by 90.29%, according to IntoTheBlock.
Large holders, defined as addresses holding more than 0.1% of an asset’s circulating supply, play a significant role in market movements. A decline in their netflow indicates reduced buying activity, adding to the downward pressure on ADA’s price.
ADA Price Prediction: Recovery to $1 or Decline to $0.80?
ADA is currently trading at $0.98, hovering just above its support level of $0.90. If bearish pressure intensifies, the price may test this support. A failure to hold at $0.90 could see ADA’s decline extend further, potentially dropping to $0.80.
Conversely, if buying activity resurges, ADA’s price could stabilize above the $1 mark.
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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