Market
Will SATS Price’s 25% Rise Be Enough to Breach This Key Barrier?
SATS (1000SATS) price increase over the last 24 hours placed the meme coin at the top of the best performers’ chart.
There is a prospect for further growth for the Satoshi-dedicated meme coin, provided the ongoing uptrend is sustained.
SATS Has a Shot
SATS price could be looking at a rise in the coming days. This is because the altcoin’s indicators are suggesting that the current bullishness is strong enough to push the meme coin upwards.
The meme coin’s Average Directional Index (ADX) has fallen below the 25.0 threshold, indicating that the downtrend has completely lost its strength. This suggests that the selling pressure has dissipated, and once it crosses 25.0, the trend’s direction could change soon.
Read More: What Are Meme Coins?
In addition to the ADX signal, the Relative Strength Index (RSI) is also exhibiting bullish momentum. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It helps identify overbought or oversold conditions in a market.
In the case of SATS, the strong RSI reading reflects increasing buying interest and positive market sentiment. Furthermore, as the indicator is far below the overbought threshold of 70.0, it has considerable room for growth.
Thus, the negative pressure seems to be easing while the positive momentum is gaining strength. However, investors should wait for further confirmation.
SATS Price Prediction: Crossing a Line
SATS price at $0.000310 is revealing a 25% increase, which the meme coin has noted over the last 24 hours. This helped the Satoshi Nakamoto homage-paying crypto asset to regain the profits it lost during the late July to early August rally.
The next target for the SATS price is to breach and flip the resistance at $0.000349 into support. This level has been holding the meme coin back for nearly four months following the failed attempt to secure it as support in mid-April.
Read More: 7 Hot Meme Coins and Altcoins that are Trending in 2024
However, given that the altcoin has failed thrice to break this barrier in the past, it could fail again. As a result, the SATS price could remain consolidated above $0.000253, invalidating the bullish thesis.
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
Why Are Shiba Inu Holders Selling Their Coins?
The meme coin mania of the past few weeks pushed Shiba Inu’s (SHIB) price to an eight-month high of $0.000030 on November 12. Due to this hike, a significant portion of SHIB’s supply is now profitable.
However, as market sentiment shifts, many Shiba Inu holders are now opting to secure their gains by selling their SHIB coins.
Shiba Inu Holders Sell For Profit
According to IntoTheBlock’s Global In/Out of the Money indicator, 829 trillion SHIB coins held by 851,000 addresses, which comprise 62% of all the meme coins holders, are “in the money.”
An address is considered “in the money” when the current market price of the asset it holds is higher than the average acquisition cost of the tokens in that address. This indicates that the holder would realize a profit by selling their holdings at the prevailing market price.
On the other hand, 82.39 trillion SHIB coins held by 398,000 addresses are “out of the money.” These are addresses that currently hold their coins at a loss.
With 62% of all its holders now in profit, there has been a resurgence in profit-taking activity. This is reflected in SHIB’s declining Chaikin Money Flow (CMF). As of this writing, this indicator is at 0.08, trending downward toward the center zero line.
The CMF measures the market’s buying and selling pressure. When it falls toward the zero line, it signals weakening buying momentum, indicating that market participants are losing conviction in the uptrend.
Additionally, the setup of SHIB’s moving average convergence divergence (MACD) indicator confirms this bearish outlook. At press time, the coin’s MACD line (blue) rests below its signal line (orange).
This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. When the MACD line falls below the signal line, it indicates a bearish trend and confirms the reversal of an uptrend. It suggests that selling pressure is increasing, and the asset’s price could decline further.
SHIB Price Prediction: A Decline To $0.000020?
SHIB is trading at $0.000025, marking a 4% decline in the last 24 hours. It remains above key support at $0.000022. If SHIB falls below this support, its price could drop further to $0.000020.
On the other hand, if profit-taking activity relaxes and the meme coin witnesses a resurgence in new demand, it will break above resistance at $0.000026 to reclaim its eight-month peak of $0.000030.
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
Will the MANA Crypto Price Rally End After a 70% Weekly Surge?
MANA, Decentraland’s native cryptocurrency, has seen an impressive 70% price increase over the past week. This MANA crypto price surge is part of a broader rally in Metaverse-related tokens, which has caught the attention of the market.
While the development might have surprised some, a closer look by BeInCrypto provides insights into the catalysts behind this movement. This on-chain analysis looks at what could be next for the token.
Decentraland Active Addresses, Volume Reach New Heights
The recent rally in MANA crypto price can be attributed to a significant increase in the token’s active addresses, which indicates heightened user interaction on the blockchain. Interestingly, this also matches the condition of The Sandbox (SAND), which was also one of the frontrunners of the Metaverse revival.
Active addresses measure the number of unique users successfully completing transactions. A rise in this metric signals increased engagement with the network, which is often considered bullish for a cryptocurrency. Conversely, a decline implies reduced traction, which is typically seen as bearish.
On November 20, MANA’s active addresses were around 810. Fast-forward a few days, and this figure has surged nearly fivefold, reflecting a growing interest in the token. This spike in activity likely provided the momentum for MANA’s price to climb from $0.40 to $0.70 — the highest level since March.
Following the development, Santiment data showed that MANA’s volume climbed to $1.57 billion. Volume represents the total value of a specific cryptocurrency traded over a defined period.
This metric reflects a coin’s level of activity and liquidity. A high trading volume indicates notable buying and selling, which often suggests strong market participation. On the other hand, low volume may signify reduced activity, leading to weaker market interest.
Therefore, the hike in the token’s volume validated the signs shown by the active addresses. However, since MANA’s price has dropped from its recent peak, it could be challenging to keep up with the uptrend, with this analysis suggesting that another pullback could be close.
MANA Price Prediction: Pullback Imminent
From an on-chain perspective, the MANA crypto price rally might have hit a local top. This prediction is based on the signs shown by the In/Out of Money Around Price (IOMAP).
The IOMAP is a key metric that analyzes the distribution of cryptocurrency holders based on whether their holdings are in profit, loss, or at breakeven. It also provides insights into potential support and resistance levels in the market.
When there are large clusters “out of the money,” this indicates addresses holding at a higher price than the current market value. Such areas often act as resistance. Conversely, Large clusters “in the money” typically act as support, as holders may buy more or hesitate to sell, expecting further price gains.
For MANA, approximately 36.47 million tokens held by addresses that accumulated near $0.70 are currently “out of the money.” This volume surpasses the tokens held between $0.61 and $0.68, marking that range as a key resistance zone.
As such, the MANA crypto price might experience retracement. If that is the case, then the cryptocurrency’s value could drop to $0.61 in the short term.
However, if buying pressure increases and volume outpaces the one at $0.70, this might not happen. Instead, MANA could climb to $0.80.
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
Bitcoin Price Pauses Under $100K: Bulls Eye the Milestone
Bitcoin price is consolidating below the $100,000 resistance. BTC bulls might soon attempt to breach the stated milestone and push the price further higher.
- Bitcoin started a fresh increase above the $96,500 zone.
- The price is trading below $98,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $98,000 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin price remained supported above the $92,500 level. BTC formed a base and started a fresh increase above the $96,000 level. It cleared the $97,500 level and traded to a new high at $99,650 before there was a pullback.
There was a move below the $98,000 level. A low was formed at $95,973 and the price is now rising. There was a move above the $96,800 resistance level. The price cleared the 50% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.
Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.
The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000.
A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $105,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $98,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $96,800 level.
The first major support is near the $95,750 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $92,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $96,800, followed by $95,000.
Major Resistance Levels – $98,000, and $100,000.
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