Market

Will XRP Price Drop To $0.46?

Published

1 month ago

October 14, 2024

Coin2049 Newsletter

Since October 1, Ripple’s XRP has been confined to a narrow trading range, balanced between resistance at $0.54 and support at $0.52. With bearish sentiment intensifying, the chances of a breakout above this range have diminished.

As selling pressure mounts, XRP’s price targets may shift lower, signaling potential downward movement in the near term.

Ripple Bears Push For Price Decline

XRP’s negative weighted sentiment is a clear marker of the bearish bias that has trailed the altcoin in the past few days. This metric, which measures the overall market mood regarding an asset, currently stands at -0.08.

When an asset’s weighted sentiment falls below zero, it signals a bearish outlook, indicating that more investors expect the asset’s price to decline or are pessimistic about its mid-term potential. This negative sentiment often leads to increased selling pressure, as investors act on their concerns, further driving the asset’s price down.

XRP Weighted Sentiment. Source: Santiment

Furthermore, readings from XRP’s Directional Movement Index (DMI), as assessed on a one-day chart, confirm the growth in bearish momentum against the altcoin. At press time, the token’s Positive Directional Indicator (+DI) is below its Negative Directional Indicator (-DI).

The indicator tracks an asset’s price trends and direction. The +DI reflects the strength of upward price movements, while the -DI gauges the strength of downward trends.

For XRP, the -DI being above the +DI indicates that downward price movements are stronger than upward ones. This suggests that selling pressure currently outweighs buying pressure, reinforcing a bearish outlook.

XRP Price Prediction: Decline to $0.46 Or Rally To $0.54

XRP’s negative Elder-Ray Index supports the outlook above. Currently sitting at -0.01, this indicator, which gauges the strength of bulls and bears, signals increased selling pressure when below zero.

If XRP continues to experience heightened selloffs, the bulls may struggle to defend the $0.52 support. Failure to hold this level could cause XRP’s price to drop toward $0.46 or lower.

However, if bearish sentiment fades and new demand emerges, XRP’s price could push past resistance at $0.54, with the potential to rally toward $0.63.

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

WIF Slide Below $3.582 Sparks Fears Of Further Losses

Published

10 mins ago

November 16, 2024

Coin2049 Newsletter

WIF latest dip below the crucial $3.582 support has triggered concerns across the market, as bearish sentiment appears to be gathering strength. Its break below this key level could pave the way for even greater losses, leaving traders to question whether the bulls can stage a comeback or if further declines are inevitable.

As downside risks grow, this analysis aims to examine WIF’s recent drop below the critical $3.582 support level and explore the potential implications of this bearish shift for future price movement. By assessing current market sentiment, key technical indicators, and possible support zones, we seek to determine whether WIF is positioned for more losses or if a reversal may be on the horizon.

Examining WIF’s Drop Below The Critical $3.582 Support Level

On the 4-hour chart, WIF has recently broken below the $3.582 level, triggering bearish momentum as the price moves toward the $2.896 support range and the 100-day Simple Moving Average (SMA). As the bearish trend develops, the market is closely watching for any signs of stabilization or a deeper slide toward key support zones.

The 4-hour Relative Strength Index (RSI) has dropped from the overbought zone to 53%, signaling a reduction in upward momentum. This move toward neutral territory suggests that buying pressure may be waning, and market participants will be looking for indications of continued decline or a potential shift in momentum.

On the daily chart, WIF is showing strong negative strength, highlighted by a bearish candlestick pattern that has pushed the price below the critical $3.582 support. This pattern indicates that sellers are firmly in control of the market, relentlessly driving the price lower, prompting a strong likelihood of further drops in the near term.

An analysis of the 1-day RSI suggests WIF may face extended losses as it has dropped from a high of 80% to 64%, indicating a reduction in buying pressure. Typically, this decline points to a possible weakness of bullish momentum, with more downward pressure likely if the RSI continues to wane.

Potential Support Zones To Watch If WIF Continues To Drop

If WIF continues to drop, key support zones to watch out for include the $2.896 level, which has previously acted as a critical point for price stabilization. Below this, the next support level to monitor is positioned around $2.257, where WIF may find additional buying interest. A break below these levels could open the door to further declines toward other psychological support zones.

Conversely, if WIF breaks below the $2.896 support level, it could signal the start of a bullish comeback, potentially pushing the price back above the $3.582 level and toward higher resistance points.

WIF

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Market

Exploring Hottest New Coins: MAYA, Banana, and Jorgie

Published

1 hour ago

November 16, 2024

Coin2049 Newsletter

Since their recent launches, MAYA, Banana, and Jorgie coins have quickly captured significant attention. MAYA debuted on Pumpfun four days ago and now boasts a market cap of $21.4 million and over 36,000 holders.

Banana followed closely, launching three days ago and reaching a market cap of $36.6 million with more than 14,000 holders. Jorgie, launched just two days ago, has already amassed 22,000 holders and a market cap of $14.3 million.

MAYA

MAYA made its debut on Pumpfun almost four days ago before quickly graduating to Raydium. The token has gained significant traction, currently holding a market cap of $21.4 million. In just a few days, MAYA has already attracted over 36,000 holders.

The daily transaction volume for MAYA is also impressive. The coin currently sees more than 114,000 transactions per day.

MAYA has risen nearly 40% in the last 24 hours. Despite this surge, the RSI remains at 42.44, suggesting considerable room for growth. The token’s recent price increase hasn’t yet pushed it into overbought territory, indicating potential for further upside.

Banana for Scale (Banana)

Banana is also in the Solana ecosystem, and it was also launched on Pumpfun, just three days ago. The token has gained a lot of traction, currently boasting a market cap of $36.6 million. In just a few days, Banana has managed to attract more than 14,000 holders.

Banana Price Chart and Market Data. Source: Dexscreener

The daily transaction volume for Banana is notable, with over 32,000 transactions occurring each day for the coin.

Banana’s current RSI is at 58, which means it is still below the overbought threshold of 70. However, with an RSI of 58, its potential for growth might be more limited compared to tokens with a lower RSI. It is not yet in overbought territory, but it is approaching levels that indicate more caution may be warranted for further gains.

Jorgie (MONKEY TAKEN BY POLICE)

Jorgie coin was also launched on Pumpfun, just two days ago. It currently has a market cap of $14.3 million and 22,000 holders.

The daily transaction volume for Jorgie is also impressive, with almost 50,000 transactions occurring each day. However, it’s down 38% in the last 24 hours, which could suggest a good entry point for new investors who like meme coins.

MONKEY TAKEN BY POLICE Price Chart and Market Data. Source: Dexscreener

Jorgie’s current RSI is at 44.07, placing it in the neutral zone. This means that while the token is neither oversold nor overbought, there is potential for price movement in either direction. Being in the neutral zone suggests that Jorgie could still experience upward momentum without immediately facing resistance from overbought conditions, leaving room for further growth.

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These Are Today Trending Altcoins: HAMMY, Notcoin, PEPE

Published

2 hours ago

November 15, 2024

Coin2049 Newsletter

Contrary to the performance earlier in the week, several cryptos have slowed down the initial bullish momentum they had. As a result, most of today’s trending altcoins today, November 15, have seen their prices decline.

However, out of the top three, according to CoinGecko, one has gone against the broader trend. This analysis reveals why these altcoins are trending and what’s next for their values. The top three are SAD HAMSTER (HAMMY), Pepe (PEPE), and Notcoin (NOT).

SAD HAMSTER (HAMMY)

SAD HAMSTER has emerged as one of today’s trending altcoins, primarily due to a significant price surge. Over the past 24 hours, HAMMY’s price has skyrocketed by 39%. This remarkable rally followed a post from Elon Musk, who expressed support for a campaign aimed at raising $3 million for hamster health.

This development sparked a wave of buying pressure for HAMMY, which is $0.40 at press time. Further, the daily chart shows that the Bull Bear Power (BBP) has risen to the highest level since September.

When the BBP falls, it means bears are in control, and selling pressure is intense. However, since the reading jump, bulls are putting a lot of pressure on the price. If that continues, HAMMY’s price could rally to the highest level of the wick at $0.55.

SAD HAMSTER (HAMMY) price analysis — SAD HAMSTER Daily Analysis. Source: TradingView

On the other hand, if profit-taking increases, this might not happen. Should that be the case, SAD HAMSTER’s price could sink to $0.29.

Pepe (PEPE)

PEPE, the frog-themed meme coin, is also part of today’s trending altcoins due to the recent Coinbase and Robinhood listing. While the price reacted positively to that development on November 13, the last 24 hours have seen the value tank by 13%.

This price drop may be attributed to the broader market decline and increased selling pressure. From a technical standpoint, BeInCrypto also noted that PEPE’s overbought condition contributed to the drawdown.

For instance, the Relative Strength Index (RSI), which measures momentum, has jumped above 70.00, reinforcing the thesis that the altcoin is overbought. Assuming the RSI reading is less than 30.00, it would have been deemed oversold.

PEPE price analysis — Pepe Daily Analysis. Source: TradingView

Considering the current outlook, the cryptocurrency’s price could drop to $0.000015. But if buying pressure comes into play again, the trend might change, and PEPE could bounce to $0.000026.

Notcoin (NOT)

Like Pepe, Notcoin is trending because of a double-digit decline. In the last 24 hours, NOT’s price has decreased by 12% and trades at $0.0073. This price action contradicts the altcoin’s performance some days back when its value rose by 25%.

On the daily chart, the Notcoin price attempted to rise toward $0.010, but resistance at $0.0076 prevented this. Trading volume around the Telegram-based token has also declined, indicating a drop in market interest.

Notcoin today's trending altcoins — Notcoin Daily Analysis. Source: TradingView

If this remains the same, the altcoin’s value might decrease to $0.0066. However, this prediction might be invalidated if buying pressure rises. If that happens, the Notcoin could rise to $0.010.

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