Lưu trữ cho từ khóa: Price Analysis

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ICP price triple bottoms as BOB, MSQ push transactions higher

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Internet Computer price retreated for the fourth consecutive day as network activity surged following the launch of fair minting protocols in its ecosystem.

Internet Computer (ICP) dropped to $7.70, its lowest level since Sept. 9, and 16% below its highest point this month.

The most recent ICP news involves the launch of Blockchain-on-Blockchain, commonly known as BOB, and MSQ Burn, which describes itself as the most advanced meme coin miner on Internet Computer’s blockchain.

These protocols operate similarly to Bitcoin mining but on the ICP network. In these systems, users spin virtual miners, fuel them with the ICP token – which burns the tokens in the process – and, in return, they mine new tokens.

BOB and MSQ aim to address the challenge of minting new meme coins, which has become easy due to popular networks like Pump.fun and SunPump. As a result, no one will be able to dominate the system by minting tokens for free.

Data from Internet Computer’s website shows that activity on the network has jumped in the past few days after their launch. The number of dApps or smart contracts on the network has increased to over 564,495, much higher than the 381,500 at the beginning of the year.

Additionally, the number of transactions in recent days has soared. Queries on Tuesday, Sept. 7, reached 1,355, while updates rose to over 8,700.

The number of internet identities on the network has climbed to over 2.6 million, up from 2.5 million three months ago.

Meanwhile, the total value locked in its ecosystem has dropped to $47.19 million from the year-to-date high of over $109 million. ckBTC, its Bitcoin (BTC) digital twin, has stagnated, with its assets sitting at $16.5 million. 

ICP is showing signs of bottoming

ICP price chart | Source: TradingView

ICP has fallen by over 63% from its highest point this year, underperforming compared to other popular coins like Tron (TRX) and Toncoin (TON). 

It formed a death cross in June, and its futures open interest has dropped sharply in the past few months. ICP remains below the 50-day and 200-day Exponential Moving Averages. 

On the positive side, there are signs that ICP is bottoming as it has formed a slanted triple-bottom pattern with a neckline at $10.94, its highest point on July 22. 

Therefore, ICP may stage a strong comeback if bulls hold it above the slanted triple-bottom level.

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Theo Crypto News

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CKB’s trend fading away despite emerging as top gainer

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The native token of Nervos Network recorded impressive gains over the past week, but its bullish trend seems to be fading away.

Nervos Network (CKB) emerged as the top gainer among the leading 100 cryptocurrencies with a 140% rally over the past month. Notably, the asset gained 19% in the past 24 hours and is trading at $0.018 at the time of writing — this is the highest level for CKB since June.

CKB price, sentiment, open interest and funding rate – Sept. 18 | Source: Santiment

CKB’s market cap is currently sitting at $829 million with a daily trading volume of $573 million.

Per a crypto.news report, CKB’s price rally started on Sept. 13 after the leading Korean exchange Upbit listed the asset. 

According to data provided by Santiment, the weighted sentiment around Nervos Network has been fading away since Sept. 15. The asset’s social volume witnessed a similar movement after skyrocketing on Sept. 13. 

Data from the market intelligence platform shows that the CKB funding rate plunged to negative 2.37% on the day of the Upbit announcement. Thanks to the short-positioned liquidations, the token’s price recorded impressive gains. 

However, the Nervos Network funding rate is currently sitting at 0.2%, showing a notable increase in the amount of long trades. 

Per data from Santiment, CKB’s total open interest decreased by 22% over the last three days — falling from $90 million to $70 million. 

Nervos Network’s open interest is still sitting at a very high zone despite the recent correction. The CKB open interest was hovering around the $7 million mark on Sept. 12, before the Upbit listing.

At this point, liquidations could push the CKB price down. 

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XRP nears crucial price as triangle pattern points to a 60% jump

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Ripple, the popular payment-focused cryptocurrency, is nearing a crucial level ahead of the upcoming RLUSD stablecoin launch.

Ripple (XRP) was trading at $0.5850 on Tuesday, Sept. 17, where it has remained for the past few months, giving it a market cap of over $32 billion.

The next big catalyst for the XRP price will be the launch of its stablecoin, RLUSD, which will be backed 1:1 by the U.S. dollar.

Ripple hopes the stablecoin will become a significant player in an industry that has attracted over $172 billion in assets.. Tether (USDT), the largest stablecoin globally, holds over $118 billion in assets. It also generates billions of dollars in revenue, making it more profitable than BlackRock, a company with over $10.7 trillion in assets.

Ripple’s biggest challenge will likely be the competitive nature of the stablecoin industry, where Tether has become highly dominant. Other popular stablecoins Ripple will compete with include (USDC), Dai, and PayPal’s PYUSD. 

XRP price will also likely react to the upcoming Federal Reserve decision, which could drive more demand for risky assets. Ripple has historically performed well when the Fed has taken a dovish stance. It surged to a record high of $2.00 in 2021 when the Fed slashed interest rates to zero due to the pandemic. However, it dropped by over 60% in 2022 as the Fed hiked rates.

XRP price nears a crucial level

XRP price chart | Source: TradingView

Technically, Ripple has traded sideways over the past few months. This price action has resulted in the formation of a symmetrical triangle pattern, connecting its highest swing since November 2021 and its lowest levels since June 2022.

The two lines of the triangle are now nearing a confluence point. XRP has also moved slightly above the 50-week and 200-week exponential moving averages, while the accumulation/distribution indicator is pointing downward. It has also formed a bullish flag on the monthly chart.

Therefore, Ripple is likely to make a significant move in the next few weeks. A volume-supported breakout above the upper side of the triangle could push it to the psychological level of $0.9315, its highest swing in July 2023, which is 60% above the current level.

Conversely, a strong drop below the lower side of the triangle could see it fall to the next support point at $0.2900, its lowest swing in June 2022 and 50% below the current level.

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Theo Crypto News

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Neiro looks to sustain momentum following 856% spike on Binance listing

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“First Neiro on Ethereum,” an Ethereum-based meme coin, is looking to sustain the bullish momentum it recorded following the Binance listing announcement. 

On Sept. 16, Binance announced that it would list Neiro (NEIRO) alongside two other assets in its spot trading platform. The listing sent the meme coin’s price surging, culminating in a massive 856% intraday gain yesterday.

Notably, the crypto asset touched an all-time high of $0.00044012 on Sept. 16 before facing a roadblock in its uptrend. Despite this slight resistance which pared some gains, it managed to stay in positive territory. 

NEIRO price and RSI – Sept. 17 | Source: crypto.news

NEIRO is now up 22.69% over the past 24 hours and is trading at $0.00040359 at the reporting time. The meme coin’s market cap has skyrocketed 748% in the last seven days alongside its price, currently at $166.76 million, with a 24-hour volume of $424.8 million.

Neiro is currently sitting above its upper Bollinger Band at $0.00028659. This position suggests a strong upward momentum but also indicates that the asset is in an overbought territory, which can signal a potential pullback or price correction.

However, market enthusiasm can sometimes sustain an overbought condition for longer periods. The current major resistance is now hovering at $0.0004401. If the meme coin maintains its momentum, further upward movement to these levels could be possible.

The Relative Strength Index at 84.63 is well above the overbought threshold of 70. Typically, such a high RSI value could indicate that the asset might soon face downward pressure as traders might start taking profits.

On the downside, the critical pivot point is at $0.00015806, which would act as immediate support in case of any price drops. A break below this level could lead to a test of the far lower support at $0.00001442.

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Theo Crypto News

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Investors bullish on Fantom ahead of Sonic upgrade

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The bullish sentiment around Fantom has significantly increased as investors expect the Sonic upgrade.

Fantom (FTM) recorded an 11% surge in the past 24 hours and is trading at $0.56 at the time of writing. The asset’s market cap surpassed the $1.5 billion mark, making it the 48th-largest cryptocurrency.

FTM price, whale activity, RSI and social sentiment – Sept. 17 | Source: Santiment

Moreover, FTM’s daily trading volume increased by 26%, reaching $270 million.

The FTM price surge comes as investors show positive sentiment toward the platform’s upgrade to Sonic Labs. 

According to its blog post, the transition was first announced on Aug. 1 and the Sonic testnet went live on Sept. 6. The new layer-1 network is said to be more scalable with a gateway to the Ethereum blockchain.

The S token is also scheduled to come out this year with a 1:1 ratio with the FTM token, per the announcement.

According to data provided by Santiment, the weighted sentiment around Fantom surged to levels not seen since March 2023, when the asset’s price rose from $0.31 to $0.52. 

Meanwhile, the number of whale transactions consisting of at least $100,000 worth of FTM also climbed from 5 to 17 unique transactions per day since Sept. 14, per data from Santiment.

Higher whale activity usually boosts an asset’s price volatility. This could bring increased liquidations, leading to a price correction.

Data from the market intelligence platform shows that the FTM Relative Strength Index is currently sitting at 63, indicating that the asset is slightly overbought at this price point. 

If the RSI surpasses the 75 mark, a price correction would be expected for FTM as the broader cryptocurrency market is witnessing increased volatility ahead of the U.S. Fed rate-cut decision. 

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Theo Crypto News

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Degod token surges post-launch, but history points to a reversal

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Degod, a newly minted Solana token, jumped by over 10% on its first day of trading amid fear of missing out among traders.

Degod (DEGOD) surged to an intraday high of $0.0095 before retreating to $0.0075 at press time. This decline brought its market cap to over $76 million.

Its 24-hour volume was $15.5 million, according to DEXTools. Most of this volume was from Raydium, the biggest exchange in Solana (SOL) ecosystem followed by Meteora and Orca. 

The Degod token was launched by the developers of the popular Solana non-fungible token in collaboration with Sniper, a prominent NFT marketplace.

Data from CryptoSlam shows that DeGods NFT sales jumped by over 88% on Monday as interest in the token increased. Sales rose to over $1.12 million, with the number of transactions up 77% to 245. Over time, DeGods NFT sales have totaled $18.1 million, with the number of unique owners standing at 1,066.

According to its website, the distribution of the DEGOD token has been ongoing organically for the past three years. It now has 41,241 unique holders across the Degods, yOOts, and dust ecosystems.

These holders account for 85% of all tokens in circulation, with the remaining 15% allocated to the foundation and launch partners. The maximum circulating supply is 1 billion tokens.

Historically, new crypto tokens often experience sharp gains after launch, followed by a retreat as some holders sell their coins. For instance, the Wormhole (W) token surged to a high of $1.8541 shortly after launch but has since dropped by over 90%.

Similarly, Zksyn (ZK) rose to $5 and has now plummeted to $0.09. Notcoin (NOT), the popular tap-to-earn token, rose to $0.029 and then dropped by 75% to $0.0072. 

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Ethereum price drops to a 41-month low against Bitcoin

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Ethereum continued its freefall against Bitcoin, falling to its lowest level since April 2021. It has dropped by over 55% from its highest point in 2021.

Ether’s sell-off is accelerating

Ethereum (ETH) was trading at 0.039 BTC, down by 24% this year and by 35% from the year-to-date high. It has also dropped against other cryptocurrencies like Solana (SOL), Binance Coin (BNB), and Tron (TRX). 

The same has occurred in US dollar terms, with the coin dropping for four consecutive months, now trading near $2,300 which is its lowest point since February.

Ethereum’s sell-off is likely due to the weak response from institutional investors, who have largely avoided spot ETFs. Data shows that Ether ETFs have had net outflows of over $581 million. They currently hold $6.62 billion in assets, much lower than spot Bitcoin funds, which have over $54 billion and have had net inflows of $18 billion.

Ether has also declined due to recent liquidations by the Ethereum Foundation and Vitalik Buterin. Buterin has sold tokens worth $2.2 million, while the foundation has sold 350,000 coins.

Most importantly, there are concerns that Ethereum is losing market share to layer-2 networks like Base, Arbitrum, Polygon, and Blast, which are known for faster speeds and lower transaction costs than Ethereum.

Additionally, there are signs that many smart money investors are selling the coin. For example, one investor sold ETH worth almost $10 million in the last 24 hours, as shown below.

Ethereum smart money sales | Source: Nansen

Another top entity that sold its Ethereum assets was Jump Trading, one of the top players in the crypto industry. According to Nansen, its total Ether holdings dropped from over $531 million in July to zero. 

Jump Trading assets | Source: Nansen

Ethereum has more downside in BTC terms

Ethereum to Bitcoin price | Source: TradingView

The ongoing Ether sell-off began after it formed a triple-top chart pattern around the 0.088 level between May 2021 and September 2021. The coin then dropped below the pattern’s neckline at 0.049 on May 20 of this year.

It also formed a death cross pattern in April, as the 50-week and 200-week moving averages crossed each other.

The Relative Strength Index has retreated and retested the oversold level of 30, signaling strong downward momentum. Therefore, the path of least resistance for Ether is downward, with the next reference point being 0.0224, which would represent a 42% drop from the current level.

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Theo Crypto News

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Baby Doge Coin spikes 57% following Binance listing

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Multi-chain meme coin Baby Doge Coin records a sharp increase in its price following a listing announcement from Binance. 

Binance, the world’s largest cryptocurrency exchange by trading volume, revealed today that it would list Baby Doge Coin (BabyDoge) alongside Neiro (NEIRO) and Turbo (TURBO) for spot trading. The disclosure generated renewed interest among traders, leading to a rapid price rally for BabyDoge.

According to Binance, trading for the 1MBABYDOGE/USDT pair would start at 10:00 UTC today. The exchange also opened deposits for the listed coins one hour prior to the start of trading, allowing users to prepare for the market launch. 

Per the announcement, withdrawals will be available starting tomorrow, Sept. 17, as scheduled. The platform noted that no listing fees were charged for the assets.

Following the announcement, BabyDoge saw a dramatic price rise, spiking by more than 86% this morning to reach the $0.000000002 psychological level for the first time in more than three months. 

BabyDoge price – Sept. 16 | Source: crypto.news

This represents a substantial recovery after the token had been under pressure since mid-June, along with much of the broader cryptocurrency market. Despite facing resistance at the $0.000000002 level, the coin has managed to maintain a 57% gain over the past 24 hours.

Notably, BabyDoge currently trades at $0.0000000017060, up 59% this morning, with its price breaking through the upper Bollinger Band at $0.0000000013246. 

This current position suggests that BabyDoge’s price has significantly deviated from its typical range, showing high volatility in response to the Binance listing announcement. However, this also suggests that the token is currently overbought, and a retracement could be on the horizon.

Further, The Commodity Channel Index for BabyDoge has also surged to 549, confirming the strong upward momentum. Such a high CCI reading suggests that BabyDoge is experiencing heightened buying pressure, with volumes spiking to levels last seen in late August.

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BCH, ELON, CKB: Top cryptocurrencies to watch this week

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A rebound push last week saw the global cryptocurrency market cap recover $180 billion amid a 9% surge in valuation. As a result, the crypto market cap recovered the $2 trillion mark to end the week at $2.1 trillion.

Following their impressive contributions to this rally, here are some top cryptocurrencies to watch this week:

BCH crossed 20-day MA

Bitcoin Cash (BCH) surged 9.36% last week, securing its place above $300. Although it faced a minor correction, it closed the week at $327, maintaining an upward trajectory.

Despite the price rise, the BBTrend — or Bollinger Band Trend — remains bearish, signaling weakness in the uptrend.

BCH 1D chart- Sept. 15 | Source: crypto.news

Volume peaked on Sept. 11, but has since declined, even as the price climbed. This divergence between price and volume could indicate a lack of buying strength. Therefore, the rally may lose steam without renewed volume support.

BCH crossed above the 20-day moving average ($319) on Sept. 11, which now serves as a key support level. If the uptrend continues, BCH could target $340 or $350. 

However, a dip below $319 may signal a retest of $300 or lower. Investors should watch for volume increases to sustain upward momentum.

Bitcoin Cash was developed by a group that believed Bitcoin should be used more as a peer-to-peer digital cash system, as outlined in Satoshi Nakamoto’s original whitepaper, rather than as a store of value or “digital gold,” which has been Bitcoin’s main use case.

ELON performs below par

Dogelon Mars (ELON) gained 6.11% last week, performing below the broader market but managing to stay in the green.

The meme coin spent most of the week below the 20-day moving average ($0.00000012566) until the final day, closing at $0.00000012776.

ELON 1D chart- Sept. 15 | Source: crypto.news

Currently, ELON is positioned above the 20-day moving average (middle Bollinger Band) and the lower Bollinger Band ($0.00000011944), but below the upper Bollinger Band ($0.00000013075). This suggests it still has room to rise before hitting resistance at the upper band.

The RSI at 46.39 indicates that ELON is not overbought, signaling potential upside momentum. If the bullish trend continues, expect resistance around $0.00000013075, with support at $0.00000011944. 

If it breaks above the upper Bollinger Band, ELON could push higher, but failure to hold above the 20-day MA might lead to a retest of lower levels.

ELON pays homage to both Dogecoin and Elon Musk, whose rocket company — SpaceX — is reportedly working on designs for a Martian city,

CKB tops gainers list

Nervos Network (CKB) was the top performer last week, soaring by 117% to close at $0.01449.

The dramatic rally began on Sept. 13, with a massive 51% intraday spike, the largest gain since February. 

CKB 1D chart- Sept. 15 | Source: crypto.news

This momentum carried into the new week, with CKB peaking at $0.01762 before pulling back slightly. The Fibonacci pivot levels show immediate resistance at $0.01351, which CKB has surpassed, with support at $0.00845 (pivot) if a retracement occurs. 

The Commodity Channel Index reading of 369 signals extreme overbought conditions, suggesting that while the uptrend is strong, a short-term correction could be on the horizon.

Should a correction happen, investors should look for support around $0.00845, the pivot point.

If CKB maintains its bullish momentum, a breakthrough above its three-month high could trigger further gains. However, watch for consolidation or pullback given the overextended CCI.

The Nervos Network was created by a team of blockchain developers and entrepreneurs with expertise in cryptography. The core team includes co-founders Jan Xie, Terry Tai and Kevin Wang.

The Nervos Common Knowledge Base (CKB) acts as its Layer 1 blockchain.

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