Cryptocurrency
The battle for Ethereum (ETH): recovery or further drawdown
The long-term outlook for ETH looks bearish because of the price dynamics over the past month. In April, ETH renewed its high of the year at $2,151. That led to a breakout in the $1,950 resistance area. However, the following week the price fell sharply and returned below that level.
This indicates that the bullish breakout was false and that Ethereum’s rise above this level was just a price deviation (red circle). Such deviations are considered a bearish signal and indicate that the buyers did not have enough strength to secure the breakout and ceded power to the sellers.
During the next two weeks, ETH formed long upper wicks (red marks), which is also a sign of bearish pressure.
However, there are positive signals. For instance, the weekly Relative Strength Index (RSI) remains bullish as it stays above 50 and is rising. It is a momentum indicator, indicating overbought/oversold and bullish/bearish market sentiment, depending on whether it is above or below the 50 mark.
Nevertheless, Ethereum has dipped below the $1,900 horizontal area. This gives us reason to consider the previous bullish breakout as a deviation (red circle) and expect a price decline.
The nearest support is at $1,670 and the nearest resistance is marked at $2,530.
Will ETH continue its decline?
The shorter 6-hour timeframe also supports the possibility of further drawdown. There are two factors in favor of this. The price made a bearish breakout from the rising parallel channel. Such channels are considered bearish patterns and most often end in a bearish breakout.
Also, wave analysis suggests that prices may be in a corrective pattern. If this is indeed the case, then the market has already completed wave B and is now in wave C. A bearish breakout from the short-term channel has confirmed this.
Around $1660 such supports as the ratio of waves A:C as 1:1 and the Fibo level of 0.618 of the correction of the entire previous bullish move are converging.
We previously reported that PayPal’s cryptocurrency holdings were up 56%.
Cryptocurrency
Is Ripple (XRP) Gearing up for a Christmas Rally? (Analysts Weigh in)
TL;DR
- Ripple (XRP) fell from $2.50 to under $2 but recovered to $2.25, with analysts eyeing a substantial rally in the coming weeks.
- XRP whales bought 120 million tokens over the past week, reducing supply and potentially setting the stage for a price pump.
Final Push for the Year?
Ripple’s XRP was among the leading cryptocurrencies that were the worst affected amid the latest market correction. Its price tumbled from over $2.50 on December 17 to less than $2 three days later. The bulls managed to recover some ground in the past few days, with XRP currently trading at approximately $2.25 (per CoinGecko’s data). Still, that represents a 10% decline on a weekly scale.
Despite the fluctuations and the recent pullback, many analysts remain optimistic that XRP could experience a substantial rebound in the near future. Crypto Bitlord, an X user with almost 400,000 followers, thinks “the final pump for 2024 is loading.” The market observer predicted a price rally to as high as $12 next month, suggesting that “the rise starts now.”
JAVON MARKS was also among the bulls. They touched upon XRP’s 4-hour chart to envision the confirmation of a “Hidden Bullish Divergence” that could take the valuation to over 2.90 and a subsequent jump to a new all-time high.
For their part, CrediBULL Crypto claimed that “the XRP/BTC chart below looks absolutely fantastic” and “the most bullish-looking chart in the entire space.” As such, the analyst said they will look to open a long position once again for another trade in the following days.
Whales on the Move
The latest correction of the crypto market, which started shortly after the Fed announced another interest rate cut but also hinted at a pause of the policy for next year, seems to have been welcomed by XRP whales.
On December 20, X user Ali Martinez revealed that such large investors have purchased around 80 million tokens in the span of three days. Earlier today (December 24), he claimed that whales have stacked up on an additional 40 million coins.
Such actions reduce the circulating supply of XRP, which could be followed by a price rally (assuming demand stays the same or heads north). Massive whale purchases may also trigger excitement among smaller investors who could also hop on the bandwagon, thus creating further upward pressure on the price.
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Cryptocurrency
Veles Unveils Backtesting Solutions for Crypto Traders
[PRESS RELEASE – Dubai, United Arab Emirates, December 24th, 2024]
Veles, a leader in algorithmic trading solutions, has introduced a sophisticated backtesting toolset tailored for cryptocurrency traders. These tools empower users to evaluate and refine strategies by leveraging advanced technology to uncover market inefficiencies and enhance trading outcomes.
- Custom Strategy Configuration: For parameters to match specific trading goals.
- Comprehensive Historical Data: To conduct tests using minute-level datasets.
- Position Management: Optimization of entries and exits.
- Insightful Analytics: In-depth reports for strategy optimization.
- Advanced Indicators: To analyze market conditions, including volatility and volume.
Veles’ backtesting solutions offer traders the ability to optimize strategies while minimizing risks. The platform integrates with top cryptocurrency exchanges like Binance, Bybit, and OKX, ensuring seamless connectivity and comprehensive support for dynamic markets.
About Veles
Veles provides advanced tools for cryptocurrency trading automation. With a focus on enhancing efficiency and profitability, Veles equips traders with reliable solutions for navigating market complexities.
More details at veles.finance.
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Cryptocurrency
BYDFi Market Overview: UFD,HYPE and USUAL’s Growth, PENGU’s Stable US$1,800,000,000 Market Cap
[PRESS RELEASE – Mahe, Seychelles, December 24th, 2024]
On December 24, 2024, the BYDFi crypto exchange officially launched new tokens, including PENGU, HYPE, UFD, and USUAL. These are different Memecoins and DeFi tokens, enriching the categories of assets on the platform and giving global users more investment opportunities.
UFD’s Surge, PENGU on Hot List with $1.8B Market Cap
UFD, or Unicorn Fart Dust, is a meme coin in the Solana ecosystem that has been growing with the tag of a “social experiment.” A 54-year-old gold and silver trader was inspired to create his own meme token, UFD, based on Fartcoin, which had a market cap of $500 million. The creation of UFD symbolizes the innovative trend of the cryptocurrency market as well as the openness of the industry towards investors cutting across all age groups.
From GMGN data, on December 19th, UFD market cap has already passed $230 million , the 24-hour price increase was at 434%, and a 24-hour trading volume of $145.4 million.
According to Onchain Lens, one address that bought UFD early on changed $700 into $1.8 million in less than 7 hours. According to Lookonchain, a trader bought 12.98 million UFD tokens for 0.4 SOL two days ago. During the price spike, the trader sold over 80,000 UFD tokens twice, netting $4,500 while holding 12.9 million tokens in their account.
PENGU is the official token created by the Pudgy Penguins project, which contains 8,888 unique cartoon penguin NFTs. Each NFT generates randomly assigned qualities through the use of up to 150 hand-drawn components. These penguins have up to five different features, such as distinctive backgrounds, body shapes, clothes, and accessories.
PENGU is launched on the Solana blockchain in December 2024 with a total of 88,888,888,888 tokens. The overall market cap has crossed $1.88 billion, and the 24-hour trading volume is $360 million, with 62.86 billion tokens in circulation. The project intends to propel Web3 innovation through the Abstract public blockchain and developer incubator, and it has the support of the robust NFT community of Pudgy Penguins. Abstract recently raised $11 million, majorly coming from Peter Thiel’s Founders Fund, and hence offers a lot of support towards developing the PENGU ecosystem.
On-Chain Speed and Stable Ecosystem: Dual Innovations of HYPE and USUAL
HYPE is the native token of the decentralized derivatives protocol Hyperliquid and is the core asset of the high-performance L1 platform. With a latency of less than one second and complete transparency in its order book, trading, and settlement, Hyperliquid focuses on totally on-chain operations. The Hyperliquid platform is a rising leader in the DeFi industry, with a total asset value of $2.173 billion, according to DefiLlama data.
HYPE’s price has increased in 1345% since it was launched from $2 to $28.91. The 24-hour trade volume for HYPE has now surpassed $15 billion, according to data by @HyperliquidX, which marks a new record.
USUAL is the native governance token of the Usual protocol. It aims to create a secure and efficient stablecoin ecosystem backed by real-world assets, or RWA. Among its core functions are:
- Governance: Transparency in decentralized governance and community leadership is ensured by allowing holders to take part in crucial protocol decisions like earnings distribution and collateral management.
- Yield: The users can benefit from the RWA investments of the protocol with yields on US Treasury bonds by staking USUAL.
- Stablecoin Ecosystem: supports the main products of the protocol, being USD0, a stablecoin, which RWA supports and USD0++, a variant of liquid staking, and holders can share revenue via management or staking.
It also ties the issuance of USUAL tokens to total value locked, where increases in TVL reduce the token supply, thus constituting a deflationary mechanism that can boost long-term value. As of December 18, USD0 minting was seen reaching a record-breaking 190 million units with the total supply rising beyond 1 billion units netting 136 million units. It can be established that the high level of capital attraction of the Usual procedure is by reaching the Treasury revenue of $5.89 million. The increase of USD0 and USD0++ will enhance TVL by raising USUAL’s scarcity and value appreciation. At the moment of writing, the token’s price is $1.39, up 34.2% over the previous day. At $838,695,117, the trade volume is more than it has been in the past.
Meanwhile, BYDFi has simultaneously launched additional tokens, including FUEL, VANA, SEND, and ARCSOL. Users can visit the BYDFi official website or the BYDFi app to stay updated on the latest market trends and detailed information about these tokens.
About BYDFi
Founded in 2020, BYDFi is considered among the top 10 best crypto exchanges around the world according to Forbes, and trusted by millions of users all over the world. It currently supports more than 600 tokens for spot trading, with options for leverage from 1x to 200x to suit every investment strategy. Besides, BYDFi has also simplified the procedure of buying cryptocurrencies by working with world-class payment service providers like Banxa, Transak,and Mercuryo, enabling its users to purchase coins at a low cost.
In the future, the upcoming “BYDFi Copy Trading” feature will automatically suggest the top traders according to the user’s risk tolerance and account assets. Users can easily activate the copy trading mode using only a tap and replicate professional traders’ strategies. BYDFi aims to provide a world-class crypto trading experience for its users.
Contact BYDFi
For inquiries and support, users can reach them via the following:
Twitter( X ) | LinkedIn | Facebook | Telegram | YouTube
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