Crypto analyst Zen has released a critical assessment of different scenarios to expect for the Bitcoin price in July. Bitcoin’s price performance in June has undoubtedly left many investors disappointed. This is because the cryptocurrency virtually traded on a decline throughout the month, even falling below $60,000 at some point. While the unfavorable price continues to play out, crypto analyst Zen has flagged some major liquidity pools that could determine Bitcoin’s outcome in July and the next few months in autumn.

Analyst Highlights Potential Bitcoin Liquidity Pools

As mentioned earlier, the recent price decline saw Bitcoin break below $60,000 earlier in the week. Notably, Zen observed that this breakdown represented cleared liquidity under $60,630, which goes along with a former price analysis. Although Bitcoin has since recovered and returned above $60,600, Zen noted that the liquidity clearance suggests there’s still a further risk of Bitcoin falling back to $60,150 in the short term. 

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In addition, the analyst pointed out a number of other liquidity price points that may be used to evaluate momentum in July. It’s interesting to note that these liquidity points ultimately serve as both support and resistance areas. In the case of a continued decline, Zen’s analysis points to liquidity pools at $60,260, $59,440, $58,990, and $56,850. Huge transactions by major holders at these points could cause significant price movements. Clearing such pools could spell trouble for investor sentiment, which in turn could eventually cause Bitcoin to dip to $53,000.

“Will it dip to ~53k at some point? That move make sense on Month timeframe, but doesn’t have to happen,” Zen said. On the upside, Zen noted liquidity pools at $61,540, $62,540, $63,260, and $64,920. 

#Bitcoin Daily

Bitcoin cleared liquidity above second liquidity pool at 62440 Got rejected from developing quarter VWAP VAL. Now price most probably will move towards 60650-60150 zone. The rest depends on price action there.

Situation remains the same and requires… pic.twitter.com/LFiiiN9fDH

— Zen (@WiseAnalyze) June 26, 2024

Furthermore, Zen pointed out that Bitcoin is currently portraying contrasting scenarios across different timeframes. On the daily chart, Bitcoin is clearly in a downtrend. Each bounce is getting sold into, indicating that the bears have control of the short-term momentum. On the other hand, the weekly candle timeframe highlights how Bitcoin is effectively stuck in a choppy sideways range right now.

Each rally gets faded, but each dip also attracts buying interest and accumulation. Lastly, despite the recent price decline, Zen’s analysis indicates that the uptrend remains intact in the monthly candle timeframe. 

What To Expect From BTC Price

At the time of writing, Bitcoin is trading at $60,765. According to Zen, a week close above $60,622 will increase the chances of a Bitcoin price upswing in July. On the other hand, a closure below $59,600 will maintain bearish momentum.

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Bitcoin has a pretty solid track record in the seventh month. More often than not, July has registered green candles for BTC. This historical tendency could see Bitcoin eyeing potential upswings, especially if the bulls are able to shoot past the liquidity levels on the upside.

Featured image created with Dall.E, chart from Tradingview.com

XRP is currently up over 14% in the last seven days, and some might argue that the altcoin is simply enjoying the euphoria of a possible Spot Bitcoin ETF approval, which has seen the crypto market resurge. However, there are other developments that the XRP community might need to be aware of, as they could cause the crypto token to continue to rally. 

Ripple To See More Liquidity With Latest Collaboration

Blockchain company Ripple recently announced that it had partnered with Web3 financial platform Uphold. As part of the partnership agreement, Uphold is expected to provide Ripple with “enhanced crypto liquidity capabilities” to help facilitate transactions on its cross-border payments infrastructure more efficiently. 

The news is significant for the XRP community because Ripple uses XRP as a utility token to help process these cross-border transactions. As such, “enhanced crypto liquidity” will generally translate to more liquidity in the XRP ecosystem, which could ultimately cause a further surge in the token’s price.  

Xumm Wallet Records Milestone

XRP-based wallet Xumm announced in a post on its X (formerly Twitter) platform that it had crossed 600,000 active users in the past three months. The wallet happens to be one of the notable ones on the XRP Ledger, as it also announced plans to introduce new functionalities that could see the number of its active users increase exponentially. 

In the post, Xumm mentioned that its wallet is set to become 10x more retail-friendly with the redesign they are working on. It also plans to integrate AMM and more DEX activity, which would see the wallet become 10x better. It is believed that the wallet plans to complete this integration once the AMM goes live on the XRP Ledger. 

Meanwhile, the wallet’s use cases will also increase as Xumm plans to incorporate XRP’s sidechain Xahua and its ‘Hooks’ feature. These developments are bullish for XRP as they will undoubtedly increase the token’s utility. 

NFTs Are Coming To XRP Ledger

Ripple had reportedly been working on tools and services to accommodate tokenized assets and facilitate trading of these assets on the XRP Ledger. The company’s efforts seem to be already paying dividends, as SBI Holdings announced plans to issue its NFT service “EXPO2025 Digital Wallet NFT,” also known as ‘Myakoon’ on the XRP Ledger.

It is believed that this development could open the door for other NFT issuers to launch their NFTs on the network. This is also more significant because of how the tokenized market is projected to grow massively to $13.6 billion by 2027. As such, XRP has the potential to be at the heart of the market when this happens. 

 

Token price sitting at $0.56 | Source: XRPUSD on Tradingview.com

Featured image from CoinDesk, chart from Tradingview.com

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

After plunging below the $0.020mark, Shiba Inu [SHIB] expedited its bearish break into a high volatility phase. The multi-monthly baseline around the $0.00738 region aided the buyers in recouping their forces.

The dog-themed coin’s recovery from this support zone has slammed into the 38.2% Fibonacci resistance multiple times over the past month.

Nonetheless, the current setup hinted at a gradual increase in buying vigor. Any bullish crossovers on the EMAs could help the alt find a break above the $0.012-level. (For brevity, SHIB prices are multiplied by 1,000 from here on).

At press time, SHIB was trading at $0.01207, down by 2.63% in the last 24 hours.

SHIB Daily Chart

SHIB’s drop below the $0.02-level saw an over 65% decline toward its eight-month low on 18 June. The symmetrical triangle setup alongside its previous downtrend fueled the alt’s patterned breakdown.

Nevertheless, the altcoin’s recent growth witnessed a fierce tussle between the buyers and sellers near the Point of Control (POC, red). This liquidity region, in conjunction with the 38.2% Fibonacci level, has created a stiff resistance.

Now, as the gap between the 20/50 EMA has significantly decreased, the buyers would be keen to break above the constraints of the $0.012-zone.

Looking at the altcoin’s extended compression phase over the past month, SHIB could enter a high volatility phase in the coming days. Should the buyers continue to ramp up their gradual edge, the crypto could see a further progression. A breach above the 38.2% level can help the alt test the $0.01382-zone.

On the flip side, any reversals would likely see a sustained patterned oscillation with support near the $0.01045-region.

Rationale

After hitting the 59-mark several times, the RSI flashed a slight bullish edge. However, to increase the chances of a potential breakout, the index must find a comfortable close beyond this resistance.

Also, the CMF ensured its zero-mark support and revealed a buying advantage. Its recent troughs bullishly diverged with the price.

Furthermore, the MACD line (blue) refrained from dropping below the signal line (orange). This trajectory resonated with the previous bullish narrative.

Conclusion

Considering the possibility of a bullish crossover on the near-term EMAs and the bullish edge on the indicators, SHIB could see a possible breakout. The targets would remain the same as discussed.

However, the alt shares an enormous 93% 30-day correlation with Bitcoin. Hence, keeping an eye on Bitcoin’s movement with the overall market sentiment would be essential for making a profitable move.

Source: https://pixabay.com/photos/coins-bitcoin-dogecoin-6332138/

Dogecoin’s meteoric rise in popularity spawned many imitators in the cryptocurrency industry. Today, we’ll explore six of them: DOGES, DOGET, HUSKY, KISHU, SHIBA, and SHIBAPUP.

The cryptocurrency market has become a wild show in recent months, maybe fueled by Dogecoin’s ascension to the grand stage. The meme coin, which began as a joke in 2013 and whose originator sold his stack to purchase an old car, has been among the most outstanding performers eight years later.

Dogecoin captured people’s attention and exploded in price and fame after being publicly sponsored by some of the most popular and influential celebrities, like Mark Cuban, Snoop Dogg, and Elon Musk.

It was partly expected that others would strive to emulate its ROI of a five-digit percentage in less than half a year. And this is precisely what happened. The ever-innovative crypto community dug deep, and copycats began to appear left and right. By staying informed you can avoid buying impersonators and to do so, take information from trusted sources like Open Ledger – a newbie friendly media website. Now, let’s look back to the past.

A Brief History of Dogecoin

What exactly is Dogecoin?

It was created in 2013 as a spoof coin by Billy Markus and Jackson Palmer; it was never intended to be taken seriously and was only used for trading. However, it appears that investors missed the trick since the Dogecoin value is now in the billions.

How can it be put to use?

Dogecoin may be used to buy and sell products and services on any website. As with any other cryptocurrency, its value is variable because the government does not back it.

How can it be obtained?

Dogecoin is available on a cryptocurrency exchange site. A cryptocurrency wallet, which can be created/accessed on these sites, is required.

To purchase cryptocurrencies in tiny amounts, faucets – websites that distribute a limited quantity of free cryptocurrencies – can be a viable option. To earn Dogecoins, you must click a button and enter a captcha code every three hours.

What distinguishes it from Bitcoin?

With Bitcoin’s total amount fixed at 21 million, Dogecoin has no maximum limit, and there are now over 100 billion in existence. Moreover, for you to further appreciate the value of Dogecoin and its propulsion, better yet, take time to study Cryptona’s Dogecoin Price Prediction. 

Although several have roots stretching back months, their popularity has skyrocketed in recent weeks, driven by Dogecoin. Today, we’ll take a look at some of the DOGE clones available on the market.

Here are the DOGE Impersonators

DogeSwap (DOGES)

This comes with a functional DEX with the same name. According to the protocol’s whitepaper, it will add additional services in the following months. Decentralised asset management, NFTs and digital art, decentralised launchpad and exchange, and staking and farming techniques are among them.

The crew is also developing a governance token to vote on DOGES burning. Users can wager “any quantity” of DOGES and gain prizes as a result.

DOGES has surged by more than 300 per cent since mid-April, notwithstanding a modest decline yesterday.

Doge Token (DOGET)

It is not Dogecoin; instead, it is Doge Token. Because it works on Stellar, the project claims it is a more environmentally friendly counterpart of its more famous big brother (Dogecoin). As a result, increased efficiency “cannot be exaggerated,” according to the website.

Doge Token argues that a 51 per cent attack is impossible, making it invulnerable and that the more straightforward auditing procedure has rendered it more trustworthy than Dogecoin.

Husky Coin (HUSKY)

Although SHIBA INU advertises itself as a Dogecoin competitor, Husky Coin publicly recognises the 2013 creation, stating that it was “fueled by Elon Musk and Dogecoin” and that Husky is the “baby brother of Dogecoin.”

It is also a meme-based innovation that started as an “experiment” led by a decentralised community. This indicates there are “no founders and no team tokens.”

The developers “threw away the keys” after locking 45 per cent of the total supply to Uniswap and 5 per cent to team tokens. In comparison, the remaining 50 per cent was “burned” to Vitalik Buterin, Ethereum’s co-founder.

Husky pledges that it will keep growing, surviving and thriving, provided that Buterin doesn’t rug it.

In February of this year, Husky was founded and has already established a connection with Binance Smart Chain. It also promises a DEX, which will be available by the end of July 2021. Meanwhile, the long-chain is expected to launch in December based on ZEC.

Husky Coin has also had a good few weeks, with its price reaching a new all-time high on April 20th, as per CoinGecko.

Kishu Inu (KISHU)

Another Dogecoin clone is Kishu Inu, “completely decentralised and owned by its lively, active community.” The project offers users immediate benefits. That is, KISHU holders will receive 2% of all network transactions.

KISHU, like all those, is an ERC-20 token having a total supply of 100 quadrillions. CoinGecko has seen a tremendous increase in price movement in the last few days, with the token increasing by 150 per cent since Sunday.

Well before Phase Three, which guaranteed the development of a decentralised exchange called KISHU Swap and placements on centralised trading platforms like CoinTiger.

Shiba Inu (SHIB): Dogecoin Destroyer

The “Dogecoin KILLER,” also called “decentralised meme token,” is not an innovation in and of itself.

The 22-page ‘Woofpaper’ boasts that the meme coin is 100 per cent decentralised, which the project’s founder, Ryoshi, has claimed credit for.

Although no date has been specified, the initiative stated that it is “committed to establishing the best Decentralised Ecosystem (DECO) on the globe.” This essentially means that the developers are working on a decentralised exchange, dubbed ShibaSwap, when this ever sees the light of day.

Though far from a market launch, the SHIB token has achieved remarkable growth in recent weeks. Since then, the DOGE clone has risen by almost 1,500% and is now the 14th largest digital asset, with a market cap of more than $15 billion, according to CoinMarketCap.

Moreover, just this week, the world’s top crypto exchange, Binance, listed SHIB on its platform, increasing acceptance.

ShibaPup (SHIBAPUP)

SHIBA PUP, possibly influenced by SHIBA INU, has appeared since “Elon [Musk] begged for it,” according to the website, but we tend to believe it because there’s a mug with an “I LOVE ELON” inscription on it.

Furthermore, the website has a whole section devoted to Elon Musk’s tweets about numerous crypto-dogs.

ShibPup claims its protocol and the token are accessible for trade on PancakeSwap, despite the one-sided relationship with Tesla’s CEO.