Shiba Inu Price Prediction: Is The Coveted $1 Target Impossible Or Could SHIB Get There By 2030? BlockchainReporter
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Dogecoin Price Enters Coveted Opportunity Zone – What This Could Mean For Price | Bitcoinist.com Bitcoinist
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Bitcoin price gained over 8% and surged above $70,000. BTC is now consolidating gains and showing signs of more upsides in the near term.
- Bitcoin started a fresh increase above the $70,000 resistance zone.
- The price is trading above $79,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase unless the bears push it below $68,800.
Bitcoin Price Pumps 8%
Bitcoin price formed a base above the $66,500 level. BTC started a fresh increase above the $68,000 resistance zone after Ethereum rallied above $3,200.
There was a strong move above the $70,000 resistance zone. The price gained over 8% and even tested the $72,000 resistance zone. A new weekly high was formed at $71,896 and the price is now consolidating gains.
The price is well above the 23.6% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Bitcoin is also trading above $79,000 and the 100 hourly Simple moving average. Besides, there is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC/USD pair.
The price is now facing resistance near the $71,850 level. The first major resistance could be $72,000. The next key resistance could be $72,500. A clear move above the $72,500 resistance might send the price higher. In the stated case, the price could rise and test the $73,200 resistance.
If the bulls remain in action, the price could rise toward the $74,400 resistance zone. Any more gains might send BTC toward the $75,000 barrier.
Are Dips Limited In BTC?
If Bitcoin fails to climb above the $72,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $70,500 level and the trend line.
The first major support is $70,000. The main support is now forming near $68,850 or the 50% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Any more losses might send the price toward the $67,450 support zone 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 70 level.
Major Support Levels – $70,500, followed by $70,000.
Major Resistance Levels – $71,850, $72,000, and $72,500.
]]>Dogecoin Wins Coveted Spot on Tesla Cybertruck Page Crypto Times
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With Shibarium confirmed, Shiba Inu’s BONE breaks into coveted list AMBCrypto News
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Though it might be hard to believe, Dogecoin has surpassed Bitcoin and Ethereum as the most in demand cryptocurrency in the United States. The rise of Dogecoin is somewhat of a surprising development simply because the coin began as a meme. Dogecoin is the cryptocurrency most searched for in nearly half of all states, making it the most searched cryptocurrency in the land of the free and the home of the brave.
Breaking Down Crypto’s Soaring Popularity
Bitcoin is the second most searched for cryptocurrency. It is also worth noting Shiba Inu is the most searched cryptocurrency in seven states. These results stem from a study conducted by Coin Insider’s cryptocurrency specialists. The crypto experts studied data from Google Trends to determine the specific cryptocurrency state residents are interested in investing in based on search engine data.
Dogecoin’s spiking popularity is likely the result of Elon Musk’s bullishness on the coin. Musk envisions Dogecoin being accepted at fast food restaurants such as McDonald’s, used for the purchase of electronic vehicles such as Teslas and even used to tip social media users including those on the Twitter platform that he recently established an ownership stake in. Rewind to 2021 and Musk formally announced that his Tesla EV company would sell vehicles in exchange for Dogecoin.
Prospective and current cryptocurrency investors will find it interesting that New Jersey, Florida, Illinois and Hawaii are among the states in which Dogecoin is the most sought after crypto coin. Crypto investors should also be aware that the 10 states in which searches for Bitcoin were most common include the likes of New Hampshire, Mississippi and Connecticut. Ethereum was a popular search term in states such as Ohio, Georgia and Virginia.
The Rest Of The Cryptos
Though Shiba Inu has only been around for a year and a half, it has climbed in excess of 14,000,000% in that short period of time. As a result, the crypto coin was most searched for in seven states including some powerhouses such as Texas, New York, Nevada and California. Rounding out the pack are Lithium and Cardano that were the most searched for cryptos in Pennsylvania and Colorado, respectively.
Dogecoin Beat Out 6,500 Other Crypto Coins
Perhaps what is most impressive about the soaring popularity of Dogecoin is that the competition is incredibly fierce. All in all, about 6,500 crypto coins exist. The fact that Dogecoin has transitioned from a meme coin to the most coveted crypto coin in the world is a testament to its virality.
The question is whether Dogecoin can maintain its momentum. Take a look at the coin’s design and you will find a large letter “D” superimposed over the face of a dog. Though this design doesn’t exactly inspire confidence, the fact that Elon Musk is backing the coin is a testament to its merit.
Dogecoin is currently priced at 14 cents. However, the crypto coin is up nearly 19% across the previous month. The coin has nearly doubled in value in a year’s time, jumping from seven cents to 14 cents during that period of time. The survey results detailed above make it clear Dogecoin has the potential to return to or even eclipse its all-time high of 64 cents achieved on May 7, 2021.
Will BlockFi be the one? The rumors are flying, apparently, the U.S. Securities and Exchange Commission will approve a spot Bitcoin ETF soon. With that in mind, the news that crypto lending platform and investment service BlockFi just filed to get one approved was met with suspicion and excitement by the Bitcoin community. Unlike the Bitcoin Futures ETF, a spot one will require the company sponsoring it to buy a huge amount of Bitcoin. This will definitely affect the price. However… BlockFi?
Related Reading | Bitcoin Futures ETF Exceeds Expectations, Trades $1 Billion On Day One
Last year, hackers targeted BlockFi and stole sensitive user data including their clients’ activity history. To add insult to injury, the hackers used a simple SIM swap to breach their security, and the company didn’t disclose the hack until days after it happened. More recently, regulators from five states accused the controversial lending platform of violating security laws with their BlockFi Interest Account product. In a statement regarding the issue, the company said:
“BlockFi’s BIAs have been the subject of recent activity by securities regulators in New Jersey, Texas, Alabama, Vermont and Kentucky, and we are in active dialogue with these regulators. We believe that our products and services are lawful and appropriate for crypto market participants, and we remain steadfast in our commitment to protect consumers’ rights to earn interest on their crypto assets.”
In any case, past performance doesn’t guarantee future results. And BlockFi could score big if they’re the chosen one. The first spot Bitcoin ETF is expected to shatter all kinds of records, but let’s not get ahead of ourselves.
BTC price chart for 11/09/2021 on Oanda | Source: BTC/USD on TradingView.com
What Do We Know About BlockFi’s Version Of A Bitcoin ETF?
Not much, actually. The project is a joint venture with investment management firm Neuberger Berman. If approved, it will trade on the New York Stock Exchange. It will “reflect the performance of bitcoins held by the Trust, less the Trust’s expenses and other liabilities.” Yes, the registration statement actually says “bitcoins,” but let’s give them a pass for now. What else does the document reveal? Well…
“Barring a liquidation or extraordinary circumstances, the Trust will not purchase or sell bitcoin directly, although the Trust may direct the Custodian to sell bitcoin to pay certain expenses. Instead, when the Trust sells or redeems its Shares, it will do so in “in-kind” transactions in blocks of [] Shares (a “Creation Basket”) based on the quantity of bitcoin attributable to each Share (…). Because the creation and redemption of Creation Baskets will be effected in in-kind transactions based on the quantity of bitcoin attributable to each Share, the quantity of bitcoin in Creation Baskets so created or redeemed will generally not be affected by fluctuations in the value of bitcoin.”
In any case, is not even close to guaranteed that BlockFi will win the coveted first spot. The amount of ETF fillings regarding Bitcoin is getting ridiculous, actually.
Who’s Next On The SEC’s Bitcoin ETF List?
The list Bloomberg Intelligence’s James Seyffart provides shows 21 hopeful spot Bitcoin ETFs and even more derivatives-based ones. That includes the BlockFi Futures ETF that the company filed for last month. Here’s the list.
Here’s the current list of #Bitcoin and Crypto ETF filings with the SEC. Next big date is still 11/14/21 for VanEck’s spot Bitcoin ETF. It will be either approval or denial from SEC — no more delays. https://t.co/Z8phpVlsOK pic.twitter.com/g9ayoibmQN
— James Seyffart (@JSeyff) November 8, 2021
According to the expert, the “Next big date is still 11/14/21 for VanEck’s spot Bitcoin ETF. It will be either approval or denial from SEC — no more delays.” Will VanEck be the chosen one? We’ll have to wait and see, but Seyffart feels it won’t be. He tweeted, “We fully expect a denial based on recent comments from SEC/Gensler. Would be shocked if VanEck’s filing is approved (despite believing it *should* be approved). BUT, the denial letter should give us insight into SEC’s current views/opinions.”
Related Reading | Bitcoin ETF Inflows Slow Down As Altcoins Interest Rebound
Chances are all the approved spot Bitcoin ETFs will make tons of fiat money, but the first-mover advantage in a product as anticipated as this one is worth millions of Dollars. Billions, even.
Featured Image by Chris Stermitz from Pixabay - Charts by TradingView
Cardano loses its coveted ‘third’ place as the crypto market struggles to fight the slump Business Insider India
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