Shiba Inu Price Prediction: SHIB Whales Are Moving. The Floor Is Cracking. FOMC Is Next. ICOBench.com
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Bitcoin price is gaining bearish pace below $103,500. BTC could continue to move down if it stays below the $103,500 resistance.
- Bitcoin started a fresh decline below the $105,000 support.
- The price is trading below $104,000 and the 100 hourly Simple moving average.
- There is a bearish trend line forming with resistance at $103,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move down if it settles below the $100,000 zone.
Bitcoin Price Dips Again
Bitcoin price failed to stay above the $105,500 support level and started a fresh decline. BTC dipped below $104,000 and $103,500 to enter a bearish zone.
The decline was such that the price even spiked below the $100,000 support. A low was formed at $98,900 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $111,000 swing high to the $98,900 low.
Bitcoin is now trading below $104,000 and the 100 hourly Simple moving average. If the bulls attempt a recovery wave, the price could face resistance near the $102,000 level. The first key resistance is near the $103,500 level. There is also a bearish trend line forming with resistance at $103,500 on the hourly chart of the BTC/USD pair.
The next resistance could be $105,000 and the 50% Fib retracement level of the downward move from the $111,000 swing high to the $98,900 low. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,400 resistance. Any more gains might send the price toward the $107,500 level. The next barrier for the bulls could be $108,500 and $108,800.
More Losses In BTC?
If Bitcoin fails to rise above the $103,500 resistance zone, it could continue to move down. Immediate support is near the $100,200 level. The first major support is near the $100,000 level.
The next support is now near the $98,800 zone. Any more losses might send the price toward the $96,200 support in the near term. The main support sits at $95,500, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $100,200, followed by $100,000.
Major Resistance Levels – $103,500 and $105,000.
Cracking the ADA Code: What Ali Martinez Says About Cardano’s Future Coinpedia Fintech News
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The SEC Chair, Gary Gensler
The crypto rebound is alive and kicking.
Over the past week, the price of bitcoin soared 4.2%, currently trading at $23,800, and the ethereum price jumped 7.9% to just over $1,700. Most altcoins are following the majors’s suit. XRP
In the meantime, the Securities and Exchange Commission (SEC) has shaken up the crypto community with yet another bombshell. On July 21, the SEC filed insider trading charges against an ex-product manager at Coinbase and his two relatives.
“Nikhil Wahi and Ramani allegedly purchased at least 25 crypto assets, at least nine of which were securities, and then typically sold them shortly after the announcements for a profit. The long-running insider trading scheme generated illicit profits totaling more than $1.1 million,” the SEC’s press release stated.
An SEC probe into the U.S.’s largest crypto exchange is profound on its own. (Coinbase stock crashed ~20% on the news.) But the sheer semantics of the investigation carries a much bigger takeaway: for the first time, the SEC has officially declared a cryptocurrency as a security.
Zooming out
If you’ve been reading my newsletter, this shouldn’t come as much of a shocker to you.
As I reported, last month the Senate introduced the most comprehensive crypto legislation to date aiming to overhaul how crypto is regulated. Among other things, the bill wants to classify digital assets into two buckets—commodities and securities—and put them under the regulatory purview of the SEC or the Commodity Futures Trading Commission (CFTC).
“The Responsible Financial Innovation Act seeks to classify digital assets into securities and commodities and regulate them accordingly. This will “give digital asset companies the ability to determine what their regulatory obligations will be and give regulators the clarity they need to enforce existing securities and commodities trading laws.” For example, bitcoin and ether, which fall into the “commodity” bucket, would be regulated by the Commodity Futures Trading Commission (CFTC), ” I wrote back then.
The SEC’s charges against Coinbase are an initial sign that regulators are in favor of the view that non-autonomous cryptos—which raise money from the public with a promise of capital gains—are no different than stocks and have to comply with the same laws.
Looking ahead
So, who’s who?
Judging by lawmaker rhetoric, the strongest contestants to persevere as commodities are bitcoin and ether—the most widespread autonomous cryptos. In fact, in a recent interview, the SEC’s Chair, Gary Gensler, singled out bitcoin as the only cryptocurrency, he and his “predecessors” think deserves a commodity status.
“Some like bitcoin, and that’s the only one I’m gonna say… my predecessors and others have said, they’re a commodity,” he said.
That’s important because being an “official” commodity status kicks open the floodgates of institutional capital. As Michael Saylor, CEO of MicroStrategy
The rest of the cryptocurrencies, in the SEC chair’s opinion, belong in the securities bucket. In his recent address, Gensler argued that most cryptos fit the “investment contract” definition under the Howey Test, which technically subjects them to the Security Exchange Acts of 1933 and 1934.
Would a security label hurt cryptos? At the end of the day, it’s probably more of a double-edged sword.
On one hand, it would burden both exchanges and cryptos with strict compliance and bring many smaller players to their knees. On the other, crypto “standardization” could open the doors to millions of retail investors through traditional investment vehicles like ETFs.
Stay ahead of the crypto trends with Meanwhile in Markets
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Charles Hoskinson, the creator of Cardano, comments on the unfairness of the SEC.
During the hearing on Tuesday, the Director of Enforcement for the SEC, Gurbir Grewal, was questioned regarding the manner in which the SEC governs unfairly.
In response, he admitted that the regulatory body is cracking down on businesses that are located outside of its jurisdiction. Charles Hoskinson, the creator of Cardano, responded to the news by making a sarcastic remark and said that he would file this under “tell me how you really feel.”
I’ll file this under “tell me how you really feel” https://t.co/aqYDgL85ii
— Charles Hoskinson (@IOHK_Charles) July 20, 2022
In addition, Grewal requested extra resources from Congress, including funding to increase the number of staff members working on the agency’s crypto regulatory initiatives.
This is not the first time Hoskinson is taking aim at the regulatory agency. Just a few weeks ago, Hoskinson said that the case-by-case approach used by regulators should be avoided at all costs since it causes everyone to live in terror. He said this only illustrates what might occur when regulation is carried out by enforcement rather than law.
The blockchain engineer believes that the SEC should establish unambiguous and easy-to-grasp guidelines. In addition, there must be a transparent procedure that individuals may follow in order to adhere to and meet those criteria.
In related news, SEC enforcement proceedings against crypto businesses have piled up to the point that the agency’s fledgling crypto section is becoming overburdened, the regulator told the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, which monitors SEC enforcement activities.
Furthermore, legislation aimed at regulating digital assets categorically was proposed earlier this month and is expected to become law. The Commodities and Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) both have authority over digital assets.
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Source: https://thecryptobasic.com/2022/07/20/cardano-founder-charles-hoskinson-comments-on-secs-cracking-down-on-companies-outside-its-jurisdiction/?utm_source=rss&utm_medium=rss&utm_campaign=cardano-founder-charles-hoskinson-comments-on-secs-cracking-down-on-companies-outside-its-jurisdiction
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Cryptocurrency is likely to be a topic of discussion across many tables this Christmas as the number of people investing in crypto grows exponentially. Three intriguing cryptocurrencies to watch this festive season are Shiba Inu, EverGrow and HUH Token. Each of these cryptocurrencies demonstrates impressive potential, and this article will go through all three cryptos and what they have to offer to their investors.
- HUH Token
HUH Token is an exciting new addition to the crypto market and has only recently been launched. However, it has already made impressive strides, and the number of followers are growing at a higher rate than expected. Following HUH Token’s launch on the 6th of December, it had a value increase of over 6000% in just a matter of days! While there was a lot of speculation that the cryptocurrency would soar, not many people anticipated how high it would go! The impressive stats surrounding HUH Token’s launch has created quite the buzz and a strong sense of FOMO among the crypto community.
This token is definitely one to watch this Christmas, as industry experts are predicting that the token will explode very soon. The reason for this suspected explosion is that HUH Token will be launching on both CoinGecko and CoinMarketCap in a few days. When this happens, the price is likely to spike, and so investors will be wise if they get in on HUH Token before this expected rise.
You can find more information about HUH Token’s pricing here.
- Shiba Inu
Shiba Inu coin was established anonymously under the alias “Ryoshi” in August 2020. The meme currency swiftly grew in popularity and value as a community of investors were pulled in by the coin’s adorable appeal and headlines and Tweets from prominent figures like Elon Musk and Vitalik Buterin.
Shiba Inu was created to compete with Dogecoin’s Scrypt-based mining algorithm. Shiba Inu and the SHIB token are part of a flock of canine-themed cryptocurrencies that also includes Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM).
On September 17, 2021, Coinbase, the largest cryptocurrency exchange in the United States, put Shiba Inu on its site. Shiba Inu’s price increased by almost 40% in the next two days due to this information, placing the canine meme coin in the limelight once again.
The current CoinMarketCap ranking is #13, with a live market cap of $18,984,611,323 USD. Some assume that Shiba Inu has hit its peak, however, the coin is only a year old and so it is not too late to invest in SHIB.
- EverGrow
EverGrow Coin has been in the crypto press for a while now as it had an explosive launch that broke all kinds of crypto records. EverGrow Coin is a deflationary cryptocurrency that will gradually become scarcer. EGC holders will get an 8% reward on all Buy/Sell transactions in BUSD. Three per cent of each Buy/Sell transaction is remitted to the Buy-Back wallet, while two per cent is sent to the Pancakeswap liquidity pool to maintain a steady price floor. The EverGrow Ecosystem comprises several components, including NFT Lending, a Marketplace, and a Play-to-Earn Game.
As you can see, EverGrow has a lot to offer its investors, however, its value has been down for a while now and frustrated ECG holders have been referring to the crypto as ‘NeverGrow’. Although, if there’s ever a time to invest in a crypto, it’s when it is in a dip, so ECG is definitely one to consider right now.
So, there you have it, three cracking cryptocurrencies to check out this festive season. Remember to always do your research before investing.
Learn More About HUH Token Here:
Website: https://huh.social
HUH Official Swap- https://swap.huh.social/
Telegram: https://t.me/HUHTOKEN
Twitter: https://twitter.com/HuhToken
Instagram: https://www.instagram.com/huhToken/
Bitcoin has been rejected in the high area around its current levels and trends to the downside in the daily chart. At press time, BTC’s price has slide back into early week levels trading at $62,668 with a 5.1% loss in the daily chart.
The bullish sentiment remains as Bitcoin has been able to retain its profits in higher timeframes. The benchmark crypto smashed its previous all-time high at $65,000 and roared its way up to the $68,000.
Related Reading | Lucky Buyers Possibly Bag $8K Bitcoin During Early Morning Flash Crash
Analyst John Wick believes Bitcoin could follow a similar trajectory as in 2017. As seen below, BTC performance has been imitating the price action at that time with a similar ATH breakout and continuation of the bullish trend.
On this rally, Bitcoin has managed to break several all-time highs in its indicators. The upwards trend has been propelled by the launch of a BTC-link ETF in the United States.
This investment product tracks the price of Chicago Mercantile Exchange (CME) futures contracts. Thus, many traders are looking into Bitcoin’s Open Interest has it made its way up with the price of the underlying asset.
The BTC Futures Open Interest OI stands at $5.75 billion in the CME, according to data from Skew. The exchange now traders more contracts that Binance, FTX, Bybit, and other major exchanges most likely due to the impact of the Bitcoin ETF.
Related Reading | Bitcoin New All-Time Cleared, $100,000 Straight Ahead?
Bitcoin At Risk Of Further Downside Or Heating Up For New ATH
Further data provided by CryptoQuant point to a heating up in the futures market with the leverage ratio increasing to September levels. Funding rates are going positive, as traders expect more gains and short-term investors take leverage Bitcoin positions.
The Bitcoin Option Open Interest follows a similar trend that the futures market, Delphi Digital noted. The OI in this sector also reached an all-time high, the firm said the following on the increase interest on this market:
This was expected given BTC’s new all-time high and futures markets hitting record open interest levels too. Most activity is centered around short to mid-term call purchases.
In the short term, Bitcoin could continue its rally as historical data suggest. Some analyst claims BTC’s price tends to return to discovery mode a few days after a successful push into new highs.
Related Reading | Despite New ATH, Bitcoin Exchange Reserves Continue To Decline
However, as the futures market runs hot, the bulls could face hurdles. In the past, whenever too much leverage enters the market, Bitcoin tends to correct to shake out short-term investors. Only time will tell if history repeats.