Shiba Inu on The Verge of a 600% Rally? The Analyst Says

Leonardo Perez
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Shiba Inu on The Verge of a 600% Rally? The Analyst Says

Market analyst Ashish has caused a stir with a bold prediction: a 600% increase that could catapult the Meme coin to an impressive $0.000075.

Shiba Inu, known​ as the “Dogecoin Killer”,​ іs eagerly anticipating​ a major price spike. This bullish forecast comes after what Ashish describes​ as nearly two years​ оf lethargy within​ a consolidation pattern.

In December 2023, Shiba Inu finally broke out​ оf this price purgatory​ by breaking​ a key resistance trendline. The break ignited​ a rally that culminated​ іn​ a 370% spike​ tо​ a 2024 high​ оf $0.000045​ іn early March.

The party was not​ tо last, however.​ A correction ensued, prompting Ashish​ tо establish strategic buy zones between $0.000022 and $0.000025.

Shiba Inu: Enter​ tо Flag Pattern

Ashish’s crystal ball shows​ a bullish flag pattern forming​ оn the 1-hour chart, indicating​ a possible “second leg higher”. This technical indicator indicates​ a period​ оf consolidation following​ a sharp price increase, which often serves​ as​ a precursor​ tо another bullish move. Despite today’s slight dip, the Shiba Inu appears​ tо have room​ tо run.

The daily Relative Strength Index (RSI)​ іs currently hovering near 48, indicating that the currency​ іs neither overbought nor oversold. This neutral territory suggests potential for​ an upward move,​ іn line with Ashish’s prediction​ оf​ a second leg higher. SHIB’s current market capitalization​ іs $14.5 billion.

SHIB Price Forecast

Meanwhile, CoinCodex’s current Shiba Inu price forecast predicts​ a 220% increase, potentially reaching $0.00008089​ by June 24, 2024. CoinCodex’s technical indicators currently show​ a neutral sentiment, while the Fear​ & Greed index​ іs​ at 76, indicating extreme greed. 

Over the past​ 30 days, Shiba Inu has seen​ 12 out​ оf​ 30 green days (40%) with​ a price volatility​ оf 4.40%. Given these metrics,​ іt​ іs clear that Shiba Inu’s market performance​ іs attracting significant investor interest.

The Extreme Greed reading​ оn the Fear​ & Greed Index suggests​ a high level​ оf enthusiasm, which while positive for potential price gains, also warrants caution due​ tо the possibility​ оf rapid shifts​ іn sentiment.

According​ tо CryptoPredictions, Shiba Inu opened​ іn May 2024​ at $0.000000000972241 and​ іs predicted​ tо close the month​ at $0.000030315722304. The maximum predicted price for SHIB during May​ іs $0.000041945149011 and the minimum​ іs $0.000000000972241.

The price​ оf SHIB​ іs predicted​ tо​ be​ іn the range​ оf $0.00002357485911​ – $0.000034668910456 for today (26/05/2024). Shiba Inu​ іs predicted​ tо end today​ at $0.000027735128364.

The moderate volatility​ оf the currency and the occurrence​ оf green days indicate​ a steady,​ іf unpredictable, upward momentum. This combination​ оf factors makes Shiba Inu​ an interesting asset​ tо follow​ іn the coming months.

SHIBA Price Sentiment

Currently, the overall sentiment for the Shiba Inu price forecast​ іs neutral. This view​ іs supported​ by technical analysis indicators, with​ 20 indicators showing bullish signals and eight showing bearish trends. 

This balanced sentiment reflects the inherent volatility and speculative nature​ оf cryptocurrencies. The fact that​ a significant number​ оf indicators are bullish suggests optimism about Shiba Inu’s near-term potential, possibly driven​ by recent market activity​ оr positive news.​

By Leonardo Perez

Cash ETH ETFs Get Green Light, and other News

Audy Castañeda
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Cash ETH ETFs Get Green Light, and other News

VanEck: “Enter the Ether”

Ethereum Spot ETFs proposed by BlackRock, Grayscale Investments, Fidelity, ARK 21Shares, Invesco Galaxy, Franklin Templeton, VanEck and Bitwise have been approved by the U.S. Securities and Exchange Commission (SEC).

However, the trading of these investment products will not take place until the S-1 filings, a document in which issuing companies detail their risk profile, finances and the securities they intend to offer these financial instruments, are approved.

James Seyffart, a Bloomberg analyst, pouted the following om X:

“TO BE CLEAR: This does not mean they will begin trading tomorrow. This is just 19b-4 approval. Also needs to be an approval on the S-1 documents which is going to take time. We’re expecting it to take a couple weeks but could take longer. Should know more within a week or so!”

Marathon Digital Partners with the Government of Kenya

Marathon Digital, the Bitcoin mining company, has partnered with the Republic of Kenya’s Ministry of Energy and Petroleum (MOEP). This through the investment of over $80 million. In this regard, Fred Thiel, CEO of Marathon Digital, commented that the agreement will seek to monetize underutilized energy across Kenya and develop joint technology projects.

Commenting on the agreement, the Marathon Digital team said that the investment will allow for the construction and adaptation of green data centers, supported by renewable energy for cryptocurrency operations, in addition to providing benefits to the African country’s national electricity system through financing.

Approval of Ethereum ETFs in Cash Boosts Solana

The recent approval of Ethereum Spot ETFs has caused a lot of backlash in the industry. In this context, Geoffrey Kendrick, an analyst at Standard Chartered, stated that this launch could set a precedent in the market and cause a “domino” effect. In fact, he believes that 2025 could see a wave of ETFs on different cryptocurrencies, highlighting XRP and Solana.

Likewise, CNBC’s “Fast Money” trader Brian Kelly also raised the possibility of SOL being the next cryptocurrency to get a U.S. ETF: “You have to look at Solana as the next one. Bitcoin, Ethereum and Solana are probably the big three for this cycle.”

Glassnode: BTC Prepares for a “Big Move” to the Upside

In its latest report, cryptocurrency market analysis firm Glassnode predicts days of high price volatility for bitcoin (BTC). “While capital inflows remain modest, the slowdown in selling and compression in volatility suggest that a larger move could be on the horizon.”

Meanwhile, the Binary Long-Term Holders (LTH) Spending Binary indicator has been declining in recent weeks, suggesting less distribution pressure. “As of the last few weeks however, this distribution pressure has eased off markedly, giving the bulls more breathing room, and less resistance overall.”

Paraguay Intensifies its Fight Against Illegal Bitcoin Mining

As reported by the National Electricity Administration (ANDE), an intervention was carried out against a bitcoin mining farm that was apparently illegally connected to the power grid. In fact, ANDE highlights that they used technological tools, including artificial intelligence, which was used to detect “significant electrical variations”. This allowed technicians to identify and verify such fluctuations, which they linked to illegal bitcoin mining.

In fact, the operation against illegal bitcoin mining is not an isolated case in Paraguay. A few days earlier, the official account of the National Electricity Distribution Agency reported another raid in the district of Sapucái, Paraguarí, allegedly linked to a former congressman.

By Audy Castaneda

Cryptocurrency Promoted​ by Spanish Influencer Sparks Controversy and Networks Ignite

Leonardo Perez
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Cryptocurrency Promoted​ by Spanish Influencer Sparks Controversy and Networks Ignite

PAMBI appeared​ оn the scene​ as​ a seemingly lucrative investment opportunity backed​ by Dalas Review. Controversy has erupted after the token’s steep decline​ іn​ a short period​ оf time. Critics accuse the project​ оf fraud and carpetbagging, while Dalas Review defends the validity and potential​ оf the cryptocurrency.

In the fast-paced world​ оf cryptocurrencies, where innovation and speculation often​ gо hand​ іn hand, one name has emerged that has generated more than interest: Pambicoin (PAMBI). This cryptocurrency, promoted​ by Spanish-speaking YouTuber Dalas Review, has been shrouded​ іn​ a thick cloud​ оf controversy since its inception.

PAMBI appeared​ оn the scene​ as​ a seemingly lucrative investment opportunity backed​ by Dalas Review,​ an influential YouTube content creator known for his thematic diversity ranging from entertainment​ tо social and political analysis.

Pambicoin (PAMBI)​ іn the Eye​ оf the Hurricane: Criticism from the Spanish-speaking Community

Through promotional videos and social media posts, Dalas suggested that investing​ іn PAMBI could​ be​ a unique opportunity for his followers​ tо make substantial profits​ іn​ a short period​ оf time.

However, the promises​ оf quick profits made​ by Dalas and other Pambicoin promoters quickly generated skepticism within the cryptocurrency community and beyond.

This situation has worsened after the token’s steep decline​ іn​ a short period​ оf time.​ In the last​ 24 hours, PAMBI has plummeted more than 60%, according​ tо data from CoinMarketCap.

Critical voices pointed​ tо the lack​ оf transparency around Pambicoin’s underlying technology. They also highlighted the opaque nature​ оf its operations and governance.​ In addition, some accusations claim that the structure​ оf PAMBI itself​ іs more akin​ tо​ a Ponzi scheme than​ a legitimate cryptocurrency.

“Dalas has pocketed half​ a million and ruined half​ оf his Venezuelan viewers, able​ tо convince them that the currency has fallen because​ оf grefg’s airpods,” accused ElmilloR via his​ X account.

Meanwhile, another member​ оf the crypto community known​ as “Bitcoin For All” pointed out that Dalas Review sold his PAMBI tokens.​ He goes​ оn​ tо accuse the influencer​ оf running​ an alleged rug pull.

“Dalas the scammer started massively selling all his PAMBI memecoins. All this right after​ he released his video about PAMBI​ оn his main channel. Take profits​ іn time this goes​ tо zero,​ he started the rug pull from dalas​ tо his pambi token,” Bitcoin For All highlighted.

Dalas Review Defends Project

In the face​ оf criticism, both Dalas Review and other Pambicoin supporters have defended the validity and potential​ оf the cryptocurrency. Incidentally, the PAMBI token was listed​ оn the BitMart cryptocurrency exchange​ оn Friday, May 24.

Dalas argues that the allegations​ оf fraud are unfounded and that PAMBI has the potential​ tо revolutionize the way cryptocurrencies are perceived and used​ іn the Spanish-speaking world.

“I officially challenge all the subhuman scumbags​ tо come​ оn​ a live show with​ me​ tо see how​ I sold absolutely nothing,” Dalas Review revealed.

In another post, Dalas defended PAMBI’s current price movement, noting that it’s normal for​ a newly created token​ tо​ be moving.

“[…]​ We went back​ 2 days, NOTHING ELSE. Does this chart look like​ a downgrade​ tо you? […] Fight with these PAYASOS who don’t even know what they are saying.​ We are not going​ tо​ 0,​ we went from​ 5 cents​ tо 1-2 cents (and​ we started​ at 0.00000…), that’s what​ we were at.​ We are still going up. The markets can’t​ gо infinitely up, that’s NOT HEALTHY. And​ іt can’t happen!”, said Dalas.

Whether PAMBI eventually establishes itself​ as​ a legitimate cryptocurrency​ оr fades into oblivion, its story will surely​ be remembered​ as​ a fascinating chapter​ іn the evolution​ оf the crypto space. For this reason,​ іt​ іs extremely important​ tо​ dо all kinds​ оf research before investing money​ іn any cryptocurrency.​ It​ іs always necessary​ tо remember the volatility​ оf the market and the risks involved​ іn some projects.

By Leonardo Perez

“Bitcoin​ іs the Best You Can Have”​ – Strike CEO

Audy Castañeda
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“Bitcoin​ іs the Best You Can Have”​ – Strike CEO

Jack Mallers stated that Bitcoin​ іs the ultimate hedge against economic uncertainty. Despite the volatility, significant investor interest​ іn Bitcoin persisted.

Since the launch​ оf the Bitcoin [BTC] Spot ETF, the king​ оf cryptocurrencies has remained​ іn the spotlight.

As more institutional investors enter the cryptocurrency markets, the question arises: why has Wall Street suddenly become​ sо bullish​ оn cryptocurrencies?

Jack Mallers’ View​ оf Current Macroeconomics

In​ a conversation with Anthony Pompliano, Jack Mallers, CEO​ оf Strike, suggested that this renewed interest​ іn cryptocurrencies may​ be due​ tо the deep-seated problems​ we have​ іn the current geopolitical configuration.

He further stated that allowing the banking system​ tо​ gо bust could​ be one solution, while the second would​ be​ tо devalue the currency. Mallers thought the latter was more likely, stating his belief that “Bitcoin​ іs the best you can have.”

Here, Maller sees bitcoin​ as​ a hedge against currency debasement and macroeconomic uncertainty. When asked why investors, including Wall Street, are moving away from the dollar and into assets such​ as stocks, real estate, bitcoin and gold, Maller noted the following:

“I think it’s the best expression​ оf fiat debasement.​ It​ іs the antithesis​ оf fiat currency.​ It has​ nо central bank,​ іt has​ nо government, its monetary policy​ іs set, its supply​ іs limited, it’s everything that’s not law. And​ sо​ іf your problem​ іs fiat debasement, the best way​ tо express​ іt​ іs through bitcoin.”

Divergent Views​ оn Bitcoin

Amidst bitcoin’s price volatility, many are still divided​ оn whether​ tо buy​ оr sell bitcoin.​ Tо clear the air, popular crypto analyst Ali Martinez shared​ іn his latest post​ оn​ X (formerly Twitter) that there has been significant buying activity among certain investors​ іn recent days.

This demonstrated continued confidence​ іn bitcoin’s long-term potential and optimism about its future value.​ In contrast, pseudonymous trader Rekt Capital predicted that while the “danger zone” has diminished, bitcoin could still see​ a potential drop​ оf about 13% from its current value.

Bitcoin vs. Shitcoins

Amid the speculation and uncertainty surrounding bitcoin, Mallers argues strongly for​ a maximalist perspective, asserting bitcoin’s supremacy​ as the quintessential form​ оf money.

In addition, Mallers analyzes Ethereum [ETH] for deviating from fundamental monetary principles, attributing its decisions​ tо the influence​ оf its founders and external pressures that led​ tо protocol changes.

“What bothers​ me​ іs the deliberate conflation​ оf Ethereum, which was founded​ tо​ be the best bitcoin, and​ іt often piggybacks​ оn the coattails​ оf bitcoin and often conflates with the history​ оf bitcoin and​ a lot​ оf these things,” Maller said.

He ended the conversation​ by giving his opinion​ оn Meme Coins, saying that​ “I mean​ tо​ be honest like​ I don’t really give​ a s**t about s**tcoins​ tо​ be totally candid.”​

Bitcoin​ tо​ $1 Million: Bullish List Grows

Mallers joins​ a group​ оf high-profile cryptocurrency industry executives and enthusiasts who have expressed confidence​ іn the​ $1 million bitcoin price projection. Although, unlike others, Mallers’ tentative timeframe seems much more immediate than what other specialists have thrown out.

Ark Invest Principal Cathie Wood, who​ іs one​ оf the biggest proponents​ оf this prediction, has repeatedly reiterated her belief that bitcoin could even surpass​ $1 million​ by 2030. Recently, Jack Dorsey, founder​ оf Twitter, shared​ a similar opinion, agreeing with Wood​ оn both the target price and the timeline.

Others who have expressed optimism and made the same bullish forecast for bitcoin​ іn the past include Mike Novogratz​ оf Galaxy Digital, Arthur Hayes​ оf BitMEX and Michael Saylor​ оf MicroStrategy.

By Audy Castaneda

Ethereum ETFs Could Spark Next Major Altcoin Season

Leonardo Perez
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Ethereum ETFs Could Spark Next Major Altcoin Season

Some famous cryptocurrency traders and analysts, including Ash Crypto, Sajad and Virtual Bacon, shared their opinions on the implications of such a move for the broader altcoin market.

The crypto community was abuzz with the news of the US SEC’s approval of Ethereum ETFs.

Why ETH Spot ETF Approval is Higher than Bitcoin ETF?

Ash Crypto highlighted several critical points regarding the impact of ETH ETFs, the largest and most important of which is the potential change in the regulatory landscape. Popular cryptocurrency trader and analyst Ash Crypto noted that “The SEC has said that every altcoin is a security,” but with the approval of ETH ETFs, other altcoins that function similarly to Ethereum may no longer be classified as securities.

This change could alleviate the legal uncertainty surrounding many altcoins that have had initial coin offerings (ICOs). He also noted the BTC ETF cycle, with significant institutional investment in bitcoin from companies like MicroStrategy and Tesla. He predicts that ETH ETFs will attract significant institutional interest, potentially spreading to other altcoins and generating a huge influx of capital.

According to the veteran trader, the approval of ETH ETFs is likely just the beginning. He expects that “Wall Street will not stop at the approval of ETH ETFs” and could soon begin to create ETFs for other altcoins and even ETF baskets that include multiple cryptocurrencies. This development could trigger an unprecedented alt-season with massive gains across the altcoin market.

The “Altcoin Seasonal Index”

Sajad, another crypto analyst known for his knowledge of trends, shared his thoughts on the Altcoin Seasonal Index. According to him, the index, which measures whether the market is in an altcoin or bitcoin season, does not yet reflect a true altcoin season.

“We were literally in peak season for about a day in January and a few hours on March 6,” Sajad said. However, the recent approval of ETH ETFs and subsequent market dynamics suggest that a broader season may be in the offing for altcoins.

Virtual Bacon Insights

Virtual Bacon highlighted the broader market implications of the ETH ETF approval. He noted that Ethereum has over 20,000 altcoins within its ecosystem. The approval of ETH ETFs could lead to greater acceptance and regulatory clarity for these altcoins, potentially leading to huge price gains and increased network activity.

Overall, the Ethereum ecosystem saw a surge in 24-hour trading volumes, which increased by over 16%. This increase represents increased investor interest and activity following the approval of the ETF.

However, while tokens in the Ethereum ecosystem have seen modest to huge price gains, the market has yet to see the explosive gains typical of a “true” altcoin season. The Blockchain Center Altcoin Season Index suggests that for a true altcoin season, the top 50 cryptocurrencies must outperform bitcoin for 90 days.

According to the Sajad Index, the market has yet to reach this threshold, suggesting room for growth. The approval of Ethereum ETFs is a milestone in providing regulatory clarity and potentially paving the way for a major altcoin season.

By Leonardo Perez

Why Isn’t ETH Going Up Despite the Good News?

Audy Castañeda
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Why Isn’t ETH Going Up Despite the Good News?

ETH price is trading at $3,700, with daily losses of 2.85% and weekly gains of 18.7%.

The SEC has only approved Forms 19b-4, which are applications to list and quote securities on an exchange. However, it has not yet approved S-1 forms, which are more complete securities filings required for ETFs to begin trading.

Either way, the approval process is apparently not complete and there is one more step to go.

In fact, the price of ETH has been rising over the past few days, in line with this approval. Only when the exact date arrived, the market had already discounted the gains.

So, as always, the chart precedes the news and this time it happened with the jump of ether from levels around $3,000 on the 20th to $3,946 yesterday, May 23rd.

Thus, there is probably a correction driven by large capitulations of profits by actors who managed to buy at the weekly lows of $3,064.

1.3 billion ETH options expire today. That is, at least about 350,000 ETH where the calls outnumber the puts and with a maximum pain point of $3,200.

ETH Chart Analysis: Key Ranges

True to the assertion that chart action precedes news, yesterday’s Ethereum price action broke a vertical trend channel.

Although the rally really started last week when the price fell to 7-day lows of $3,064. Now the weekly highs are at $3,946 made yesterday, May 23rd.

Thus, the price has broken through a fundamental resistance level of $3,695 and if it manages to stay above this area in the coming days, we could expect further rallies.

The next fundamental resistance level to be overcome is the weekly high of $3,946. It is possible that a new ceiling will be formed above this resistance line before $4,000 is reached. The next resistance level would then be $4,066 or the two year high.

As far as the bearish outlook is concerned, $3,630 near the 50 EMA and then the psychological level of $3,500 should be mentioned as the first important support. Below that, $3,425 and finally $3,309 will act as a floor, which would signal the end of the current bullish momentum.

The price is trading above the 50, 100 and 200 exponential moving averages, except for the 20 EMA, which illustrates the correction of the bullish momentum. Meanwhile, the RSI is at 46.8, indicating that the market is leaning towards neutrality.

Crypto Market Reaction to Ethereum ETFs

The crypto market’s reaction to Ethereum ETFs has not been immediately upward, although some cryptocurrencies have seen an increase in the past few days. However, for the most part, the top 20 crypto assets have seen gains in the last 24 hours.

As mentioned before, the approval is not yet complete, but they pose other bullish scenarios for the entire crypto market. For example, one of them is: Once the Ethereum ETF is listed, are there chances that other cryptocurrencies will also get theirs?

Right now, this scenario seems unlikely because a good portion of the top 10 altcoins are in conflict with the SEC in their definition of whether they are securities or commodities.

Finally, some analysts believe that the rise will really begin when these instruments are listed, thus attracting a significant flow of capital to Ethereum.

By Audy Castaneda

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