As a seasoned researcher with years of experience in the cryptocurrency market, I must say that this weekend has been quite intriguing. The XRP‘s bearish signal is a reminder of the market’s volatile nature and the need for caution when making predictions. It brings back memories of my early days in crypto, where I learned the hard way that no trend lasts forever, not even the most promising ones.
U.Today has prepared a summary of the top three news stories over the weekend.
XRP forms first major bearish signal
With XRP showing its first substantial bearish signal after its recent upswing, it seems that the token’s rally might be nearing an end. A noticeable decrease in peak values on the XRP chart hints at a potential slowdown in the current uptrend, which could result in a price drop in the near term. This downward trend signal is worrying for XRP enthusiasts, as it frequently signals the start of a downtrend. There’s a strong chance that selling pressure could escalate, given that XRP has yet to surpass its latest high. This concern intensifies due to the noticeable decline in trading volume over the past few sessions. Key price points to keep an eye on include $2.30, acting as a strong support level, followed by $1.275 and $1.13, with the latter being a crucial psychological and technical support area. To reverse the bearish trend and stimulate fresh bullish energy, XRP needs to recapture the $2.80 level; this would require a significant surge in trading volume, signifying restored buyer confidence.
Coinbase announces major listings with four new crypto assets
Based on the latest update from Coinbase International Exchange, they have reached a notable achievement by listing their 100th perpetual futures contract. This demonstrates their commitment to providing various trading opportunities and growing their international presence. Moreover, Coinbase intends to add support for four new perpetual futures: Moo Deng (MOODENG), Algorand (ALGO), The Sandbox (SAND) and Mog Coin (1000MOG). These will be accessible on both Coinbase International Exchange and Coinbase Pro starting December 12. Moo Deng, a meme coin built on Solana, and Algorand, known for its energy-efficient blockchain technology, have recently shown price increases. The Sandbox allows users to earn money by creating and selling NFTs of virtual experiences. Lastly, Mog Coin, an Ethereum-based meme coin, has seen a significant uptick, reaching new peak prices in recent trading periods.
Key driver for Bitcoin (BTC) Omega candle named by Samson Mow
Samson Mow, CEO of JAN3 and a well-known Bitcoin advocate, recently shared his Bitcoin price prediction on X platform. In his post, Mow suggested that an event known as the “Omega candle” – a significant one-day bullish price surge potentially pushing Bitcoin’s value towards $1 million – could be initiated by a gamma squeeze on MicroStrategy’s stock. This gamma squeeze might happen when there is a large purchase of call options, causing market makers to buy the underlying stock to manage their risk, which in turn raises its price. It’s worth noting that MicroStrategy is actively increasing its Bitcoin holdings, creating conditions ripe for this anticipated market movement.
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2024-12-09 18:45