Ethereum Must Stay Above $2,480 For This Bullish Signal To Hold True – Analyst

Non-fungible tokens (NFTs) broke their seven-month downward trend in October as digital collectibles recorded an 18% increase in volume.

Since recording a monthly volume of $1.6 billion in March, its highest in 2024, NFT volumes have been on a downward trajectory.

It continued through September when NFTs reached their lowest monthly volume since 2021.

NFTs record a $356 million monthly volume in October

CryptoSlam data shows that NFTs only had a volume of about $300 million in September 2024, a 20% decrease from August’s record. However, despite continuously getting lower in 2024, NFTs’ monthly sales volume saw a brief recovery in October.

Kemi Badenoch was elected as leader of the Conservative Party on Saturday following four months of debate after former head Rishi Sunak said he'll stand down from the role.

Sunak's decision to resign as party leader came in the wake of Labour's landslide victory in the recent general election. Badenoch defeated Robert Jenrick for the role.

While the Conservatives have in the past been crypto-friendly – proposing measures to ensure crypto would be regulated as a financial activity and saying they wanted the country to be a crypto-hub – the digital asset sector did not come up during the leadership fight for the party.

"Neither [Badenoch nor Jenrick] have been particularly vocal (positive or negative) on their stance on crypto, tech, finance or payments innovation," said Su Carpenter, executive director of lobby group Crypto UK, ahead of the results.

Badenoch has not publicly discussed her views on crypto. In the run up to the results, she advocated for a new controversial integration strategy for those crossing into Britain. She is the Conservative member of parliament for North West Essex and was the shadow secretary of state for housing, communities and local government, a role which required her to question and challenge the Labour government.

When the Conservatives were in government, she held several ministerial roles including secretary of state for business and trade and has in the past described financial services as a key part of the economy and urged for regulation to not be burdensome.

The mysterious SHIB lead developer known to the community under the pseudonym Shytoshi Kusama has published a thread on his account on the X social media network.

In that thread he explained how numerous scammers have started to use his own account on X against him to promote their scam coins. Kusama stressed that he published that thread as a warning to the SHIB army that they can recall next time they see a suspicious X account promoting coins where Shytoshi Kusama can be found among the followers.

"I leave this as warning": Shytoshi Kusama

Shytoshi Kusama said that scammers are using not only his name but his kindness against him too. What happens, per Kusama, is that he starts following an X account of a SHIB enthusiast “as a way to keep his ear to the community.” Once scammers notice that, they get in touch with the owner of such an account and offer to buy it for roughly 1 ETH. Kusama pointed out that this is quite a large sum of money is some areas of the world.

After the scammers get control over an account followed by Kusama, “they rebrand the account as WHATEVER,” giving it a different name. He mentioned that since the SHIB team is now gearing up for the upcoming TREAT launch — therefore, apparently, fraudsters will be branding their accounts correspondingly.

After that, they begin to launch their scam tokens, along with starting fake accounts with cute girls of avatars, Kusama continues. Then they begin to shill their token, saying that it is “community-driven” and creating lore for it.

"I'm completely fed up"

Kusama admitted that he is “completely fed up” with this misusing of his name and he reminded the community that he has numerously warned SHIB enthusiasts to always listen to official SHIB channels and check all new information with them.

While the SHIB lead cannot stop scammers from buying X accounts he follows, he keeps monitoring the SHIB-affiliated account @susbarium to make sure his name is not used by scammers directly.

At the end of the thread, Kusama made a reminder to the community that the SHIB team is preparing to roll out “the system designed to ensure Karma and Reputation linked to Dao governance.”

On Friday, November 1, the BNB Foundation announced the successful completion of the 29th quarterly burn by the BNB Chain. This latest event of the routine token burn reiterates the project’s commitment to a deflationary approach in order to ensure growth.

A total of 1,772,712.363 BNB tokens (worth approximately $1.07 billion) were automatically burned in this quarter’s event. According to the foundation’s blog post, this quarter’s burning was (and subsequent token burning events will be) performed directly on Binance Smart Chain (BSC), with the burn amount sent to a “black hole” address.

Can The Latest Burn Event Propel BNB’s Price To $600?

Token burning, a process in which tokens or coins are purposely and permanently removed from circulation, is carried out to trigger an increase in a token’s value. Similarly, the quarterly token burn can have a significant impact on BNB’s price by decreasing the total supply, thereby creating a deflationary effect.

Moreover, the consistency of the quarterly BNB burns shows the dedication of the foundation to the long-term growth and success of the token. This positive trend could favorably impact general market sentiment, as it strengthens investors’ trust in BNB’s potential as a stable investment.

However, it is worth looking at the impact of previous quarterly burns on the BNB price to be able to gauge the potential effect of the latest event. Notably, the 28th token burn, which was completed on July 22, 2024, didn’t exactly have a bullish impact on the value of the fourth-largest cryptocurrency.

According to data from CoinGecko, the price of the BNB token sat just above $600 as of July 22. Unexpectedly, the token’s price fell more than 22% to a low of $464 about two weeks after the burn event. BNB’s value seemed to have crumbled under the bearish climate of the general market.

The BNB token has mostly been in a consolidation range over the past few months, mirroring the state of Bitcoin and the general crypto market. Fortunately, the premier cryptocurrency seems to be back in the bullish zone after returning to $70,000 for the first time since June.

If the strong positive correlation between BNB and Bitcoin plays out, it means that investors could see Binance’s native token resume its upward trend. Hence, BNB seems to have a positive outlook and could soon reclaim $600, especially if the flagship cryptocurrency remains bullish.

BNB Price At A Glance

As of this writing, the value of BNB stands around $571.8, reflecting a 0.6% price dip in the past 24 hours.

This week, most meme coins took a breather compared to October’s eventful trends, with Dogecoin leading the pack. However, other meme coins didn’t fare that well.

AI-themed Goatseus Maximus (GOAT) and hippo-inspired Moo Deng (MOODENG) both experienced double-digit declines, diverging from Dogecoin’s uptrend. Here’s a breakdown of what happened and what might be next for these coins.

Dogecoin

In the post, Musk, who has been supporting DOGE for some years, shared a picture of him and a “muscular” Dogecoin. As soon as that happened, Dogecoin’s price rallied from $0.14 to $0.16 within a few hours.

While the coin eventually reached $0.17, the recent Bitcoin retracement helped pull the price back. From a technical standpoint, Dogecoin has formed a bullish flag on the 4-hour chart.

A bullish flag pattern suggests that an asset’s price may continue to rise in the near term. This pattern forms after a strong upward movement, followed by a slight consolidation, and signals the potential for further gains if the upward trend resumes.

As seen above, DOGE is on the brink of breaking out from the consolidation phase (flag). Once validated, the meme coin’s price might climb to $0.18. In a highly bullish scenario, Dogecoin might climb to $0.20.

On the other hand, a breakdown below the flag could invalidate this thesis. In that scenario, DOGE could decline to $0.14.

Goatseus Maximus (GOAT)

Unlike Dogecoin, Goatseus Maximus saw a double-digit decline this week despite trending for several weeks. This drop could be tied to waning demand as the AI-themed meme coin narrative cools off. Earlier, during the peak of this trend, GOAT’s price surged, nearing a $1 billion market cap. The price at that time also got close to $1.

But as of this writing, GOAT has fallen nearly 30% since Monday. A look at the 4-hour timeframe, the Moving Average Convergence Divergence (MACD), which measures momentum, has fallen to the negative region.

This fall indicates that momentum around GOAT is bearish. As such, the price might continue to fall. Should that remain the case, then the meme coin’s value might sink to $0.34.

A rebound, however, could occur if buying pressure increases again. In that scenario, the MACD reading might turn positive, and GOAT’s price might rise toward $0.90.

Moo Deng (MOODENG)

Moo Deng also faced a significant dip this week, with its price down by 20% over the last seven days.

This drop might stem from a shifting focus in the meme coin market as traders move liquidity away from MOODENG toward other trending coins. As a result, MOODENG’s price has fallen below its 20 and 50-period Exponential Moving Averages (EMA).

When prices remain below these EMAs, it typically signals a bearish trend, contrasting with the bullish sentiment seen when prices hold above these levels. Should this remain the same, then the meme coin’s price might continue to decline.

If that happens, MOODENG might drop from $0.18 to $0.16. On the flip side, if demand for the meme coin rises, then this thesis might not come to pass. Instead, the token could beat the $0.20 resistance and climb to $0.24.

While many crypto traders are trying to speculate the market’s direction based on the outcome of the upcoming United States election, one analyst warns that a close showdown between the presidential candidates could also trigger some unexpected volatility.

“Additional volatility, however, could emerge if results are too close to call and it takes too much time to reach an outcome,” FalconX head of research David Lawant opined in a Nov. 1 market report.

Market participants relieved to be done with ‘directionless trading’

Lawant noted that after the crypto market has been “directionless” since April, traders will be relieved once the US election is over, as it will clear the way for the markets.

“After six months of directionless trading, markets appear eager to move past election uncertainty toward firmer ground,” he explained.

Since April, Bitcoin has traded within a range of $53,991 and $73,149.

Lawant emphasized that although investors are hopeful for "positive outcomes" no matter which party wins the US election on Nov. 5, some believe a Donald Trump victory may lead to “stronger gains” due to clearer pro-industry commitments.

Similarly, Swyftx lead analyst Pav Hundal recently told Cointelegraph that “a Trump victory would likely provide a dopamine hit.”

Meanwhile, options traders appear bullish on Bitcoin breaking its all-time high just weeks after the election, regardless of the outcome.

Recent data from crypto exchange Deribit, shows that Bitcoin Open Interest (OI) — the value or number of outstanding futures contracts that have yet to expire — for call contracts expiring at the end of November is “concentrated around $80,000.”

Bitcoin and Solana the stand outs, says Lawant

Lawant explained that along with Bitcoin, Solana (SOL) also stands out “in conversations as potential outperformers.”

Meanwhile, Lawant claimed that Ether (ETH) remains “notably absent from most discussions.”

‍Related: 5% of US voters identify as single-issue crypto voters — Paradigm poll

The commentary comes only weeks after Dan Tapiero, founder of 10T Holdings, said that the US election outcome won’t change the bullish trajectory of cryptocurrencies such as Bitcoin, which will likely tap $100,000 per coin regardless of which presidential candidate wins.

“I don’t think it really matters. Everything is going up now. The election will pass,” Tapiero said of Bitcoin during a panel discussion at the Permissionless conference in Salt Lake City, Utah.