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As it approaches the apex of a symmetrical triangle pattern, XRP is getting closer to a pivotal moment in its price movement. This pattern frequently signals substantial volatility, and XRP might be preparing for a significant move higher.
Investors and traders should closely monitor this pattern because there is a good chance of a major move in the upcoming days. A pattern of lower highs and higher lows is usually formed when the price of an asset consolidates between two converging trendlines, forming a symmetrical triangle. In the case of XRP, the price is presently floating near the triangle's peak at $0.57. Chart by TradingView
The likelihood of a breakout increases as the price approaches the tip, which could cause XRP to experience a large price swing in either direction. The resistance at $0.60 and the support at $0.55 are important levels to keep an eye on. The door would likely be opened for XRP to target higher resistance levels, perhaps around $0.65 to $0.68, if there were a clear break above the $0.60 resistance level, confirming a bullish breakout.
This would suggest a significant upward trend and might pique interest in purchases. Inversely, XRP is expected to retest lower support levels near $0.52 or even $0.50 if it breaks below the $0.55 support level, indicating a bearish reversal.
Solana remains suppressed
After an unsuccessful attempt to break above the 26-day EMA, Solana saw a significant drop in price over the course of the last day, with the price now hovering around $128. Though the cryptocurrency had recently begun to show signs of life, traders now face an impending death cross, which could portend further losses.
As a result, the downward pressure seems to be intensifying. On Solana's chart, there is a bearish technical pattern known as the death cross, which occurs when the 50-day moving average crosses below the 200-day moving average. For Solana this pattern is often interpreted as a strong indication of extended bearish sentiment and may portend additional downside, particularly if it breaks below the crucial $130 support level.
Solana's price may drop toward $100, a psychological and technical level of support, if the price drops below this level, potentially igniting a sell-off. Solana's 26-day EMA, which is currently trading close to $136, is serving as a key resistance level.
Solana's decline is consistent with the general trend of uncertainty on the cryptocurrency market, which is still characterized by cautious sentiment. Solana's price may drop further if Bitcoin and other popular altcoins encounter resistance and declines in value. Investors and traders should now keep a close eye on the $130 mark.
More substantial losses could result from a break below, but a rebound might give Solana another opportunity to stabilize. However, caution is advised, as more volatility may be in store for SOL in the upcoming days due to the impending death cross and the current inability to regain the 26-day EMA.
Shiba Inu's volatility plummets
As the asset's volatility stops and its price hovers around neutral, Shiba Inu appears to be getting closer to what many are referring to as ground zero. With little to no movement in recent trading sessions, SHIB is currently in a risky position, having lost more than half of its value from its previous highs.
Even though many investors were expecting a recovery, the current state of affairs raises more questions about the meme coin's prospects. The price of SHIB is now well below its major resistance levels at approximately $0.00001310. The asset is unable to gain any significant momentum, as it continues to trade below the 50-day and 200-day EMAs.
It is now facing an uphill battle as enthusiasm wanes and the market cools off, whereas SHIB had previously seen rapid gains driven by community hype and speculative trading. The asset's volatility has now reached an all-time low, drawing in speculators.
That being said, such a breakout may be far off given the uncertainty surrounding the larger cryptocurrency market. Regretfully, things might not work out the way that certain holders of SHIB anticipate.
Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.
Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.
Ethereum Fractal Suggests Rally In Q4
According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.
During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.
Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.
Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level.
What’s Next For ETH?
At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150.
This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum.
Solana (SOL) faces significant risk as the broader cryptocurrency market rebounds from local lows, yet SOL struggles to break above the crucial $140 resistance level. This underperformance has raised concerns among investors, with many worried about Solana’s inability to keep up with the market’s recent surge.
Some analysts are even predicting a deep retrace to its yearly low of around $78 if the price continues to lag. Despite holding relatively well during Bitcoin’s and other altcoins’ earlier crashes, Solana’s current price action suggests that the risk of a correction is growing.
If SOL fails to break above $140 and align with the market’s recovery, it could face a steeper downturn. While Solana previously weathered market turbulence better than some of its peers, there’s a growing belief that now may be Solana’s turn to experience a significant fall. Investors are keeping a close eye on upcoming movements.
Solana Struggling To Keep Bullish Momentum
Solana (SOL) has retraced over 7% this week, while many other altcoins surged, posting double-digit gains. This raised concerns among investors, who fear SOL might follow the same trajectory many altcoins experienced in recent months.
One prominent analyst and former asset manager, Amdtrades, with over 9 years of experience, shared a technical analysis of Solana’s price action, highlighting some concerning price targets.
According to Amdtrades, Solana is at a crucial crossroads. If it fails to break past the $140 resistance level—a fundamental price point that once served as strong support—a deep correction could follow. He noted that the first key level to watch is $115, which could trigger further downside if breached.
After that, SOL could drop to $100; in a worst-case scenario, it may fall as low as $78. If it drops to the lower prices, it would represent a 40% correction from current levels.
The risk of Solana hitting these lows remains high, especially if it continues to struggle while other cryptocurrencies recover. However, Amdtrades also emphasized the potential for a rebound.
Should SOL break and hold above $140, it could spark a recovery and possibly reverse the negative trend. Investors are now carefully watching these levels to see if Solana will face a deeper pullback or find the strength to regain momentum.
SOL Price Levels To Watch
Solana (SOL) is currently trading at $130, a crucial level that could determine its next move. After testing the $140 resistance, the price faced a 7% rejection, raising concerns among traders.
The $140 mark coincides with the daily 200 exponential moving average (EMA) at $139.26, a significant technical indicator that had provided support since October last year but has now flipped to resistance. This reversal has created added pressure on SOL bulls to regain control.
SOL must break above this EMA and reclaim the $140 level for a bullish reversal. If bulls succeed, it would clear negative market sentiment and likely trigger an aggressive 20% surge toward the next supply zone around $163. However, failure to reclaim these levels could lead to a more bearish outcome.
If the price continues to lag and cannot break past the $140 mark, SOL could face a deeper correction, with the potential for a 15% drop toward $110.
Featured image from Dall-E, chart from TradingView
Both crypto critics and advocates agreed on something this week — the highly-anticipated launch of Republican presidential candidate Donald Trump's crypto project called World Liberty Financial does more harm than good.
“Donald Trump’s sudden enthusiasm for cryptocurrency is as transparent as it is opportunistic," said crypto-friendly Democrat Rep. Wiley Nickel of North Carolina in an emailed statement to The Block. Nickel has backed a number of crypto bills over the past year. "After doing absolutely nothing for crypto while in the White House, he’s only now launching World Liberty Financial to cash in on a movement he never supported."
In an over two-hour live Spaces hosted by crypto personality Farokh on the social media platform X, backers of the project said they planned to launch a non-transferable governance token called WLFI. Previously, the project said it wanted to drive the adoption of stablecoins and said DeFi would be a part of it.
During the spaces, Trump said crypto is "big and yet it’s a fledgling compared to what it will be." Later, Donald Trump Jr., Eric Trump, father-son real estate investors Steve and Zach Witkoff and Dough Finance co-founders Zachary Folkman and Chase Herro all made appearances to tout the venture. The project has also been marred with challenges after both Lara and Tiffany Trump’s X accounts were hacked and posted about a token purportedly associated with World Liberty Financial.
"Everything this man touches is a grift, and his newfound policy stance is no different," Nickel said. "For those of us who have worked to advance crypto innovations through real bipartisan action, Trump’s involvement does nothing but harm serious efforts to build a secure and regulated future for digital assets.”
The X spaces was "lackluster on details," a person in the crypto industry who asked not to be named because of their ties to the Trump campaign told The Block. People in both crypto and political circles didn't really know much about the project or didn't know much about the people involved in the project, they added. Republican lawmakers were in the dark as well on the details involved in Trump's project, they said.
"There is a view in D.C. held by some that there is almost a cult-like following with Trump and some folks on Capitol Hill," they said. "We have not seen any folks, to my knowledge, really jumping to defend this project or to show for it or to promote it or anything."
There are also a "lot more pitfalls than positives" about World Liberty Financial, the source said.
"There's a lot of questions in terms of who's involved here," they said. "A lot of the stories that come out about those involved in the project have been enough to raise red flags for folks here in D.C."
Left much to be desired
Dr. Tonya Evans, a professor at Penn State Dickinson Law, saw the launch as falling short on details. Evans previously spoke at a Crypto4Harris event in August.
"The Trump family’s launch of WLFI was certainly a high-profile event, but it left a lot to be desired in terms of transparency (the hallmark of best practices in the digital assets community) and, of course, specifics," Evans said in an emailed statement. "While they successfully drew attention to the project and sparked a circus-like curiosity, the lack of clear details about WLFI’s governance token, roadmap, and actual functionality raises far more questions than answers."
During Monday's X spaces, creators of the project said that in light of regulatory uncertainty, WLFI plans to limit participation to accredited investors. That limit "severely undermines the narrative of democratizing finance," Evans said.
"True DeFi is about broad participation, not restricting access to the wealthiest," Evans said. "If WLFI continues on this path, it risks being perceived as another example of political elites using a financial product to benefit a small, privileged group while shutting out the very communities DeFi could empower."
One upside of the project is that it puts "DeFi in the spotlight" and so could bring conversations about innovation and financial inclusion into the mainstream, Evans said.
"Mostly, however, the pros increase donations to the Trump campaign and perhaps garner more support from single-issue bitcoin and crypto voters," said Evans.
Patrick Kirby, policy counsel at the Crypto Council for Innovation, said World Liberty Financial's launch shows "crypto's growing influence."
"I think it's important for policymakers to experiment with technology, with decentralized trading protocols in particular, like we see here, to really better understand the benefits of DeFi and to build kind of that understanding you get through practice and experience," Kirby said in an interview with The Block.
Criticism on the Hill
Crypto critic Rep. Sean Casten, D-Ill., criticized World Liberty Financial's distribution structure during a House Financial Services digital asset-focused subcommittee hearing on Wednesday.
The creators announced on Monday that 63% of the WLFI token will be sold to the public, 17% will go toward user rewards, and 20% will be allocated for team compensation.
Casten seemed to allude that if a crypto markets bill led by Republicans were to pass that says that if entities have less than 20% in ownership, it would not be subject to regulation, and that would end up benefitting World Liberty Financial.
Casten also took a swipe at Trump himself.
"I understand why people who have a history of fraud, who have a history of laundering money, would find this very attractive," Casten said.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
IoTeX (IOTX) will join StealthEX for an AMA session. These sessions are opportunities to showcase the project's strengths and future plans. Positive reception from participants can build momentum and lead to a price rally. Further information is available here.
StealthEX@StealthEX_ioSep 18, 2024Get ready for our AMA with @iotex_io!
StealthEX & @depin_jesus will discuss #IoTeX project and answer your questions
September 25th
3 PM UTC
Drop your questions in comments, 3 best will share 3k $IOTX
Schedule a reminder and join us! pic.twitter.com/qtbBjYi7U0
The Ultra (UOS) project is launching its Revenants PFP Drop on Magic Eden. This includes unique profiles, land, skins, and beta access. Such events often spark interest and increased trading activity. If the drop is popular, it could lead to higher demand for UOS, pushing prices up. Learn more about it here.
Ultra@ultra_ioSep 18, 2024Just 5 days until the Revenants Drop hits @MagicEden!
Who’s ready to grab a one-of-a-kind Revenants PFP, plus Land, Skins, Beta Access, $ASH, and other epic @AshesOfMankind_ perks?
Time’s ticking, join our Zealy Missions to win your WL spot: https://t.co/jmMRi6XU6z pic.twitter.com/MfHU5PV484
Concordium (CCD) will host an AMA with 5TARS following their new partnership. This could generate buzz and attract new investors. An engaging AMA may provide insights that boost confidence in CCD, possibly leading to a price increase. Details can be found here.
Concordium@ConcordiumNetSep 16, 2024The wait is over! Join us for an AMA with @5tarsGame, which recently partnered with @ConcordiumNet !
️ Sep 20th, 2:00 PM CEST
Reminder: https://t.co/HRzf6ecGgA
With 200K+ users, https://t.co/CdJLyJiyQo is transforming sports predictions, NFTs, and fan engagement through… pic.twitter.com/zzhlAPWYdm
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