From the assertion that Bitcoin has entered the early stages of a bull market cycle to Neo revealing plans to develop a new sidechain. Here are some outstanding news in the crypto market.
Bitcoin News
Analyst firm IntoTheBlock said a key metric shows #Bitcoin (BTC) has entered the early stages of a bull market cycle.
In a recent blog post, the company said that Bitcoin's MVRV ratio is behaving similarly to previous bear-to-bull market transitions.
“When the MVRV ratio drops below 100%, it shows that Bitcoin is at a price lower than the average holder's purchase price. Bear markets tend to bottom when MVRV drops to 70% to 80%, representing a buying opportunity. Additionally, every time MVRV returns above 100% after falling below it is a sign of the beginning of a bull market. According to this metric, Bitcoin's bull market began in January this year and could have another chance to top if MVRV reaches the 300%+ levels seen at the end of previous bull markets. Overall, on-chain indicators seem to suggest Bitcoin is in the early stages of a bull market.”
However, IntoTheBlock warns that it is unlikely that the previous MVRV and BTC market pattern will repeat itself this time around.
Dogecoin News
Dogecoin (DOGE) price moves in a falling wedge pattern, predicting an explosive move upon a successful breakout.
Since October 31, DOGE has established 4 lower highs and 4 lower lows, which when connected via trend lines show a falling wedge pattern.
This technical pattern forecasts a 40% increase to $0.0952, obtained by measuring the distance between the first reversal high and reversal low to a potential breakout point of $0.0688.
The relative strength index (RSI), hovering just above 50, is at a decisive point. A move higher in Dogecoin price would allow DOGE to surpass the average, adding further impetus to the bullish outlook.
In such a case, DOGE could rally 18% and hit the $0.0816 resistance. Beyond this hurdle, #DOGE could extend gains to retest the $0.0952 target.
DOGE/USDT Chart – 4 Hours | Source: TradingView
Regardless of the optimism, if Dogecoin produces a weekly candle that closes below the $0.0593 support, it will form a lower low and invalidate the bullish thesis. This move could further trigger a 7% decline to the October 10 low at $0.055.
Tron News
Recent data revealed that, #TRON has processed 6.5 billion transactions, showing the robustness and efficiency of the platform. At the same time, its Total Asset Value Locked (TVL) peaked at $6.75 billion, an increase of 2.23%.
Outstanding performance has significantly impacted TRX. Over the past month, TRX has experienced a surge, with its value increasing by 9%. This increase catapulted TRX into the top 10 cryptocurrencies, highlighting the project's resilience and appeal to investors.
Currently, TRX is encountering resistance at $0.09. However, industry experts remain optimistic, predicting an uptrend that is likely to push TRX above this resistance, setting the stage towards $0.1.
Solana News
Solana is in a precarious position after breaching the $26.41 and $28.80 barriers. A pullback could cause #SOL to fall below these barriers.
Additionally, the reversal tops created since October 23 were not confirmed by the Relative Strength Index (RSI), which suggests that the bullish momentum is weakening.
SOL bulls need to hold the price above the $26.41 and $28.80 support levels. If successful, the recovery trend is likely to last. But for this bullish move to happen, the overall market outlook needs to remain neutral or bullish.
In such a case, Solana price could target buy-side liquidity above $38.84 and $48.24, which is about 38% and 68% away from the $28.80 support floor.
SOL/USDT Chart – 4 Hours | Source: TradingView
The outlook for Solana price depends on the $26.41 and $28.80 support levels as well as the overall market outlook. But if news of a spot ETF approval or another lawsuit is announced, it will affect crowd sentiment and potentially cause a sell-off.
In that case, SOL could create a daily candle that closes below $26.41. This move would invalidate the bullish thesis and catalyze a near 20% correction to the October 12 reversal low of $21.28.
Shiba Inu News
According to a report by IntoTheBlock, Shiba Inu saw an 841% increase in outflow last week.
The Large Holders Outflow indicator monitors withdrawals from the addresses of whales and other significant holders, helping to detect panic selling. Rapid withdrawals from exchanges or sales from “whale” addresses are two possible causes of sudden increases in outflows.
During times of extreme volatility, large holders may be inclined to sell assets to avoid being forced to liquidate. However, large withdrawals are often due to the amount of money leaving the exchange.
The NetFlow indicator, which tracks the net change in whale holdings, is down 96.69% for Shiba Inu over the past week. A decline in capital inflows from large investors is often a precursor to a reduction in holdings or turnover.
On October 26, when the market started to rise, SHIB price hit a 2-month high at $0.00000825. Furthermore, the market witnessed a record sell-off of SHIB 715.13 billion from institutional investors. This indicates that whales, or large Shiba Inu holders, have withdrawn following the recent price increase.
Holder outflow decreased significantly yesterday, reaching 274.37 billion SHIB thanks to the market recovery after the slide.
Holder SHIB is in a state of loss
New data from a market intelligence firm reveals that Shiba Inu (SHIB) holders are in the red.
According to IntoTheBlock, 79% of SHIB holders are currently in the red while only 17% of them are making profits.
Furthermore, the data revealed that, the majority of Shiba Inu investors, about 71%, have held digital assets for more than 1 year, while 27% of them have held SHIB between 1 and 12 month. Only 2% have kept it for less than a month.
Anchor News
At the Neo community conference in Hong Kong, Neo founder Da Hongfei revealed plans to develop a new sidechain, capable of connecting directly to the Ethereum blockchain via the Ethereum Virtual Machine (EVM).
The special feature of this platform is its ability to protect users against threats, while providing a fast, safe and convenient trading experience.
Neo is aiming to launch a beta version for this sidechain by the end of 2023. Additionally, Neo is also working on a new crypto wallet project, promising to bring a similar experience to MetaMask, but at a lower price. Higher security and more user friendliness.
Ekubo Prorocol News
In an important move to promote collaboration and decentralization in the DeFi space, the Uniswap community has adopted the “Investment in Ekubo Protocol” vetting proposal.
With an impressive 63.82% of votes in favor, this decision demonstrates the community's commitment to expanding the Uniswap ecosystem. According to the proposal, Uniswap will invest 3 million UNI, equivalent to about 12 million USD, into the Starknet AMM – Ekubo Protocol. In return, Uniswap will purchase a 20% governance token stake from Ekubo.
Notably, Moody Salem, founder of Ekubo Protocol, has a close relationship with Uniswap. Previously, he served as the technical lead for Uniswap and made significant contributions to the project's initial codebase.
Ekubo Protocol 13, a Starknet-based decentralized automated market maker (AMM), differentiates itself through its singular design, hyper-centralized liquidity model, and support for utilities extend.
Written in the Cairo language, it leverages Starknet's architecture while adhering to many of the same design principles as Uniswap V4. Since its launch, Ekubo Protocol has accounted for approximately 75% of total trading volume on Starknet, despite having only 5% of total asset value locked (TVL) and no swap interface.
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