📊#FLOKI Double Bottom Bullish Structure📈
🧠 After making a weekly correction, we constructed a double bottom bullish structure near the weekly buy zone. At present, we have reached the stage resistance zone and encountered resistance. If there can be a good callback, I will consider placing some long orders. If you make a horizontal consolidation breakthrough, you can pay attention to the entry opportunities during the breakthrough.
Let’s see 👀
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#Wolf_king88 $FLOKI
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Franklin Templeton, a prominent global investment firm, has launched its tokenized money market fund on the Avalanche blockchain, as announced by the Avalanche Foundation on Thursday. This development marks a significant step in the integration of traditional finance with blockchain technology. However, the broader market sentiment remains cautious. Regulatory uncertainties and market volatility continue to pose challenges. While this move by Franklin Templeton demonstrates confidence in blockchain's potential, the overall outlook for the industry is tempered by ongoing scrutiny and the need for clearer regulatory frameworks.
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Bitcoin Miner Reserves Reach Two-Year High — Price Decline Looms
The surge has brought miner reserves to a total of 368,000 Bitcoin.
Bitcoin reserves held by miners have surged to their highest level in over two years, raising concerns about a potential decline in Bitcoin’s price.
Historical patterns suggest that when miner reserves reach significant levels, it often precedes a downturn in the cryptocurrency market, according to a recent report by CryptoQuant.
Per the report, miner reserves on over-the-counter (OTC) desks have seen a massive increase, hitting a level not observed since June 2022.
Bitcoin Miner Reserves Reach 368,000 BTC
More specifically, the surge has brought miner reserves to a total of 368,000 Bitcoin, valued at approximately $22.36 billion.
“Historically, increases in Bitcoin OTC desk balances have been associated with declines in Bitcoin prices,” the CryptoQuant report noted.
The 70% surge in miner OTC balances over the past three months suggests that miners might be preparing to sell large amounts of Bitcoin, which could exert downward pressure on the market.
The report draws parallels to previous instances where high miner reserves were followed by sharp price declines.
For example, in May 2018, when miner OTC balances exceeded 400,000 BTC, Bitcoin’s price was around $8,475.
By December of that year, the price had plummeted by 63% to $3,183. A similar pattern occurred in November 2021, when Bitcoin was trading at approximately $64,000 and miner reserves were near an all-time high of 500,000 BTC.
Within two months, the price had dropped by 45% to 35,058$
📢 Big News in the Crypto World! 📢
Sony is diving into blockchain with its new project, Soneium, developed alongside Singapore's Startale. The Soneium testnet goes live soon, offering developers a playground for innovative applications. 🌐
- **Decentralized Vision**: Sony aims to decentralize the internet, tackling limited adoption and use cases in Web3.
- **Three-Year Plan**: Year 1 focuses on Web3 users, Year 2 integrates Sony products, and Year 3 opens to other enterprises.
- **Tech Specs**: Built on Optimism's OP Stack, integrating Astar's zero-knowledge EVM.
What do you think? Comment below! 🚀
📈 Bitcoin (BTC/USDT) Trading Signal📉
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THe chart shows a descending wedge pattern with multiple touches on the upper and lower trendlines, which typically indicates a potential bullish breakout.Detail analysis:
1️⃣Key Support Levels:
➖$47,710 and $43,882 are key long-term support levels.
➖If the price drops, the area around $51,000 could provide a strong buying opportunity as indicated by the green support zone.
2️⃣Potential Scenarios:
➖Scenario 1:If BTC breaks above the descending trendline, the price could target $66,000 and further upwards towards $70,000.
➖Scenario 2:In case of a failed breakout, BTC could retest the $54,000 zone before attempting another breakout.
3️⃣Technical Indicators:
➖The RSI shows a downward trend, indicating a potential bounce back once the oversold region is hit.
➖Volume has decreased, signaling a possible consolidation before a bigger move.
4️⃣Actionable Trade:
➖Consider a long position around $60,219 with a target towards $66,000. Place a stop-loss below the $60,000 support zone.
⚠️ Always use proper risk management and assess the downside risk in case of invalidation of this pattern.
$BTC
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#MtGoxRepayments #BinanceLaunchpoolDOGS #PowellAtJacksonHole #CryptoMarketMoves #BinanceBlockchainWeek
🔥 BNB Surges for Third Consecutive Week
BNB Chain’s native token, BNB, continues its upward trajectory for the third consecutive week, achieving approximately 10% weekly gains. On August 22, BNB’s value surged to around $585. Key elements driving this price increase include Binance‘s strategic augmentation of its compliance team, rising expectations of potential interest rate reductions in the United States, and other significant market developments.
🔸 What’s Happening on the BNB Front?
Today’s rally in BNB coincides with Binance’s announcement to significantly enhance its compliance team by 2024. CEO Richard Teng highlighted that at least 20% of the new hires will focus on bolstering the company’s regulatory compliance initiatives. This announcement follows a class-action lawsuit filed by three crypto investors against Binance and its former CEO, Changpeng Zhao, for allegedly failing to prevent money laundering, which resulted in asset losses for the investors.
The price increase of BNB has been accelerated by a higher number of short liquidations compared to long ones since the crypto market crash on August 5. Specifically, the BNB futures market saw over $7.21 million in short liquidations versus $3.86 million in long liquidations.
🔸 #BNB Chart Analysis
From a technical analysis perspective, BNB’s recent gains are part of a rising wedge pattern, characterized by two converging upward trend lines. Rising wedge formations are generally considered bearish reversal patterns that materialize when the price falls below the lower trend line, potentially resulting in a significant drop.
Applying this analysis to BNB’s price chart, $586 emerges as a critical breakdown point. If BNB descends below this threshold with increasing trading volume, it could signal further declines, potentially targeting $480 as the rising wedge breakdown target for August.
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The five highest-rising altcoins of the day: They don't give up the top!
The decentralized exchange of the Tron ecosystem, Sun (SUN), became the highest-rising altcoin of the day. SUN, which is listed in Binance's futures, rose by 50 percent in the last 24 hours.
SUN, which also gained strength with the creation of Justin Sun's memecoin platform, has exceeded $230 million in market value. SUN recorded a trading volume of $522 million in the last 24 hours.
Popcat (POPCAT), one of the memecoins that gained fame on the Solana blockchain, became the second highest-rising altcoin of the day, increasing by nearly 30 percent in the last 24 hours. POPCAT, which is listed on Binance’s futures, has been at the top for two days.
Tellor (TRB), a decentralized finance (DeFi) project that left its mark on the previous bull cycle, rose 20 percent in the last 24 hours and became the third altcoin that gained the most value of the day.
TRB, which recorded a transaction volume of $66 million in the last 24 hours, reached a market value of $183 million.
Maga (TRUMP), which was among the highest-rising altcoins of the day the other day, increased by 20 percent in the last 24 hours. The anonymous memecoin created in honor of US presidential candidate Donald Trump has gained 35 percent in the last week.
TRUMP recorded a trading volume of $10 million in the last 24 hours. The popular memecoin has a market value of $177 million.
Launched in 2024, Io.net (IO) has been among the highest-rising altcoins of the day for the last two days. IO, which has made a name for itself in the field of information systems and artificial intelligence, has increased by 19 percent in the last 24 hours.
Reaching a market value of $ 193 million, IO recorded a trading volume of $ 244 million in the last 24 hours.
$GMT /USDT
Spot and resistance levels are fundamental concepts in technical analysis, crucial for understanding market dynamics and making informed trading decisions.
**Spot Price** refers to the current market price at which an asset, like a stock, commodity, or currency, can be bought or sold for immediate delivery. It reflects the latest market value, influenced by supply and demand, economic data, geopolitical events, and market sentiment. Traders use the spot price as a reference to gauge market trends and make trading decisions in real-time.
**Resistance Level** is a price point where an asset's upward movement tends to slow down or reverse. This happens because a significant number of sellers enter the market at this price, creating a barrier to further price increases. Resistance levels are identified through historical price data and are often psychological markers where traders anticipate price rejection. When the spot price approaches resistance, it often indicates a potential reversal or consolidation phase. However, if the resistance level is breached, it can signal a breakout, leading to a stronger upward trend.
Understanding these concepts helps traders identify entry and exit points, manage risk, and develop strategies aligned with market conditions. Spot prices offer real-time market insight, while resistance levels provide critical thresholds for price movements.#MtGoxRepayments #BinanceLaunchpoolDOGS #PowellAtJacksonHole #CryptoMarketMoves #BinanceBlockchainWeek
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