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Can XRP reach $17 soon... 🤔🤔🤔🤔 Market analyst EGRAG has updated his renowned XRP "Bent Fork" analysis, projecting an ultimate price target of $17 amidst current market conditions. XRP has been experiencing a prolonged downtrend, following broader crypto market trends. Despite intermittent declines since retesting the 50-day EMA ($0.5723) on April 22, XRP has seen a 17.72% drop this month. Despite bearish sentiments, analysts like EGRAG anticipate strong performance from XRP during the ongoing bull season. EGRAG's updated analysis revises the ultimate target for the "Bent Fork" pattern to $17. Introduced last June, the Bent Fork analysis outlines four trajectories for XRP, with path D leading to a surge to $15. However, EGRAG's latest commentary adjusts the target for path D to $17, citing current market conditions and increased curvatures in XRP's paths. EGRAG emphasizes the significance of the $1 level as a potent resistance point for XRP. Breaking above this threshold could bolster bullish momentum, potentially leading to a surge towards higher values and paving the way for what EGRAG terms the "Valhalla Highway." Additionally, EGRAG predicts a surge in XRP's dominance, potentially reaching 17.39%. With a stable global crypto market cap of $2.37 trillion, this would result in a market cap of $412 billion for XRP, translating to a price level of $7.46 based on a circulating supply of 55 billion tokens. Disclaimer: This content serves as informational and should not be construed as financial advice. Readers are encouraged to conduct their own research before making investment decisions. Source - thecryptobasic.com

Can XRP reach $17 soon... 🤔🤔🤔🤔

Market analyst EGRAG has updated his renowned XRP "Bent Fork" analysis, projecting an ultimate price target of $17 amidst current market conditions.

XRP has been experiencing a prolonged downtrend, following broader crypto market trends. Despite intermittent declines since retesting the 50-day EMA ($0.5723) on April 22, XRP has seen a 17.72% drop this month.

Despite bearish sentiments, analysts like EGRAG anticipate strong performance from XRP during the ongoing bull season. EGRAG's updated analysis revises the ultimate target for the "Bent Fork" pattern to $17.

Introduced last June, the Bent Fork analysis outlines four trajectories for XRP, with path D leading to a surge to $15. However, EGRAG's latest commentary adjusts the target for path D to $17, citing current market conditions and increased curvatures in XRP's paths.

EGRAG emphasizes the significance of the $1 level as a potent resistance point for XRP. Breaking above this threshold could bolster bullish momentum, potentially leading to a surge towards higher values and paving the way for what EGRAG terms the "Valhalla Highway."

Additionally, EGRAG predicts a surge in XRP's dominance, potentially reaching 17.39%. With a stable global crypto market cap of $2.37 trillion, this would result in a market cap of $412 billion for XRP, translating to a price level of $7.46 based on a circulating supply of 55 billion tokens.

Disclaimer: This content serves as informational and should not be construed as financial advice. Readers are encouraged to conduct their own research before making investment decisions.

Source - thecryptobasic.com

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#cardano Price Forecast: This $10M Signal Could Drive ADA above $0.50 Cardano's price surge of 15% in the initial three days of May 2024 encountered a roadblock at the psychological resistance level of $0.45. Vital market data sheds light on the prevailing sentiment among ADA traders. ADA Price Rally Meets Resistance at $0.45, Trails Market Average - The onset of May witnessed a resurgence in the #CryptoMarket , with altcoins collectively gaining $142 billion in market capitalization over the past week. - Initially, ADA experienced a robust rally of 15%, soaring from $0.42 to $0.48. However, the failure to breach the crucial $0.50 mark led to a retracement, with ADA prices settling around $0.45 at the time of writing on May 7. - ADA's monthly performance indicates a 7.7% increase, but it lags behind the TOTAL2 chart, which shows a 15% boost in the overall altcoin market for May 2024. Speculative Traders Bet on ADA Breakout with $10M Investment - Despite ADA's relative underperformance amid bullish sentiment in the altcoin market, strategic traders have been observed making bullish wagers on ADA. - Coinglass' Open Interest metric for ADA surged from $205.7 million on May 1 to $216.2 million on May 7, aligning with ADA's 7% price growth during the week. - Persistent growth in open interest during an uptrend indicates that the majority of ADA holders are increasing their bets in anticipation of amplified gains when spot prices surge. ADA Price Forecast: Aim for $0.50 Retest - Despite ADA's current price of $0.45, down 8% from the monthly peak, insights from the $10.5 million surge in open interest suggest a potential retest of $0.50 in May 2024. - Analyzing ADA's daily chart, #Bulls face strong resistance at the 20-day SMA around $0.47. Surpassing this level may lead ADA to break $0.50 for the first time since April 23. In case of a bearish reversal, the $0.43 buy wall may offer interim support, as indicated by the lower-limit Bollinger band. Source - thecryptobasic.com #BinanceSquareTalks #CryptoTrends2024 $ADA
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💥💥💥 #Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How Ethereum's price trajectory encounters a correction phase following its rejection near the $3,220 mark. A renewed bullish trend may unfold if it surmounts the obstacles at $3,055 and $3,080. The latest Ethereum price action witnessed a retracement after encountering resistance around the $3,220 level. This downturn saw ETH slipping beneath both the $3,100 mark and the 100-hourly Simple Moving Average. Notably, it tested the critical support at $3,000 before entering a consolidation phase. Presently, Ethereum is trading below $3,100, with immediate resistance looming around the $3,050 level. This aligns closely with the 23.6% Fibonacci retracement level of the recent decline from the $3,217 swing high to the $3,005 low. Furthermore, a pivotal bearish trend line is forming with resistance at $3,055 on the hourly chart of ETH/USD. The primary resistance lies near $3,080, coinciding with the 100-hourly SMA. Resistance is expected at $3,120, with a breakthrough potentially leading to bullish momentum towards $3,200. Surpassing $3,200 could target resistance levels at $3,350 and $3,500. Conversely, if Ethereum struggles to surpass the $3,055 resistance, it might resume its decline. Initial support is found at the $3,000 level, which is a crucial psychological level. Subsequently, the $2,950 zone emerges as a significant support area, followed by $2,920. A breach below $2,920 may lead to further downside pressure, with potential targets at $2,840 and $2,720 in the near term. Looking at the technical indicators, the hourly #MACD for ETH/USD indicates a weakening bearish momentum, while the hourly RSI is below the 50 level, signaling a bearish sentiment. In summary, Ethereum's ability to breach key resistance levels at $3,055 and $3,080 will determine its next directional move. Conversely, a failure to do so might prompt further downside, with $3,000 and $2,950 serving as crucial support levels. Source - newsbtc.com #CryptoNews🔒📰🚫 #cryptocurrency #BinanceSquareTalks $ETH
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👉👉👉 Here’s How Many #shibaInu Stand in the Way of SHIB Reaching $0.000056 With the broader market poised for recovery, Shiba Inu (SHIB) aims to overcome recent losses and achieve significant price rallies. Despite April's 27.16% decline, SHIB has already risen by 7.15% this month, eyeing notable price levels. SHIB's immediate target is surpassing its yearly peak of $0.000045, with aspirations toward the $0.00005 range. However, on-chain data from IntoTheBlock suggests obstacles on its path to $0.00005. Shiba Inu Faces Resistance Below $0.00005 - IntoTheBlock's Global In/Out Money (GIOM) metric indicates minimal resistance below $0.000026, but significant hurdles lie ahead. The Fibonacci 0.5 retracement level at $0.00002721 marks the next major resistance. - Beyond $0.000026, SHIB faces three sell walls before reclaiming $0.000045 and another before reaching a new yearly high above $0.00005. The first sell wall, between $0.000026 and $0.00003, involves 115,790 addresses holding 56.37 trillion SHIB. - The second sell wall, around $0.000033, sees 140,830 wallets with 21.06 trillion SHIB. At $0.000045, a cluster of 57,960 addresses accumulated 8.44 trillion SHIB. Breaking through would propel SHIB to the yearly peak. - To establish a new peak, SHIB must breach the sell wall between $0.000045 and $0.000056, with 62,510 addresses holding 3.32 trillion SHIB. These supply walls collectively feature 78 trillion SHIB tokens, posing resistance. Current Market Sentiment - At $0.00002428, SHIB needs a 130% surge to reach $0.000056, demonstrated in late February's uptrend. Bullish momentum would require a shift in sentiment, currently leaning toward the bearish side, with the Long/Short Ratio at 0.845. However, investors withdrawing $SHIB tokens signal optimism for recovery. Remember, investing in cryptocurrencies is highly speculative and involves a significant risk of loss. You should never invest more than you can afford to lose also do your own research. Source - thecryptobasic.com
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