Blockchain

Maker (MKR) is currently making waves in the cryptocurrency market with an impressive surge in value. Over the past month, MKR has exhibited remarkable growth, experiencing a substantial 40% increase in price. Today, the crypto flexes its muscle and leads the roster of top 50 coins.

One noteworthy development amidst this rally is the strategic maneuver executed by a prominent crypto whale. This entity recently deposited 3,527 MKR tokens on the Binance exchange, capitalizing on the upward trajectory of MKR’s price. 

This shrewd move has boosted the whale’s total MKR holdings to an impressive 10,000 tokens, resulting in a staggering $5.12 million in profits. This remarkable increase in value underscores the attractiveness of MKR as a lucrative investment in the current crypto landscape.

The price of $MKR has increased by ~40% in the past 1 month and topped $1,500 today.

A smart whale deposited 3,527 $MKR($5.27M) to #Binance to make a profit an hour ago.

And currently has 10,000 $MKR($14.9M) left, the total profit is ~$5.12M(+34%).https://t.co/4atyyejMwJ pic.twitter.com/SyEBI3pNg4

— Lookonchain (@lookonchain) September 28, 2023

Maker: Impressive Metrics And Bullish Indicators

As of the latest data from CoinGecko, MKR is currently trading at $1,553, reflecting a notable 4.1% gain in the past 24 hours and an impressive seven-day surge of 20%. What sets this rally apart is the consistency in MKR’s price patterns, characterized by higher highs and higher lows, a clear indicator of a bullish trend in the market. 

The Relative Strength Index (RSI), according to recent price analysis, lends further credence to this bullish sentiment, with a reading of 79.34, indicating robust bullish momentum surrounding the MKR token.

#Maker‘s price has now surged +40% in the past 16 days with its active addresses hitting a 10-week high in tandem with the asset crossing $1,500. An inflow of $MKR moving to exchanges is something to be cautious of for at least a temporary local top. https://t.co/oFeijYNZCO pic.twitter.com/rStBGX6TdM

— Santiment (@santimentfeed) September 28, 2023

In addition to the price surge, data provided by Santiment reveals that the number of active MKR addresses has reached a 10-week high. This not only signifies an influx of new users into the Maker ecosystem but also highlights heightened activity among existing supporters of the protocol. 

MKR Breaches $1,500 Barrier

Interestingly, this surge in activity coincided with MKR’s price surpassing the $1,500 threshold, suggesting a correlation between price action and increased user engagement.

However, amid the optimism, Santiment issues a cautionary note for MKR investors. They emphasize the importance of vigilance concerning the current influx of tokens to exchanges, as this trend may foreshadow a potential market correction in the short term.

While the current bullish momentum is undeniable, investors should remain cautious and mindful of the potential market dynamics in the coming days.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Tron price is gaining pace above $0.0850 against the US Dollar. TRX is outperforming Bitcoin and could rise further toward $0.092.

Tron is moving higher above the $0.0850 resistance level against the US dollar.
The price is trading above $0.0862 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.0855 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.092 or even $0.095.

Tron Price Regains Strength

In the last Tron price analysis, we discussed the chances of more gains in TRX against the US Dollar. TRX remained stable, outperformed Bitcoin, and traded above the $0.082 resistance level.

The bulls were able to pump the price above the $0.0825 and $0.0850 resistance levels. A high was formed near $0.0879 and the price is currently consolidating gains. The current price action suggests that the price could climb further higher above $0.088.

It is now trading well above the 23.6% Fib retracement level of the upward move from the $0.0820 swing low to the $0.0879 high. TRX is also trading above $0.0865 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.0855 on the 4-hour chart of the TRX/USD pair.

On the upside, an initial resistance is near the $0.088 level. The first major resistance is near $0.0920, above which the price could accelerate higher. The next resistance is near $0.095.

Source: TRXUSD on TradingView.com

A close above the $0.095 resistance might send TRX further higher toward $0.10. The next major resistance is near the $0.105 level, above which the bulls are likely to aim for a larger increase toward $0.112.

Are Dips Limited in TRX?

If TRX price fails to clear the $0.088 resistance, it could start a downside correction. Initial support on the downside is near the $0.0867 zone. The first major support is near the $0.0855 level or the trend line.

The trend line is near the 50% Fib retracement level of the upward move from the $0.0820 swing low to the $0.0879 high, below which it could test the 100 simple moving average (4 hours). The next major support is $0.0830.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.

Major Support Levels – $0.0867, $0.0855, and $0.0830.

Major Resistance Levels – $0.0880, $0.0920, and $0.0950.

Ethereum price is attempting a fresh increase above $1,650 against the US Dollar. ETH could accelerate higher if it clears the $1,670 resistance.

Ethereum is attempting a fresh increase above the $1,620 level.
The price is trading above $1,620 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $1,645 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $1,670 resistance zone.

Ethereum Price Climbs Higher

Ethereum’s price formed a base above the $1,580 level. ETH remained stable and climbed above the $1,620 resistance zone to move into a positive zone, like Bitcoin.

There was a move above the $1,650 level but upsides were limited. A high was formed near $1,667 and there was a minor downside correction. The price is now trading near the 23.6% Fib retracement level of the upward move from the $1,583 swing low to the $1,667 high.

Ethereum is trading above $1,640 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,645 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the price might face resistance near the $1,670 level. The next major resistance is $1,720. A clear move above the $1,720 resistance zone could set the pace for a larger increase. In the stated case, the price could visit the $1,800 resistance. The next key resistance might be $1,820. Any more gains might open the doors for a move toward $1,880.

Are Dips Limited in ETH?

If Ethereum fails to clear the $1,670 resistance, it could a downside correction. Initial support on the downside is near the $1,645 level and the trend line.

The next key support is $1,620 or the, below which the price could test the $1,600 support. A downside break below the $1,600 support might start another bearish wave. In the stated case, there could be a drop toward the $1,540 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,620

Major Resistance Level – $1,670

Bitcoin price is gaining pace above the $26,700 resistance. BTC is consolidating above $26,800 and might continue to rise above the $27,200 resistance.

Bitcoin gained pace above the $26,500 and $26,700 resistance levels.
The price is trading above $26,700 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate higher above the $27,200 resistance zone.

Bitcoin Price Aims Higher

Bitcoin price remained stable above the $26,000 support zone. BTC formed a base and started a steady increase above the $26,500 resistance zone.

The bulls finally managed to pump the price above the $26,700 resistance. It even spiked above the $27,200 level. A high is formed near $27,312 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $26,100 swing low to the $27,312 high.

Bitcoin is trading above $26,700 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance on the upside is near the $27,200 level. The next key resistance could be near the $27,500 level. A close above the $27,500 resistance could send the price further higher. In the stated case, the price could climb toward the $28,200 resistance. Any more gains might call for a move toward the $28,500 level.

Are Dips Limited In BTC?

If Bitcoin fails to continue higher above the $27,200 resistance, there could be a downside correction. Immediate support on the downside is near the $26,800 level and the trend line.

The next major support is near the $26,500 level or the 50% Fib retracement level of the upward move from the $26,100 swing low to the $27,312 high. A downside break and close below the $26,500 level might start another major decline. The next support sits at $26,000. Any more losses might call for a test of $25,400.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $26,800, followed by $26,500.

Major Resistance Levels – $27,200, $27,500, and $28,000.

Billionaire investor Ryan Cohen has been appointed as the new Chief Executive Officer (CEO) of GameStop, a brick-and-mortar video game retailer in the United States, a move that could potentially impact Dogecoin. GameStop’s stock and the Dogecoin price have shown signs of correlation.

Before assuming this role, Cohen had been the Executive Chairman of GameStop since January 2022 and remained the largest shareholder. The experienced investor takes over in what analysts said is an attempt by the board to turn around the fortunes of the public company.

Pro-GameStop Billionaire Takes Over As CEO

In this role, Cohen takes over as the President, Chief Executive, and Chairman of GameStop, representing a move to overhaul and possibly revive the company’s leadership structure. While he assumes several positions, reports indicate that the billionaire won’t receive a salary. 

Following news of Cohen’s announcement, GameStop prices surged 10%. Analysts interpret this expansion as confidence in the experienced investor’s capability and even genuine commitment to sparking a turnaround following challenges in 2022 and the shifting landscape that has seen sales in brick-and-mortar stores fall. 

The appointment is bullish for GameStop because Cohen is one of the largest shareholders. From September 2020, the billionaire started accumulating aggressively through to December 2020. 

The billionaire publicly supported a stock that hedge funds had ignored, as they were betting on a video game retailer to go bankrupt. However, in January 2021, due to a “short squeeze,” GameStop’s stock prices surged by 1,500% as retailers jumped on board, causing the stock to reach around $81.

Will Dogecoin Mirror GameStop’s Rally Of 2021?

The sharp expansion of GameStop in January due to FOMO and retailers banking on a “meme stock” bear the same characteristics as the sudden rally of Dogecoin in the first half of 2021. At peaks, Dogecoin soared to as high as $0.78 as support from Elon Musk, the world’s richest entrepreneur, pumped the coin to record levels.

The CEO of X openly expressed support for DOGE, even appearing on Sunday Night Live (SNL) as the “Doge Master.”

Beyond Elon Musk, Dogecoin’s status as the first meme coin and its alignment with the broader trend of meme stocks rallying in early 2021, driven chiefly by online communities and social media, fueled DOGE prices.

DOGE prices have since cooled off, falling by over 80% as bears pressed on, reversing the project’s huge valuations. Even so, supporters remain bullish, expecting the meme coin to recover in the sessions ahead. 

It remains to be seen if Elon Musk will continue tweeting frequently about DOGE. The billionaire is being sued in New York for allegedly promoting Dogecoin as a “get-rich-quick” scheme. The lawsuit claims that Musk, Tesla, and SpaceX were involved in a “racketeering conspiracy” to support DOGE.

Over the last week, the PEPE price has emerged as one of the best performers in the crypto market. This followed a long period of drawdown that dragged the meme coin’s price almost 90% below its June 2023 all-time high. This prolonged bear period coupled with its declining momentum is why the price reversal has caught the market by surprise.

Social Discussions Around PEPE Rise

To figure out why the PEPE price has been on a rally at a time when the broader crypto market has suffered declines, let’s take a look at the social discussions around the token. In particular, a report from on-chain tracker Santiment shows the social media discussion trends of top meme coins.

Santiment’s report which was shared on X (formerly Twitter) points out that meme coins have not really been on the radar of traders, except for PEPE. As the chart shows, discussions around the PEPE meme token saw an uptick this week.

It is the only meme coin whose social media discussions rose during the week with the likes of Dogecoin seeing their own metrics drop to 3-year lows. This uptick could present the reason behind the PEPE price recovery this week.

Usually, when investors start getting interested in a coin, they will often talk about it on social media platforms. Depending on whether investors are collectively bullish or bearish, it can cause a swing in the price toward either direction. In this case, the uptick in discussions coincides with the rise in price, suggesting a higher level of bullishness.

PEPE Price Rises 16% In One Week

PEPE’s double-digit surge this week saw the altcoin hit a local peak of $0.00000075 on Wednesday, resulting in one of its highest levels in September 2023. This rally has since lost momentum but the meme coin continues to maintain a good chunk of its gains.

The PEPE price is up more than 16% on the weekly chart and enjoying a 92% surge in its daily trading volume over the last 24 hours. This increase in trading volume also shines a light on the rising investor interest, which could suggest a continuation of the rally once the correction finds a bottom.

However, with most of the crypto market still deeply in the throes of the bear market, it’s unlikely that the rally would be able to continue for too long, presenting a hindrance. If the coin fails to establish support above $0.00000071, then all of this week’s gains could be wiped out by the time the weekend is over.

After sinking roughly 30% from 2023 highs, Ethereum appears to be bouncing off from the pits of the crypto winter. Looking at candlestick arrangements in the daily and weekly charts, the coin has primary support at around $1,500 and is firm, bouncing off with decent trading volume. 

At spot rates, ETH is up approximately 3% following positive developments sparked by the increasing adoption of its layer-2 scaling solution and the recent news that VanEck, a player managing billions of assets, is preparing to launch an Ethereum derivatives product.

Ethereum Layer-2 Solutions Exploding

Taking to X on September 28, Alex Masmej, the founder of Showtime, believes that Ethereum’s layer-2 ecosystem has expanded to such an extent that it no “longer makes sense to build on other platforms.”

The development and deployment of Ethereum layer-2 solutions took center stage following network congestion, which forced gas fees to spike to record highs in the last bull run.

Developers have responded to the network co-founder Vitalik Buterin’s urging. The expert believes they are quickly constructing and deploying safe, universal platforms that have gained widespread popularity. 

Layer-2 platforms bundle transactions off-chain before confirming them on-chain, allowing for faster and more cost-effective operations while benefiting from the security of Ethereum. As of September 28, there were over 827,000 validators whose job is to confirm transactions and ensure that the network is secure, thanks in part to their geographic distribution. 

Most layer-2 solutions use optimistic rollups, including Arbitrum, Base, and OP Mainnet. However, Masmej also said that once ZK rollups, which utilize zero-knowledge proofs to validate transactions without revealing sensitive data, are available, it will end the scalability trilemma, further boosting the capabilities of layer-2 solutions.

In the founder’s assessment, high throughput options, including Solana, will be a hedge. At the same time, Cosmos, which drives blockchain interoperability, will act as a long-term source of inspiration. Meanwhile, Ethereum will continue to flourish as Layer-2 options gain traction.

Rising TVL And ETH Complex Products Launching

According to l2Beat data, popular solutions like Arbitrum and Base, which offer faster and cheaper processing environments while remaining coupled with Ethereum and enjoying the pioneer network’s fast-move advantage, have larger total value locked (TVL). As of September 28, layer-2 platforms have a TVL of over $10.6 billion, more than Solana’s market cap, which stood at $8 billion, according to CoinMarketCap. 

Beyond layer-2 adoption, ETH is being catalyzed by the news that VanEck, a global asset manager, is preparing to introduce its Ethereum futures exchange-traded fund (ETF). Specifically, the VanEck Ethereum Strategy ETF (EFUT) will invest in ETH futures contracts provided by exchanges approved by the Commodity Futures Trading Commission (CFTC).

Like the Bitcoin Futures ETF product, which is already being offered, the Ethereum derivative product will allow institutions to gain exposure, boosting liquidity.

In an unexpected turn of events, Ethereum (ETH) Futures Exchange Traded Funds (ETFs) are drawing closer to fruition, potentially becoming available for trading as early as October 3, which could be a significant catalyst for ETH price.

Renowned Bloomberg ETF expert Erich Balchunas recently shared insights indicating that the Securities and Exchange Commission (SEC) might expedite its approval process to avoid potential disruptions caused by a looming government shutdown.

SEC Considers Fast-Tracking Ether ETFs

A government shutdown, which could go into effect if Congress and President Biden fail to reach an agreement on a budget or a short-term continuing resolution by September 30, entails suspending most federal government functions. 

The implications of a shutdown extend beyond its duration, as services provided by the U.S. Department of Housing and Urban Development (HUD) may experience disruptions and delays, affecting citizens both during the shutdown and while federal agencies strive to regain momentum once it ends.

NBC reports that a government shutdown is increasingly likely if Congress does not take swift action. While Congress convened on Wednesday, progress in breaking the impasse has been limited. 

President Joe Biden expressed optimism, stating that a shutdown is not inevitable and urging House Republicans to fulfill their responsibilities by funding the government. 

In light of these developments, Erich Balchunas believes that recent actions taken by the SEC indicate its intention to expedite decision-making processes, as evidenced by the postponement of several spot Bitcoin ETFs weeks ahead of schedule. 

To potentially preempt the impact of an impending shutdown, the SEC may aim to accelerate the launch schedule for Ethereum ETFs. If this occurs, ETF issuers would likely need to submit their final prospectus this week to allow for an effective launch as early as October 2.

Supporting Balchunas’ perspective, Bloomberg Intelligence analyst James Seyffart concurred: 

Nothing yet but watching for filings to indicate Ethereum Futures ETFs are indeed being accelerated for launch next week. We expect a lot more filings from the SEC today as they continue to clear their desks as much as possible before the shut down. Normalcy is out the window

These updates reinforce the notion that Ether futures ETFs are likely to receive approval immediately, aligning with a recent Bloomberg report that posited a 90% chance of their launch in October.

However, until the SEC officially announces its decision, the crypto community remains on tenterhooks, eagerly anticipating the potential groundbreaking debut of Ether Futures ETFs by October 3.

ETH Price Shows Resilience With Upward Momentum 

Ethereum (ETH) has exhibited a significant upward movement in the past week, marking a positive trend extending into the past 24 hours. 

Over the past seven days, ETH has recorded a gain of over 4%, while within the last 24 hours, it has seen a rise of more than 3%. As of the latest update, ETH is currently trading at $1,662. This notable surge in price comes at a crucial juncture, with the monthly close approaching. 

A favorable outcome for Ethereum in these time frames could potentially set the stage for bullish price action in October, particularly with the prospective approval of Ether Futures Exchange Traded Funds (ETFs).

Although breaking the overall downtrend structure has proven challenging for bullish investors, a close above the $1,650 mark would position the cryptocurrency favorably for a bullish October. This is a critical resistance level to overcome, and surpassing it would instill renewed optimism in the market.

Featured image from iStock, chart from TradingView.com 

Ripple CTO David Schwartz has addressed claims made by El Salvador Advisor Max Keiser that the XRP token is a “centralized” cryptocurrency. Schwartz took to X (formerly Twitter) to clear the air, stating that the Bitcoin Adviser’s opinion of XRP was too ignorant to warrant a proper reciprocation. 

Ripple CTO Criticizes Centralization Claims

On September 24, Co-founder of Volcano Energy and Bitcoin Advisor to El Salvador’s President, Max Keiser made a controversial statement about the XRP token. In an X (formerly Twitter) post, Keiser stated that Ripple’s native token, XRP was “centralized”, which was negatively received by the community and triggered a response from the Ripple CTO.

Responding to Keiser’s controversial claim about the XRP, Schwartz expressed his indignation and stated that he found the statement laughable.

“This is such an incredibly stupid argument I have no idea how I could possibly respond to it other than to laugh,” Schwartz said.

In addition to Schwartz, the Product Head of Visa Installment and former employee of Ripple, Josh Gierscha, also jumped on the bandwagon to debunk Keiser’s claims.

Initially, Giersch had believed that Keiser’s centralization claims were made from an X account impersonating the Bitcoin Advisor or from a fan account.

However, Schwartz revealed that the comment was made by the real Max Keiser. He responded by quoting the original post from Keiser’s real account.

Of course the real Max Keiser would never say anything this dumb.https://t.co/dd9JQUPvIYhttps://t.co/mOkN3v0vFU

— David “JoelKatz” Schwartz (@JoelKatz) September 27, 2023

Giersch then topped off the conversation, saying, “Keiser’s an industrial-grade crank, I shouldn’t have expected any better from him”

Keiser’s view on the XRP token was based on the cryptocurrency’s US patent created by Schwartz in 1992 which illustrated a cooperative system involving several interconnected computers. 

This is not the first time that Keiser has said something to draw the ire of the XRP community. The Bitcoin advisor has had a poor view of the token for some time now and occasionally criticizes XRP while idolizing Bitcoin. Back in May, the Bitcoin advisor had come under fire following a statement labeling the XRP token a “shitcoin.”

XRP Twitter Community Reacts To Centralization Argument

The XRP community also poured out to criticize Keiser’s claims about the token. One community member attributed the statements to Bitcoin maxis being scared of the token’s abilities, saying; “Bitcoin maxis are terrified of XRP.”

Another X user jumped in to add their own two cents saying that Keiser was being intentionally misleading to his over 500,000 followers. Pointing to the patent which Keiser used as the basis for his statement, the user said “There’s no way he believes you filed a patent for the XRPL in 1988. Not a chance. Yet this is what he asserts. Seems he’s just an “ends justify the means” type of guy.”

Keiser’s remark on XRP’s decentralization contradicts the inherent nature of the token which is seen in its value as a digital payment currency and an open-source ledger blockchain.

According to a recent FOX Business report, Valkyrie Investments has secured approval from the Securities and Exchange Commission (SEC) to launch the first exchange-traded fund (ETF) featuring Ethereum (ETH) futures. 

This achievement positions Valkyrie as the frontrunner among nine issuers seeking to provide investors with an opportunity to speculate on the future price of the world’s second-largest digital asset through an ETF.

Valkyrie Emerges As First Mover In Ethereum Futures ETF Race

Ether, the native token of the Ethereum blockchain, currently holds a value of approximately $1,659 per token. Valkyrie aims to enhance retail participation in the crypto market by introducing an ETF that tracks Ether futures. 

According to FOX, Valkyrie Investments plans to merge its existing Bitcoin (BTC) futures ETF with the newly introduced Ether futures ETF, creating a combined fund named “the Valkyrie Bitcoin and Ether Strategy ETF”. 

Notably, the ETF’s Nasdaq ticker, BTF, will remain unchanged. The fund’s strategy includes opportunistically purchasing Ethereum futures, reflecting the growing interest in this digital asset over the past year.

Originally scheduled to commence trading on October 3, Valkyrie expedited its launch in response to the possibility of a government shutdown on Friday, a development that would limit SEC operations. 

With nearly two million federal workers facing layoffs without a funding agreement, Gensler has urged companies planning to go public to expedite their offerings before the shutdown occurs. 

The fate of the Ether futures applicants remains uncertain, as the SEC has requested that they update their filings with any additional information by Friday afternoon.

Lastly, Steven McClurg, Chief Investment Officer at Valkyrie, expressed enthusiasm about being at the forefront of offering Ethereum futures to investors, recognizing the exponential growth in interest surrounding this asset class. 

Featured image from Shutterstock, chart from TradingView.com