Crypto.com Expands Services With Shopify Offering 0 Transaction Fees

Key Insights:

  • Shopify will use Crypto.com Pay to enable crypto payments.
  • The facility will allow merchants to receive cryptocurrencies with 0 transaction fees.
  • Crypto.com is pushing adoption by recently announcing a five-year partnership with AFL.

In an announcement today, one of the world’s best-known cryptocurrency exchanges, Crypto.com, enabled Shopify merchants to receive payments in cryptocurrency with the help of Crypto.com Pay. 

Crypto.com Expands Merchant Reach

With this integration, Shopify merchants will be able to tap the market of customers who prefer to pay in cryptocurrencies and also open up opportunities for the current users who are looking to make use of this facility.

Crypto.com is even offering to waive the 0.5% settlement fee for the first month after integration on all transactions to incentivize Shopify merchants further. This will also help Crypto.com expand its payment services to other Shopify users as well.

Currently, Crypto.com enables users to make payments all around the world with 0 transaction fees, and they also incentivize individuals to make use of its native token, Cronos, with its payment platform. Users who pay through Crypto.com using Cronos receive a significant amount in crypto-cashback, which can run up to 10% during certain periods.

Going forward, Crypto.com users will be able to pay Shopify merchants using 20 cryptocurrencies ranging from Bitcoin to Apecoin, including Ethereum, Cronos, Dogecoin, and Shiba Inu as well.

Commenting on this announcement, Co-founder and Chief Executive Officer (CEO) of Crypto.com, Kris Marszalek, stated,

“Providing more customers and merchants the ability to engage in commerce using cryptocurrencies is a priority for Crypto.com. We are incredibly excited to integrate into Shopify, and to bring this capability to even more customers and merchants around the world.”

Crypto.com Furthers Its Partnerships

Marketing and advertising are the strongest suits of Crypto.com with brand ambassadors like Matt Damon. The exchange is thus building on it to reach a wider audience. 

As per that strategy, the most recent play was Crypto.com’s five-year partnership with Australian Football League, becoming the Official Cryptocurrency Exchange and Official Cryptocurrency Trading Platform for both AFL and AFLW.

But while it excels on the expansion front, it might not be doing so well on the investor front as Cronos holder try to recover from the devastating crash of May 9.

Although CRO is up by 16.64% over the week, it will be hard for the altcoin to counter the 43.35% plunge in price during the crash.

Cronos lost over 43% during the recent market crash

Best Performing Altcoins of Last Week: BNB, TRX, MANA, MKR

Key Insights:

  • Bitcoin’s price faced strong resistance at the $31,000, while altcoins made attempts to recover. 
  • BTC’s recovery above the $27,000 mark pushed certain altcoins towards a short-term recovery.
  • BNB, TRX, MANA, and MKR were among the coins that got a decent upswing.

Bitcoin’s price attempted recovery above the $30,000 resistance level, but after facing rejection ahead of the $31,000 mark, its price oscillated close to $28,983 at the time of writing. BTC’s price jumped by almost 7% in a day, cutting its weekly losses to less than 18%, in tandem altcoins saw a short-term price push.

The world’s largest cryptocurrency by market cap was still down by over 50% from its all-time high made in November 2021 at around $69,000. After BTC’s recent short-term uptrend, most of the major altcoins faced the uphill task of recovering above their key support/resistance levels.

Altcoins short-term price surge

Certain altcoins that performed well over the last week in tandem with BTC’s recovery above the $27,000 mark were binance coin (BNB), Tron (TRX), Decentraland (MANA), and Maker (MKR).

In addition to that, two ethereum (ETH)-based altcoins called Chain’s XCN and FLEX Coin’s FLEX token charted notable weekly gains despite the widespread crypto meltdown.

The native token of the blockchain technology company chain, XCN, rose by more than 30% in price over the last seven days from a low of $0.071 to a high of $0.091.

On the other hand, Hong Kong-based futures exchange platform’s native token FLEX jumped by over 33% in the last week from a low of $3.72 to a high of $4.95.

Furthermore, many altcoins like DOT, AVAX, SHIB, MATIC, FTT, FTM, and APE were briefly in the green zone. Apecoin’s APE token rallied by 46%, breaking above the $9.00 level, while FTM, MANA, and GALA saw close to 50% gains over the last week.

BNB, TRX, MANA, and MKR see short-term price gains

Binance Coin’s BNB saw a bounce from the $200 support zone, rising to as high as $300 on May 13. However, the fifth-ranked coin by mark cap faced considerable resistance at the $315 mark and after making a high of $313 on May 13, it made its way back to the $250 level.

FXempire, BNB, Crypto
BNB Price Action | Source: FXEmpire

If bulls fail to ride the sell-side pressure, the price might correct lower, but dips could be limited below the $250 level. At the time of writing, BTC’s price pullback to the $28,900 mark brought BNB’s price down to the $279.36 level.

BNB’s price was down by 9.35% in the last 24-hours and almost 25.62% over the previous week.

Apart from BNB, Tron’s TRX token maintained its price above the key $0.067 mark despite the market-wide sell-off. TRX’s price made it close to the $0.084 mark but faced resistance at the higher level, which led to a pullback towards the $0.067 mark.

FXempire, TRX, Crypto
TRX Price Action | Source: FXEmpire

While TRX’s price maintained its rangebound movement between the $0.067 and $0.084 mark, its price didn’t fall below the key support zone at the $0.065 mark which was noteworthy.

Defi token MKR was another coin that performed well amid high sell pressure in the larger market. On the other hand, Decentraland’s MANA gained up to 50% as the market saw a short-term recovery.

Maker Protocol’s MKR token recovered from the last week’s losses as the price pushed above the $1500 mark. At press time, MKR traded at $1,456.29, noting 1.71% daily and 9.55% weekly gains.

On a weekly chart, MKR’s price made a higher high for the last four days.

FXempire, MKR, Crypto
MKR Price Action | Source: FXEmpire

At the time of writing, data from CoinMarketCap highlighted that MANA was the top gainer in the top 100 assets by market cap.

FXempire, BTC, Crypto, Altcoins
Source: Coin Market Cap

The 33rd ranked coin by market cap traded at $1.14, noting 4.19% daily gains. Over the last two days, MANA’s price recovery above the $1.13 mark has instilled positive momentum for the coin.

FXempire, MANA, Crypto
MANA Price Action | Source: FXEmpire

If bulls push MANA above the $1.15 mark, further gains could be expected in the near term for the alt.

So, what do altcoins need to recover?

Most of the top altcoins have a high BTC correlation during bear markets. The top coin’s price movement and volatility provide ample opportunities for alts to rally.

Crypto analyst Rekt Capital notes that BTC would need a monthly close above the $35,000 mark for a bullish higher timeframe close and to keep losses at bay. While a monthly close above the $35,000 mark may seem unachievable, if volatility and buying pressure takes on the same could pan out in favor of the bulls.

BTC’s monthly close above the key resistance at $35,000 could aid positive momentum to altcoin trajectories. In the last week, BTC’s price has made some decent progress recovering above the range low of around $28,600, but a push from bulls above the $30,000 mark would be needed for altcoins to move upwards.

Analyst Rekt Capital also highlighted that for ‘BTC to develop some semblance of bullish momentum, it needs to keep $28600 as support for price to challenge $32000.’ However, a BTC weekly close below the $28600 mark would be bearish.

Your Crypto Brew: Stablecoin Woes, Unfavorable Macro Flows Weigh on Crypto

Key Points

  • Reports were doing the rounds on Thursday that Grayscale has met with the US SEC privately.
  • The crypto market decline has continued on Thursday as stablecoin woes and macro worries weigh on sentiment.
  • Bitcoin (BTC) hit its lowest level since December 2020, while stablecoin troubles seem to have spread to USDT.

Today’s daily Crypto Brew takes a deep dive into the latest news, themes, and developments driving crypto markets.

The total market capitalization of cryptocurrencies continued to fall on Thursday, at one point falling below $1.1 trillion for the first time since February 2021, but more recently stabilizing above $1.2 trillion. That still leaves losses at about 3% (over $40 billion) on the day and close to 21% (around $330 billion) on the week, at the time of writing.

According to CoinGlass, cryptocurrency future positions worth $1.26 billion were liquidated in the last 24 hours. Most of these liquidations continue to be of long positions as the crypto market declines.

Long liquidations on Wednesday were just shy of $700 million, not far below Monday’s more than three-month high of nearly $800 million.

State of the market

Cryptocurrency markets have continued to reel on Thursday as the collapse of Terra’s stablecoin UST triggers contagion across other stablecoin markets, with Tether’s USDT now looking to be in trouble. Stablecoin woes come against a still very unfavorable macro backdrop for the crypto market, with US stocks down sharply in wake of hotter than expected US inflation data.

April US Consumer Price Inflation (CPI) data released on Wednesday revealed a smaller than expected drop in the YoY rate of headline inflation (to 8.3% from 8.5% in March rather than the expected drop to 8.1%). Meanwhile, core price pressures were also hotter than expected, with the MoM jump in core prices exceeding expectations at 0.6% versus an expected rise to 0.4% from 0.3% in March.

Heading into the data release, traders had been hoping that signs of easing price pressures would facilitate a winding down of hawkish Fed bets. This could have given stocks and crypto a short-term boost.

But as it played out, the opposite happened and the Fed will look upon the latest CPI data with concern.

The latest data likely reaffirms their conviction to tighten monetary policy “expeditiously” back to so-called “neutral” (rates around 2.5%) by the end of the year and perhaps much higher in 2023, despite a slowing global growth impulse, which has been exacerbated in recent weeks by lockdowns in China and the Russo-Ukraine war.

It was thus not surprising to see US equities extend their recent run of losses on Wednesday, led unsurprisingly by the high-interest rate-allergic tech sector. The Nasdaq 100, with which the cryptocurrency market has had a close correlation in recent months fell 3.0% to below the 12,000 for the first time since November 2020.

Nasdaq 100 index future suggests the index is set to open Thursday’s session a further more than 1.0% lower in the 11,800s, meaning it is now down roughly 30% versus its record highs back in November 2021.

Bitcoin

Bitcoin was last trading down about 2% in the $28,500 area, having recovered from an earlier dip as lower as the mid-$25,000s, giving it a market cap of just over $540 billion, near its lowest since early 2021.

On the week, BTC/USD is down about 16.5% and, at current levels, the cryptocurrency trades lower by about 60% versus its all-time high printed last November just above $69,000.

The percentage of bitcoin addresses in-profit dropped to a two-year low of 60.4% on Thursday, Glassnode data showed.

Alternative.me’s Fear & Greed Index for BTC showed that markets remain in a state of extreme fear with a score of 12. The index hit 10 earlier in the week, not far above the all-time worst score of 5 hit back in August 2019.

fear and greed index
Source: Alternative.me

Altcoins

Turning to etheruem (ETH), ETH/USD was last trading lower by close to 5.5% in the mid-$1,900s. The cryptocurrency has recovered from an earlier crash as low as the $1,700s for the first time since June 2021, where it tested a triple bottom in the $1,750 area from the middle quarters of 2021.

At current levels just under $2,000, the market cap of the world’s second-largest cryptocurrency stands at just above $230 billion and, like bitcoin, is around 60% down versus its record highs from last November.

Other notable layer-1 blockchain tokens in the top ten cryptocurrencies by market cap took a beating on Thursday.

  • Binance’s BNB is down around 10.4% in the last 24 hours, according to CoinMarketCap, at the time of writing.
  • Ripple’s XRP last down about 24% in the last 24 hours.
  • Cardano’s ADA is around 25% lower in the last 24 hours, whilst Solana’s SOL has shed about 28% of its value over the same time period.
  • Popular meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB) were both down in the region of 30% over the last 24 hours. DOGE’s market cap fell under $10 billion for the first time since April 2021.
  • LUNA, the native token on the Terra blockchain, was last changing hands on exchanges for under 5 cents, meaning it has lost about 99.9% of its value from its record highs printed at the beginning of April near $120 per token since the de-pegging of Terra’s flagship stablecoin UST.

Stablecoins

Stablecoin trouble that originated over the weekend just gone with the de-pegging and subsequent collapse of Terra’s algorithmic stablecoin UST (which has resulted in the collapse of the Terra blockchain’s native LUNA token) has spread to Tether’s stablecoin USDT.

USDT/USD went as low as $0.94 on Thursday, according to Coinbase data cited on TradingView. It now trades closer to $0.99 again.

USDT is allegedly backed 1:1 with actual US dollars of liquid equivalents (short-term US debt instruments), according to Tether. But Tether has come under scrutiny and criticism in the past amid claims that USDT isn’t actually backed 1:1.

UST, meanwhile, continues to trade like an illiquid altcoin and continues to swing all over the place. It was last trading around $0.50, despite Terraform Labs announcing further measures to save the peg on Twitter.

Citadel Securities, BlackRock, and Gemini have all criticized social media-based conspiracy theories alleging that they played some part in the UST collapse.

For now, USD Coin (USDC), Binance USD (BUSD,) and Dai (DAI), the next major USD stablecoins, all continue to trade comfortably in line with their 1:1 pegs to the US dollar.

Flows, deals, and transactions

According to Glassnode, $3.3 billion in bitcoin was sent to exchange wallets on Wednesday versus $3.2 billion out, amounting to a net inflow of around $49.9 million.

That coincided with the 7-day moving average of Exchange Inflow Volume reaching an 11-month high of 3,372.517 bitcoins (per day) and bitcoin Balance on Exchanges reaching a 1-month high of 2,542,255.466 bitcoins on Thursday, according to Glassnode.

Traders moving bitcoin to exchanges in a higher number is usually a sign of an elevated intent to sell in the market.

Meanwhile, crypto investors reportedly moved $1.6 billion into exchanges on Wednesday versus $1.6 billion out, resulting in a net inflow to exchanges of just over $30 million.

DeFi tokens

According to CoinGecko, the market cap of DeFi tokens fell to $48.6 billion on Thursday. That marks a more than 57.5% collapse in just seven days and is mostly due to the demise of LUNA, the former largest of the DeFi tokens.

The total value locked (TVL) on all DeFi platforms continued its recent collapse and was last at just over $100 billion, down over 25% in the last 24 hours alone, data on DeFi Llama showed. Much of the recent collapse has been driven by the downfall of the Terra ecosystem, which now has a TVL of only about $2.0 billion versus close to $22.0 billion just one week ago.

  • Of the largest ten DeFi tokens, Lido Staked ether’s STETH (around -20% in the last 24 hours)
  • Chainlink’s LINK (around -25%)
  • Uniswap’s UNI (around -23%)
  • PankcakeSwap’s CAKE (around -27%)
  • Maker’s MKR (around -30%)

They are all performing poorly in tandem with the broader crypto market drop, at the time of writing.

DeFi stablecoins including Dai’s DAI, Frax’s FRAX, and Magic Internet Money’s MIM are all remaining broadly stable close to $1.0, as is their intended purpose.

Crypto regulation landscape

Australia’s first-ever bitcoin and ethereum Exchange Traded Funds (ETF) went live on Thursday, launched by ETF Securities and Cosmos Asset Management. Trading surpassed A$ 1 million in the first two hours, which market commentators said marked a strong start given broader market turmoil.

“ETF Securities and Cosmos Asset Management’s cryptocurrency launch may go down in history books and put Australia’s ETF market in the running,” analysts at Bloomberg Intelligence wrote. Australia’s crypto market could hit $1 billion by the end of the year, with the country potentially acting as the Asia-Pacific’s gateway to crypto ETFs, they noted.

With Australia joining ranks with Canada as one of the few major developed economies where cryptocurrency ETFs have received approval, pressure on the US Securities & Exchange Commission to allow a US-based crypto ETF builds further.

Reports were doing the rounds on Thursday that Grayscale has met with the US SEC privately as it pushes for regulator approval of its plan to convert its Bitcoin Trust into an ETF.

Speaking of the SEC, two former SEC lawyers told The Block on Wednesday that the US regulator is likely already investigating what happened to UST over the weekend.

The SEC had already taken an interest in the Terra ecosystem, one of the lawyers said, noting the Mirror protocol that enabled crypto investors to buy digital assets whose value remains closely linked to traditional financial assets, though remains outside the regulatory purview.

Elsewhere, the High People’s Court in Shanghai declared bitcoin to be a legal form of virtual property that will be protected under Chinese law. This is despite the fact that cryptocurrency trading is banned in China.

Gucci Goes Crypto with US Stores to Start Accepting Crypto Payments

Key Insights:

  • On Wednesday, Gucci announces plans to begin accepting crypto in US stores later this month.
  • Gucci has been a trailblazer in the digital asset and virtual space.
  • Five US stores will accept payments in more than 10 cryptocurrencies, including DOGE and SHIB.

Gucci and the fashion industry have been long-standing advocates of digital assets and virtuality.

Fashion brands have ramped up Web3 activity in 2022, with some big names filing Metaverse-related trademark applications.

While some fashion houses play catch up, Gucci has been a Web3 trailblazer. News of Gucci making a move to begin accepting crypto payments aligns with the brand’s Web3 position.

Gucci to Launch Polit Program to Accept Crypto Payments in US Stores

On Wednesday, news hit the wires of Gucci launching a pilot program to begin accepting in-store crypto payments.

According to Vogue Business, Gucci will begin the pilot scheme at the end of May. Stores will share QR code links to shoppers via email to enable payments from crypto wallets.

Stores will accept crypto payments in more than 10 cryptos, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu Coin (SHIB), Wrapped Bitcoin (WBTC), and five USD pegged stablecoins.

Five stores will reportedly form part of the pilot scheme, these being Gucci stores on Wooster Street (New York), Rodeo Drive (Los Angeles), Miami Design District (Miami), Phipps Plaza (Atlanta), and The Shops at Crystals (Las Vegas).

Gucci plans to extend the pilot scheme to all North American stores by the summer.

It is not Gucci’s first foray into the virtual space. In February, Gucci purchased LAND in The Sandbox (SAND). Based on Gucci Vault, attendees can buy and use fashion items in the Metaverse.

On Gucci Vault, the fashion house also launched a Discord and the Gucci Grail, and the SuperGucci NFT collections, available on OpenSea.

The relationship with Web3 started much sooner, however. In 2021, Gucci and Roblox hosted the Gucci Garden, a virtual version of a real-world installation in Italy. Gucci Garden consisted of themed rooms in commemoration of Gucci’s centenary.

For the crypto market, the increased adoption of Web3 continues to support cryptos, including SAND.

The Sandbox Price Action

At the time of writing, SAND was down 0.86% to $2.41. A bearish morning session saw SAND fall to an early morning low of $2.40.

Gucci and other big names deliver SAND price support
A move through to $2.5 would give the bulls a look at $3.0 near-term.

Technical Indicators

SAND will need to avoid the day’s $2.34 pivot to target the First Major Resistance Level at $2.55. SAND would need broader market support to return to $2.50.

In the event of an extended rally, SAND could test the Second Major Resistance Level at $2.67 and resistance at $2.70. The Third Major Resistance Level sits at $3.00.

A fall through the pivot would bring the First Major Support Level at $2.22 into play. Barring an extended sell-off, SAND should avoid sub-$2.20. The Second Major Support Level sits at $2.00.

SANDUSD 050522 Hourly
Steering clear of the pivot would support another bullish session.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SAND sits below the 100-day EMA, currently at $2.47. This morning, we saw the 50-day EMA narrow to the 100-day EMA, delivering support. The 100-day EMA flattened on the 200-day EMA; SAND neutral.

A move through the 100-day EMA would support a return to $2.60.

SANDUSD 050522 4-Hourly
A move through the 100-day EMA would bring $3.0 levels into play.

APE Joins DOGE to Take Cues From Crypto Influencer Elon Musk

Key Insights:

  • On Wednesday, Elon Musk briefly changed his Twitter profile image to a Bored Ape Yacht Club image, driving APECoin (APE) into a frenzy.
  • Musk has a similar impact on Dogecoin (DOGE) and Shiba Inu Coin (SHIB), and even Bitcoin (BTC).
  • The Elon Musk influence brings into question the ethos of decentralization.

Elon Musk, the world’s richest man, is no stranger to cryptocurrencies. In January 2021, the Tesla (TSLA) CEO showed his power over the crypto market by simply changing his Twitter account description to #bitcoin.

On Jan. 29, the Bitcoin (BTC) response was evident, surging from a day low of $31,996 to a day high of $38,632 before easing back.

Elon Musk Hits BTC via Twitter
Hourly chart shows the influence of Elon Musk.

In February of last year, Musk delivered further BTC price action with news of Tesla acquiring $1.5 billion in BTC. Once more, the Musk influence was evident, with BTC responding to the news.

Tesla news delivers BTC spike
BTC spikes on news of Tesla purchasing $1.5bn in BTC.

Since then, Musk has continued to show his influence on the crypto market, with DOGE, SHIB, and now APE at the mercy of Musk’s Twitter account.

Musk Twitter account causes APECoin frenzy

On Wednesday, Elon Musk flexed his crypto muscles via his heavily influential Twitter account. By simply changing his Twitter profile picture to a Bored Ape Yacht Club NFT image, APECoin surged from $14.51 to a day high of $17.64, before easing back. APE holders enjoyed a 21% breakout within a 45-minute time span.

Elon Musk fueled price action
Musk Twitter account hits APE

APE joined a growing list of cryptocurrencies that have fallen under Elon Musk’s spell. Dogecoin (DOGE) and Shiba Inu Coin (SHIB) have long been under the influence of Elon Musk.

APE joins DOGE as an Elon Musk dependent

Over the last 12-months, Musk’s influence on DOGE and SHIB has been unquestionable. Last month alone, DOGE investors faced heightened volatility as the global financial markets responded to Musk’s Twitter purchase.

On April 5 and April 25, two spikes were evidence of the Musk Spell. The April 5 breakout came in response to news of Musk taking a $3 billion stake in Twitter.

The April 25 breakout came in response to renewed talk of Musk buying Twitter, which briefly took DOGE into the crypto top ten by market cap.

Elon Musk and Twitter News
Price spikes driven by Musk news updates.

Musk brings into question the ethos of decentralization

Since Tesla’s purchase of $1.5 billion in BTC, questions have surfaced over the influence of one person on the crypto market.

There has yet to be any regulatory scrutiny on the Musk influence despite the US Securities and Exchange Commission’s stance on cryptocurrencies.

For the crypto market, the Musk influence raises questions over the ethos of decentralization. The impact of a Musk Tweet on APE, BTC, DOGE, and even SHIB removes the concept of decentralization.

While crypto investors going long may appreciate the Musk influence, investors shorting APE, DOGE, and SHIB walk a treacherous path, with Musk able to create a price spike with a simple tweet.

Robinhood To Buy London Based Crypto App as Part of Europe Expansion

Key Insights:

  • Robinhood is set to purchase the London-based fintech app, Ziglu.
  • Through Ziglu’s crypto capabilities, Robinhood will expand into UK and Europe.
  • This is Robinhood’s second major announcement after listing Shiba Inu, Solana, and other assets on its exchange.

Robinhood gained prominence during its GameStop debacle but has since managed to make a name for itself in the crypto space with its cryptocurrency exchange Robinhood Crypto.

Thus, the company is now focusing on simply expanding on the same with its decisions to build on the existing momentum.

Robinhood Comes to the UK

As per a report by CNBC, Robinhood yesterday finalized the purchase of Ziglu, a fintech application based in London that provides crypto trading services for Bitcoin and other cryptocurrencies.

This deal will play an essential role in Robinhood’s plans of expanding its presence in the United Kingdoms and Europe, which it has been eyeing for a while now.

Two years ago, Robinhood was gunning for occupying these territories but had to terminate the plans citing business at home as its priority instead of expanding overseas.

This deal will be of massive value for the platform, which has noticed a steady decline in its monthly active users in quarter 4 of 2021, losing over 1.3 million users in 3 months.

Commenting on losing the market share and the potential that the new deal holds, the Chief Executive Officer (CEO) of Robinhood, Vlad Tenev, said,

“Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”

Robinhood’s Attempts at Crypto

Ziglu’s purchase is the second most significant step taken by Robinhood this month, as just last week, FXEmpire reported on the exchange’s announcement of adding Shiba Inu, Solana, Compound, and Polygon’s tokens to Robinhood Crypto. 

A few days later, CEO Tenev was reported discussing the possibility of Dogecoin becoming the ‘Currency of the Internet’, saying the coin’s inflation rate is way below that of USD (Dollar) and that by lowering fees and increasing the number of transactions per second, it can achieve that status.

Thus, it seems like Robinhood will not stop until it becomes a major crypto market player worldwide.

This Is Why Hoping for a 263% Rally for Shiba Inu (SHIB) Is Pointless

Key Insights:

  • Shiba Inu’s recovery to mark a new all-time high will not be happening in the near future.
  • The bearishness faced by SHIB will continue to keep investors away.
  • Shiba Inu’s Metaverse hasn’t seen a great deal of hype either.

Shiba Inu is that one cryptocurrency that no one wants to talk about yet won’t stop talking about. Building its reputation on its volatility, the coin is proof that not everything that glitters is Gold.

But words only matter so much as investors and the community believes actual statistics, and well, they seem to agree with that opinion.

Shiba Inu Fails Again

The altcoin has been switching patterns of price movement from declining to consolidation, but since the beginning of the year, one thing it certainly has not done is make progress.

Riding high on its 1047% rally of November 2021, SHIB managed to mark a ridiculous all-time high of $0.00007929. Since then, the descent hasn’t stopped.

Down by 68.87%, SHIB is currently trading at $0.00002492, far away from seeing the face of a new all-time high. In order to do so, the meme coin will have to mark a rally of 263%, which is undoubtedly out of the question by the looks of it.

Shiba Inu needs a 263% rally in order to establish a new all-time high

Even in a shorter time frame, the coin displays no signs of green candles. The 50 days Simple Moving Average (SMA) is close to being flipped into resistance, and the 100 days SMA never really left that position.

The parabolic SAR, although painting an uptrend, managed to do nothing but save the coin from noting yearly lows.

Soon the white dots that sit underneath the candles will shift their position and move back up above it, which will confirm the downtrend consolidation that SHIB has become familiar with.

The Ones That Hurt the Most

While a lot of investors are suffering losses, 74.94k investors holding SHIB are the ones that have it the worse at the moment. These people bought their holdings around the time when SHIB was at its highest.

Since then, these 74.94k investors have known nothing but loss, and they are also the ones hoping for a 263% rally out of the meme coin.

Shiba Inu investors that bought their SHIB around ATH prices | Source: IntoTheBlock

Given the fact that this is crypto and that nothing is predictable, calling the possibility of a new ATH impossible would be incorrect, but in the case of Shiba Inu, it seems highly unlikely for now.

Is BTC About to Soar Above $100,000?

Bitcoin rose 4.3% on Wednesday to end the day around $41,300, Ethereum added 4% to reach 3100, and both remain near those levels early Thursday. The leading altcoins from the top ten have risen in price over the past day from 0.7% (Binance Coin) to 5.4% (Avalanche).

Demand on BTC

According to CoinMarketCap, the total capitalization of the crypto market has grown over the past 24 hours by 2.3% per day, to $1.92 trillion. The Bitcoin Dominance Index rose 0.3% to 41.0%.

Cryptocurrency index of fear and greed added to Thursday added 3 more points to 28 and moved into a state of “fear”.

Bitcoin was in demand in the US session amid a rebound in stock indices and a decline in the US dollar. The US currency began to correct downwards after a 9-day growth, which contributed to the revival of all risky assets.

Graphical user interface, chart Description automatically generated

World’s first crypto credit card

Alex Mashinsky, CEO of the Celsius Network crypto-lending platform, said that Bitcoin will soar above $100,000 as early as 2022 as a result of capital flight from the stock market to cryptocurrencies. According to him, bitcoin began to behave as a protective asset against the backdrop of a deterioration in the general situation in the world.

Crypto lending platform Nexo has announced the release of the world’s first credit card secured in cryptocurrency based on the Mastercard payment system. The card will allow you to spend funds without having to sell crypto assets. They will be used as collateral to secure the loan.

According to IntoTheBlock, the number of long-term investors in the Shiba Inu token has grown 20 times since the beginning of the year. However, hodlers hold only 5% of the total capitalization of the meme token.

by FxPro’s Senior Market Analyst Alex Kuptsikevich.

Bitcoin is the Lame Duck of the Crypto Market

Cryptos Try to Stabilize

Ethereum added 1.8% during the same time. Other leading altcoins from the top ten are showing growth in the range from 0.9% (Avalanche) to 3.7% (Binance Coin). The Shiba Inu Token (SHIB) has also jumped by 15%, becoming the growth leader in the TOP-100.

According to CoinMarketCap, the total capitalization of the crypto market increased by 1.5% per day to $1.87 trillion. The Bitcoin Dominance Index fell 0.4% to 40.7% on a sharper rebound in altcoins.

Сrypto market attempts to stabilize after the downturn caused the Fear and greed index to strengthen. It added 5 points up to 25 by Wednesday morning and remained in a state of “extreme fear”.

Bitcoin remains the lame duck of the crypto market due to the prevailing price decline in traditional financial sectors. BTC tried to correct upwards on Tuesday after a strong drawdown the day before. According to CoinShares, institutional investors withdrew $134 million from crypto funds last week, the most in 13 weeks.

Chart, line chart Description automatically generated

BTC Can Outperform Bonds and Stocks

It is still difficult to find confirmation of the hypothesis that cryptocurrencies are a hedge against inflation. The latest US consumer inflation data showed an 8.5% rise in prices in the US. During the same time, the capitalization of the crypto market in dollars decreased by 13%, reducing the purchasing power of the initial capital by more than 20%.

Speaking of Germany, for example, with its 7.6% price increase per year, an 8% depreciation of the euro against the dollar should also be added to the equation, which will further increase the losses. Investments in gold, on the other hand, give real (inflation-adjusted) growth of 8%, and in euros – more than twice as much.

The FxPro Analyst Team emphasized that this relationship is critical for retail investors, most of whom make decisions based on rather impulsive estimates and proceed from the foreseeable horizon.

At the same time, the institutional approach still points to the attractiveness of cryptocurrencies. Bank of America believes that Bitcoin and other cryptocurrencies could outperform bonds and stocks in the face of a potential global economic recession.

Investment agency Morningstar believes that cryptocurrencies have no equal in terms of income among assets, although they have too high volatility. This is similar to the issue of new assets that the US stock market went through about a hundred years ago. By the beginning of the new century: it was the sector of high-tech companies, and now is the turn of cryptocurrencies.

by FxPro’s Senior Market Analyst Alex Kuptsikevich.

The Stars Are Aligned for SHIB After Robinhood Announcement

Key Insights:

  • It was a bullish session for SHIB on Tuesday.
  • News of Robinhood adding Shiba Inu delivered a boost, with Bitcoins of America and burn rates also SHIB positive.
  • Technical indicators have turned bullish, with SHIB sitting above the 100-day EMA.

It’s been a busy start to 2022 for SHIB, which had hit a February current-year high of $0.00003545 before testing support at $0.000020.

Despite the bearish start to the year, news updates have been SHIB positive, supporting a run at February’s high and a return to $0.000050 levels.

Robinhood, Burn Rates, and Bitcoin of America Deliver SHIB Support

On Tuesday, news hit the wires of Robinhood adding SHIB to its crypto offering. SHIB was one of four new crypto additions that also included, Solana (SOL), Compound (COMP), and Polygon (MATIC).

Solana, Compound, and Polygon showed a more muted response to the news, reflecting investor interest in meme tokens.

In response to the Robinhood announcement, SHIB struck a day high of $0.00002999 before retreating, with resistance at $0.000030 capping the upside.

This year, other news updates have also been SHIB positive.

Earlier this month, FX Empire reported the inclusion of SHIB on Bitcoin of America ATMs across the U.S. Greater SHIB accessibility is a positive for SHIB. Coupled with the SHIB inclusion on Robinhood and investor interest, demand is likely to rise as a result of increased accessibility.

The other key support mechanism has been burn rates following some high-profile SHIB burn pledges.

According to Shibburn, the total burnt from the initial supply stands at 410,312.3bn, with a max SHIB supply of 999,991.7bn.

While the burn rate over the last 24 hours was modest at just 13.59%, burn pledges and increased SHIB adoption provide a bullish outlook.

SHIB Burn 1304

In recent weeks, there have been some sizeable SHIB burns. The reduced supply provides SHIB price support.

On Tuesday, Shibburn tweeted 300,123,501 SHIB tokens burned in a single transaction.

One negative consideration is the number of SHIB holders, which has been falling.

According to CoinMarketCap, the total number of unique addresses holding SHIB fell to 1,128,221 on Tuesday. Down by 2,659 on the day, the number of unique addresses has fallen from a current-year high of 1,199,453 on March 16.

The downward trend has pegged SHIB back from a breakout in response to the higher burn rates and fall in supply.

SHIB Holders 1304

SHIB Price Action

At the time of writing, SHIB was down 0.93% to $0.00002667.

SHIBUSD 120422 Dailly
A move through $0.000030 would bring $0.000050 into play.

Technical Indicators

SHIB will need to avoid the day’s $0.0000263 pivot to make a run on the First Major Resistance Level at $0.0000306. SHIB would need the broader crypto market to support a break out from Tuesday’s high of $0.00002999.

Another extended rally would test the Second Major Resistance Level at $0.0000344 and resistance at $0.000035. The Third Major Resistance Level sits at $0.0000424.

A fall through the pivot would bring the First Major Support Level at $0.0000226 into play. Barring another extended sell-off, SHIB should steer clear of sub-$0.0000220 levels. The Second Major Support Level sits at $0.0000182.

SHIBUSD 120422 Hourly
Avoiding the day’s pivot would leave resistance levels in play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 100-day EMA at $0.0000250. This morning, the 50-day EMA converged on the 200-day EMA. The 100-day EMA pulled away from the 200-day EMA, SHIB positive.

A bullish cross of the 50-day EMA through the 200-day EMA would support another breakout session.

SHIBUSD 130422 4-Hourly
A bullish cross would bring $0.000050 into play.

Shiba Inu Rallies by 35% As Robinhood Adds SHIB, SOL, COMP & MATIC

Key Insights:

  • Robinhood Crypto added Shiba Inu, Solana, Compound, and Polygon tokens to its list.
  • SHIB consequently led the market rally with a 35% rise.
  • Investors looking to jump in must be wary of Shiba Inu’s volatility.

As crypto adoption grows, we witness the rise of blockchains and Decentralized Finance (DeFi) protocols which have an impact on the growth of the crypto space.

But then again, others, such as Shiba Inu, happen to get caught in the bullish crossfire and reach where it is today. And what happened today is all thanks to another emerging platform, Robinhood.

Shiba Inu on the Charts

Robinhood Crypto, a rising cryptocurrency exchange, added four new tokens to its list of tradable assets. The ones to make the cut included Shiba Inu, Solana, Compound, and Polygon’s native tokens.

As the announcement came to light, it took less than a few hours for the hype surrounding the news to reflect on the assets’ price action, and as always, Shiba Inu was the first to react. Not only was it the first but also the most to react.

Within the day, SHIB began climbing the charts, and in less than 2 hours, its price shot up by almost 36.88% at one point. However, it came back down soon after to close on a 15.8% rise, and in doing so, it negated the 9% fall in price from the day before.

Shiba Inu shot up by almost 35% at one point

 

Nevertheless, apart from SHIB, all the other assets ended up performing disappointedly. The only coin out of the four, other than SHIB, that fared well was the DeFi token Compound which maintained a 5.22% rise of the 10% ceiling.

Trading at $123.2, it did not manage to recover the fall from yesterday but traded better than the likes of Solana and Polygon.

Compound’s price action was up by 5.22%

SOL on the daily chart did not do any wonders despite the expectations investors had from it, as the token failed to maintain more than 1% of the rise today.

And Polygon’s MATIC, too, observed a similar movement since the broader did not play in the altcoin’s favor. Whether or not they manage to perform better tomorrow is a different thing.

Shiba Inu on the Cards

Naturally, since the meme coin marked such a huge rally, it is bound to notice increased interest from investors. Before that happens, it is important to know that this rise was not organic since the broader market is still exhibiting bearish cues.

And to add to that, the volatility of SHIB also went up with the price, making it further susceptible to price swings. Thus, those looking to enter the SHIB market now should watch out for these signals before making a decision.

Shiba Inu’s volatility is rising quickly | Source: IntoTheBlock

Bitcoin and ETH Recovery Could Fade, ADA Turns Bearish

Key Insights:

  • Bitcoin is attempting an upside correction above $40,250.
  • Ether (ETH) could face resistance near $3,160.
  • ADA declined below the key $1.20 and $1.02 support levels.

Bitcoin

After a downside break below $40,250, bitcoin price extended losses. There was a sharp move below the $40,000 level and a close below the 21 simple moving average (H1).

The price even spiked below $39,400 and tested $39,200. It is now correcting losses and trading above the $40,250 level. On the upside, the bulls are facing resistance near the $40,850 level. The first major resistance is near the $41,000 level.

Bitcoin

A clear move above the $41,000 level could send the price to the main hurdle at $41,800. On the downside, the price might find bids near $40,000. The next major support sits near the $39,400 level, below which there is a risk of a drop to $38,500.

Ethereum (ETH)

ETH also followed a similar pattern after there was a move below $3,050. The price spiked below the $3,000 level before the bulls appeared near $2,950.

The price is now recovering losses and trading above $3,020. There was a close above the $3,000 level and the 21 simple moving average (H1). On the upside, it is facing resistance near the $3,080 level.

Ethereum (ETH)

The next key barrier is $3,100, above which the price could rise towards the main resistance at $3,160. If not, ether price might slide below the $3,000 support level. The next key support is near $2,950, below which the bears might aim a test of $2,840.

Cardano (ADA)

Cardano (ADA) made a couple of attempts to clear the $1.244 and $1.245 resistance levels. However, there was no clear move above the $1.245 level.

As a result, the price started a fresh decline and traded below the $1.20 support. There was a clear move below a rising channel with support near $1.135 on the daily chart. The price even traded below the $1.10 level the 21-day simple moving average.

Cardano (ADA)

Besides, the price moved below the 50% Fib retracement level of the upward move from the $0.780 swing low to $1.245 high.

It is now consolidating near the 61.8% Fib retracement level of the upward move from the $0.780 swing low to $1.245 high. If the bears remain in action, the price might slide below the $0.90 and $0.88 support levels. On the upside, the previous support at $1.02 could act as a resistance.

BNB and DOT price

Binance Coin (BNB) dived below the $400 level, but the bulls protected more downsides. The price is now attempting a move towards the $420 resistance.

Polkadot (DOT) managed to recover above the $17.80 level. If there is a move above the $18.20 level, the price could rise towards $18.80.

A few trending coins are SHIB, MATIC, and NEAR. Out of these, SHIB rallied 20% and broke the $0.0000275 resistance zone.

Robinhood Remains Under Pressure To List Shiba Inu

Key Takeaways

  • Robinhood will be reporting earnings soon, with crypto revenues again in focus.
  • Further evidence of declining income will spur fresh calls for the company to list Shiba Inu.
  • A Robinhood listing announcement could give SHIB/USD a substantial near-term boost.

With the start of the Q1 2022 US corporate earnings season fast approaching, retail trading brokerage Robinhood Markets investors will be hoping for some good news that might reverse months of stock price decline. At last Friday’s closing price of $11.22 per share, HOOD has lost more 35% so far since the start of the year. Since its post-IPO record highs last August at $85.00, it has lost more than 85%.

HOOD
Robinhood Market’s 85% pullback from record highs.

Earnings for Q4 2021, as revealed at the end of January, showed crypto-related revenue had collapsed to just $51M, having been as high as $223M in the second quarter. Given the lack of bullishness in cryptocurrency markets since then, analysts are not optimistic that Q1 2022 will show a substantial pick up.

Poor Earnings Argue In Favour of SHIB Listing

Robinhood’s declining crypto trading revenues argue in favor of the listing of popular so-called memecoin Shiba Inu (SHIB). At present, only seven cryptocurrencies are available for trading on the Robinhood app, including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.

During Q4 2021, trading in the popular dog-inspired memecoin Dogecoin (which is often touted by Tesla CEO Elon Musk) generated 40% of Robinhood’s crypto revenue. That’s despite the fact that Dogecoin’s market capitalisation is just over $19B, closer to $800B and $400B respectively for Bitcoin and Ethereum.

Offering trading in memecoins is clearly a lucrative business.

Given Shiba Inu’s status as the second memecoin by market cap (at just over $13B), it would seem that an easy way for Robinhood to deliver a quick boost to its revenues would be to list SHIB.

Robinhood can be confident that there is a massive demand for this listing – a petition on change.org for Robinbood to list SHIB has now garnered nearly 560,000 signatures.

Plenty of other cryptocurrency and stock exchanges offer trading in Shiba Inu, including Binance, crypto.com, KuCoin, Coinbase and Webull. However, Robinhood has in recent months cited concerns about regulation as one of the key reasons why it has not expanded the number of cryptocurrencies it has on offer.

But further evidence of declining crypto-related revenues may put pressure on the company to re-examine what many in the crypto community have criticized as an overly cautious stance.

How A Robinhood Listing Might Affect SHIB

The introduction of trading in the Shiba Inu token would likely not just come as a boost to Robinhood’s stock price, but also to SHIB.

The creator of the change.org petition to get SHIB listed on Robinhood noted that “a Robinhood listing would open trading to its 17 million traders”. “It would open up the token to easy trades for many people who may not have or may not be comfortable yet with a crypto exchange,” they continued.

SHIB/USD has spent the majority of 2022 so far trading within 0.000020 to 0.000035 parameters.

Recent listing announcements, such as when Coinbase announced its foray into Shiba Inu, have been associated with jumps in SHIB of at least 25%. Earlier this year, rumours that Robinhood would list SHIB sent SHIB/USD nearly 12% higher intra-day.

Clearly then, where any such announcement from Robinhood to occur, SHIB will lurch higher. Technicians will be eyeing resistance at the 0.000030, 0.000035 and 0.000040 levels.

But a return to the euphoria seen in the fourth quarter of 2021, where the price of each Shiba Inu token reached nearly as high as 0.000090, remains a distant prospect.

SHIB/USD
Major near-term levels of resistance for SHIB/USD.

Against the macro backdrop of hawkish central banks raising interest rates to drive down inflation and thus dampening speculation in risk assets, of which SHIB is included, the prospects for a prolonged bull run aren’t too great right now.

DOGE Finds Support While SHIB Continues to Struggle

Key Insights:

  • It was a bullish session for DOGE, while SHIB struggled alongside the broader crypto market.
  • Elon Musk suggests a DOGE payment option on Twitter, delivering DOGE support.
  • Technical indicators remain bearish for SHIB, while DOGE sits above the 50-day EMA.

It was a mixed day for DOGE and SHIB on Sunday.

Elon Musk delivered DOGE support, while SHIB joined the broader crypto market in the red.

Following a 1.12% gain from Saturday, DOGE rose by 2.77% to end the day at $0.1482. SHIB partially reversed a 3.40% gain with a 0.65% fall to end the day at $0.00002446.

SHIB slid by 8.80% for the week, while DOGE gained 1.16%.

On Sunday, LUNA and AVAX slid by 5.94% and 4.16%, respectively, to lead the way down.

Bearish sentiment left Bitcoin (BTC) at $42,000 levels. Support at $42,000 prevented heavier losses. On Sunday, Bitcoin fell by 1.41%.

Elon Musk Suggests Dogecoin Payment Option on Twitter

News of Elon Musk suggesting a Dogecoin payment option on Twitter drove DOGE demand on Sunday. DOGE struck a day high of $0.1576 before easing back to sub-$0.15.

The suggestion of a Dogecoin payment option was among a series of Twitter ideas Elon Musk shared on Twitter.

DOGE Price Action

At the time of writing, DOGE was up 0.67% to $0.1492.

DOGEUSD 110422 Daily
A move through $0.1550 would bring $0.16 into play.

Technical Indicators

DOGE will need to move through the day’s $0.1498 pivot to make a run on the First Major Resistance Level at $0.1560. DOGE would need the broader crypto market to support a return to $0.1550.

An extended rally would test the Second Major Resistance Level at $0.1638 and resistance at $0.17. The Third Major Resistance Level sits at $0.1778.

Failure to move through the pivot would test the First Major Support Level at $0.1420. Barring another extended sell-off, DOGE should steer clear of sub-$0.14 levels. The Second Major Support Level sits at $0.1358.

DOGEUSD 110422 Hourly
Failure to move through the pivot would bring support levels into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 50-day EMA, currently at $0.1471. This morning, 50-day EMA pulled away from the 100-day EMA. The 100-day EMA moved away from the 200-day EMA, a bullish signal.

A continued hold above the 50-day EMA would support a return to $0.16.

DOGEUSD 110422 4-Hourly
Holding above the 50-day EMA key to a return to $0.16.

SHIB Price Action

At the time of writing, SHIB was down 0.08% to $0.00002444.

SHIBUSD 110422 Dailly
A fall to sub-$0.000024 would put SHIB under greater selling pressure.

Technical Indicators

SHIB will need to move through the day’s $0.0000247 pivot to make a run on the First Major Resistance Level at $0.0000251. SHIB would need the broader crypto market to move back to $0.000025 levels.

An extended rally would test the Second Major Resistance Level at $0.0000258 and resistance at $0.000026. The Third Major Resistance Level sits at $0.0000268.

Failure to move through the pivot would bring the First Major Support Level at $0.0000241 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.0000235 levels. The Second Major Support Level at $0.0000237 should limit the downside.

SHIBUSD 110422 Hourly
SHIB will need to move through the day’s pivot to avoid another day in the red.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits below the 200-day EMA at $0.0000250. This morning, the 50-day EMA narrowed toward the 200-day. The 100-day EMA closed in on the 200-day EMA, SHIB negative.

A bearish cross of the 50-day EMA through the 200-day EMA would bring the Major Support Levels into play.

SHIBUSD 110422 4-Hourly
A bearish cross would bring sub-$0.000024 into play.

SHIB Reverses Friday’s Loss, with DOGE in Tow

Key Insights:

  • It was a bullish session for DOGE and SHIB on Saturday.
  • Updates on Shiba Inu coin burn rates gave SHIB a much-needed boost.
  • Technical indicators remain bearish for SHIB, while DOGE sits above the 100-day EMA.

It was a bullish day for DOGE and SHIB on Saturday.

News updates on Shiba Inu coin burn rates provided SHIB support. A pickup in investor appetite following Friday’s rout delivered DOGE support.

Partially reversing a 2.33% loss from Friday, DOGE rose by 1.12% to end the day at $0.1442. SHIB reversed a 3.99% slide with a 3.40% gain to end the day at $0.00002462.

Elsewhere, LUNA rallied by 4.13% to lead the way, with SOL (+2.72%) finding strong support.

Despite the improved market sentiment, Bitcoin (BTC) (+1.25%) failed to return to $43,000 levels.

Shiba Inu Coin Burn Rates Deliver a SHIB Boost

Burn rates continued to deliver SHIB support following last week’s news of Bitcoins of America adding Shiba Inu coins to BTMS across the U.S.

According to Shibburn, 1,616,890,975 SHIB were burned over the last 24-hours, giving a burn rate of 6,994.65%.

In Dollar terms, there were several sizeable burns over the last 5-hours. The reduced supply delivered SHIB price support.

SHIB Burn 2

DOGE Price Action

At the time of writing, DOGE was down 0.28% to $0.1438.

DOGEUSD 100422 Daily
A return to $0.15 would give DOGE a run at $0.165.

Technical Indicators

DOGE will need to avoid the day’s $0.1431 pivot to make a run on the First Major Resistance Level at $0.1457. DOGE would need the broader crypto market to support a return to $0.1450.

An extended rally would test the Second Major Resistance Level at $0.1471 and resistance at $0.15. The Third Major Resistance Level sits at $0.1511.

A fall through the pivot would test the First Major Support Level at $0.1417. Barring another extended sell-off, DOGE should steer clear of sub-$0.14 levels. The Second Major Support Level sits at $0.1391.

DOGEUSD 100422 Hourly
DOGE would need to avoid the day’s pivot to support a return to $0.15.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 100-day EMA, currently at $0.1424. This morning, 50-day EMA narrowed to the 100-day EMA. The 100-day EMA pulled away from the 200-day; DOGE positive.

A move through the 50-day EMA, currently at $0.1459, would support a return to $0.15.

DOGEUSD 100422 4-Hourly
A move through the 50-day EMA would signal a breakout session.

SHIB Price Action

At the time of writing, SHIB was down 0.12% to $0.00002459.

SHIBUSD 100422 Dailly
Avoiding sub-$0.0000245 would support a run at $0.0000255.

Technical Indicators

SHIB will need to avoid the day’s $0.0000243 pivot to make a run on the First Major Resistance Level at $0.0000250. SHIB would need the broader crypto market to break out from $0.0000245 levels.

An extended rally would test the Second Major Resistance Level at $0.0000253 and resistance at $0.000026. The Third Major Resistance Level sits at $0.0000263.

A fall through the pivot would bring the First Major Support Level at $0.0000240 into play. Barring another extended sell-off, SHIB should steer clear of sub-$0.0000235 levels. The Second Major Support Level sits at $0.0000233.

SHIBUSD 100422 Hourly
A move through the first major resistance level would bring $0.000026 into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits below the 200-day EMA at $0.0000251. This morning, the 50-day EMA narrowed to the 200-day EMA following Saturday’s bearish cross. The 100-day EMA closed in on the 200-day EMA, SHIB negative.

A move through the 200-day EMA would support a run at $0.000026 levels.

SHIBUSD 100422 4-Hourly
A bullish cross of the 50-day EMA through the 100-day EMA would support a breakout session.

DOGE and SHIB See Modest Losses Amidst Another Crypto Sell-Off

Key Insights:

  • It was a bearish session for DOGE and SHIB on Friday in what has become a choppy week.
  • The losses were modest relative to the broader crypto market.
  • Technical indicators remain bearish for SHIB, while DOGE sits at the 100-day EMA.

It was a bearish day for DOGE and SHIB on Friday.

Bearish sentiment across the broader crypto market returned after a brief respite on Thursday, weighing on DOGE and SHIB.

Reversing a 1.81% gain from Thursday, DOGE fell by 2.33% to end the day at $0.1426. SHIB reversed a 1.85% rise with a 3.99% loss to end the day at $0.00002381.

Elsewhere, LUNA tumbled by 9.5%, with SOL sliding by 7.2% to lead the broader market into the red. Bitcoin (BTC) ended the day with a 2.8% loss.

Bearish Sentiment Returns with Bitcoin (BTC) Directing the Majors

Bitcoin (BTC) and the broader crypto market followed the NASDAQ 100 into the red. Market jitters over FED monetary policy returned after Wednesday’s market rout. Bitcoin fell back to sub-$43,000 to pressure investor appetite. The NASDAQ 100 fell by 1.34% on Friday.

The FOMC meeting minutes revealed plans to reduce the FED’s bond holdings by around $95 billion each month. The balance sheet reduction plans and a likely aggressive interest rate path trajectory have spooked the markets.

A Tesla Cyber Rodeo party had delivered DOGE support before DOGE succumbed to market forces. According to reports, a drone show creating a Dogecoin in the sky created a market buzz early in the session.

DOGE Price Action

At the time of writing, DOGE was down 0.07% to $0.1425.

DOGEUSD 090422 Daily
Near-term, a return to $0.16 is needed for DOGE to target $0.20 levels.

Technical Indicators

DOGE will need to move through the day’s $0.1455 pivot to make a run on the First Major Resistance Level at $0.1505. DOGE would need the broader crypto market to support a return to $0.15.

An extended rally would test the Second Major Resistance Level at $0.1583. The Third Major Resistance Level sits at $0.1711.

Failure to move through the pivot would test the First Major Support Level at $0.1377. Barring another extended sell-off, DOGE should steer clear of sub-$0.1350 levels. The Second Major Support Level sits at $0.1327.

DOGEUSD 090422 Hourly
A move through the pivot would support a run at $0.15 levels.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits at the 100-day EMA, currently at $0.1421. This morning, 50-day EMA narrowed to the 100-day EMA. The 100-day EMA pulled away from the 200-day; DOGE positive.

A move through the 50-day EMA, currently at $0.1463, would support a return to $0.15.

DOGEUSD 090422 4-Hourly
Holding above the 100-day EMA is key to avoiding sub-$0.14.

SHIB Price Action

At the time of writing, SHIB was up 0.59% to $0.00002395.

SHIBUSD 090422 Daily
SHIB remains under pressure with support at $0.000023 now key.

Technical Indicators

SHIB will need to move through the day’s $0.0000242 pivot to make a run on the First Major Resistance Level at $0.0000248. SHIB would need the broader crypto market to break back to $0.0000245 levels.

An extended rally would test the Second Major Resistance Level at $0.0000258 and resistance at $0.000026. The Third Major Resistance Level sits at $0.0000275.

Failure to move through the pivot would bring the First Major Support Level at $0.0000232 into play. Barring another extended sell-off, SHIB should steer clear of sub-$0.0000230 levels. The Second Major Support Level sits at $0.0000225.

SHIBUSD 090422 Hourly
Failure to move through the pivot would leave support levels in play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits below the 200-day EMA at $0.0000251. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA closed in on the 200-day EMA, SHIB negative.

A bearish cross of the 50-day EMA through the 100-day EMA would bring the Major Support Levels into play.

SHIBUSD 090422 4-Hourly
SHIB will need to move through the 200-day EMA to avoid heavier losses.

DOGE and SHIB Find Support After the Wednesday Meltdown

Key Insights:

  • It was a bullish session for DOGE and SHIB on Thursday following Wednesday’s sell-off.
  • Dip buyers jumped in following Wednesday’s heavy losses fueled by the more hawkish than expected FOMC meeting minutes.
  • Technical indicators remain bearish for SHIB, while DOGE holds above the 50-day EMA.

It was a bullish day for DOGE and SHIB on Thursday.

Market jitters toward FED monetary policy eased, supporting a pickup in appetite for riskier assets. While on the rise, DOGE and SHIB trailed the broader crypto market following Wednesday’s heavy losses.

Partially reversing a 16.82% slump from Wednesday, DOGE rose by 1.81% to end the day at $0.1460. SHIB partially reversed an 8.97% slide with a 1.85% gain to end the day at $0.0000248.

Investors Tip Toe Back in After the Wednesday Market Rout

On Wednesday, FED plans for the more aggressive removal of accommodative measures hit the crypto market. The FOMC meeting minutes revealed plans to reduce the FED’s bond holdings by around $95 billion each month.

Sentiment improved marginally on Thursday, with the broader crypto market tracking the U.S equity markets into positive territory.

The pair trailed the crypto frontrunners, with no crypto news pieces to deliver DOGE and SHIB with more significant gains.

DOGE Price Action

At the time of writing, DOGE was up 0.82% to $0.1472.

DOGEUSD 080422 Daily
A move through to $0.15 would be needed to avoid a reversal.

Technical Indicators

DOGE will need to avoid the day’s $0.1448 pivot to make a run on the First Major Resistance Level at $0.1495. DOGE would need the broader crypto market to support a move through Thursday’s high of $0.1483.

An extended rally would test the Second Major Resistance Level at $0.1530. The Third Major Resistance Level sits at $0.1612.

A fall through the pivot would test the First Major Support Level at $0.1413. Barring another extended sell-off, DOGE should steer clear of sub-$0.1400 levels. The Second Major Support Level sits at $0.1366.

DOGEUSD 080422 Hourly
Avoiding the day’s pivot would support another bullish day ahead.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 50-day EMA, currently at $0.1465. This morning, 50-day EMA pulled away from the 100-day EMA. The 100-day EMA pulled away from the 200-day; DOGE positive.

Holding above the 50-day EMA would support a move back through to $0.15.

DOGEUSD 080422 4-Hourly
Holding above the 50-day EMA will be needed for DOGE to avoid a reversal of Thursday’s gain.

SHIB Price Action

At the time of writing, SHIB was up 0.52% to $0.00002493.

SHIBUSD 080422 Dailly
A return to $0.000025 will be needed to support a bullish day ahead.

Technical Indicators

SHIB will need to avoid the day’s $0.0000247 pivot to make a run on the First Major Resistance Level at $0.0000254. SHIB would need the broader crypto market to break back to $0.000025 levels.

An extended rally would test the Second Major Resistance Level at $0.0000260. The Third Major Resistance Level sits at $0.0000274.

A fall through the pivot would bring the First Major Support Level at $0.0000240 into play. Barring another extended sell-off, SHIB should steer clear of sub-$0.0000230 levels. The Second Major Support Level at $0.0000233 should limit the downside.

SHIBUSD 080422 Hourly
A fall through the pivot would bring support levels into play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits below the 200-day EMA at $0.0000252. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA closed in on the 200-day EMA, SHIB negative.

A move through the 200-day EMA would bring $0.000026 levels into play.

SHIBUSD 080422 4-Hourly
SHIB will need to move through the 200-day EMA to shift sentiment.

Vitalik Buterin Silently Donates $5 Million in Ethereum to Ukraine

Key Insights:

  • Ethereum creator donated the money two days ago in ETH, amounting to $5 million.
  • The use cases of Ethereum even extend to the Metaverse, starting with SHIB: The Metaverse.
  • Ethereum’s recent rise implemented a successful rally placing it $800 closer to its all-time high.

Vitalik Buterin’s creation has not only been revolutionary in itself, but its very own creator himself is setting up a precedent for its noble use cases.

In the recent few days, Ethereum has not only shone as an investment vehicle and DeFi base but also as an actual medium of exchange in places where fiat currencies fail to reach.

Vitalik’s Ethereum Donation to Ukraine

In a tweet today, the Aid For Ukraine initiative run by the Ukrainian ministry of Digital Transformation revealed on Twitter that Ethereum’s creator Vitalik Buterin donated almost $2.5 million without making any noise about the same.

Additionally, he donated another $2.5 million to Unchain Fund, a charity project run by blockchain activists for Ukraine’s humanitarian aid.

While the donations in themselves are a big help to the country, they also speak to the faith people have in Ethereum’s liquidity and value.

A cryptocurrency’s adoption is based on the potential it represents in building a long-term ecosystem.

While there are exceptions such as Dogecoin and Shiba Inu, which have witnessed growth thanks to the trend culture, others like Solana, Cardano, etc., are growing because they offer more than just an investment option.

Thus with Ethereum bringing smart contracts to the crypto world, it has already established itself as a pioneer of Decentralized Finance (DeFi).

In February 2021, the chain was dominating 93% of the DeFi market, but the arrival of other chains cut it down almost by half. However, even now, the chain has 54.5% of the market captured, with over $120 billion invested in all of its 456 protocols.

Ethereum DeFi market domination and TVL | Source: DeFi Llama

But the chain is seeing more preference as a medium of exchange nowadays, with merchants and stores worldwide accepting it as payment. And the buck doesn’t stop just at the stores, as Shiba Inu even incorporated it as a payment system for its Metaverse.

For selling its plots of land, the meme coin network announced instead of using SHIB, they would be using ETH since it is less susceptible to price crashes due to sudden volume dump.

Thus, eventually, Ethereum will see more preference as a medium of exchange as the Metaverse expands and crypto becomes a legitimate currency system.

ETH on the Charts

Whether or not the donation news had any effect on the price is unclear since after rising by almost 3% earlier in the day, the altcoin king is down by nearly 2% on the 4-hour chart.

But ETH will bounce back since it is trading right at the cusp of the 38.2% Fibonacci level, which has proved to be a critical support and resistance level in the past.

Ethereum price is testing a critical Fib level to maintain upside momentum

Testing it as support once again will give Ethereum the right bounce it needs to rise further upwards towards its all-time high.

DOGE Retraces Tuesday’s Twitter Breakout with a FED Fueled 16.8% Slump

Key Insights:

  • It was a bearish session for DOGE and SHIB on Wednesday.
  • Market sentiment towards FED monetary policy and reaction to the FOMC meeting minutes weighed.
  • Technical indicators have turned bearish for SHIB, while DOGE holds above the 100-day EMA.

It was a bearish day for DOGE and SHIB on Wednesday.

Market sentiment towards FED monetary policy sank DOGE and SHIB, with the FOMC meeting minutes adding to the crypto market angst mid-week.

Reversing a 16.17% jump from Tuesday, DOGE tumbled by 16.82% to end the day at $0.1434. SHIB reversed a 1.13% gain with an 8.97% slide to end the day at $0.00002435.

FED Monetary Policy Sinks DOGE and SHIB

Following this week’s news of Elon Musk taking a seat on the board of Twitter (TWTR), the market focus shifted to monetary policy mid-week.

Plans for the more aggressive removal of accommodative measures hit the crypto market overnight. On Wednesday, the FOMC meeting minutes revealed plans to reduce the FED’s bond holdings by around $95 billion each month.

DOGE Price Action

At the time of writing, DOGE was down by 0.07% to $0.1433. A mixed start to the day saw DOGE rise to an early morning high of $0.1444 before easing back.

DOGEUSD 070422 Daily
Failure to return to $0.15 levels could leave DOGE under pressure.

Technical Indicators

DOGE will need to move through the day’s $0.1532 pivot to make a run on the First Major Resistance Level at $0.1645. DOGE would need the broader crypto market to support a move to $0.16 levels.

An extended rally would test the Second Major Resistance Level at $0.1857 and resistance at $0.19. The Third Major Resistance Level sits at $0.2182.

Failure to move through the pivot would test the First Major Support Level at $0.1320. Barring another extended sell-off, DOGE should steer clear of sub-$0.1300 levels. The Second Major Support Level sits at $0.1207.

DOGEUSD 070422 Hourly
A move through the day’s pivot would support a return to $0.15 levels.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 100-day EMA, currently at $0.1410. This morning, 50-day EMA narrowed to the 100-day EMA. The 100-day EMA flattened on the 200-day EMA; DOGE negative.

A move through the 50-day EMA at $0.1470 would support a return to $0.16.

DOGEUSD 070422 4-Hourly
A move back through the 50-day EMA would bring $0.20 back into play.

SHIB Price Action

At the time of writing, SHIB was up by 0.49% to $0.00002447. A bullish start to the day saw SHIB rise to an early morning high of $0.00002456.

SHIBUSD 070422 Dailly
A move back to $0.000026 needed to avoid further losses.

Technical Indicators

SHIB will need to move through the day’s $0.0000251 pivot to make a run on the First Major Resistance Level at $0.0000261. SHIB would need the broader crypto market to break back to $0.000026 levels.

An extended rally would test the Second Major Resistance Level at $0.0000278 and resistance at $0.000028. The Third Major Resistance Level sits at $0.0000304.

Failure to move through the pivot would bring the First Major Support Level at $0.0000234 into play. Barring another extended sell-off, SHIB should steer clear of sub-$0.0000230 levels. The Second Major Support Level sits at $0.0000225.

SHIBUSD 070422 Hourly
Failure to move through the pivot would leave support levels in play.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. SHIB sits below the 200-day EMA at $0.0000252. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA closed in on the 200-day EMA, SHIB negative.

A move through the 100-day EMA at $0.0000256 would bring $0.000027 levels into play.

SHIBUSD 070422 4-Hourly
SHIB would need to move through the 200-day EMA to avoid bearish crosses.

DOGE Jumps 16%, with SHIB also on the Move in a Bearish Crypto Session

Key Insights:

  • It was a bullish session for DOGE and SHIB on Tuesday, with DOGE and SHIB bucking the broader market trend.
  • News of Elon Musk taking a seat at the Twitter board led to a DOGE breakout.
  • News of Bitcoin of America adding SHIB to its Bitcoin ATMs across the U.S delivered SHIB support.

It was a bullish day for DOGE and SHIB on Tuesday.

SHIB managed to shrug off crypto market forces, with Bitcoin of America news providing support. Elon Musk delivered a DOGE breakout for a second consecutive day.

Following a 1.30% gain on Monday, DOGE jumped by 16.17% to end the day at $0.1724. SHIB partially reversed a 1.38% loss with a 1.13% gain to end the day at $0.00002675.

It was a bearish session for the crypto top 10, however.

AVAX slid by 5.32%, with SOL (-4.00%), ADA (-3.46%), and ETH (-3.23%) also struggling.

LUNA (-0.02%), BNB (-0.84%), and XRP (-1.12%) saw relatively modest losses.

BTC ended the day with a 2.38% loss.

Elon Musk Delivers a DOGE Breakout, with BTMS Delivering SHIB Support

Following Monday’s news of Elon Musk holding a 9.2% stake in Twitter (TWTR), there was more DOGE positive news.

On Tuesday, Twitter announced Elon Musk’s seat on the Twitter board. In response to the announcement, Musk took to Twitter saying,

“Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!”

In March, we reported Elon Musk tweeting whether Twitter fails to support free speech. Suggestions of Elon Musk buying Twitter and changing the logo to the DOGE delivered DOGE price support at the time.

The markets are expecting swift changes following Musk’s seat at the table. On Monday, Twitter’s share price surged by 27.12% in response to news of Musk’s shareholding. Twitter found further support on Tuesday, rising by 2.02% amidst a broad-based tech sell-off that left the NASDAQ 100 down 2.26%.

On Tuesday, news of Bitcoin of America adding SHIB to its Bitcoin ATMs (BTMS) delivered SHIB support.

Bitcoin of America took to Twitter on Tuesday, tweeting,

“We asked…you answered! Shiba Inu is NOW available at Bitcoin of America BTMS.”

DOGE Price Action

At the time of writing, DOGE was up by 0.29% to $0.1729.

DOGEUSD 060422 Daily
Elon Musk gives the bulls a look at $0.20 levels.

Technical Indicators

DOGE will need to avoid the day’s $0.1664 pivot to make a run on the First Major Resistance Level at $0.1856. DOGE would need the broader crypto market to support a move to $0.18 levels.

An extended rally would test the Second Major Resistance Level at $0.1987 and resistance at $0.20. The Third Major Resistance Level sits at $0.2310.

A fall through the pivot would test the First Major Support Level at $0.1533. Barring an extended sell-off, DOGE should steer clear of sub-$0.1500 levels. The Second Major Support Level sits at $0.1341.

DOGEUSD 060422 Hourly
A move through to $0.18 levels would support another breakout.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. DOGE sits above the 50-day EMA, currently at $0.1467. This morning, 50-day EMA pulled away from the 100-day EMA. The 100-day EMA pulled away from the 200-day EMA after last week’s bullish cross; DOGE positive.

Holding above the 50-day EMA would support a move back through to $0.20.

DOGEUSD 060422 4-Hourly
Holding above the 50-day EMA remains key near-term.

SHIB Price Action

At the time of writing, SHIB was down by 0.07% to $0.00002673.

 

Technical Indicators

SHIB will need to move through the day’s $0.0000271 pivot to make a run on the First Major Resistance Level at $0.0000281. SHIB would need the broader crypto market to break back to $0.000028 levels.

An extended rally would test the Second Major Resistance Level at $0.0000294 and resistance at $0.000030. The Third Major Resistance Level sits at $0.0000316.

Failure to move through the pivot would bring the First Major Support Level at $0.0000258 into play. Barring an extended sell-off, SHIB should steer clear of sub-$0.0000255 levels. The Second Major Support Level sits at $0.0000249.

 

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. SHIB sits above the 50-day EMA at $0.0000264. This morning, the 50-day EMA widened from the 100-day EMA. The 100-day EMA pulled away from the 200-day EMA after last week’s bullish cross.

Holding above the 50-day EMA would bring $0.000030 levels into play.