Arkham is trying to address the market concerns while the ARKM token tests critical support.

Why Arkham’s Transactions Gained Crypto Community’s Attention

Nansen, a competitor, reported that Arkham moved substantial ARKM amounts, over 25.2 million tokens valued at more than $56 million, to unidentified wallets and Binance. This revelation raised concerns about transparency and intent.

In response, Arkham addressed the situation on April 9. They clarified that these transfers aligned with their tokenomics, involving unlocked tokens. Despite these assurances, the market reacted negatively, leading to a significant price drop for ARKM.

“Two of our competitors are spreading false rumors about ARKM movements in an attempt to create fear, uncertainty, and doubt (FUD),” Arkham stated.

Read more: What Is FUD? Exploring Fear, Uncertainty, and Doubt

From a technical standpoint, ARKM’s price has been declining since its peak in March. Before the controversy, the token tested a crucial support trendline from late February.

However, it breached this support on April 3, accelerating the price decline. It later retested the trendline, which acted as a resistance on April 8. Currently, ARKM is testing a new support level at approximately $1.93.

If Arkham cannot sustain this support, technical analysis suggests a further 26% price drop to $1.43.

This potential decline highlights the precarious position of ARKM in the market. It also highlights the broader implications of market sentiment and transparency issues.

Arkham’s use of artificial intelligence has garnered attention, leading to investment from Binance Labs last November. Its Arkham Intel Exchange is a platform that facilitates the exchange of blockchain intelligence. Here, users can monetize their insights through the “Intel-to-Earn” model, with ARKM transactions central to this ecosystem.

Read more: How To Make Money With Intel-To-Earn on Arkham Intelligence

ARKM had a spectacular uptrend, surging over 400% since August 2023.

The post Arkham’s ARKM Token Tumbles 20% Amid Market Skepticism and Controversy appeared first on BeInCrypto.

Consequently, the meme coin could note new highs, provided it manages to breach through some crucial resistances.

Shiba Inu to Jump on the Charts

Shiba Inu’s price is currently trading within a symmetrical triangle pattern aided by increasingly bullish market cues. The first of these is the Moving Average Convergence Divergence (MACD). This trend-following momentum indicator is used to identify potential buying and selling opportunities.

At the moment, this indicator is exhibiting receding bearishness. The double bottom formed by its bars on the histogram indicates increasing bullishness in the market. This would be confirmed once a bullish crossover occurs.

Secondly, the meme coin is attempting to chart its own path, escaping the influence of the biggest cryptocurrency in the world, Bitcoin. The correlation SHIB shares with BTC, despite being positive, is declining at the moment.

This shows that the dog-inspired token could be deviating from the bearish cues set by Bitcoin. Such a development would help the cryptocurrency to rise.

Read More: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

SHIB Price Prediction: Ready to Rally

Shiba Inu’s price is in a symmetrical triangle pattern at the time of writing, changing hands at $0.00002744. A symmetrical triangle pattern is formed by converging trendlines, indicating a period of consolidation. It usually hints at an upward or downward breakout, signaling a potential continuation of the previous trend.

SHIB is close to breaking out, and based on the targets set by the pattern, the meme coin could chart a 43% rise. This would send Shiba Inu’s price to $0.00004816.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

However, if the altcoin fails to breach a flip, the resistances marked at $0.00003063 and $0.00003500 could fall back. Falling through the lower trend line of the pattern would cause an invalidation of the bullish thesis, pushing SHIB to $0.00002400.

The post Shiba Inu (SHIB) Break From Bitcoin Signals Market Strength appeared first on BeInCrypto.

To make this worse, LTC is currently witnessing no support from its investors, which could extend the losses.

Will Litecoin Lose to the Bears?

Litecoin’s price has been in an uptrend for the past two weeks. However, this Silver to Bitcoin’s Gold path could change soon. Even LTC holders do not seem very bullish at the moment.

The reason behind this is the lack of incentive among investors. As noted on the Network Realized Profit/Loss metric, LTC holders have observed the largest single-day losses since June 2023.

These losses in the last 24 hours are considered a preliminary signal of potential selling. Since investors want to offset their losses, they will likely opt to sell their assets, resulting in a decline in the price.

This sentiment is further substantiated by the downtick in the Mean Coin Age of Litecoin tokens. This metric measures the average age of all circulating coins within a network. It helps gauge the level of hodling or circulating activity among investors.

Instances of uptick align with holding on to supply, while downtick suggests an increase in circulation of supply among investors. Thus, without the support of investors, Litecoin’s price could witness a correction.

Read More: 7 Best Litecoin (LTC) Wallets for 2024

LTC Price Prediction: Pullback

Litecoin’s price is currently moving within a rising wedge. This pattern is a bearish formation characterized by converging trendlines slanting upwards, indicating a weakening bullish trend. It typically suggests an impending price reversal with potential downward movement.

Based on the target predicted by the pattern, Litcoin could observe a 30.77% correction over the coming days, bringing its price down to $69. The consistent volume decline further supports the bearish thesis, as Litecoin’s price is already falling through the pattern.

However, LTC is bound to witness support at $93, which marks the 61.8% Fibonacci Retracement. Bouncing off this support floor, marked at $93, would allow the altcoin to reclaim $100 and potentially invalidate the bearish outlook.

The post Litecoin (LTC) Price Alert: Deep Pullback Could Be Next appeared first on BeInCrypto.

The forthcoming halving will reduce the new issuance by 14,000 BTC on a monthly basis, traditionally decreasing sell pressure from miners. However, the once-significant influence of halvings on Bitcoin prices seems to diminish as the new issuance becomes smaller relative to the total supply available for sale.

Bitcoin Halving Influence Wanes

Long-term holders (LTH) selling, for instance, has averaged 417,000 BTC per month in the last year, overshadowing the monthly issuance of 28,000. In contrast, CryptoQuant highlights that Bitcoin demand growth, particularly from large holders or whales, is emerging as the primary driver for higher prices post-halving.

This cohort of investors is currently showing the highest-ever demand growth, which has historically fueled price rallies.

“In previous cycles, Bitcoin demand growth from large holders or whales has spiked, fueling the price rally. Currently, demand growth is around the highest ever, around 11% month over month,” analyst at CryptoQuant told BeInCrypto.

Read more: Bitcoin Halving Countdown

Moreover, the demand for Bitcoin from permanent holders has outpaced issuance for the first time in history. This adds further fuel for a potential Bitcoin price rally after the halving.

Permanent holders now add as much as 200,000 BTC monthly to their balances. This is significantly more than the approximately 28,000 BTC monthly issuance, which will further decrease to about 14,000 post-halving.

CryptoQuant also points out that the monthly issuance of Bitcoin has dwindled to just 4% of the total Bitcoin available supply. This starkly contrasts the periods before the first, second, and third halvings, where issuance represented 69%, 27%, and 10% of the total supply, respectively.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

In summary, while the upcoming Bitcoin halving will reduce the new issuance of BTC, leading to less selling pressure from miners, the unprecedented demand growth from large holders and permanent holders is poised to be the key driver for higher prices post-halving.

The post Bitcoin Demand Will Push Price Up, Not the Halving: CryptoQuant appeared first on BeInCrypto.

The altcoin is not receiving much support from its investors, which could exacerbate the current downtrend.

Solana Continues to Lose Value

Solana’s price seemed to be doing well for itself, marking two new year-to-date highs in the past month. However, considering the value of SOL compared to what it once was, it appears that the altcoin is undervalued.

Despite the high daily revenue of over $1.20 million, Solana has not been able to note a resurgence in the overall value according to the P/S Ratio. As a result, Solana’s price could witness some bearishness, given it already seems to be moving against the market trend.

The increasing pessimism among SOL investors further substantiates the lack of optimism. This is notable from the downtick observed in the weighted sentiment. This metric registers a fall below the zero line, suggesting that bearishness dominates investors.

Read More: 13 Best Solana Meme Coins to Watch in 2024

SOL Price Prediction: Bearish Reversal

Solana’s price, trading at $174 at the time of writing, is close to falling through the support of $172, which could result in the altcoin validating the double top formation.

The double-top pattern is a bearish technical analysis formation. It exhibits two consecutive peaks at similar price levels separated by a trough. It suggests a potential trend reversal, indicating that an asset’s price may decline after failing to break through resistance at the previous peak, often leading to downward movement.

At the moment, the target for SOL is set at $142 according to the pattern, representing a 17.27% drawdown from the current levels.

Read More: Solana (SOL) Price Prediction 2024/2025/2030

However, if the support of $172 remains unbroken, Solana’s price could invalidate the bearish pattern by bouncing back toward $190.

The post Solana (SOL) Faces a 17% Price Correction appeared first on BeInCrypto.

However, there are some resistances in the path of this rise that might limit the altcoin’s growth.

Chainlink Investors Turn Optimistic

Chainlink price, after falling for the past two weeks, is attempting to initiate a recovery again. Although it has been struggling for the past few days, by the looks of it, this is about to change.

LINK holders have shown a sudden rise in interest in the asset, which is evident from the increased participation across the network. Active addresses shot up by nearly 104% on the daily timeframe, hitting a two-month high.

This shows that investors are expecting an increase in price down the line.

This is furthered by the fact that nearly 38.55 million LINK tokens are inching closer to the point where they become profitable. This $684 million worth of supply was bought between $17.49 and $18.73. Consequently, investors would choose not to sell their holdings for now until another $684 million worth of profits are gained.

Read More: How to Buy Chainlink (LINK) With a Credit Card: A Step-By-Step Guide

LINK Price Prediction: Crucial Barrier Stands in the Way

Chainlink’s price trading at $17.80 is testing the local support of $17.85, bouncing off of which would push the altcoin above the $18.73 resistance. As the aforementioned supply becomes profitable, LINK would note further upside.

Read More: How To Buy Chainlink (LINK) and Everything You Need To Know

However, losing the $17.85 support could trigger a decline to the $16.95 support floor. This support has undergone multiple tests in the past, and breaching it would invalidate the bullish thesis. Consequently, Chainlink’s price could fall to $16.00.

The post Investor Optimism Surges as $680 Million Worth of Chainlink (LINK) Tokens Near Profit appeared first on BeInCrypto.

However, in order to reclaim $1 as support, the altcoin will need to cross a few resistances.

Polygon Investors Turning Bullish?

MATIC price has historically exhibited a shift in tone following investors’ behavior. With the altcoin currently attempting a breach of the ongoing downtrend, investors’ bullishness will prove to be helpful to the altcoin.

This sentiment is also visible in the movement of tokens among addresses, primarily exchanges. As noted in the decline in active deposits, which calculates the movement of MATIC from investors’ addresses to exchange addresses.

Given Polygon’s active deposits are declining, the possibility of price reversal is inclining.

This is further extended by the Market Value to Realized Value (MVRV) ratio. The MVRV ratio measures investor profit/loss. Polygon’s 30-day MVRV at -5.9% signals losses, potentially prompting accumulation. Historically, -4% to -14% MVRV often precedes rallies, termed an opportunity zone for accumulation.

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

Thus, MATIC price will likely note recovery following accumulation from investors.

MATIC Price Prediction: $1 on the Cards

MATIC price, trading at $0.94 at the time of writing, has been stuck under a downtrend for nearly a month now. If the altcoin manages to close above the downtrend and successfully breach it, considering the above factors, the Polygon native could breach the $0.97 resistance.

This would allow MATIC price to reclaim $1.00, eventually enabling the cryptocurrency to break past the $1.02 resistance level. Once this level is broken, a breakout from the downtrend can be considered.

Read More: Polygon vs. Loopring: Ethereum Layer-2 Solutions Compared

However, if this breach fails, MATIC’s price would fall through the $0.92 support level to test $0.88. Losing this support would result in the invalidation of the bullish thesis, pushing the Polygon token to $0.81.

The post Polygon’s Path to Recovery: MATIC Eyes $1 Amid Investor Optimism appeared first on BeInCrypto.

Indeed, holders are beginning to exhibit conviction, which could propel SHIB to new year-to-date highs.

Shiba Inu Investors’ Conviction Grows

Shiba Inu’s price is on the verge of a bullish breakout, and by the looks of it, investors are acting more and more optimistic. This is visible from the decline in the active SHIB deposits.

This metric measures the daily transfers of tokens from investors to the exchanges, suggesting bearishness in case of inclines and bullishness during declines. The case with SHIB is the latter, further substantiated by the supply movement between addresses.

Currently, more and more SHIB tokens are changing hands from short-term investors to long-term holders. The former holds an asset for less than a month, while the latter is known to hold its supply for one to 12 months.

This shift from short to long-term holders is considered a bullish development since the supply will likely be held for a longer period and will not be sold. It also highlights increasing conviction among the meme coin investors, which, in extension, helps with price rises.

Read More: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

SHIB Price Prediction: A 42% Breakout

Shiba Inu’s price trading at $0.00002852 is close to breaking out of the symmetrical triangle pattern. Such a pattern is formed when two converging trend lines meet, indicating a period of indecision in the market.

In the case of SHIB, a breakout would potentially result in a 42% rally. According to the pattern, the altcoin would reach the target set at $0.00004205.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

However, if this breach fails and bearish woes dominate the cryptocurrency, SHIB could fall through the pattern. This would result in the Shiba Inu price losing the support of $0.00002584. Further declining to $0.00002268 would invalidate the bullish thesis.

The post On-Chain Metrics Suggest Shiba Inu (SHIB) Price Is Set to Soar by 42% appeared first on BeInCrypto.

Miners are now in a race against time, requiring higher Bitcoin prices to maintain their earnings.

Why Bitcoin Miners Will Face Challenges

According to a CryptoQuant’s report shared with BeInCrypto, miner hashprice have dipped 30% since the last halving in May 2020. Currently valued at $0.11 per Terahash per second, this figure is poised to drop to $0.055 after the halving, assuming stable market conditions.

“The hashprice is the average revenue a miner gets each time it tries to find a valid Bitcoin block,” CryptoQuant explained.

Furthermore, Bitcoin transaction fees have seen a dramatic decrease. They plummeted from 412 Bitcoin per day in mid-December 2023 to just 29 Bitcoin, marking a 90% reduction. Currently, transaction fees contribute just 3% to the total block reward, significantly down from 37% in mid-December 2023.

Read more: 7 Best Bitcoin Halving Promotions to Check Out in 2024

Moreover, the competition among miners has reached unprecedented levels. The Bitcoin network hashrate, indicating the total computational power, has soared to approximately 600 exahashes per second (EH/s), up from 116 EH/s since the last halving.

This surge means miners must exert significantly more effort and resources to mine the same amount of Bitcoin, with the cost of mining, or hashcoin, increasing tenfold since May 2020.

In response to these challenges, some miners have escalated their Bitcoin selling activities. For example, daily sales to over-the-counter (OTC) desks hit 1,600 Bitcoin in late March, the highest since August 2023. Simultaneously, the Bitcoin reserves held by miners have been on a consistent downward trajectory over the last year.

Significant selling from Bitcoin miners can indeed put pressure on Bitcoin’s price.

Despite these difficulties, not all mining companies are struggling. While major players like RIOT Platforms, Core Scientific, Bitfarms, and Marathon Digital have reported declines in Bitcoin production, CleanSpark has seen an increase. This variation highlights the differing impacts of market dynamics and operational issues on mining firms.

Read more: 5 Best Platforms To Buy Bitcoin Mining Stocks Ahead of 2024 Halving

However, Sheraz Ahmed, the Managing Partner at Storm Partners, offers a different perspective. He argues that the mining industry doesn’t need special preparation for the halving, as market forces will eventually stabilize the situation.

“The miners are getting less Bitcoin for a similar amount of mining that they are doing, but the price should reflect that, or the hash rate can level itself out, almost becoming the perfect market. Any discrepancy can be rebalanced. It’s similar to gold, so I don’t think you need to prepare for it more than anything else,” Ahmed told BeInCrypto.

Past halving events support Ahmed’s view. The total daily revenue of the Bitcoin mining industry has hit new highs in 2024, with a record $79 million on March 6 and $67 million currently. This is 3.5 times higher than the revenue just before the May 2020 halving.

These figures suggest that despite the immediate challenges, the industry may find a new equilibrium after the halving.

The post Bitcoin Miners Struggle to Maintain Operations Ahead of the Halving appeared first on BeInCrypto.

With April underway, this bearishness was expected to subside; however, that does not seem to be the case.

Institutions Divest Ripple

XRP price has had a slow recovery, and in part, this is due to the lack of interest from institutional investors. These large wallet holders tend to sway the price of an asset; however, such is not the case with the Ripple token.

According to the CoinShares digital asset fund flows report, XRP noted only $0.1 million worth of inflows from institutions for the week ending April 5. In comparison, the likes of Litecoin, Polkadot, and even Binance’s BNB coin registered $4.4 million, $0.6 million, and $0.6 million, respectively.

This shows that the payment processor token is losing the support it once had among institutional investors.

In addition to this, retail investors seem to be pulling away from digital assets. This is visible in the downtick observed in the network growth.

This metric estimates whether the project is losing or gaining traction in the market. This is done by measuring the rate at which new addresses form on the network.

At the moment, Ripple’s network growth is at a multi-month low, flashing a bearish signal for the price action.

XRP Price Prediction: A Crucial Level to Hold

XRP price, at the time of writing, is trading above the 38.2% Fibonacci Retracement of $0.81 to $0.47. Marked at $0.60, this Fib level is crucial as losing it would result in a drawdown to the 23.6% Fibonacci level at $0.55.

This is the likely outcome for the Ripple native token as not only the aforementioned conditions, but also the Ichimoku Cloud is exhibiting bearish signals. The Ichimoku Cloud is a technical analysis tool that displays support/resistance levels, trend direction, and momentum.

Therefore, with the candlesticks hovering below the cloud, this can be considered a bearish indication for XRP.

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

However, if the 38.2% Fib level is flipped into support, the XRP price would have a shot at breaching the 50% Fibonacci Retracement at $0.64. Flipping it into support would invalidate the bearish thesis, sending the altcoin beyond $0.65.

The post Ripple (XRP) Price Correction Looms as Institutions Pull Away appeared first on BeInCrypto.

However, ADA is also vulnerable to a decline, which could be triggered if the profit-taking sentiment intensifies.

Cardano Whales Noting a Bullish Comeback

Whales’ move largely impacts Cardano’s price, be it buying or selling. This was evident in how ADA moved over the past few weeks as the whales opted to offload their holdings.

However, this changed in the previous ten days when addresses holding between 1 million and 10 million ADA accumulated nearly 50 million ADA worth $30.3 million. This pushed their total holdings to 5.79 billion ADA.

This is a bullish signal which translates to an increase in Cardano price.

Secondly, the price daily average addresses (DAA) divergence is presently observing a sell signal. The price-DAA divergence compares an asset’s price movement with the number of active addresses daily. A divergence occurs when there’s a significant difference between the two metrics, suggesting potential changes in price momentum, investor sentiment, or network adoption.

Read More: How To Buy Cardano (ADA) and Everything You Need To Know

In the case of Cardano, the price is rising, and DAA is dropping, a sell signal is being flashed, which, while it seems bearish, is inherently bullish since it suggests a short-term price rise is likely.

ADA Price Prediction: Expect a Massive Rally

Cardano price, at the moment, is charting candlesticks moving in a falling wedge pattern, generally known to be a bullish reversal pattern, as rallies tend to take place following a breakout.

Based on this pattern and the fact that ADA is close to breaking out, Cardano’s price will likely post a 32.91% rise. This would bring the third-generation cryptocurrency to $0.813.

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

However, if the sentiment of selling, as noted on the price DAA divergence, intensifies, a drawdown could occur. Consequently, Cardano’s price would invalidate the falling wedge pattern and bullish outlook, sending ADA to $0.500.

The post Cardano (ADA) Breakout Signals: Brace for 32% Rally Ahead appeared first on BeInCrypto.

Sometimes, bearish market trends are altered by investors. However, this time, investors’ behavior does not appear very bullish either.

Dogecoin Will See Some Drawdown

Dogecoin price is exhibiting signs of an increase on the 8-hour chart, but when the extended candlesticks are taken into consideration, a bearish pattern forms. To make it worse, investors may not be able to invalidate it either.

This is because the rising profits will likely trigger profit-taking among DOGE holders. The same can be observed in the Market Value to Realized Value (MVRV) ratio.

The MVRV ratio gauges investor profit/loss. Dogecoin’s current 30-day MVRV stands at 9.2%, indicating profit, which may trigger selling. Historical data suggests DOGE corrections typically happen within the 8% and 18% MVRV range, labeling it a danger zone.

Thus, as the price and profits climb, MVRV will, too, and so will investors’ potential to sell.

Read More: How To Buy Dogecoin (DOGE) With eToro: A Complete Guide

This is further substantiated by the total supply in profits. At times, when the profitable supply hits 95% of the total circulating DOGE, a market top is formed, which is synonymous with corrections as the market cools down.

Given that the profitable supply is at 90% at the moment, it would not be surprising if the coming days note a market top. This would further increase the bearishness, which could lead to a decline in price.

DOGE Price Prediction: A 40% Correction

Dogecoin’s price at the time of writing is trading at $0.206. Although recent gains might suggest an impending rally, a longer-term timeframe indicates otherwise. The meme coin is currently stuck in a rising wedge.

This bearish reversal pattern is characterized by converging trend lines slanting upward. It suggests a significant downward price movement, indicating weakening momentum.

According to this pattern, the target for Dogecoin price is set at $0.127, which marks a near 40% correction.

Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

However, if the pattern breaches through the upper trend line’s resistance or tests $0.22 as a support floor, invalidation of the bullish thesis is likely. Consequently, Dogecoin price will continue rallying towards $0.24 and beyond.

The post Dogecoin in the Danger Zone: How Bearish Reversal Could Slash Prices by 40% appeared first on BeInCrypto.