Connect with us

Blockchain

SHIB Price Analysis: Shiba Inu Price Hints Breakout of Ascending Triangle Resistance Amid Token Burning News

Published

on

Amid regulatory uncertainties, India’s top crypto exchange, ZebPay, recently announced the listing of Shiba Inu’s SHIB token on its platform, following the path of Bitpanda, Coinbase Pro, and Binance. The SHIB price rose by roughly 350% from its October opening price bringing its market cap to the 18th position at press time, and quickly lives up to its name as the “DOGE killer”.

A partnership with the crypto payment processor NowPayment will involve burning a percentage of the SHIB token on every transaction, and consequently reducing its supply. 

Could this be the needed catalysts for the SHIBUSDT to escape the current 0.000035 resistance? Let’s find out by analyzing the weekly, daily, and 4HR charts of the SHIBUSDT.

Shiba Inu (SHIB) Weekly Chart Analysis

A sudden increase in demand for the SHIB token triggered by a regular bullish divergence on 06 September, saw the price of the SHIBUSDT soaring above the 09 August bearish divergence trend line.

The price surge started to cool off a bit upon striking the Poloniex all-time high of 0.000035, a healthy correction that’s needed for the SHIB price to continue to the 0.00005 high.

SHIB token holders are confident of the current price hike as the RSI continues to soar above level-75 and level-25.

Shiba Inu (SHIB) Daily Chart Analysis

Coming down to the daily time frame, the 380% impulse wave set up by the regular bullish divergence on 28 September ’21 slowly enters into a correction phase in the form of an ascending triangle chart pattern.

Two important price drivers to look out for are the RSI piercing level-75 and continues to trade above level-25; and a recent breakout of bearish inside-bar resistance [0.00002779] on 11 October ’21.

Also, we notice a hidden bullish divergence as the SHIB price forms higher troughs while the RSI forms lower troughs on 07 and 12 October. We’ll get a clearer picture of the bullish divergence on the 4HR time frame analysis below.

Shiba Inu (SHIB) 4HR Chart Analysis

The SHIBUSDT slowly exits a previous expanding channel set up by bearish and bullish divergence patterns on 07 08:00 and 20:00 October, and transitions into an ascending triangle chart pattern.

Hidden bullish divergence patterns on 07 October 20:00 and 12 October 12:00 suggests a continuation of the uptrend where the price could skyrocket beyond the 0.000035 resistance.

Conversely, a breakdown of the 0.00002058 support line would hint rapid profit taking and increase in shorting interest.

Shiba Inu (SHIB) Intraday Levels

  • Spot rate: 0.00002916
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $0.00002058 and $0.00002733
  • Resistance:  $0.000035 and $0.000050  

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://coingape.com/shiba-inu-shib-price-analysis-shib-price-hints-a-breakout-of-ascending-triangle-resistance-amid-token-burning-news/

Blockchain

THORChain Jumps 35% on Ethereum Trading Restart 

Published

on

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://cryptobriefing.com/thorchain-jumps-35-on-ethereum-trading-restart/?utm_source=main_feed&utm_medium=rss

Continue Reading

Blockchain

Cryptoeats Disappears After Raising £500K From Token Sale

Published

on


Cryptoeats, a company that reportedly raised 8 million in a Series A funding round to build a crypto-based Ubereats alternative, disappeared after launching its token. According to estimations, the startup might have taken more than £500K from investors after the launch of its official token dubbed “eats.” The alleged scam was promoted by UK influencers and manufactured related apparel, and even hosting a launching party in London.

Cryptoeats Initiative Vanishes After Token Launch

Cryptoeats, a company that proposed to build a crypto-based Ubereats alternative, vanished from the internet just minutes after launching its official token. The company, which had an official website and claimed to have raised funds to build their proposal, stated it had run a public beta of the service, partnering with food chains like Nando’s and McDonald’s.

Furthermore, the startup claimed it had already onboarded more than 100,000 customers, who have signed up to download the app and use it on launch day. But the developers of eats, the native token of the platform, emptied the wallet holding the funds coming from the initial token sale, stealing more than £500K from investors, according to reports. Soon after this, all of the social media accounts of the startup disappeared, along with its website.

Cryptoeats Looked Legit

Cryptoeats worried about looking legitimate before disappearing. The company first outed a PR statement where it claimed it had raised $8 million in its series A funding round in 2020. The PR statement, that was published on October 16, declared the company was “set to take a large slice of the $16.6 billion delivery app market.” The statement was issued using Globenewswire and was featured on Yahoo Finance’s website, but both references have been eliminated now.

At a local level, Cryptoeats also did its work bringing U.K. influencers to promote the new initiative among their fanbase. Joey Essex, a reality TV celebrity that promoted Cryptoeats, stated to local media he lamented the situation. Essex stressed:

I’m fuming. This company used my name to dupe lots of people into investing money. It’s disgusting and I feel bad for anybody in that situation.

But Essex was not the only local celebrity that promoted Cryptoeats. Lots of other influencers attended a launch party last week in London, where Cryptoeats apparel was shown and worn by some of the assistants.

What do you think about the whole Cryptoeats fiasco? Tell us in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://news.bitcoin.com/cryptoeats-disappears-after-raising-500k-from-token-sale/

Continue Reading

Blockchain

Crypto Mass Adoption: Bringing Digital Currencies Into Everyday Life

Published

on

As the cryptocurrency market cap stands at a staggering $2.53 trillion, it is no more just another alternative financial system. Crypto users don’t want to invest in Bitcoin and altcoins as a future asset that will later appreciate in value. Instead, there is a rising clamor for making crypto a part of the mainstream economy. Visa and PayPal have already introduced crypto payments into their platforms, thus pushing for crypto’s mass adoption.

One of the latest projects bringing cryptocurrencies to the mainstream by lowering the barrier to entry is @Pay. The project aims to open up into unexplored terrains for everyday crypto transactions.

@Pay: Defining New Frontiers for Crypto

‘Buy Now, Pay Later’ transactions are becoming more common in everyday finance, and traditional financial platforms like PayPal who has been offering it for a while. @Pay is a DeFi protocol providing eCommerce payment solutions for merchants and consumers. It has garnered attention for being the first-of-its-kind ‘Buy Now Pay Later’ (BNPL) platform in the blockchain and cryptocurrency space that offers cost-effective solutions for all stakeholders.

The Australian platform is already showing signs of success due to its interest-free ecosystem and low entry cost. It comes with the promise that shoppers no longer will need to pay any interest or late fees for availing of BNPL products.

@Pay comes with its own integrated wallet, which enables users to buy products on the platform and pay using the crypto in their platform-integrated wallet. This removes the complexity of integrating any third-party crypto wallet and makes cryptos easily accessible to everyone.

When a user creates an account on @Pay, they get a base credit of $250. However, if the shoppers make timely repayments, they can increase their credit limits up to $1,200. @Pay enables buyers to purchase products and make payments for them in four installments over a period of three months. The best part is that it charges no interest and only has a fee of $6 per month for the management of users’ accounts.

Another interesting facet of the protocol is that users can stake their approved stablecoins to fund @Pay’s BNPL features. In return, they can receive @Pay yield tokens and earn a variable yield throughout the staking period. Additionally, users will also get @Pay tokens from staking, which they can farm to generate more passive income.

The @Pay Token

An integral part of @Pay is the @Pay token that powers the protocol. @Pay tokens are used for the purpose of governance and distributing platform rewards. The protocol however offers the option to mint more coins in case the supply runs out to cater to ongoing demand. The beauty of this is that all newly minted governance tokens will be based on new revenue-generating transactions on the platform.

How Will @Pay Impact Future Transactions?

To understand the effect that @Pay will have on the market, we first need to look at two things.

Firstly, we have the exponential growth of eCommerce and its staggering sales figures. As countries across the globe witnessed repeated lockdowns due to the COVID-19 pandemic, more people flocked to online shopping. In 2020 alone, eCommerce sales reached a record high of $4.28 trillion.

Secondly, BNPL significantly reduces cart abandonments and increases purchase sizes. The BNPL provider, Afterpay, has seen an 83% sales conversion when shoppers get the BNPL facilities. Klarna has also documented how BNPL shoots up the basket size by 68%.

Realizing the market requirements, the @Pay protocol seems to be providing the necessary solutions for the merchants and shoppers of the post-pandemic age. With a high credit line and interest-free, no late fees platform, shoppers can make hassle-free purchases. They will no longer need to depend on their interest-heavy credit cards to get hold of the items they need.

Furthermore, the elaborate rewards system ensures that shoppers will never want to default on their payments. In tokenizing BNPL features using sophisticated smart contracts, @Pay is at the forefront in driving mainstream crypto adoption. It will not be surprising to see them become one of the biggest platforms for crypto micropayments in the coming years.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://www.newsbtc.com/news/company/crypto-mass-adoption-bringing-digital-currencies-into-everyday-life/

Continue Reading
Blockchain4 days ago

NY AG directs 2 crypto firms to shut down, investigates 3 others

Uncategorized4 days ago

How to Get Lucky Online for St. Patrick’s Day

Blockchain4 days ago

New York’s AG Stays Busy, Two Crypto Platforms Shutdown Others Under Investigation

Blockchain4 days ago

This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4

Blockchain4 days ago

Dogecoin (DOGE) Correction Looks Complete, Shows Signs of Long-Term Upward Movement

Blockchain4 days ago

Blockchain News Roundup: Coinbase is Launching a Marketplace For NFTs

Blockchain4 days ago

How Astra’s Decentralized Compliance Layer Fills a Legal Protection Gap

Blockchain4 days ago

New York joins crackdown on crypto lending, seemingly targeting Nexo and Celsius

Blockchain3 days ago

MEXC Will Launch ARPAUSDT, REEFUSDT, KEEPUSDT & NUUSDT Futures With 6,000 USDT Bonus Giveaway

Blockchain4 days ago

Bullish: Number Of Ethereum Addresses Holding 1+ ETH Reaches New All-Time High

Blockchain4 days ago

Subsocial: Polkadot-Based Platform for Decentralized Social Networks & Marketplaces

Blockchain4 days ago

FLOW Trading And Staking Are Coming for the US and Canada!

Blockchain4 days ago

‘$100,000 Bitcoin Is Possible,’ Says Analyst Adrian Zduńczyk

Blockchain3 days ago

MEXC Exchange Will Launch BITUSDT Futures With 2,000 USDT Bonus Giveaway

Blockchain4 days ago

Local Businesses in New York Urge Governor to Impose Statewide Bitcoin Mining Moratorium

Blockchain4 days ago

Impromptu Telegram AMA

Blockchain3 days ago

Fozeus AMA: An AMA That Is Quite Promising And Interesting!

Blockchain3 days ago

Charity and Community Focused Project ‘TheFloorNFT’ Announces New Artistic Collectibles on Ethereum

Blockchain4 days ago

$5.2 billion worth of Bitcoin (BTC) paid out in ransomware

Blockchain4 days ago

Institutional managers hold a record $72.3B of crypto — CoinShares

Trending