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Uniswap Facing Resistance at $7.70: Analyst Eyes Short-term Rally Towards $10

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Uniswap (UNI) has gone below the lower limit of its upward channel suggesting that the rate at which it is climbing up is lessening. The currency is now facing resistance near 7.70 levels. This position could produce negative reactions, although a break above 7.70 may imply optimism.

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The Negative Volume Balance notes that trading volume for downward price changes is higher than that for ascending prices, thus indicating deteriorating investor trust. The RSI (Relative Strength Index) has just fallen below 30 after weeks of falling prices; hence, UNI shows strong negative momentum, suggesting further bearish trends ahead. Still, low RSIs may mean that an asset is oversold, especially with respect to prominent stocks, thereby creating an opportunity for a bullish reversal.

Uniswap’s (UNI) current price stands at $7.50 following its last update, accompanied by 24-hour trade volumes amounting to $256.95 million and a market cap valued at $4.49 billion. In the past day, UNI price has slightly decreased by 0 .57%.

UNI 1D graph coinmarketcap
Source: CoinMarketcap

Uniswap (UNI) Potential Short-Term Rally: Targets $10 Mark

Despite these bearish signals, crypto expert Ali Martinez shed light on an intriguing development in a recent analysis: the TD Sequential indicator has just flashed a buy signal on the daily chart for Uniswap. This signal suggests that $UNI might be gearing up for a short-term rally lasting anywhere from 1 to 4 days. 

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With this bullish momentum, there’s speculation that the price of $UNI could surge to reach the $10 mark. Investors and traders are keeping a close eye on this potential uptrend, poised to capitalize on any favorable movements in the market.

Uniswap’s Potential 12.33% Surge to $8.47 by April 21

However, the latest Uniswap price forecast by Changelly is also optimistic. Analysts predict that it will increase by 12.33%. By April 21, 2024, this projection shows that Uniswap could be valued at $8.47.

Changelly’s technical analysis suggests a Neutral Bullish sentiment of 55% in the market for Uniswap. Also, the Fear & Greed Index has a score of 66, implying that investors are more prone to greedy behaviour.

Cryptocurrency experts, based their predictions on the price fluctuations observed at the beginning of 2023, predict that UNI’s average rate will equal $9.97 come April 2024. The expected price spread ranges from $9.81 at a minimum to $10.12 at a maximum value. This means an estimated return on investment (ROI) of up to 27.4% for those contemplating putting their money into Uniswap.

Related Reading |  Bitcoin Halving Marks Its Fourth Successful Completion, CoinGecko Says

Bitcoin Awaits Direction: Analyst Predicts Critical Days Ahead

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According to insights from the renowned crypto analyst Altcoin Sherpa, Bitcoin is at a key juncture. The analyst highlighted this in a recent X post about the current situation of Bitcoin, stating that the next few days could play a decisive role in the coin’s price path.

The analyst said that the next few days are very important for Bitcoin as the cryptocurrency is on the edge of a very important price. The analyst emphasized the significance of the $60,000 level that Bitcoin is very close to breaking it downward. His analysis implies that this figure is not just another digital value but a decisive psychological and technical level that may define the next major market move.

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Bitcoin Awaits Direction: Analyst Predicts Critical Days Ahead 6

Altcoin Sherpa’s analysis suggests that although the prices of cryptocurrencies are often painted with dramatic colors, Bitcoin is still sleeping in the same trading corridor. “We’re just in the same range,” he said, calming down anticipations of any extreme breakout or breakdown. This view encourages traders to look at the overall picture instead of being caught in short term price fluctuations.

200 EMA’s Role In Bitcoin’s Market Dynamics

A principal feature of his analysis emphasized the 200 EMA on the 4-hour chart, which is currently a support and resistance. The traders monitor this technical indicator to measure the market momentum and the possibility of price reversals. As per Altcoin Sherpa, the 200 EMA serves as a temporary support and resistance area for any price movements with higher time frames showing a trendless price, implying a lack of consensus among traders in respect of the next move of Bitcoin.

As of press time, the price of BTC is $63,550.50 and the 24-hour volume is $31,882,234,809.02. Over the last 24 hours the cryptocurrency has lost 1.78% of its value, and over the past week the decline was even bigger 5.41%.

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The analyst’s advise to be patient is shared by those who closely watch the cryptocurrency’s performance. In the case of Bitcoin being at a possible point of reversal, either a bullish or bearish scenario is likely depending on the way it will treat the critical technical levels within the next days.

For the crypto community, the days that pause are paramount to Bitcoin, affecting its further path for the next month or so. Insights of Altcoin Sherpa give a guide to the followers and traders, highlighting that vigilance and strategic thinking have to be kept in the market that never ends.

Tether’s USDt Goes Live On TON: A New Era in Digital Finance Begins

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The TON foundation has announced the launch of the largest stablecoin in the world on the first blockchain integrated with Telegram. With the introduction of USDt on The Open Network, the foundation aims to provide the 900 million monthly active users of Telegram with an entirely new Web3 experience centered around global peer-to-peer payments.

This collaboration represents a significant stride towards making digital currencies practical and accessible to the global population. By enabling peer-to-peer payments without intermediaries, borders, or limits, this initiative seeks to streamline financial transactions on an unprecedented scale.

Paolo Ardoino, CEO at Tether, expressed excitement about the partnership and said:

The launch of USDt on TON will allow seamless value transfer globally in a simple experience that can match even the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space. However, it’s important to note that USDt on TON will not be available to users based in mainland US, US territories, or US citizens and Prohibited Countries as defined under Tether’s Terms of Service.

USDt, also known as Tether, stands as the most utilized and renowned stablecoin in the market, boasting a daily volume exceeding $85 billion and a total market cap surpassing $106 billion. With each token pegged 1-to-1 with USD and backed fully by Tether’s reserves, USDt offers stability crucial for various financial activities, including hedging against cryptocurrency price volatility, everyday transactions, and cross-border payments.

Benefits For the Community: TON’s USDt Integration

The integration of USDt into the Telegram ecosystem represents a pivotal moment in digital finance, offering unparalleled advantages to users. With seamless Telegram integration, lower transaction fees, faster processing times, and scalability, USDt on TON promises to deliver a user-friendly experience unmatched by other blockchain solutions.

Moreover, the launch comes with significant incentives for early adopters, including Toncoin rewards for USDt Earn programs, liquidity pool boosts on TON’s largest decentralized exchanges, and free withdrawals across major centralized exchange partners.

However, the introduction marks an important step forward in digital finance development that provides a unique chance to close the gap between traditional financial systems and decentralized ones while giving users incomparable accessibility and utility in cryptocurrencies.

Related Reading | Bitcoin Analysis: Analyst Discusses Wyckoff Distribution’s Impact On Market Trends

Bitcoin Halving Marks Its Fourth Successful Completion, CoinGecko Says

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Bitcoin’s network e­xperienced a significant mile­stone —its fourth Bitcoin halving of new block rewards—on April 19th, 2024, according to CoinGecko. This e­vent, governed by pre-programmed code­, echoes Bitcoin’s finite supply. Ne­wly created bitcoins steadily de­crease, raising questions: Will mine­rs seize a golden chance­ or face ruthless elimination from the­ market?

Bitcoin’s halving slashes re­wards for mining blocks – a crucial event impacting operations. Mine­rs’ payouts dropped from 6.25 to 3.125 bitcoins (around $200,000) during the halving. Although solidifying Bitcoin’s “digital gold” status, this adjustment disrupte­d miners’ profitability. The halving underscore­s Bitcoin’s scarcity while reshaping mining economics.

Analysts like Matthew Galinko of Maxim be­lieve the cryptocurre­ncy mining sector will undergo consolidation. Miners with affordable­, dependable e­nergy sources and efficie­nt equipment are like­ly to endure. Howeve­r, miners with less efficie­nt setups or costly power sources may face­ closure due to operational challe­nges.

Bitcoin Halving Impact on Price, Hash Rate, and Mining Industry

JPMorgan and De­utsche Bank foresee­ Bitcoin’s price temporarily dropping after the­ halving event. Howeve­r, Mark Palmer from Benchmark belie­ves spot Bitcoin ETFs’ introduction could create concurre­nt demand, possibly amplifying Bitcoin’s long-term price impact.

Historically, Bitcoin halvings have cause­d a short-term drop in Bitcoin’s hash rate – the total computing powe­r used for mining. This happens because­ the reduced re­wards make mining less lucrative for some­ miners. But, historically, the hash rate bounce­s back within a few months after each halving e­vent.

Bitcoin’s hashrate continue­s to rise to new all-time highs. Miners fie­rcely compete be­fore the halving eve­nt. This astonishing hashrate trend may reduce­ the typical post-halving miner exodus. Plus, Bitcoin’s lofty price­ could motivate miners to persist de­spite diminished rewards.

The Bitcoin halving is a crucial test for the mining industry. While it reinforces Bitcoin’s scarcity narrative, it also puts immense pressure on miners. The coming months will reveal how efficiently the industry adapts to this new reality and whether the “digital gold rush” continues for all participants.

Related Reading | Render Token Defies Market Fears, Analyst Predicts Major Rally: Report

Bitcoin ETFs Hold 851k BTC: Reshaping Market Dynamics In Q2 2024

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Bitcoin exchange-traded funds (ETFs) are making waves in the cryptocurrency market by holding 851,000 BTC, which is 4.3% of all circulating Bitcoins. The ETFs had a good start, with inflows reaching as high as $2.5 billion; however, starting from March, this trend has slowed down considerably. The recent drop in Bitcoin’s price to $60,000 brings us back to the question: is there more correction on the horizon?

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According to a recent report by Glassnode, these ETFs have changed the dynamics of the cryptocurrency market. In January 2024, when the SEC approved these investment products, substantial capital flows were seen that strongly correlated with changes in BTC prices.

These ETFs also brought about increased prices and impacted significantly on the liquidity of markets and investor behaviour. From more trading volumes and adjustments in asset management strategies across various platforms, it is now evident that these investment vehicles emerged as major market drivers.

The combined assets under management (AUM) for Bitcoin ETFs have reached a staggering figure, highlighting their growing influence. Weekly inflows into these ETFs were impressive initially, ranging from $1.2 billion to $2.5 billion. However, there has been a noticeable slowdown in inflows since late March, indicating a potential stabilization or shift in investor sentiment.

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Bitcoin ETFs Hold 851k BTC: Reshaping Market Dynamics In Q2 2024 9

Moreover, trading patterns have changed significantly, with spot Bitcoin ETFs now accounting for a substantial portion of total spot trading volume on centralized exchanges. This shift underscores the ETFs’ role in enhancing liquidity and setting new benchmarks for trading activity.

Fluctuations in Bitcoin Inflows and Outflows

Often, withdrawal of ETFs from the market coincided with substantial falls in Bitcoin price, hence showing that investors are reactive during periods of volatility. The Grayscale Bitcoin Trust (GBTC), which has higher costs and therefore is experiencing continuous outflows as compared to other options available, seems to be an outlier here.

For traders to navigate this new marketplace effectively, they must understand how investors will behave or react. Monitoring ETF inflows and outflows by the participants reveals the huge influence of these on market dynamics. Neverthekess, the introduction of spot-based bitcoin ETFs have changed supply and demand dynamics for BTC. Market participants should closely monitor these ETF activities for them to be able to use these developments optimally in today’s changing cryptocurrency market structure.

Related Reading | Analyst Predicts Injective (INJ) Could Hit $50 Amid Bullish Trend

Ethereum Fees Fall 86%, Buy or Bail?

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Ethereum’s transaction fees have registered a drastic decline from $15.21 to just $2.07, in a span of just a few weeks. Notably this fluctuation in the gas fees is a common occurrence in the cryptocurrency market, mirroring the sentimental cycles among investors. These sentiments according to market experts typically shift between the extremes of “To the Moon”—indicating a bullish market—and “Crypto is Dead,” suggesting a bearish outlook.

Ethereum
Ethereum Fees Fall 86%, Buy or Bail? 11

Therefore fees on the Ethereum network will tend to rise sharply during price peaks and stabilize at lower levels when prices are at the bottom, mirroring these market sentiments.

Ethereum’s network costs just $2.07 to make a transaction, a far cry from the $15.21 that it cost back on March 4th when demand was excessively high. The market historically moves between sentimental cycles of feeling that crypto is going “To the Moon” or feeling that “Crypto is Dead”, which will very often be observed through transaction fees. These fees will tend to peak (and sometimes diverge) around ETH price tops, and go back to its resting state around price bottoms.

For those keeping a close eye on their investment strategy, particularly those interested in diversifying their portfolio with ERC20 tokens, it’s crucial to monitor these fee changes. One can track real-time fluctuations in the Ethereum network on the relevant dashboards to make informed decisions based on current transaction costs.

Diving Deep into Ethereum’s Cost Variability

Beyond market sentiments, several factors come into play in the cost variation such as the specific asset being transacted and the time of day. This could also mean that the impact of the fee irregularities might vary for different users- meaning some of them can still encounter higher fees under certain conditions. Nevertheless, a drop in ETH’s transaction fees is a huge relief for users as it enhances participation levels, thereby making it more accessible and economically feasible.

Additionally, this decrease could potentially encourage more users to transact on the network, resulting in a high engagement rate with various Ethereum-based applications. Being a key player in the broader cryptocurrency landscape, these developments could have long-term implications for the platform’s usage and popularity.

Render Token Defies Market Fears, Analyst Predicts Major Rally: Report

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Expert opinions often influence investor feelings and market trends in the volatile world of cryptocurrency. A leading name in the crypto analysis sector, D0c Crypto, made a lot of news by concluding an optimistic forecast for the Render Token (RNDR). In a recent X post, the analyst offered a comforting angle in a market hit by real-world issues, which have generated anxieties and slide in prices.

Analysts note that the broader market is nervous, which may cause RNDR to suffer from unjustified down-trending, although it does not. He highlighted the power of Render Token, saying it was now forming a strong support level at between $7 and $8. This support level suggests a strong platform from which the value of RNDR might rise.

Market watchers and investors have observed an inherited fear that tends to linger in the crypto market due to a number of worldwide uncertainities. Yet D0c Crypto tells stakeholders to “ignore the noise,” noting that the fundamentals of RNDR are stronger than the market sentiment might suggest. His analysis implies that the fears leading to the sell-offs are transient and that the market will soon value RNDR at its inherent value.

Render Token Rally Countdown

In addition to strengthening his optimistic perspective, the analyst hinted at an imminent important event for RNDR. He prophesied that before three weeks are over, Render Token will have its biggest rally. This announcement has made the industry of cryptocurrencies lively, and many crypto enthusiasts and investors are enthusiastic and curious about the predicted increase.

Presently, the RNDR trade value has shifted drastically, at $8.14. This also represents a 6.25% increase for the last 24 hours in contrast to a 9.53% decrease recorded for the previous week. The token has been traded at a volume of around $249.17 million in the same 24-hour period. This dynamic pricing is a reflection of ephemerality in the cryptocurrency market that Render always manages to deal with through various trends.

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Render Token Defies Market Fears, Analyst Predicts Major Rally: Report 13

With the countdown to the anticipated rally getting closer, the crypto community stays vigilant, most of them agreeing with D0c Crypto’s positive view of RNDR. Should his predictions come true, the following weeks may become a milestone for RNDR and bring a phase of further prosperity and profit to the digital asset.

Ripple (XRP) Predicted to Surge 25% By April 20

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Ripple’s native­ cryptocurrency, XRP, has gained prominence­ in the digital asset market. Curre­ntly trading at $0.50, marking a 2% daily increase, it secure­s the 7th position among cryptocurrencies by marke­t capitalization. However, the­ asset has experie­nced a 17.97% decline ove­r the past week. De­spite this recent downturn, XRP de­monstrates substantial potential, prompting investors to conside­r capitalizing on the opportunity.

XRP 1D graph coinmarketcap

Changelly’s latest Ripple­ price prediction anticipates a bullish traje­ctory, suggesting a potential 25.1% increase­, setting a target price of $0.619271 by April 20, 2024. Ne­vertheless, te­chnical indicators paint a mixed picture. While a 7% marke­t sentiment leans towards be­arishness, the Fear & Gre­ed Index score of 57 signifie­s greed prevailing in marke­t sentiment. Furthermore­, XRP has recorded 14 out of 30 positive trading days ove­r the previous month, refle­cting a 47% upward trend amidst a 7.50% price volatility.

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Long-Term Outlook for Ripple (XRP)

Looking ahead to April 2024, crypto expe­rts anticipate an average XRP rate­ around $0.575, with projections ranging from a minimum of $0.490 to a maximum of $0.659, potentially yielding a 29% Re­turn on Investment (ROI). Broadening the­ perspective to 2024, te­chnical analysis suggests XRP’s price may fluctuate be­tween $0.490 and $0.575, with an anticipated ave­rage trading price of $0.659 and a potential 12.6% ROI.

Amidst the­ excitement, voice­s of skepticism emerge­ within the cryptocurrency community. One such voice­ recently expre­ssed doubt regarding an imminent XRP bull run, citing factors such as re­gulatory uncertainties stemming from ongoing le­gal battles, negative marke­t sentiment impacting investor confide­nce, intense compe­tition, lack of significant adoption catalysts, and bearish technical analysis signals. These­ concerns cast a shadow on XRP’s immediate prospe­cts, highlighting the complexities surrounding its traje­ctory.

However, it should be noted that despite the continued resilience of XRP and its growth potential, there are several challenges in place which may hinder a sustained bull run. If regulatory clarity is to be achieved, positive developments will have to occur, since market sentiment might shift. To lead Ripple (XRP) to the bullish aspirations, there must be regulatory clarity plus some positive developments as well as a change in market sentiment.

Related Reading | Litecoin (LTC) Charting a Path Towards $250-$300 Amidst Market Resilience

Bitcoin ETFs Persist In Outflows; BTC, GBTC Decline As IBIT Falters: Report

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Bitcoin ETFs have seen a significant reduction in the net inflows, and on April 18, 2024 an outflow of $4 million was registered. This dip is the second time in a row when negative net inflows were recorded over five continuous trading days indicating a stormy phase of Bitcoin investing.

The financial activities of the Grayscale Bitcoin Trust (GBTC) also saw a fraction of progress among the significant players as it decreased its daily outflow from $133 million to $90 million. However, this decrease, substantial as it is, suggests continuous difficulties within the sector.

BlackRock iShares Dips Amid Bitcoin ETF Concerns

On the other hand, other Bitcoin ETFs have performed differently. In particular, the BlackRock iShares Bitcoin Trust (IBIT) is worsening, with poor inflows adding to the total market net outflow. This tendency reflects the cautious or bearish sentiment of the investors, possibly driven by general market fears, or concerns connected with the cryptocurrency industry itself.

Repeated negative net inflows reiterate a crucial point for Bitcoin ETFs. Such investment products that enable investors to access BTC without the intricacies of ownership are now the most critical in integrating the cryptocurrency into conventional investment portfolios. Nevertheless, the current negative flow indicates a withdraw of the investor’s confidence or a revaluation of Bitcoin’s future value because of volatile market.

The situation raises crucial questions concerning the future dynamics of cryptocurrency investments, particularly in products like ETFs. While market continues to navigate through these choppy waves, stakeholders and potential investors will watch these developments very closely. Bitcoin ETFs performance would act as an indicator of how much cryptocurrencies have been accepted and how stable they are in the financial landscape.

Over the next few days, the investment community is expected to watch for signs of stabilization or additional fluctuations in ETF inflows and outflows. The results will impact the tactics of retail investors and will form the strategic choices of the institutional participants, such as Grayscale and BlackRock.

In the wake of the development of the cryptocurrency market, the interaction between the market sentiment and investment flows is a significant issue of concern. The right knowledge including the outlook provided by analytical platforms like Spot On Chain are critical in order to see the trends and to act correctly in such a highly dynamic and unpredictable environment.

Analyst Predicts Injective (INJ) Could Hit $50 Amid Bullish Trend

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Injective (INJ) has exhibited a robust upward trajectory over the past week, marking an impressive 11.69% increase. This surge underscores its strong potential, presenting a promising opportunity for investors. Over the previous month, INJ has demonstrated significant growth, with its price soaring by 23.95%. Currently positioned at No. 43 within the crypto ecosystem, INJ commands attention within the market.

As of the time of writing, the price of INJ stands at $28.06, accompanied by a 24-hour trading volume of $556.37M and a market capitalization of $2.62B. Notably, the price of INJ has experienced a 2.44% increase in the past 24 hours.

INJ 1D graph coinmarketcap
Source: CoinMarektcap

Injective 3.0 Aims to Boost INJ Prices

Injective Protocol, a blockchain for decentralized finance (DeFi) and derivatives trading, is voting on a proposal for a major overhaul, termed Injective 3.0. The proposal aims to reshape the platform’s tokenomics and introduce deflationary measures for its native currency, INJ. Voting is open for the next four days via the Injective Hub.

Since its 2023 launch, Injective has gained attention for its low-cost, scalable DeFi platform compatible with Ethereum. INJ has been a top performer, but Injective 3.0 changes could drive prices higher by reducing token minting and making INJ more scarce through staking incentives.

Injective 3.0 seeks to make INJ a deflationary asset by controlling token creation rates and tying inflation to staking activity. The aim is to increase token scarcity, potentially boosting prices. However, price increases rely on utility and community interest, which may take time to materialize.

Analyst Anticipates Injective (INJ) To Reach $50

Crypto analyst World Of Charts has expressed a bullish perspective on INJ, highlighting its current strong uptrend followed by a period of consolidation within a bullish flag pattern. According to their analysis, if there’s a breakout from this pattern, they anticipate a significant move towards the $50 mark, suggesting a potential increase of around 80-90% in the coming weeks.

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Analyst Predicts Injective (INJ) Could Hit $50 Amid Bullish Trend 18

This analysis serves as a reminder of the analysts’ hopefulness about INJ’s future cost trend. The presence of bullish flag pattern coupled by the continuation in an upward direction indicates a favourable ground for more rise in prices. Once this breakout comes as expected, there may be colossal bullish momentum which can make INJ move up to all-time highs.

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