Traders utilizing leveraged positions in Bitcoin may face unexpected outcomes as the cryptocurrency approaches a pivotal moment that might lead to significant price fluctuations, according to analysts.
Crypto trader Honeybadger, writing pseudonymously, expressed concerns about the market’s current state.
“The market was in easy mode, but right now clearly there’s too much leverage and market makers are having a field day exploiting high emotions and degenerate behavior,” he stated in an April 11 post on X.
He also remarked on the activity of market makers: “Market makers are having the best time ever chopping everyone up.”
Recent data from CoinGlass highlighted that $39 million in leveraged Bitcoin positions were liquidated in just 24 hours, encompassing $18.38 million in long positions and $20.62 million in short positions.
Honeybadger noted the formation of a symmetrical triangle on the Bitcoin price chart, a neutral indicator that might mislead traders into overly confident long positions.
He cautioned about the potential for a fakeout, which could surprise traders expecting a stable pattern.
Andrew Kang, co-founder of Mechanism Capital, contrasted with a more optimistic view.
He anticipates Bitcoin will reach new highs post the April 20 Bitcoin halving.
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“I expect BTC to touch $80K by May,” Kang predicted on X. Currently, Bitcoin trades at $70,500, after testing a support level of $68,500 multiple times within the week, according to CoinMarketCap.
The market also responded negatively to recent U.S. inflation data, leading to a 3% price drop below the support level on April 10.
Additionally, a sudden 5% decrease in Bitcoin’s price on April 2 resulted in $50 million in long position liquidations.
Another similar drop now would severely impact long positions, with predictions of $2.14 billion in short positions being liquidated if Bitcoin increases by 5% to $73,819.
Peter Schiff, a gold advocate and Bitcoin skeptic, warned of overconfidence among Bitcoin long position holders.
“Markets seldom work out the way speculators expect them to. More often than not they end up disappointed,” Schiff observed in his X post.
Given the current market volatility, Honeybadger has chosen to remain uninvolved, prioritizing capital protection over potential gains.
Arthur Hayes shared this cautious approach, opting out of trading until May due to potential market downturns.
Similarly, Jelle, another crypto trader, advised his followers on X to avoid unnecessary risks with leveraged trading.
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Dogecoin, the market-leading meme coin, has recently seen a significant recovery, surpassing the $0.2 mark and hinting at a potential bullish trend.
As it briefly hit $0.1993, up from below $0.2 since Monday, the coin seems poised for a rebound following substantial sell pressure earlier in April.
Adding to this optimistic sentiment, Dogecoin has outperformed the broader crypto market, which is up by 1.9% today, with Dogecoin itself climbing by 5.8%.
Notably, it has surged by 9.8% this week, 12.4% this month, and an impressive 134% this year.
With a market cap of $28 billion and a $2.7 billion trading volume over the past 24 hours, Dogecoin’s movements are closely watched.
Several crypto analysts have weighed in on Dogecoin’s prospects.
Knight INJ on X predicted that the coin will target $0.45 after breaking above the crucial $0.15 resistance.
“It will wick down to retest it as support before jumping 306% to the price target,” the analyst forecasted.
Similarly, Whale of City expects a rise to $0.45, pointing to a breakout on the monthly chart.
“Chart is extremely bullish! I’m telling you again and again that DOGE will pump hard soon. $0.45 is a magnet,” he stated.
READ MORE: Bitcoin Slips Below $70,000 Amid ETF Outflows and Market Uncertainty, Traders Hold onto Targets
Another analyst, World of Charts, noted that Dogecoin is consolidating in a bullish pennant pattern and anticipates a move towards $0.3 after a decisive breakout.
The upcoming “Doge Day” on April 20th, rumored to be Elon Musk’s favorite day, is also expected to catalyze interest in Dogecoin and other related cryptocurrencies.
In the realm of meme coins, Dogeverse, a new multichain meme coin, is making waves with its presale surpassing $1 million as investors rush to take advantage of early pricing.
This innovative project integrates six leading meme coin networks, including Ethereum, BSC, Polygon, Solana, Base, and Avalanche, regardless of which blockchain dominates the meme coin sector.
The presale for Dogeverse has rapidly raised $1.7 million in just three days, generating significant interest. Investors are also enticed by the potential of a 583% APY through staking, though this rate will decrease as the pool expands.
As Dogeverse’s campaign progresses, the cost of participation is set to increase, with the next price rise scheduled in two days or when the funds raised hit $2.6 million.
This strategic pricing and high staking returns are positioning Dogeverse as a promising new player in the cryptocurrency market.
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In the past 24 hours, cryptocurrencies Ripple (XRP), Dogecoin (DOGE), and Shiba Inu (SHIB) have all posted minor gains following broader market trends, showing a mixture of optimism and caution among traders.
XRP saw a decrease to $0.59 on April 10, but soon mirrored the market’s revival, climbing to $0.62 at the time of the report.
The Accumulation/Distribution (A/D) indicator suggests that the rise in XRP’s price was due to investors buying the dip.
“As of this writing, distribution had not taken over, indicating that a further increase could be likely,” the report notes.
If this upward trend continues, XRP could test the $0.65 resistance level. However, the MACD indicates an ongoing tussle between buyers and sellers, which could stall the rise and keep XRP’s price oscillating between $0.58 and $0.61.
Dogecoin’s recent 6.99% increase, reclaiming $0.20, was bolstered by a favorable chart pattern.
On April 7, a golden cross appeared on the 4-hour chart as the 20 EMA (blue) crossed over the 50 EMA (yellow), signaling a bullish trend.
If this positive momentum holds, DOGE could potentially rise towards $0.22, barring any bearish interventions. Conversely, a fallback to $0.18 might occur if the bulls lose their grip.
Shiba Inu, meanwhile, struggled to overcome the $0.000030 psychological barrier. On April 9, SHIB approached this threshold but faced a pullback after peaking at $0.000029.
At press time, the price had settled at $0.000028.
The Relative Strength Index (RSI) showed a growth in buying activity, hinting at a possible push towards $0.000030 soon.
Supporting this bullish outlook, the Chaikin Money Flow (CMF) also indicated an increase, suggesting that SHIB could be primed for a climb potentially reaching $0.000035 in the short term.
Each cryptocurrency shows unique patterns and indicators that suggest varying short-term price movements. Market participants will likely continue monitoring these signals closely to navigate the volatile crypto market.
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Around April 17th, Shiba Inu (SHIB) could potentially see a price boost linked to a key technical indicator, as charts suggest a nearing convergence between the 50-day Exponential Moving Average (EMA) and SHIB’s current price.
This convergence is anticipated to form a dynamic support level, which may influence investor behavior and support upward price movement.
Exponential Moving Averages (EMAs) serve as essential tools in technical analysis, providing average prices over a chosen period with a higher weighting given to more recent prices.
EMAs often act as dynamic support levels in trading.
When an asset’s price nears an EMA, it can be perceived as a favorable buying moment or an opportunity to increase holdings, helping to elevate the price from this average.
For Shiba Inu, the expected alignment with the 50-day EMA could suggest a burgeoning interest from investors, establishing a perceived “floor” or support level.
This stabilization could be particularly significant for the typically volatile SHIB token.
A successful leveraging of this EMA as support might spark a period of price increase and encourage a more prolonged upward trend.
However, it’s vital to approach this potential bullish scenario with a degree of skepticism.
Technical indicators like the EMA convergence are not foolproof methods for predicting price movements, and it remains uncertain if SHIB will indeed rise upon reaching the 50-day EMA.
The volatility inherent in cryptocurrency markets, especially in meme coins such as SHIB, calls for cautious investment.
Prospective investors should be wary of SHIB’s history of substantial price fluctuations before committing to investments.
Other factors could also shape SHIB’s price direction in the near term.
The overall market sentiment within the cryptocurrency sphere can significantly impact individual coin values.
Developments within the Shiba Inu ecosystem, including partnerships, advancements in its proprietary Shibarium technology, or new applications, could also sway its price.
Furthermore, broader macroeconomic factors and international news frequently affect the entire cryptocurrency market, including SHIB.
In conclusion, the forthcoming convergence of SHIB’s price with its 50-day EMA represents a critical technical milestone that might indicate potential price support around mid-April.
While this presents an optimistic outlook, investors are advised to maintain awareness of SHIB’s inherent volatility and consider a wide range of market factors before making investment decisions.
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On April 9, a significant security risk for Telegram users was highlighted by the blockchain security firm CertiK, revealing a vulnerability that could lead to malicious attacks via the desktop version of the messaging app.
CertiK, through an alert on X (formerly Twitter), disclosed a “high-risk vulnerability in the wild” that could allow hackers to execute remote code execution (RCE) attacks through Telegram’s media processing.
This vulnerability, found specifically in the Telegram Desktop application, makes users susceptible to attacks through specially crafted media files, like images or videos.
CertiK’s findings have stirred concerns, prompting them to advise users to modify their Telegram Desktop settings to prevent automatic media file downloads.
This precaution involves disabling the auto-download for “Photos”, “Videos”, and “Files” within the app’s settings, specifically under the “Automatic Media Download” section for all types of chats.
Despite these claims, a Telegram spokesperson denied acknowledging any such vulnerability within Telegram clients.
The revelation of this vulnerability has brought attention to the ongoing security challenges faced by Telegram, especially given its popularity in the cryptocurrency community for its features that support communication, file sharing, and cryptocurrency transactions through its Wallet service.
This service, notably, opts for a custodial approach to managing users’ assets, differing from the conventional method where users control their private keys.
This isn’t the first time Telegram has been in the spotlight for security vulnerabilities.
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Previous instances include a 2023 discovery by a Google engineer of a bug in the macOS version of the app that could allow unauthorized access to a device’s camera and microphone, and a 2021 incident identified by a Shielder researcher involving modified animated stickers that could compromise user data.
Telegram’s response to such vulnerabilities has been proactive, with the platform’s bug bounty program, initiated in 2014, inviting developers and security researchers to report potential security issues in exchange for financial rewards.
The program aims to address and mitigate security concerns by leveraging the expertise of the wider security community.
However, despite Telegram’s efforts to secure its platform and the skepticism around the current vulnerability’s existence, the dialogue between security experts and Telegram continues, underscoring the complex landscape of digital security and the ongoing need for vigilance.
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Shiba Inu (SHIB) and Dogecoin (DOGE) both delivered astronomical returns to early investors.
Kitty Queen Coin (KITQUE) has burned 40% of the 5 billion tokens that were minted, by transferring all tokens in the Raydium liquidity pool to a dead wallet.
Specifically, 2 billion KITQUE tokens were burned just around three hours after the memecoin began trading today.
This comes after Kitty Queen Coin’s price has rallied 2,024% in the last three hours, with it currently trading at $0.00002478.
Despite this impressive rally, KITQUE (contract address: F6LdtNP9zThSuCwdweAGqngC9XufhDfMYjFio3mWZT9e) currently has a market cap of just $120,000, meaning it still could easily rally another 7,000%-10,000% in the coming weeks and months.
Its market cap is forecast to hit at least $2 million by the end of April, meaning investors who buy in at the current price will generate approximately 1,600% returns within a couple of weeks.
KITQUE is one of the most exciting Solana memecoins to be released this month, and it does appear to have the potential to eventually challenge coins such as Shiba Inu (SHIB) and Dogecoin (DOGE).
SHIB and DOGE both generated massive returns for their early investors, as they surged and became mainstream.
It remains to be seen if KITQUE will be able to achieve a market cap of $100 million or over, but it certainly has plenty of potential to achieve a $5mn-$10mn market cap, so it’s not surprising that there is huge buying pressure on the token’s first day of launch.
Kitty Queen Coin is currently only available to trade on decentralized exchanges, such as Raydium and Jupiter, but it will be listed on several centralized exchanges later this month, providing another bullish catalyst which early investors will profit from.
On April 9, the buzz surrounding Bitcoin‘s weekly performance dimmed as its value dropped below $70,000.
Insights from Cointelegraph Markets Pro and TradingView highlighted a decline in Bitcoin’s price before the opening of Wall Street, hitting a low of $69,635 on Bitstamp, a 4.3% decrease from the day before.
This dip mirrored a hesitancy in the market’s short-term outlook.
The start of the week on Wall Street didn’t meet the expectations of Bitcoin enthusiasts. U.S.-based spot Bitcoin ETFs saw minimal capital inflow, and with a significant $300 million withdrawal from the Grayscale Bitcoin Trust (GBTC), the day ended in substantial net outflows.
Data from the UK investment company Farside indicated these outflows surpassed $200 million.
Analyst Mark Cullen highlighted the unusual market activity, noting the negative ETF flows despite Bitcoin’s previous gains.
Despite the day’s downturn, major ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) managed to continue their streak of inflows.
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Market observers had anticipated a positive turn in net flows following Genesis, a bankrupt cryptocurrency lender, announcing it had sold off billions in GBTC shares to purchase Bitcoin.
Commentator WhalePanda pointed out the day’s sluggish ETF activity, speculating on various factors including potential profit-taking and the upcoming U.S. tax deadline on April 15.
Amid these market movements, traders maintained their Bitcoin price targets. Crypto Ed, aiming for an $80,000 Bitcoin value, adjusted his immediate goal to $73,000 for continued growth.
Other traders like Jelle and a subsequent post proposed a breakout target of $82,000, suggesting a rebound to new highs if Bitcoin holds above $71,400.
Conversely, Credible Crypto expressed caution, predicting a possible dip to $60,000 or lower, consistent with his earlier analyses of market correction expectations.
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In the recent upturn of the crypto market, two Solana-based meme coins, WIF and BONK, have stood out due to their remarkable price increases, signaling a bullish trend for both assets.
The WIF meme coin has exhibited a bullish reversal, notably breaching the $3 threshold and surpassing the overhead resistance trendline, leading to a significant 27% increase over a single weekend.
This surge pushed its value beyond the $4 level.
Although there was a slight retracement to $4.31, resulting in a 2.83% intraday decline, WIF’s value rebounded by 11.79% overnight.
This rapid recovery suggests a potential move towards the $5 mark in the near future.
On the other hand, BONK has shown an equally impressive bullish reversal starting from a low of $0.00002122, creating a descending triangle pattern on its 4-hour chart.
Despite facing a 2.34% drop after a 4% rise on Sunday, BONK’s price adjusted to $0.00002388.
However, the general market recovery fuels optimism for a breakout above the trendline, which could lead to an increase towards $0.000051.
A closer examination of the WIF and BONK price charts indicates that both meme coins are on the brink of further gains.
READ MORE: Whale Wallet Swallows 692 Billion SHIB Tokens from Crypto.com Amidst Market Speculation
WIF’s chart suggests a promising post-retest reversal aimed at the $5 benchmark, while BONK’s trajectory hints at an imminent trendline breakout, offering a promising entry point for traders targeting the $0.000051 level.
As the altcoin season progresses, meme coins such as WIF and BONK have become speculative yet potentially profitable investment avenues.
Traders, particularly those interested in short-term investments, are closely watching these coins, expecting additional rises driven by market sentiment and technical indicators.
In conclusion, the surge in WIF and BONK prices mirrors the broader crypto market’s optimism.
These Solana-based meme coins have garnered significant attention, leading investors and traders to approach with a cautious optimism.
As the market for digital assets continues to evolve, the movements of such meme coins are keenly observed, with the community ready for whatever comes next in this volatile sector.
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Steven Nerayoff, a prominent figure associated with the early development of the Ethereum network, has initiated legal action against the U.S. government, alleging false accusations and improper conduct by federal officials spanning from 2019 to 2023.
Known for his controversial claims against Ethereum co-founder Vitalik Buterin, Nerayoff seeks $9.6 billion in damages through a lawsuit under the Federal Tort Claims Act (FTCA) related to an extortion case lodged against him four years prior.
The dispute, which concluded in May 2023 with the dismissal of the charges by the U.S. government, centers on accusations deemed by Nerayoff as unfounded and supported by unethical practices, including harassment and evidence fabrication by government agents.
This misconduct, he claims, not only tarnished his reputation and disrupted his business endeavors but also inflicted personal and financial hardships.
The lawsuit filing emphasized the profound impact on Nerayoff’s life and career, highlighting substantial legal expenses and loss of income due to his ostracization within the cryptocurrency community.
Eleanor Terrett, a journalist for FOX Business, revealed details of the lawsuit, including Nerayoff’s engagement of renowned attorney Alan Dershowitz as an advisor on the case. Dershowitz remarked on the case’s unique nature.
Nerayoff, a serial entrepreneur and legal professional with several international patents to his name, founded the blockchain consulting firm Alchemist.
His early engagement with projects like Ethereum in 2015 established him as a significant figure in the blockchain sector.
The Federal Bureau of Investigation (FBI) apprehended Nerayoff and Michael Hlady, an associate at Alchemist, in September 2019, accusing them of extortion against a cryptocurrency startup.
This incident is part of a series of controversies and legal challenges Nerayoff has faced, including his criticisms of Ethereum, which ranged from allegations of fraudulent activities and misconduct by its founders to accusations of regulatory favoritism—a controversy known within the community as “ETHGate.”
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Shiba Inu (SHIB) and Dogecoin (DOGE) are facing competition from a wave of emerging memecoins that are attracting significant inflows.
DinoCat (RAWR), a newly launched Solana memecoin, is set to experience a huge price rally in the next 48 hours, as the coin is set to be listed on MEXC.
MEXC is one of the largest cryptocurrency exchanges in the world, and this will be DinoCat’s first centralized exchange listing.
This listing is set to see RAWR’s (contract address: 9khQG9Esv15TWf2F4kdx2ULmbhDvJQS7sDGPBpKLEA4G) price skyrocket 3,000% within a matter of days, and, as more CEX listings are planned in the coming weeks, there will be plenty more potential for the coin’s price to increase beyond this level.
The token, which was launched earlier this week, currently only trades on decentralized exchanges, such as Raydium and Jupiter.
It is currently trading at $0.002377 and it has a market cap of just $23,000, meaning that DinoCat could deliver 1,000x-10,000x returns to investors who buy now if it becomes one of the top 100 memecoins in the world.
Will DinoCat Challenge SHIB and DOGE?
Dog-themed memecoins have dominated the space, with Shiba Inu, DOGE and BONK being the most successful among them.
Several cat-themed coins have tried to become mainstream, but they have failed to achieve this so far.
DinoCat is unlikely to ever surpass the market cap of Shiba Inu, DOGE or BONK, but even if it just reaches a market cap of $10-$50 million, it will turn its early investors into millionaires.