About Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.
20 12, 2024

What New SEC Chair Means For ETH Price While JetBolt Surges

By |2024-12-20T07:46:05+02:00December 20, 2024|Crypto News, News|0 Comments

Ethereum (ETH) and JetBolt (JBOLT) are making headlines as the crypto landscape evolves under the potential pro-crypto leadership of Paul Atkins, the newly nominated Securities and Exchange Commission (SEC) chair. With Ethereum reaching $3,793.34, its highest price since June, and JetBolt selling over 100 million tokens during its presale, both projects are capturing attention for different reasons. Ethereum’s rally is fueled by institutional inflows into spot ETH ETFs, while JetBolt’s innovative features position it as a unique contender in the highly volatile altcoin market.

Could ETH’s price see another breakout as regulatory changes loom? And what does JetBolt’s surge suggest for the next generation of cryptocurrencies? Let’s explore.

Ethereum Price Prediction: Could a New SEC Chair Propel ETH Toward Another Breakout?  

Ethereum, currently trading at $3,793.34, has risen by 58.21% this month as institutional interest intensifies. A $132 million net inflow into spot Ethereum ETFs on Dec. 3 highlights growing confidence, with Fidelity and BlackRock leading the way. These inflows reflect a broader shift toward mainstream adoption, setting the stage for Ethereum’s continued upward trajectory.  

The recent increase in open interest to $25 billion underscores heightened activity in the futures market, suggesting that leveraged positions are driving momentum. Crypto analyst VentureFounder identified a “cup and handle” formation on Ethereum’s chart and projected a potential rise to $7,346 if key resistance levels are breached.  

Two-week Analysis Chart of ETH/USD (Credit: Venturefounder/X)

Two-week Analysis Chart of ETH/USD (Credit: Venturefounder/X)

The nomination of Paul Atkins as SEC chair has further fueled optimism for ETH’s price. Atkins is known for his pro-crypto stance, which contrasts sharply with outgoing chair Gary Gensler’s regulatory crackdown. Analysts believe this leadership change could pave the way for more crypto-friendly policies, potentially accelerating the approval of additional Ethereum ETFs and fostering institutional participation.  

However, the shifting regulatory landscape isn’t just about established players like ETH. It also creates space for innovative newcomers like JetBolt to thrive.  

Why Is JetBolt (JBOLT) Surging During Its Presale?

JetBolt (JBOLT) is carving its own path by addressing the fundamental challenges that have hindered blockchain’s broader adoption. JetBolt has emerged as an exciting project in the altcoin space, offering groundbreaking features and a user-focused ecosystem that redefines what cryptocurrency can deliver.

Powered by the Skale network, JetBolt’s zero-gas technology eliminates gas fees entirely, enabling users to perform transactions at a fraction of the traditional cost. This approach positions JetBolt as a practical and accessible alternative for developers and casual users alike.

Thinking of expanding into Africa?

Avoid the common mistakes businesses during expansion. Register to learn the common mistakes business make when expanding into Africa.

Written by seasoned experts, who have over 16 years of experience in Free Zones development. Learn more.

JetBolt goes beyond cost-efficiency by incorporating unique tools and features that enhance the blockchain experience. Its AI-powered news aggregator stands out as a particularly engaging innovation. By curating third-party news articles and categorizing them by sentiment, such as bullish or bearish, JetBolt makes staying informed about the crypto landscape simple and enjoyable. 

Staking is another area where JetBolt excels. Moving away from traditional staking models that can feel static, JetBolt introduces a dynamic approach, rewarding users for active engagement within the ecosystem. 

JetBolt’s success is further highlighted by its presale, where over 100 million tokens have been sold. Early adopters benefit from unique incentives, including up to 25% bonus tokens through Alpha Boxes and daily price increases that reward timely participation. This strong presale performance not only highlights the excitement surrounding JetBolt but also establishes it as a token to watch in the evolving cryptocurrency market.

Ethereum Price Prediction: What New SEC Chair Means For ETH Price While JetBolt SurgesEthereum Price Prediction: What New SEC Chair Means For ETH Price While JetBolt Surges

Final Thoughts on Ethereum Price Prediction While JetBolt Surges

Ethereum’s bullish trajectory, supported by institutional interest and potential regulatory clarity under new SEC leadership, could see its price break through key resistance levels. As Ethereum looks poised for further growth, JetBolt’s surge underscores the appetite for user-centric solutions that address real blockchain challenges. The coming months will reveal just how far JetBolt’s momentum can carry it in shaping the next era of crypto innovation.

Head to the official JetBolt website today for more details on JetBolt’s surging presale. 

The content of this article is for informational purposes only and should not be perceived as financial advice. Cryptocurrencies carry risks and can be volatile. Readers are encouraged to conduct their own research before engaging with any blockchain project.



Source link

20 12, 2024

XAG/USD finds cushion near $29, outlook remains uncertain

By |2024-12-20T07:08:05+02:00December 20, 2024|Forex News, News|0 Comments


  • Silver price finds an interim cushion near $29.25 but its outlook remains vulnerable.

  • Higher bond yields due to the Fed’s hawkish guidance have weighed on the Silver price.

  • The Fed sees only two interest rate cuts in 2025.

Silver price (XAG/USD) finds temporary support near $29.25 on Thursday after plunging almost 4% on Wednesday. The outlook of the white metal remains bearish as the Federal Reserve (Fed) has signaled fewer interest rate cuts for 2025 after cutting them by 25-basis points (bps) to 4.25%-4.50%.

The Fed’s hawkish remarks for the next year have resulted in a rally in the US Dollar (USD) and Treasury yields. The US Dollar Index (DXY), which tracks the greenback’s value against six major currencies, dropped to near 107.90 in Thursday’s European session after refreshing a two-year high of around 108.30.

10-year US Treasury yields advance above 4.50%. Higher yields on interest-bearing assets increase the opportunity cost of holding an investment in non-yielding assets, such as Silver.

The Fed’s dot plot showed that policymakers see the Federal Funds rate heading to 3.9% by 2025, suggesting two interest rate cuts next year. In the September meeting, officials had forecasted four interest rate cuts collectively.

The Fed guided a slower policy-easing cycle as the United States (US) inflationary pressures appear to have stalled in the past few months. Meanwhile, Fed Chair Jerome Powell acknowledged that strong growth in the second half of the year is a major reason to move cautiously on interest rates.

Silver technical analysis

Silver price slides to near the 200-day Exponential Moving Average (EMA), which trades around $29.40. The white metal weakened after breaking below the November low of $29.65. The asset has also tested the upward-sloping trendline around $29.50, which is plotted from the February 29 low of $22.30

The 14-day Relative Strength Index (RSI) dropped inside the bearish 20.00-40.00 range, indicating a downward trend ahead.

Looking down, the September low of $27.75 would as key support for the Silver price. On the upside, the 50-day EMA around $31.00 would be the barrier.

Silver FAQs

Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.

Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.

Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.

Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

 



Source link

20 12, 2024

USD/JPY Fed Breakout Testing Key Resistance

By |2024-12-20T05:47:29+02:00December 20, 2024|Forex News, News|0 Comments

Japanese Yen Technical Forecast: USD/JPY Weekly / Daily Trade Levels

  • USD/JPY post-FOMC breakout extends more than 6.1% off December low
  • USD/JPY bulls testing major pivot zone at uptrend resistance- US Core PCE on tap tomorrow
  • Resistance 157.16/89 (key), ~159.50s, 160.40/73- Support 151.90-152, ~151.16, 148.73-149.60 (key)

The Japanese Yen is poised to mark a third consecutive weekly decline against the US Dollar with USD/JPY surging to fresh multi-month highs on the back of the Fed rate decision. The rally takes price into a critical pivot zone and while the broader outlook remains constructive, we’re looking for possible inflection here in the days ahead. Battle lines drawn on the USD/JPY weekly technical chart into the close of the year.

Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Yen setup and more. Join live on Monday’s at 8:30am EST.

Japanese Yen Price Chart – USD/JPY Weekly

 

Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/JPY on TradingView

Technical Outlook: In last month’s Japanese Yen Technical Forecast we highlighted potential for a larger correction within the September uptrend in USD/JPY while noting that, “From a trading standpoint, look to reduce short-exposure / lower protective stops on a stretch towards 150 IF reached. Ultimately, we are looking for an exhaustion low ahead of 148 for the September rally to remain viable with a breach / close above 154.34 needed to mark uptrend resumption.” Price plunged nearly 5.2% off the November highs with USD/JPY registering an intraday low at 148.64 into the monthly open before rebounding.

The US Dollar is now poised to mark a third consecutive weekly advance with the recovery extending more than 6.1% off the December low on the heels of the FOMC rate decision. The rally takes USD/JPY towards a major resistance hurdle just higher at 157.17/89– a region defined by the 78.6% retracement of the yearly range and the July breakdown close. Note that the 2020 parallel converges on this zone over the next few weeks and further highlight the technical significance of this threshold.

Initial weekly support now rests back at the 1986 low / 1998 & 2022 high at 151.90-152 and is backed closely by the 52-week moving average (currently ~151.16). Broader bullish invalidation now raised to the 2022 high-close / 2023 high-week close (HWC) at 148.73-149.60– a break / close below this threshold would suggest a more significant high is in place / a larger reversal is underway. Ultimately, a break below the 61.8% retracement at 146.29 would be needed to put the bears in control.

A topside breach / close above this key pivot zone exposes subsequent resistance objectives at the upper parallel (blue slope near 159.50s) and the 1990 high / 2024 HWC at 160.40/73. Ultimately, a close above the swing highs at 161.95 would be needed to fuel the next major leg of the multi-year uptrend in USD/JPY (look for a larger reaction there IF reached).

Get our exclusive guide to USD/JPY trading in Q4 2024

Bottom line: The USD/JPY rally is now approaching major technical resistance, and the focus is on possible inflection into this threshold. From a trading standpoint, look to reduce portions of long-exposure / raise protective stops on a test of 157.16/89- losses should be limited to 152 IF price is heading higher on this stretch with a close above this pivot zone needed to mark resumption of the September uptrend.

Keep in mind we get the release of key US inflation data tomorrow with the Consumer Price Expenditure (PCE) expected to show a slight uptick to 2.9% y/y in November. Stay nimble into the release watch the weekly close here for guidance. Review my latest Japanese Yen Short-term Outlook for a closer look at the near-term USD/JPY technical trade levels.

USD/JPY Key Economic Data Releases

Japan US Economic Calendar- USDJPY Data Releases-12-19-2024 

Economic Calendar – latest economic developments and upcoming event risk.

Active Weekly Technical Charts

— Written by Michael Boutros, Sr Technical Strategist

Follow Michael on X @MBForex

 



Source link

20 12, 2024

JPMorgan Analysts Predict Dogecoin Price To Reach $10, Why Are Crypto Millionaires Buying This Cheap $0.02 Altcoin Instead?

By |2024-12-20T05:45:03+02:00December 20, 2024|Crypto News, News|0 Comments

Amidst the clamor of overhyped tokens and overwhelming speculations, a new altcoin is rising. Priced at an unassuming $0.0234, the WallitIQ (WLTQ) altcoin is more than just a bargain. While the Dogecoin price fluctuates amidst JPMorgan analysts’ bold $10 prediction, many crypto millionaires believe that the WallitIQ (WLTQ) presale altcoin is poised to redefine wealth creation.

Crypto Millionaires Favour WallitIQ (WLTQ) Over Analysts’ Dogecoin Price Prediction 

The crypto market is no stranger to surprises, and a notable shift is currently shaking its foundations. Although JPMorgan analysts are sticking to their ambitious $10 Dogecoin price forecast, the actions of crypto millionaires tell a starkly different story.

Rather than rallying around the JPMorgan analysts’ narrative, these crypto millionaires are investing heavily in WallitIQ (WLTQ), an emerging altcoin priced at mere fractions of a dollar. 

Investors are observing this shift with curiosity and mixed feelings, as these crypto millionaires, who typically look forward to JPMorgan analysts for guidance, are now turning their attention from the Dogecoin price to WallitIQ (WLTQ).

While many crypto millionaires agree that the Dogecoin price may have growth potential, they argue that the JPMorgan analysts’ $10 target is unrealistic. At a price of $10, the Dogecoin price would have a market capitalization that exceeds trillions of dollars, surpassing even Bitcoin’s (BTC) valuation.

JPMorgan analysts have yet to provide convincing evidence to support their price prediction. In contrast, crypto millionaires are certain that WallitIQ (WLTQ), a new altcoin that has raised over $2 million in its presale stage, less than 60% complete, will continue to thrive. 

Highlighting the altcoin’s strengths, the crypto millionaires point to WallitIQ’s (WLTQ) potential to deliver up to $2 million monthly revenue. Moreover, investors who buy the altcoin during its presale stand to gain massive rewards.

Early adopters can earn part of the 20% tokenomics allocation slated to incentivize investors’ participation. By staking their purchased altcoins, investors can enjoy a 180% APR yield, a profit potential far exceeding that of the Dogecoin price and other traditional financial institutions.

In addition, WallitIQ (WLTQ) wallets give investors access to over 1,500 crypto tokens, allowing for easy expansion of their portfolios. 

Payment for access to other premium features, transaction fees, and gas fees can all be managed directly from the investors’ wallets using the native altcoin.

WallitIQ (WLTQ) Emerges As Investors’ Favorite Altcoin 

WallitIQ (WLTQ) has garnered much praise for its future-proof innovation. One notable feature is its AI anomaly detection software, which protects investors’ funds by using machine learning to analyze usage patterns and flag any unusual activity within a wallet.

Moreover, investors benefit from a multilingual AI chatbot that provides instant support for setting up their wallets and addressing transaction issues. 

To equip investors with information needed to be traded efficiently, WallitIQ (WLTQ) provides educational materials that can help investors develop from novices to professionals.

These features continue to boost investors’ confidence and fuel their participation in WallitIQ’s (WLTQ) ongoing presale. Those who have yet to invest in WallitIQ (WLTQ) risk missing out on a lucrative opportunity if they delay.

With WallitIQ’s (WLTQ) smart contract audited by SolidProof, a respected smart contract auditing firm, thousands of investors have taken the bold step of purchasing this $0.0234 altcoin.

Conclusion

Opportunities like this don’t come around often, and many crypto millionaires are determined to profit from the WallitIQ (WLTQ) presale. 

While the mainstream media focuses on the JPMorgan analysts’ Dogecoin price prediction, these crypto millionaires, along with others who are paying attention to the shifting paradigm, are securing their positions in a future defined by the WallitIQ (WLTQ) altcoin. 

Investors who refuse to settle for mediocrity start their journey to transformational wealth should act now and buy WallitIQ (WLTQ) at $0.0243.

Join the WallitIQ (WLTQ) presale and community: 

Join WallitIQ (WLTQ) Presale
Join the WallitIQ (WLTQ) Community

Source link

20 12, 2024

Crude Oil Price Forecast: Tight Range Signals Potential Volatility Ahead

By |2024-12-20T05:07:07+02:00December 20, 2024|Forex News, News|0 Comments


Stuck With Range From 69.42 to 71.41

Two key near-term price levels to watch include potential support around the 20-Day MA, now at 69.42, and resistance at last week’s high of 71.41. Although a decline below the 20-Day line is a sign of weakness, the top trendline is also nearby and can be watched in conjunction with the moving average line as a potential support area. In this case, both moving averages are being used as a guide, but they are within a consolidation pattern, so their current significance is not the same as if crude oil was in a trending environment.

Breakout Above 71.41 Leads to 73.27

If the 71.41 high is exceeded, the November 22 swing high becomes the next target, and it will likely be reclaimed. A breakout above 71.41 would confirm strength and should increase the chance that the price of crude can keep rising. Also, on the larger time frame weekly chart (not shown), the 20-Week MA at 71.35 matches the November high pivot giving it a greater significance if a breakout occurs.

If the 71.41 high is exceeded, then the 50% retracement area at 72.97 would be the next upside target. It matches with the November swing high at 73.27. Further up is the 61.8% Fibonacci retracement at 74.42, followed by the bottom and top boundary lines of a large symmetrical triangle pattern. Around the same price zone is the 78.6% retracement level at 76.47.

Lower Volatility, Leads to Higher Volatility

Since crude has been consolidating recently into a tight trading range, there is the potential for a spike in volatility once the range has been cleared. A somewhat downward bias remains given the series of lower swing highs and the breakdown from a large symmetrical triangle pattern at the beginning of September. The impact of the pattern and breakdown is still being felt given that recent consolidation has occurred below the triangle.

For a look at all of today’s economic events, check out our economic calendar.



Source link

20 12, 2024

EUR/USD Analysis Today 19/12: Nears Parity (Chart)

By |2024-12-20T03:46:06+02:00December 20, 2024|Forex News, News|0 Comments

  • The EUR/USD pair has plummeted to a support level of 1.0343, the lowest for the currency pair since November 2022, before stabilizing around 1.0385 at the time of writing this analysis.
  • The performance confirms the strength of the trading strategy that we recommended to our clients which was to sell EUR/USD from every upward level.
  • Selling of EUR/USD increased after the US Federal Reserve hinted that it would be more hawkish in 2025.
  • As we previously predicted, the bank would be wary of Trump’s policies, which typically raise inflation rates in the country.

The US Federal Reserve Cuts Rates but Doesn’t Promise More

According to economic calendar data, the US Federal Reserve cut the federal funds rate by 25 basis points as expected but indicated only 50 basis points of rate cuts for 2025, which is half the cut expected in September. At the same time, the European Central Bank has already cut its main deposit rate four times this year and maintained a cautious stance on further easing. However, many analysts believe that the ECB may need to accelerate policy easing to support the weak Eurozone economy. This disparity was enough to increase EUR/USD selling, and after its recent losses, expectations for the currency pair to move towards parity have strengthened.

The Eurozone Economy Continues to Suffer Economically and Politically

Confirming this, preliminary Purchasing Managers’ Indexes for both manufacturing and services pointed to another, albeit slower, contraction in private sector activity, with Germany and France continuing to perform poorly. Also, Annual inflation rose less than expected to 2.2% from the initial estimate of 2.3%. Adding to the euro’s problems is political uncertainty. In this regard, in Germany, the chancellor lost a vote of confidence in parliament as expected. In France, the new government faces significant challenges, including passing the 2025 budget.

Trading Tips:

The pressure on the euro is strong and may continue for some time, so any rebound upwards may be opportunities to sell the euro again this week, which will be fateful for the euro’s closures in 2024

The Future of Germany’s Exit from the European Union

The leader of the second strongest party in opinion polls in Germany told Bloomberg television in Berlin: “What we need is free trade between European countries, but we don’t need all the bureaucracy.” She has “destroyed the socialist policymaking” in the European Union and “destroyed the market mechanism in Europe.” Alice Weidel, the candidate for chancellor from the far-right Alternative for Germany party, has criticized the European Union for destroying the country’s auto industry and proposed returning the bloc to a free trade area.

In its program for the early elections on February 23, the Alternative for Germany party calls for Germany’s exit from the European Union and the Eurozone. Obviously, this would represent a major shift in German politics and break decades of political and economic integration.

EUR/USD Analysis Today:

According to the performance on the daily chart above, the EUR/USD pair is still in its broader downward trend, and the current move towards the support level of 1.0350 will strengthen expectations for the future of parity between the euro and the dollar in the near future. Especially, as the economic and political problems of the Eurozone countries have worsened. The recent losses of the euro and dollar have pushed some technical indicators to oversold levels, led by the Relative Strength Index (RSI) and the MACD. Meanwhile, currency investors may not care as much about this as they focus on the continued weakness of the currency pair. Currently, the closest support levels for EUR/USD are 1.0330, 1.0250, and 1.0180, respectively. Finally, we still expect any gains for the EUR/USD to be subject to a rapid collapse.

Ready to trade our EUR/USD Forex analysis? We’ve made this forex brokers list for you to check out. 

Source link

20 12, 2024

Bangor Japanese Restaurant In Hot Water For 1700 Violations

By |2024-12-20T03:44:59+02:00December 20, 2024|Dietary Supplements News, News|0 Comments


A well-known Japanese restaurant that sits along Bangor Mall Boulevard is in hot water at the moment for breaking multiple labor laws in the state.

The Bangor Daily News reports that officials started investigating the Green Tea Asian Cuisine Restaurant this past March citing the business for upwards of 1,700 Maine state labor laws over the past few years.

“The citation came to light through a letter the labor department sent on March 20 to the U.S. Department of Homeland Security seeking to delay the potential deportation of any current and former employees of Green Tea who were not legally in the United States, so they could participate in the department’s case against their employer.”

“The state did not describe the violations in detail but said they fell under six state statutes related to the full and timely payment of wages, earned paid leave, minimum wages and the employment of minors.”

It’s unclear what will happen to the restaurant, which remains open for the time being. The violations are still being looked into, then the case will be made and either a ruling be set forth, or the parties will settle.

Just a few years ago, the owners of the Green Tea purchased the old Arby’s Restaurant nearby and there was talk of renovating that space and using it as another restaurant.

Read More: Green Tea Restaurant To Operate In Old Arby’s, Once Renovated

So far, no visible movement has been made on that front.

The Top Ten Restaurants Around Bangor According to Yelp

From the mouths of those who’ve eaten there…

Gallery Credit: Jason Stewart

8 Tasty Chain Restaurants That Could Be In Bangor Someday

Bangor needs something new! Any of these would fit in nicely.

Gallery Credit: Arlen Jameson

5 Places In Bangor Where Another Chick-fil-A Would Be Perfect

One Chick-fil-A in Bangor, just isn’t enough!





Source link

20 12, 2024

Bearish signal emerges as ADA eyes rebound to $1.20

By |2024-12-20T03:43:54+02:00December 20, 2024|Crypto News, News|0 Comments

  • Cardano price tumbled below $1 on Thursday as prospects of fewer Fed rate cuts in 2025 triggered a sharp market-wide sell-off.
  • Large transaction volumes have declined by $13 billion between December 2 and December 18, signaling disinterest among whale investors.
  • Technical indicators highlight further downside risks ahead for ADA if the $0.9500 support fails.

Cardano price tumbled below $1 on Thursday as traders reacted to the US Fed hinting at fewer rate cuts in 2025. On-chain data shows a persistent decline in whale demand for ADA over the past two weeks. 

Cardano plunges below $1 amid post-FOMC sell-off

On Wednesday, the US Federal Reserve (Fed) concluded its December FOMC meeting with a 25-basis-point interest rate cut.

But despite matching analysts’ expectations with a third consecutive rate cut, the accompanying statement hinting at fewer cuts in 2025 sent bearish aftershocks across the crypto market

Cardano price action (ADAUSDT) | December 19 2024

The chart above shows how ADA prices plunged as low as $0.8800 on Thursday, bringing its weekly time frame losses to the 25% mark.

While Cardano’s ongoing downswing aligns with the global market dip in the aftermath of the Fed’s more hawkish outlook. The 25% loss has seen ADA fall behind rival Layer-1 coins like ETH, SOL and AVAX. 

ADA whale demand drops by $13B, intensifying downside risks 

When a mega cap asset like Cardano performs below the market average, it signals the presence of lingering internal bearish catalysts.

The on-chain data trends show that ADA has struggled to attract demand since December 2, two weeks before the FOMC meeting triggered a market-wide sell-off on Wednesday. 

In indication of this stance, the IntoTheBlock chart below tracks the daily volume of single transactions that exceed $100,000 in value.

This serves as a proxy for monitoring trading of whale investors on a blockchain network. 

Cardano Whale Transactions vs. ADA Price | Source: IntoTheBlock

Looking at the chart above, Cardano large transactions totalled $15.8 billion on December 2.

But since then, whale investors have progressively scaled down their demand for ADA.

The latest data shows that only $2.9 billion worth of large transactions were executed on December 18, reflecting a $13 billion decline from the monthly time frame peak.

Such a massive decline in whale transactions could be bearish for two key reasons. 

First, large transaction volumes often indicate significant market activity by institutional or high-net-worth investors.

A sharp reduction in such activity suggests waning confidence among Cardano’s largest stakeholders, potentially discouraging smaller retail investors and triggering further sell-offs. 

Second, reduced whale participation implies lower liquidity in the ADA market and heightened risk of rapid price downswings during a crypto sell-off.

This partly explains why ADA price has tumbled further than the likes of ETH, SOL and AVAX. 

Cardano price forecast: $0.8500 support at risk

After a 25% decline in the past week, the Donchian Channel (DC) and Volume Delta technical indicators now paint a bearish picture for Cardano’s short-term price action and market momentum.

The Donchian Channel reflects that ADA is currently testing its lower boundary at $0.8688, a critical level of support.

The upper boundary at $1.3264 highlights significant resistance, while the midline at $1.0976, corresponding to prior price consolidation, now serves as a strong resistance zone. The breach of the midline in recent sessions suggests a shift in sentiment from neutral to bearish, with sellers clearly dominating.

Price trading near the lower boundary implies heightened downside risks. If ADA fails to hold above the $0.8500-$0.8688 range, the next likely support zone lies near $0.8000.

Cardano Price Forecast 

The Volume Delta adds further confirmation of bearish momentum. The -88.06 million delta clearly shows that sell-side activity significantly outweighs buy-side interest. This overwhelming selling pressure is consistent with waning whale activity, as highlighted by the $13 billion drop in large transactions since December 2.

The lack of significant green volume bars signals weak buyer confidence, making it unlikely that bulls can mount a meaningful recovery in the near term. Combined with the Donchian Channel, this suggests that even if ADA bounces back towards the $1.00 psychological level, it would face strong resistance at the $1.0976 midline.

If sell-side dominance continues, ADA will likely break below $0.8500, with the next major support near $0.8000. 


Source link

20 12, 2024

USD/JPY Fed Breakout Testing Key Resistance

By |2024-12-20T01:45:16+02:00December 20, 2024|Forex News, News|0 Comments

Japanese Yen Technical Forecast: USD/JPY Weekly / Daily Trade Levels

  • USD/JPY post-FOMC breakout extends more than 6.1% off December low
  • USD/JPY bulls testing major pivot zone at uptrend resistance- US Core PCE on tap tomorrow
  • Resistance 157.16/89 (key), ~159.50s, 160.40/73- Support 151.90-152, ~151.16, 148.73-149.60 (key)

The Japanese Yen is poised to mark a third consecutive weekly decline against the US Dollar with USD/JPY surging to fresh multi-month highs on the back of the Fed rate decision. The rally takes price into a critical pivot zone and while the broader outlook remains constructive, we’re looking for possible inflection here in the days ahead. Battle lines drawn on the USD/JPY weekly technical chart into the close of the year.

Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Yen setup and more. Join live on Monday’s at 8:30am EST.

Japanese Yen Price Chart – USD/JPY Weekly

 

Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/JPY on TradingView

Technical Outlook: In last month’s Japanese Yen Technical Forecast we highlighted potential for a larger correction within the September uptrend in USD/JPY while noting that, “From a trading standpoint, look to reduce short-exposure / lower protective stops on a stretch towards 150 IF reached. Ultimately, we are looking for an exhaustion low ahead of 148 for the September rally to remain viable with a breach / close above 154.34 needed to mark uptrend resumption.” Price plunged nearly 5.2% off the November highs with USD/JPY registering an intraday low at 148.64 into the monthly open before rebounding.

The US Dollar is now poised to mark a third consecutive weekly advance with the recovery extending more than 6.1% off the December low on the heels of the FOMC rate decision. The rally takes USD/JPY towards a major resistance hurdle just higher at 157.17/89– a region defined by the 78.6% retracement of the yearly range and the July breakdown close. Note that the 2020 parallel converges on this zone over the next few weeks and further highlight the technical significance of this threshold.

Initial weekly support now rests back at the 1986 low / 1998 & 2022 high at 151.90-152 and is backed closely by the 52-week moving average (currently ~151.16). Broader bullish invalidation now raised to the 2022 high-close / 2023 high-week close (HWC) at 148.73-149.60– a break / close below this threshold would suggest a more significant high is in place / a larger reversal is underway. Ultimately, a break below the 61.8% retracement at 146.29 would be needed to put the bears in control.

A topside breach / close above this key pivot zone exposes subsequent resistance objectives at the upper parallel (blue slope near 159.50s) and the 1990 high / 2024 HWC at 160.40/73. Ultimately, a close above the swing highs at 161.95 would be needed to fuel the next major leg of the multi-year uptrend in USD/JPY (look for a larger reaction there IF reached).

Get our exclusive guide to USD/JPY trading in Q4 2024

Bottom line: The USD/JPY rally is now approaching major technical resistance, and the focus is on possible inflection into this threshold. From a trading standpoint, look to reduce portions of long-exposure / raise protective stops on a test of 157.16/89- losses should be limited to 152 IF price is heading higher on this stretch with a close above this pivot zone needed to mark resumption of the September uptrend.

Keep in mind we get the release of key US inflation data tomorrow with the Consumer Price Expenditure (PCE) expected to show a slight uptick to 2.9% y/y in November. Stay nimble into the release watch the weekly close here for guidance. Review my latest Japanese Yen Short-term Outlook for a closer look at the near-term USD/JPY technical trade levels.

USD/JPY Key Economic Data Releases

Japan US Economic Calendar- USDJPY Data Releases-12-19-2024 

Economic Calendar – latest economic developments and upcoming event risk.

Active Weekly Technical Charts

— Written by Michael Boutros, Sr Technical Strategist

Follow Michael on X @MBForex

 



Source link

20 12, 2024

Bangor restaurant faces more than 1,700 labor law violations, report says

By |2024-12-20T01:43:15+02:00December 20, 2024|Dietary Supplements News, News|0 Comments


BANGOR, Maine (WABI) – A Bangor restaurant is facing more than 1,700 labor law violations, according to the Bangor Daily News.

The newspaper says it obtained a letter from the Maine Department of Labor to immigration officials regarding Green Tea Restaurant on Bangor Mall Boulevard.

According to the report, the state opened an investigation into Green Tea last January and in the spring issued a citation for 1,710 labor law violations over the previous three years.

The BDN reports the DOL did not detail the violations but said they fell under statutes related to the full and timely payment of wages, earned paid leave, minimum wages, and the employment of minors.

The newspaper says a lawyer for the owners of Green Tea declined to comment other than to say the restaurant is cooperating.



Source link

Go to Top