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Tag: Rebound

  • GBTC outflows slow, signalling possible rebound; $GFOX set for major rally

    GBTC outflows slow, signalling possible rebound; $GFOX set for major rally

    Available data and expert submissions show Grayscale’s Bitcoin Trusts (GBTC) outflows are trending down, suggesting that the dumping spree may soon end.

    Although the outflow number is still considerably large, a rebound looks to be on the horizon for $BTC prices, and investors’ confidence is gradually returning. Galaxy Fox holders also expect a significant rally from the meme coin post-presale. The meme coin has performed impressively in its ICO phase, and observers expect more in its retail phase. 

    Galaxy Fox sets for retail exchange debut 

    Galaxy Fox is a new token on the rise. The multi-utility token aims to dominate the crypto space and yield profit for investors while at it. Galaxy Fox will be a beneficial currency in web3 space. It will play vital roles on numerous web3 platforms while overseeing everything in its ecosystem. The purchase-worthy meme coin has shown a glimpse of its profitability on presale, and many expect it to keep the momentum going. 

    Galaxy Fox is heading towards its retail phase with many expectations from crypto enthusiasts. The meme coin’s outlook holds much promise and will live up to them. With a well-founded prize pool and Stargate, Galaxy Fox will allow users to earn from its ecosystem via the P2E mechanism and token staking features. Holders will also be able to explore web3 opportunities with $GFOX,

    Early and late $GFOX adopters will likely gain from the meme coin in the coming months. The presale is nearing incredible milestones, leaving it on the verge of completion. Galaxy Fox has smashed $3 million, with over 92% of its stage 7 token allocation sold. The next stage will commence, and it’s expected to sell faster and at a higher token price. Hence, the best time to join the $GFOX presale is now. The meme coin’s features indicate it’s a token with excellent prospects, and investors will find it profitable.

    Grayscale’s Bitcoin Trusts (GBTC) outflow reduction sparks optimism 

    $BTC ETFs trading commenced the second day after approval, and the trading volumes have been impressive. Major concerns have been about high outflows, especially from GBTC. Grayscale Bitcoin Trusts (GBTC) outflows are about 106,092 $BTC since the commencement of ETF trading, amounting to approximately $4.4 billion over nine trading days. 

    The high numbers have impacted $BTC’s price negatively, prompting investors to lose trust in the cryptocurrency. However, recent developments show that Grayscale selling volume is gradually reducing. Data from BitMEX indicates GBTC outflows slowed for two consecutive days and had its smallest daily outflow since trading commenced on January, 24. The $429 million outflow was about 33% lower than GBTC’s sell-out at the start of the week. 

    This event has prompted predictions of a possible $BTC rebound, with many industry experts airing their opinions. Eric Balchunas believes that while GBTC outflows are still large, the seeming downtrend is a sign that the mass exodus is gradually reducing. However, Eric states there are ‘too many unknowns’ to determine exactly when the massive sell-out will stop. 

    James Mullarney, another market expert, also shared his opinion on the issue. He believes the significant reduction in Grayscale’s selling activities indicates a possible change of strategy by GBTC, calling it a positive sign for the crypto market. The experts believe the decrease in Grayscale’s outflows could spur $BTC’s price stability and bring back investors’ confidence. This means a $BTC recovery rally is imminent, and the top cryptocurrency will be back on track to break into the $50,000+ price level weeks from now.

    Conclusion 

    The reduction in GBTC’s daily outflows indicates an imminent end to the mass exodus on the $BTC ETF. Experts believe this will positively affect the cryptocurrency’s price movement. Thus, investors are optimistic about a possible BTC rebound. Similarly, Galaxy Fox is readying for a major surge as it nears its retail phase. The altcoin has shown great promises on presale, and it looks poised to live up to them. Hence, investors looking to improve their financial standings this year can consider joining the presale immediately. 

    To learn more about $GFOX, visit the Galaxy Fox Presale or Join the Community.

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  • Jasmy price technical analysis as rebound accelerates

    Jasmy price technical analysis as rebound accelerates

    The Jasmy Coin price rose on Monday, continuing a bullish trend that started in December when it dropped to a low of $0.0028. It jumped to a high of $0.0074, the highest point since September 18. It has jumped by over 152% from its lowest point in December, as we wrote here.

    JASMY/USD daily chart analysis

    The daily chart shows that the JASMY coin price has been in a strong bullish trend in the past few weeks. This recovery has been accompanied by elevated volume levels. At the same time, the coin has managed to move above the important resistance level at $0.0060, the highest point on January 24.

    Jasmy also jumped to the 50% Fibonacci Retracement level. Also, it jumped above the crucial resistance point at $0.0068 (October 30 high). It has also jumped above the 50-day moving average and the Ichimoku cloud indicator. Jasmy, which is known as Japan’s Bitcoin, has also formed an inverted head and shoulders pattern, which is a bullish sign.

    Therefore, it seems like Jasmy has the momentum it needs to continue rising in the coming days. If this happens, the next key resistance level to watch will be at $0.0086, the 61.8% Fibonacci Retracement point. This price is about 27% above the current level.

    On the flip side, a drop below the important support level at $0.0060 will invalidate the bullish view. If this happens, it will signal that there are still sellers left in the market who will be keen to push it to the next key support level at $0.0050.

    Jasmy price 4H chart analysis

    On the 4H chart, we see that the Jasmy Coin price has made a spectacular comeback in the past feww weeks. As it rose, the token crossed the key resistance level at $0.0060, where it struggled to move above on January 24 and February 2. The coin is also above the 25-day and 50-day EMAs.

    At the same time, a closer look shows that volume bars have started to drop. Therefore, this could be a sign that the bullish trend is fading, which could see it retreat in the coming days. But on a positive side, the coin has formed a small hammer pattern, which is a bullish sign. 

    A reversal will be confirmed if JasmyCoin price plunges below the lower side of the hammer at $0.0065.

    JASMY/USD chart by TradingView

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  • Shiba Inu Community Ramps Up Burn, Is SHIB Ready For A Rebound?

    Shiba Inu Community Ramps Up Burn, Is SHIB Ready For A Rebound?

    The Shiba Inu (SHIB) community has been burning tokens for a while now. This burn is in an effort to reduce the supply of the meme coin, thereby increasing its value. There have been times where the burn has not been as high as expected but the community has been increasing its efforts to burn SHIB. This has led to a significant increase in the amount of SHIB being burned in the last week which could trigger some positive price movements.

    Shiba Inu Burn  Spikes Massively

    Over the last 24 hours, there has been a massive rise in the amount of SHIB tokens being burned. Data from Shibburn on Twitter shows that there was approximately 23.3 million SHIB that were burned in the 24-hour period. Compared to the previous day, it is a more than 1,800% rise. 

    The tokens were burned across six different transactions, with a single wallet burning the majority of tokens. This wallet burned 19.2 billion SHIB in one transaction. But the total turn rate has plateaued since then as there have not been any more signifiant burns.

    Presently, there have been 410.4 trillion SHIB that’s been burned. This figure also includes the amount that was burned by Ethereum founder Vitalik Buterin when about half of the total Shiba Inu supply was sent to his wallet. While approximately 30 trillion SHIB are currently staked.

    Shiba Inu price chart from TradingView.com

    SHIB price below $0.00001 | Source: SHIBUSD on TradingView.com

    Is SHIB Ready For A Run?

    The rise in the SHIB burn rate is significant but it is only so compared to the amount that was burned the previous day. When put into dollar figures, it is not so significant, neither is it so compared to the circulating supply of the meme coin.

    The Shiba Inu burn has not really had much of an effect on the price of the digital asset since the Buterin burn and this continues to be the case with so little supply being burned. So while a 1,800% increase in burn rate may be impressive, it is still not enough to impact the price.

    This is apparent given that the digital asset has not been able to knock off a zero off its price. It lost its hold on $0.00001 last week and has been unable to reclaim it. There are still sell-offs happening in the market to minimize losses and SHIB is not left out.

    For a significant spike in the price of SHIB to occur, there would need to be more demand for the digital asset as well as more of the supply being taken out of circulation. However, this seems unlikely as momentum all across the crypto market remains low.

    Featured image from Coinmarketcap, chart from TradingView.com

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