Mujeeb🔄🎩ðŸŽ
@mujeeb
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Uniswap (UNI) has gained 14.33% in the last 24 hours, sparking speculation about its long-term bullish potential. With growing user engagement and reduced selling pressure, UNI may be poised for further growth.
Key Highlights:
1. Price Action: UNI retested key resistance at $17.12, with indicators pointing to a potential breakout.
2. Address Statistics: Active addresses surged by 23.94%, and new addresses grew by 8.42% over the past week, highlighting increasing network activity.
3. _Transaction Count and Exchange Reserves_: Total transactions grew by 1.12%, and exchange reserves fell by 0.64%, signaling reduced selling pressure.
4. _Market Sentiment and Open Interest_: Open Interest climbed by 5.67%, reflecting heightened speculative activity and confidence in UNI's near-term potential.
With robust price action, increasing user adoption, and reduced selling pressure, UNI may be well-positioned to break through the key resistance at $17.12. If this happens, a hike towards $20 or higher seems highly likely. 2 replies
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Bitcoin and Ethereum Options Expiry Triggers Market Volatility
The crypto market is experiencing heightened activity following the expiry of major Bitcoin and Ethereum options contracts. The expiry of $2.63 billion worth of options has triggered volatility, with both assets trading below key levels.
Key Highlights:
1. _Options Expiry_: 21,000 BTC options expired with a notional value of $2.04 billion, while 173,000 ETH options expired with a notional value of $590 million.
2. _Max Pain Points_: Bitcoin's max pain point was $101,000, while Ethereum's was $3,750. Both assets are currently trading below these levels.
3. _Market Declines_: Bitcoin has fallen by 6.41% in the past 24 hours, while Ethereum has lost 10.50%.
4. _Increased ETF Outflows_: ETFs are seeing heightened outflows, contributing to market movements.
5. _Options Activity_: Market makers have adjusted positions to align with the high volume of expiring options, with block call options accounting for over 30% of daily trading. 8 replies
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NFT Minting Reaches $1.5B ATH: Is a New Market Surge Coming?
NFT minting hit an all-time high of $1.5 billion in November 2024, with 97% of the volume processed on Base, the largest Ethereum Layer 2 platform. This surge reflects a revival in the NFT market, but can it mirror the peak of 2021-2022?
*Key Highlights:*
- Base dominates NFT minting with 97% market share
- NFT market cap peaked at $652 billion in May 2022, but has since declined
- Recent data indicates a plateau, with modest recoveries rather than a full resurgence
- New developments could drive periodic increases in activity, suggesting possible growth
*Top NFT Collections on Base:*
- Oracle Patron NFT: 113,231% surge in the last 30 days
- Chonks: 16,181% price increase
- GENESIS by PlayerZero: 13,987% price increase
While the NFT market shows signs of recovery, it remains far from its 2021-2022 highs, indicating cautious optimism in the recovery phase. 0 reply
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Why Memecoins are Rising: DOGE, PEPE, WIF See Surges
Memecoins, including Dogecoin (DOGE), Pepe (PEPE), and dogwifhat (WIF), have experienced significant price surges. On-chain data reveals that whales have shown strong interest in these memecoins, driving up their prices.
Key Statistics:
- Whales' interest: Strong confidence in breakout memecoins
- Memecoin prices: DOGE, PEPE, WIF see significant surges
- Market sentiment: Optimistic, suggesting further price increases
Price Predictions:
- DOGE: Potential 18% surge to $0.58
- PEPE: Potential 45% surge to $0.0000352
- WIF: Potential 25% surge to $4.60
Market Analysis:
Memecoins appear bullish, retesting their breakout levels. Whales and institutions continue to show strong interest, driving up prices. However, if retail investors take notice, prices may decline as whales and institutions sell their tokens. 3 replies
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Ethereum's Golden Cross: A Sign of Altcoin Season?
Ethereum's (ETH) 50-day SMA has flipped its 200-day SMA, forming a golden cross. This event has historically signaled the start of an altcoin season. ETH's price has already surged by over 8% this week, outperforming Bitcoin.
Key Statistics:
- Golden cross: 50-day SMA flipped 200-day SMA
- ETH's weekly gains: 8% (outperforming BTC's 3% gains)
- Altcoin season index: 86 (indicating an ongoing altcoin season)
Market Analysis:
ETH's technical indicators, such as the MACD and Chaikin Money Flow (CMF), suggest a continued bull rally. The fall in ETH's NVT ratio also indicates that the asset is undervalued, hinting at a price uptick.
Altcoin Season:
The altcoin season index has a value of 86, indicating an ongoing altcoin season. Other top altcoins, such as XRP, BNB, and Dogecoin, have also seen price hikes in the last 24 hours. However, investors' confidence in these tokens has dwindled, as seen in their weighted sentiments. 1 reply
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Bitcoin has finally broken through the $100,000 barrier, with a current value of $103,197. This milestone has sparked celebrations among BTC holders, but the question remains:
Indicators Suggest Bullish Momentum
- Moving average: Well under the price candles, indicating bullish momentum
- Chaikin Money Flow: Positive reading, suggesting bullish momentum
- RSI: Above 70, indicating a possibly overbought market
Can Bitcoin Hold Steady Above $100,000?
While profit-taking is expected after the push above $100,000, Bitcoin's metrics currently suggest otherwise. The exchange reserves have fallen, indicating a lack of selling pressure. Additionally, the total Bitcoin futures Open Interest has soared to $64.70 billion, and the ratio of Bitcoin longs vs. shorts remains bullish.
Outlook:
Bitcoin's rally above $100,000 is a significant milestone, but sustaining demand above this level will be crucial. While indicators suggest bullish momentum, the RSI's overbought reading could signal an incoming price correction 1 reply
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