After peaking at a year-to-date high at the end of April, monthly registrations on the protocol dwindled.

Ethereum Name Service Saw a Dip in .eth Name Registrations

ENS domain name purchases are made with Ether (ETH). As the price of ETH stagnated during the quarter in review, the cost of gas fees for transactions on the Ethereum Network also fell. 

One might have expected a surge in .eth domain name registrations due to the lower fees. However, interest in this asset class remained low amid general market consolidation, leading to a reduction in spending on domain name registrations by market participants.

On-chain data showed that the count of .eth names registered totaled 20,131 in June. This marked a 30% month-over-month (MoM) decline from the 28,949 .ETH name registrations recorded in May. It also represented a 58% decrease from the peak of 47,704 registrations in April. 

Read More: Ethereum Name Service (ENS): Everything You Need to Know

Further, primary ENS name registrations fell to its year-to-date low at the end of June. A primary ENS name is a unique, human-readable name used to identify and locate a specific Ethereum address. With a primary ENS name, decentralized applications (dAPPs) can find and display such a user’s ENS name when connected to the user’s Ethereum account.

During those 30 days, the number of primary ENS names registered was 14,401, a 39% MoM fall and a 55% decline from the 31,982 primary names registered at the beginning of the year.

ENS Price Prediction: Open Interest Drops After Recent Milestone

BeinCrypto reported earlier that ENS’ derivatives open interest climbed to an all-time high of $153 million on July 1. However, it has since declined. At $80.12 million at press time, ENS’s open interest plummeted by 48% within seven days. 

Open interest refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled. When it declines, it signals traders are closing their positions without opening new ones. This suggests a decline in an asset’s derivatives market activity. 

This may be a bearish signal as it is often accompanied by a decline in the token’s value. This is true in ENS’ case, as the altcoin’s price has decreased by 25% in the last week.

Confirming that the altcoin is trailed by bearish sentiment at press time, ENS’ Relative Strength Index (RSI) is below its 50-neutral spot at 47.93. At this value, the token’s RSI suggests that selling pressure outweighs buying activity. If this trend continues, ENS’ price may fall to $23.26.

Read More: Ethereum Name Service (ENS) Price Prediction 2024/2025/2030

However, if it witnesses a resurgence in buying activity, the bearish projection above will be invalidated as ENS’ price will charge upward toward $25.68.

The post Ethereum Name Service (ENS) Ends Q2 With Decline in Name Registrations appeared first on BeInCrypto.

In the news today:-

• South Korea announces the launch of a “continuous monitoring system” for suspicious transactions on crypto exchanges.
  
• USDT issuer Tether’s CEO Paolo Ardoino stated that this is the only way to “protect people privacy and ensure resilience/independence.”

The Crypto Market Slides

The total crypto lost a critical support level of $2.00 trillion as the market witnessed outflows worth almost $150 billion. This drawdown added to the ongoing decline in the crypto market, bringing the TOTAL down to $1.95 trillion.

The next critical support is at $1.88 trillion, and a decline to this level is possible, given the recent positive Nonfarm Payrolls report. In June, jobs in the US rose by 206,000, exceeding expectations of 190,000, albeit lower than May’s 218,000.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Nevertheless, the jobs report’s impact on the crypto market will likely be negative. TOTAL would need to reclaim $2.00 trillion as support to recover from this.

Bitcoin’s Price Slips Under $55,000

Bitcoin’s price witnessed a sharp 4% drawdown in the last 24 hours, bringing the trading price to $54,300. The drop below $55,000 is concerning for investors as this is the last critical support before BTC falls to $50,900. 

This level is the target set by the double top pattern formed in March and July, which suggests another 8% drawdown is likely.

Read More: Bitcoin Halving History: Everything You Need To Know

However, recovery is possible if the crypto asset bounces back and flips $55,000 into support again. This would be crucial in driving BTC back to $58,800.

Brett Leads The Meme Coin Decline

Brett’s price noted a 22% drawdown as meme coins followed the broader market cues to register a drop. The altcoin is now changing hands at $0.102, down from $0.135. Since the meme coin does not have a standing of its own at the moment, the crypto asset will follow Bitcoin’s lead.

This could lead to a fall below $0.100, potentially resulting in a monthly low for Brett’s price.

Read More: 7 Best Base Chain Meme Coins to Watch in July 2024

However, the meme coin is still above the support of $0.100, which gives the altcoin an opportunity to recover. The expectations are a climb back to $0.14, and if successful, it could invalidate the bearish thesis.

The post Why Is the Crypto Market Down Today? appeared first on BeInCrypto.

The investors witnessed major losses, but this might not deter the large wallet holders from continuing their buying sprees.

PEPE Hits the Bears Hard

PEPE price noted a minor 9% rise in price in the last 24 hours, leaving the market in shock. Not because it resulted in the initiation of recovery but because it led to massive short liquidations.

According to the data obtained on Coinglass, the meme coin noted $17 million worth of short liquidations in a single day. This is the largest liquidation in the meme coin’s history, which shows that the bears were expecting an additional decline in the PEPE price this weekend.

But as terrible news for the bears, it proved to be bullish for other investors, namely the top addresses, including whales. These non-exchange addresses hold the largest amount of PEPE over other individual addresses.

In the last three weeks, these investors bought more than 1.5 trillion PEPE worth more than $13 million. This shows that the top holders, rather than turning bearish over the decline, observed it as an opportunity to accumulate. This would prove to be profitable once the price recovers.

Read More: Pepe: A Comprehensive Guide to What It Is and How It Works

PEPE Price Prediction: Reclaiming the Uptrend

PEPE price lost the uptrend that had been unbroken since mid-April earlier this week. As a result, the meme coin fell from $0.00001146 to $0.00000889 at the time of writing. The slip below $0.00001000 was a crucial bearish moment, leading to many believing further decline is on the cards.

However, the green candlestick from 24 hours ago could be the first sign of recovery. If the meme coin multiplies $0.00001000 into support again, it could rise to $0.00001146 to recover the recent losses.

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

But if this fails, a drawdown to $0.0000775 is also possible, followed by consolidation under $0.00001000. This would invalidate the bullish thesis.

The post PEPE Price Rising by 9% Causes Largest Liquidation in History   appeared first on BeInCrypto.

The best shot MATIC has at recovery will come not from the market but from the investors first.

Polygon Investors Are Still Optimistic

MATIC’s price will be heavily influenced by its investors, who persist in their optimism despite the bearish cues. Despite the recent decline in its price, MATIC’s adoption rate remains steady at 34%, which indicates that the Polygon native token continues to attract interest from potential investors.

The steady adoption rate suggests that MATIC’s underlying value proposition and utility are being recognized, even in the face of market volatility. This consistent interest is a positive sign for the token’s long-term prospects as it continues gaining market traction.

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

Interestingly, MATIC investors’ weighted sentiment is also largely positive. This optimistic outlook is notable given the recent losses many investors have experienced.

Despite their financial setbacks, the positive sentiment among investors suggests a strong belief in MATIC’s future potential. This confidence could be a crucial factor in driving future adoption and investment.

MATIC Price Prediction: Breaking the Barriers

MATIC price under $0.50 is disappointing since this is a key psychological support level. Breaching it would result in a potential incline to $0.60, the next major resistance level for the altcoin.

However, the chances of a successful breach are slightly low, considering the barrier remained unbroken throughout the second half of June.

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

Nevertheless, if $0.50 is never flipped into support, the altcoin could fall further. This could invalidate the bullish thesis, sending MATIC to $0.45.

The post Polygon Investors Could Flip the Glacial Pace of MATIC Price Recovery   appeared first on BeInCrypto.

However, looking at the market’s conditions, it would be wise to hold off for now and wait until the right buying opportunities are present.

Ethereum Accumulation Is Not Ideal

Ethereum’s price has just returned above $3,000, and many consider this an accumulation opportunity. However, despite the slight price rise, the broader market cues are still bearish.

One of these is the fact that the most influential cohorts of any asset, the whales, are vanishing from the network. This is observed in the total addresses with balances of more than $100,000 and $1 million.

Within a week, the total number of whales has declined by 14% from 150,000 to 130,000. This is not HODLing or selling but a straight-up exit, which is concerning.

Read More: How to Invest in Ethereum ETFs?

On the other hand, the Market Value to Realized Value (MVRV) ratio presents an opportunity. The MVRV ratio assesses investor profit or loss. Ethereum’s 30-day MVRV sits at -10.4%, signaling losses and potentially prompting accumulation. Historically, ADA corrections occur within the -5% to -13% MVRV range, labeling it an opportunity zone.

However, even with ETH in the opportunity zone, another factor, in addition to the whales’ disappearance, must be considered.

ETH Price Prediction: Securing the Support Floor

While above $3,000, Ethereum’s price has still not secured the 23.6% Fibonacci Retracement line as support. This line is also known as the bear market support floor, and flipping it could enable recovery.

Following this, investors can begin accumulating, which would increase their chances of seeing profits again. Until then, it would be wise to practice caution.

Read More: Ethereum (ETH) Price Prediction 2024/2025/2030

This is because, in the uncertain event where Ethereum’s price dips below $3,000 again, it could slide to $2,800. This would lead to consolidation for ETH and also invalidate the bullish thesis.

The post Ethereum (ETH) Price Is a Tad Bit Away From Triggering Accumulation   appeared first on BeInCrypto.

The question is whether it can sustain this recovery since one of the most important groups of investors is showing bearish signs.

Cardano Whales Pull Back

Cardano’s price could bear the brunt of declining bullishness as the whales continue to pull away from participating in the network. The total volume generated through transactions worth more than $100,000 has noted a considerable drawdown, albeit steadily.

This volume has dropped from $17.2 billion to $8.4 billion in the span of a quarter, with the volume noting further decline. Whales hold substantial influence over the price, and their activeness tends to help accelerate recoveries. However, in the case of Cardano, this responsibility will likely go to the retail investors who are patiently HODLing over-selling.

Read more: How To Buy Cardano (ADA) and Everything You Need To Know

This can be noted upon observing the active addresses by profitability, which shows that less than 8.3% of all participating investors are in profit. This is also a good sign since these investors tend only to conduct transactions on the network to sell for profit.

If their presence amounts to more than 25% of all active addresses, the selling pressure is noted to be intense. This means ADA has an advantage in the form of support from its investors.

ADA Price Prediction: Breaching A Resistance

Cardano’s price bounced back from $0.34 despite nearly falling below the support line. Currently, ADA is trading at $0.36, close to breaching the resistance at $0.37. This level has been tested as support multiple times in the past.

Thus, breaching it would further Cardano’s effort toward recovery. However, the whales’ lack of bullishness could keep it under $0.40.

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

On the other hand, a failed breach would mean another potential drop below $0.34, potentially sending ADA to $0.32 or lower, invalidating the bullish thesis.

The post Cardano (ADA) Price to Be Impacted by Opposing Opinions From Key Investor Cohort appeared first on BeInCrypto.

Nevertheless, the cryptocurrency appears to be under the threat of further drawdown due to not bearishness but bullishness of the investors.

Bitcoin Faces a Challenge

Bitcoin’s price fell from $62,000 to $53,300, shocking the crypto market and killing many bullish dreams. The futures market registered long liquidations amounting to $263 million in three days.

This is the second-highest liquidation in the last two weeks, with the previous high noted three months ago in April. Generally, such high liquidations tend to calm investors down and make them step back to let the market cool down.

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

However, BTC holders do not seem to agree with this opinion. The drawdown is considered to be facing the impact of Federal Reserve Chair Jerome Powell’s bearish speech earlier this week. Thus, the investors expect a quick recovery and are prepared to profit from it.

Analyst Willy Woo highlighted this in his explanation of the difference between buying futures and buying spot. He denoted that the former results in a bearish environment and stated that this could cause further losses.

According to the Bitcoin Open Value Oscillator, about half a million long contracts are still open in the futures market. Should Bitcoin’s price fall further, these longs could be liquidated. This will result in an extended period of bearishness for BTC.

BTC Price Prediction: Validating the Pattern

Bitcoin’s price, trading at $56,961 at the time of writing, is stabilizing after nearly falling to $53,300 yesterday. The cryptocurrency has yet to fulfill the expected 17% drawdown arising from the double top formation from four months ago.

This prediction targets a drop to $50,900, which will lead to massive long liquidations, as mentioned above. Should BTC lose its support of $55,000, this would become more probable.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

On the other hand, if Bitcoin’s price manages to bounce back from $55,000 and flip $58,800 into support again, recovery could begin. This would enable a rise to $60,000 to invalidate the bearish thesis.

The post Analyst Expects Massive Bitcoin Futures Liquidations Ahead appeared first on BeInCrypto.

One of the biggest reasons is the lack of activity among XRP holders, rendering their optimism useless.

Ripple Investors Try but Not Too Hard

XRP price is bound to be impacted by both the attempt and lack of participation noted among the investors. The presence of XRP holders remains weak, affecting the potential for recovery. 

The low level of engagement is evident, with active addresses averaging under 20,000 on a daily basis. This lack of activity suggests a decrease in short-term trading and concern about bearing losses.

Read More: How To Buy XRP and Everything You Need To Know

However, despite the weak participation, conviction among XRP holders remains strong. This is reflected in the Mean Coin Age (MCA), which has noted an uptick. The increasing MCA indicates that investors are holding onto their XRP for longer periods, showing faith in the asset’s future potential.

The rise in MCA also suggests that investors are refraining from moving their holdings around. By holding their assets rather than engaging in frequent transactions, they demonstrate a long-term belief in XRP. This behavior is often indicative of confidence in the cryptocurrency’s eventual recovery.

While the current low level of daily active addresses is a concern, the strong conviction shown by the uptick in MCA provides a silver lining. If this trend continues, it could help stabilize XRP’s price and support a potential recovery, as long-term holders typically contribute to market stability.

XRP Price Prediction: Tall Hike Ahead

The XRP price is trading at $0.43, recovering from the lows of $0.41 over the last 24 hours. Based on the aforementioned cues, consolidation is likely under $0.46. A breach, however, could help recover the recent losses.

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

But if the bearish cues continue to dominate the altcoin, the XRP price could lose the critical support of $0.41 again. This would invalidate the bullish-neutral thesis, resulting in further drawdown.

The post Ripple (XRP) Holders Need to Do More Than Just Hope for Price Recovery   appeared first on BeInCrypto.

Investors also have a shot at making the most of this opportunity, as selling will likely take a break for now.

Shiba Inu Investors Lose Big

While Shiba Inu’s price only declined by 15% over the last week, the impact on investors was three times larger. The total supply in profit dropped by close to 42%, falling from 75% to 33% in a day.

This is because about 434 trillion SHIB, worth $6.7 billion, was bought between $0.00001900 and $0.00001500. As the meme coin slipped to $0.00001281 during intra-day lows yesterday, this supply lost its profitability completely. This will keep investors from selling now, as such a large supply would only be sold when it bears profit again.

Furthermore, most investors anticipating recovery and profits will likely turn to accumulation. The Market Value to Realized Value (MVRV) ratio suggests a good opportunity to do so.

The MVRV ratio assesses investor profit and loss. Currently, Shiba Inu’s 30-day MVRV stands at -14.5%, indicating losses, which may lead to buying pressure.

Historically, SHIB’s MVRV between -7% and -18% usually signals the start of recoveries and rallies, marking an opportunity zone for accumulation. This could help steer Shiba Inu’s price upwards.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

SHIB Price Prediction: The Critical Range

The range between $0.00001473 and $0.00002093 is critical to Shiba Inu’s price as it houses 73% of all SHIB circulating supply. For this reason, the meme coin could find considerable resistance here.

Nevertheless, investors’ attempts to recover their profits would motivate them to push SHIB upwards. Once $0.00002093 is breached, the altcoin would have a shot at profits.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

However, if this breach fails, Shiba Inu’s price might consolidate within this range. This would continue until stronger bullish cues help the coin escape; otherwise, the bullish thesis would be invalidated.

The post Shiba Inu Investors Turn Optimistic as 42% SHIB Supply Faces Losses  appeared first on BeInCrypto.

The investors do not appear very bullish, from pulling money out of the asset to straight-up funding the downtrend.

BONK Investors Push for a Drop

The BONK price is vulnerable to further decline, as evident from the shift in market cues. The Chaikin Money Flow (CMF) indicator is currently showing a significant increase in selling pressure. 

This suggests that investors are pulling their investments out of the coin. The CMF below the neutral line indicates that the coin is experiencing more outflows than inflows. Despite the slight rise, the downtrend continues to dominate the indicator, which could signal a lack of confidence among investors. 

In addition to the increasing selling pressure, there is also a noticeable trend of investors betting on a decline in BONK’s price. This bearish sentiment is reflected in the meme coin’s negative funding rate. A negative funding rate implies that short positions are dominant, with traders paying a premium to maintain their bearish bets.

The combination of rising selling pressure and a negative funding rate paints a concerning picture for BONK’s short-term prospects. Investors pulling out their funds and betting against the coin could lead to further downward pressure on its price.

Read More: Bonk Airdrop Eligibility: Who Can Claim and How?

This trend might be a response to broader market conditions or specific issues related to BONK.

BONK Price Prediction: Key Support at the Test

BONK’s price at $0.00002221 is somehow managing to keep above the critical support at $0.00002153. Attempting to fall below it twice now, the meme coin is looking to recover, but the investors are not supporting this.

The aforementioned cues suggest a drawdown is on the cards. If the support of $0.00002153 is broken, the BONK price could fall to $0.00001375, which would extend the losses.

Read More: 11 Top Solana Meme Coins to Watch in June 2024

But if the meme coin manages to bounce back, it could potentially reclaim $0.00002748 as support. This would invalidate the bearish thesis and even make the investors’ sentiments bullish.

The post BONK Price Faces Potential Drawdown as Investors Turn Bearish   appeared first on BeInCrypto.

As Ocean Protocol (OCEAN) and SingularityNET (AGIX) merged into Fetch.ai (FET), their collective identity has been converted into ASI.

Whales Welcome Fetch.Ai’s Conversion Into ASI

Fetch.ai’s price was expected to rise ahead of July since the token merger commenced this week, with a projected completion by mid-July. The Artificial Superintelligent Alliance will trade under the FET ticker during this transition. With a current market capitalization nearing $3 billion, it has emerged as the second-largest asset in the AI token market.

FET whales noted the profit opportunity this presented and jumped to accumulate as much as they could. Within a week, the addresses holding between 100,000 and 10 million FET added more than 62 million FET worth close to $73 million.

These investors expect a price surge following the merger’s completion, resulting in profits.

However, optimism is not limited to whales; it is also shared by retail investors. The weighted sentiment has been largely positive, with Fetch.ai noting mentions across social media platforms.

Read More: How Will Artificial Intelligence (AI) Transform Crypto?

Their optimism reflects the bullishness surrounding ASI and its potential in the near future.

FET Price Prediction: Breaking out of the Consolidation

Fetch.ai’s price was expected to reap the bullishness arising out of the merger, but the broader market cues countered this. As a result, FET is still consolidated between $1.7 and $1.0, and it has been continuing for nearly a month now. 

This consolidation will continue in the coming days as well until the merger is completed, and the resulting bullishness will help FET break out of it. 

Read More: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024

Although the altcoin has shown signs of potential decline and losing the lower limit of $1.0, it cannot be ruled out completely. If this happens, the bullish thesis would be completely invalidated.

The post Fetch.ai (FET) Attracts Whales Ahead of ASI Transformation appeared first on BeInCrypto.

The lack of bullishness among investors is also acting as resistance to any potential recovery ZRO could witness.

LayerZero Investors Are Skeptical

ZRO’s launch last month was met with considerable bullishness but the recent performance does not relay the same. In the past week, ZRO’s Open Interest plummeted by nearly 50%, falling sharply from $112 million to $66 million. 

This significant decline suggests a reduction in the number of outstanding contracts or positions held by traders, indicating diminished market activity or a shift in sentiment.

Meanwhile, ZRO’s Chaikin Money Flow, which tracks buying and selling pressure, mirrors this bearish sentiment. The indicator reflects continued selling pressure on ZRO, implying that more capital is leaving the token than entering it. This trend typically indicates a negative outlook among investors and traders.

The combination of declining Open Interest and a bearish Chaikin Money Flow underscores a challenging period for ZRO. The substantial decrease in Open Interest indicates reduced market participation or possibly a loss of confidence among traders. 

Read More: LayerZero Explained: A Guide to the Interoperability Protocol

Simultaneously, the persistent selling pressure highlighted by the Chaikin Money Flow suggests ongoing bearish sentiment, potentially leading to further downside in ZRO’s price.

ZRO Price Prediction: Preventing Further Decline

ZRO’s price declined by 32% in the span of 48 hours but noted a 15% recovery over the past day. The altcoin trading under $3.42 is still susceptible to a decline as the bearish cues remain persistent. This could result in ZRO falling through the support at $3.00.

This would not only lower ZRO’s price to $2.50 but also leave it vulnerable to further decline.

Read More: Top New Crypto Listings To Watch In July 2024

But if the altcoin manages to breach the resistance at $3.44, it could climb back to $3.82. Breaking this barrier would push ZRO’s price to $4.00, invalidating the bullish thesis.

The post LayerZero (ZRO) Records $50 Million Outflows as Price Drops 31%   appeared first on BeInCrypto.