The XRP price has what it takes to reclaim its all-time high (ATH) in the coming weeks, with a small chance of a double-digit breakout. According to EGRAG CRYPTO, citing key onchain charts, the XRP price can skyrocket by 1,700% in the next 60 days. The price of the top altcoin has showcased a largely erratic trend thus far this month as macroeconomic trends generally drag down its growth pace. XRP Price and the Historical Breakout Potential As EGRAG CRYPTO noted on X, the top coin repeats the last section or pattern from October 2017, which marked a big breakout for digital currency. The coin rallied for over 63 days, inking as much as 1,772% to record an all-time high of around $3.84. The analyst noted that the XRP price may jump to $27 in the next 63 days if history plays out again. Zooming into the chart, the analyst… Read More at Coingape.com
A renowned crypto market analyst projected a highly bullish outlook for Polygon this Wednesday, triggering severe market concerns globally. Market expert Ali Martinez hinted that POL price remains primed to crash and hit a $0.04 level ahead. As a result, investor sentiments remain alarmingly negative about the token (formerly MATIC) as it currently sits at the $0.2 price level.
Top Analyst Warns Polygon Dip To $0.04 Ahead: But Why?
In an X post on March 19, Ali Martinez signaled that Polygon is undergoing a ‘macro trend shift.’ Despite the broader market showing resilience and preventing massive downturns, POL price has entered a bear market.
The analyst reveals that the crypto formed a ‘descending triangle’ pattern over the past 4 years. This formation characterized a horizontal support floor at the $0.32 price level. However, the price kept hitting lower highs as it advanced, forming a ‘descending trend line.’
Source: Ali Charts, X
Subsequently, on February 25 this year, the price bearishly broke out of this triangle, losing key support mentioned above. In turn, the “odds for an 86% bear market increase towards a target of $0.04 persist,” per the analyst.
How Is Polygon Performing Now?
As of press time, POL price recorded gains worth 1% intraday and exchanged hands at $0.2123. The coin bottomed and peaked at $0.2035 and $0.2136 over the past day. Besides, it’s noteworthy that monthly and yearly losses totaled 35% and 78%, respectively. The broader bearish action remains poised to bore more heat amid the loss of vital support at $0.32.
Declining OI Signals Waning Market Sentiment
Simultaneously, POL futures OI saw a significant decline since the beginning of this year. Coinglass data indicated that the OI slipped from a $119M level as of late January to reach a $55 million level to date.
Source: Coinglass site
The declining derivatives data flags a loss of investor interest in Polygon, adding to market concerns amid bearish predictions.
Market Braces For FOMC Today
On the other hand, the U.S. FOMC set to take place shortly ahead has kept investors on their toes. Currently, CME FedWatch Tool Data shows a 99% chance of unchanged interest rates by the U.S. Fed.
Nevertheless, Fed Chair Jerome Powell’s speech remains much-eyed by market participants. Following the economic turmoil caused by Donald Trump’s tariff saga, a dovish hint towards upcoming monetary policies could significantly relieve crypto prices. In turn, even POL could leverage some macro relief, although bearish investor sentiments persist.
It’s also noteworthy that per CoinMarketCap, “the upgrade from MATIC to POL has been initiated on Ethereum’s mainnet.” The crypto’s community revealed that as a Polygon PoS, zkEVM user, MATIC holder, node operator, or staker, users remain poised to witness an effortless and seamless upgrade process.
Shiba Inu price looks prime for a parabolic rally amid a looming supply crunch and a recovery across the meme coin sector. In the last seven days, the total meme coin market cap has gained nearly 10% from $48 billion to $52 billion at press time. Amid these bullish tailwinds, can SHIB price reach the highly anticipated psychological level of $0.001?
Shiba Inu Price in Focus Amid Mysterious 1B SHIB Burn
The Shiba Inu burn rate skyrocketed recently after an unknown user burned 1,000,000,000 SHIB tokens. Data from Shibburn shows that this user sent these tokens to the burn address in a single transaction. Yesterday, another address also sent 23M SHIB to the burn address.
SHIB Burn
One of the main factors contributing to the high burn rate is a spike in activity on the Shibarium network. DeFi tracking tool DeFiLlama shows that in just one week, Shibarium’s TVL has increased by over $1M and recently reached its highest level since late January.
Shiba Inu DeFi TVL
As Shibarium records an uptick in activity, the burn rate will continue to surge and bring down SHIB’s supply. This will bode well for Shiba Inu price.
SHIB Supply Crunch Looms
Besides the token burns, Shiba Inu supply on exchanges has also reached its lowest level in four years. According to Santiment, SHIB’s exchange experienced a sharp decline earlier this year, and only 100.42 trillion tokens, valued at around $1.3 billion are available on exchanges.
Shiba Inu Supply on Exchanges
The amount of SHIB held on exchanges is only 16% of the meme coin’s circulating supply of 589 trillion tokens. This decline indicates that many SHIB holders are not holding their tokens on exchanges, which highlights a lack of intent to sell.
As this supply continues to fall, it might cause a supply crunch where demand outpaces the supply. This could spark a parabolic rally for Shiba Inu price.
Can Shiba Inu Reach $0.001?
The $0.001 price target is realistic for Shiba Inu as that would give it a $589B market cap. One of the factors that could aid such a rally is a gradual increase in the SHIB burn rate.
Additionally, increased activity on Shibarium could sustain a long-term uptrend. Early Bitcoin advocate Davinci Jeremie previously stated that Shibarium will unlock SHIB’s potential.
The possible launch of a spot SHIB ETF as highlighted by SHIB marketing executive LUCIE could also drive a price rally to $0.001. If Shiba Inu outperforms the rest of the crypto market and attains this price target, it will not only be the largest meme coin but also the largest altcoin.
Shiba Inu Price Analysis
Shiba Inu price today trades at $0.0000135 with a 2.5% gain in 24 hours, The meme coin is on the verge of a breakout after breaking above the upper trendline of a descending parallel channel, indicating that bears are losing control as buying pressure rises.
The rising RSI line also supports this bullish Shiba Inu price prediction. This indicator stands at 51, which is a neutral level. However, the making of higher lows shows that selling pressure is easing.
Shiba Inu faces two key resistance levels which, if breached, will confirm a bullish reversal. One of these levels is the 50-day SMA of $0.0000141. If the meme coin flips this resistance, it could trigger a 36% surge to the 200-day SMA of $0.000019.
SHIB/USDT: 4-hour Chart
In summary, Shiba Inu price is likely to break crucial resistance at the 50-day SMA, which will confirm a reversal from bearish to bullish trends. The increasing burn rate caused by an uptick in activity on Shibarium as well as the falling supply on exchange could trigger a supply crunch. This could precede a parabolic rally for SHIB.
The U.S. SEC recently approved XRP futures ETF, thus dramatically increasing the odds for a spot XRP ETF soon.
The commission delayed decision-making for the Franklin XRP Fund by another 45 days.
XRP price has signaled bullish sentiment toward $3 bolstered by institutional investors.
Sherry Haywood, an Assistant Secretary for the United States Securities and Exchange Commission (SEC), announced on Tuesday that the agency has delayed the decision making for the proposed rule change to list and trade shares of the Franklin XRP Fund under BZX Rule. According to the filing dated April 29, the commission pushed the next decision making date to June 17, 2025.
Experts Insights on Spot XRP ETF Outlook
According to James Seyffart, an ETF specialist with Bloomberg, the U.S. SEC has until mid-October for the final decision deadline for the spot XRP ETFs. However, Seyffart highlighted that the commission may not take all the time until the fourth quarter to issue final decisions for the spot XRP ETFs.
Moreover, the U.S. SEC approved the first ever XRP futures ETF by ProShares earlier this week, with the launch date anticipated in the near term. Additionally, the Donald Trump administration has remained pro-crypto to bolster the country’s wider economic plan.
Market Impact
Following the announcement, XRP price gained 1 percent to trade about $2.3 on Tuesday, during the mid North American trading session. The large-cap altcoin, with a fully diluted valuation of about $229 billion and a 24 hour average trading volume of about $2.5 billion, has significantly benefited from the wider adoption by institutional investors and global liquidity expansion.
From a technical analysis standpoint, XRP is well-positioned to enter its long-awaited price discovery phase. According to crypto analyst MikyBull, XRP price has successfully retested the support level around $2 and is now ready to rally towards the next target range of between $4 and $6.
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The U.S. SEC recently approved XRP futures ETF, thus dramatically increasing the odds for a spot XRP ETF soon. The commission delayed decision-making for the Franklin XRP Fund by another 45 days. XRP price has signaled bullish sentiment toward $3 bolstered by institutional investors. Sherry Haywood, an Assistant Secretary for the United States Securities and …
Crypto (@MikybullCrypto)