Ethereum has continued its climb this week despite being under pressure from the announcement of a new Covid-19 strain and negative comments from the US Federal Reserve. Meanwhile, Shiba Inu has jumped over 30% and HUH Token has released its much-anticipated White Paper.
Bitcoin sunk lower this week after US Federal Reserve Chairman Jerome Powell warned that the risk of higher inflation has “increased,” implying that the central bank will consider speeding up the reduction of its asset purchase policies, which have boosted risky asset markets.
On the other hand, Ethereum, the second-largest cryptocurrency by market capitalisation, has had its fifth consecutive day of gains, trading above $4,600, according to data from CoinMarketCap.
Ethereum remains the most popular cryptocurrency bet for most traders, and it appears as though it will make another run toward $5000 once risk appetite returns.
Ethereums growing market dominance is also reflected in the ether-bitcoin (ETH/BTC) daily chart on cryptocurrency exchange Binance, which was up more than 5.2 per cent at the time of writing.
Bitcoin (BTC) buyers were unable to sustain Monday’s price rebound, though support near $54,000-$56,000 could help stabilise the current decline.
The cryptocurrency is down about 2% over the last 24 hours and has remained relatively stable over the last week.
On the four-hour chart, the downward-sloping 100-day moving average indicates a short-term downtrend. This indicates that buyers have consistently profited from rallies over the last month.
Recently, despite oversold readings on the charts, the $60,000 resistance level has been a significant roadblock for buyers. Thus far, support levels have remained intact, implying the possibility of a narrow trading range between $55,000 and $60,000.
Shiba Inu’s price is undergoing a minor retracement following a sharp increase in buying pressure that resulted in a rally. This correction will provide an opportunity for sidelined buyers to enter before the next leg higher.
Between November 28 and November 30, Shiba Inu’s price increased 50%, from $0.0000362 to $0.0000543. This massive rally is currently retracing and trading near the trading range’s midpoint of $0.0000452.
Investors can anticipate SHIB to reverse course once it re-enters the buy zone. This high probability reversal zone will provide an opportunity for investors who missed the initial Shiba Inu price surge to join the next bull phase.
Market participants should wait for a retest of the 62 per cent Fibonacci retracement level at $0.0000431 before entering long. This dip will set the stage for a 25% surge in Shiba Inu price, resulting in a retest of the range high at $0.0000543.
Finally, HUH Token has released its much-anticipated White Paper as it prepares for its launch on Monday, December 6.
According to the White Paper, “HUH Token’s dream is a decentralised metaverse where everyone gains from the data they generate. The data generated by engagement, be it information, opinion, images, sound or another form of self-expression, generated value for the influencers and individual, because all data creates influence, and HUH believe
that influence is a currency to be shared for the greater good”.
This “tokenisation” of influence is certainly a novel idea within the crypto space and could be a hit amongst the creative and influencer communities. Musicians, artists and influencers could use this crypto and its social network called “MetHUH “to monetise their works or “influence” using HUH Tokens.
HUH Token’s creators say they have built the world’s first ‘UTIMEME’
cryptocurrency combining the power of ‘meme’ tokens with the useability of utility tokens. “Tokenomics will drive rapid growth in the value of the HUH token that will be the basis for transaction and reward across a meaningful social network called ‘MetHUH’ where users’ data ownership is taken seriously from a cryptocurrency first perspective. With the HUH social network, MetHUH, everyone can be rewarded in HUH for exchanges of content and engagement”.
HUH Token will be available on PancakeSwap and Uniswap from Monday and to help promote long term stability and growth its creators are locking in $1 million of liquidity for 2 years from launch.
Currently in its last few days of its presale, this could be the ideal time to buy HUH Token.