ADA Whale believes in the potential for a bull run for Cardano. Investor Ric Edelman explains his best strategy for navigating the crypto asset markets. As the Ethereum Shanghai update approaches, the altcoin is poised for a potentially significant price reaction. Meanwhile, there is some activity in Ethereum rival Solana. Finally, analyst Lockridge Okoth predicts that the Shiba Inu (SHIB) could drop 5%.
ADA Whale Cardano predicts bull run
ADA Whale, a Cardano community-focused Twitter account, believes in the potential for a bull run for Cardano. Whale states that every bull run begins with a narrative, and for Cardano, the last bull run was triggered by the Shelley/staking narrative. ADA Whale believes the next Cardano bull run could be fueled by increased DeFi TVL. As TVL rises ($1 billion predicted), the narrative will feed itself, continue, and the bull run will begin from there as Cardano traded significantly below the previous all-time high of $3 set in September 2021.
According to ADA Whale, a bull run is not expected anytime soon and may not even be in 2023. According to Balina’s prediction, the expressed expectation was not just a “2023 story”. So the whale says it will take patience.
Ric Edelman reveals his crypto portfolio strategy
Personal finance writer and investor Ric Edelman explains his best strategy for navigating the cryptocurrency markets. Edelman, who is also the founder of the Council of Digital Assets Financial Professionals (DACFP), says in a new Real Vision interview that he is currently ‘overweight’ about exposure to crypto.
The investor notes that many investors, especially those new to the field, might be better off sticking with Bitcoin and Ethereum alone. He states that he currently owns more ETH than BTC, due to his belief that ETH can offer more uses to the commercial world. In this context, Edelman says:
I will tell people what I usually recommend, what your crypto distribution should be. Number one, only Bitcoin. He’s the biggest, he’s the oldest, and if it explodes, he’ll be the last man standing. The second is Ethereum, the second largest coin that I believe has more commercial applications than Bitcoin. I personally own more Ethereum than Bitcoin, but not so much because both are big events. You can build a portfolio of just these two, Bitcoin and Ethereum. Together they represent 70% of the total crypto market. They are the Coke and Pepsi of crypto. Just take two and complete the day.
Ethereum price ready to react
cryptocoin.comAs you follow, Ethereum is preparing for a potentially significant price reaction as the highly anticipated Shanghai update approaches. This update comes at a time when Ethereum’s volatility is gradually decreasing and a massive $34 billion worth of Ether will be removed from staking contracts. The impact of these two events on Ethereum’s price performance remains unclear, and market participants are watching closely for any signs of movement.
Simultaneously, $34 billion will be unlocked from staking contracts, giving validators an opportunity to withdraw their staked Ether. This massive influx of current Ether could have a significant impact on the cryptocurrency’s price. Many people speculate whether the additional supply will lead to a sale or result in increased demand.
Some market watchers believe that the combination of the Shanghai update and $34 billion unlocks could lead to an increase in Ethereum’s price, while others argue that the increased supply of Ether could put downward pressure on the price. This uncertainty makes it difficult to predict the precise impact of these events on Ethereum’s price performance.
wither (LEFT) surprises
Solana (SOL) experienced a 10% price increase as the crypto market awaited the upcoming Ethereum update. While several factors may have contributed to Solana’s recent rise, one possibility is that investors are using the digital asset as a hedge against potential selling pressure on Ethereum following the anticipated staking unlock. Currently trading at $22.9, Solana still needs to gain around $5 to hit its local high. However, this latest price spike shows that interest in the network is growing as investors look for alternatives to Ethereum during the ongoing transition.
The Ethereum update and the potential to release $34 billion worth of staked ETH could lead to increased selling pressure in the market. Investors may be worried about potential volatility and may be looking for a hedge to protect their investments. As a result, Solana may be an attractive alternative due to its fast and scalable network, which has gained traction in recent months.
SHIB price could drop another 5%
Crypto analyst Lockridge Okoth evaluates the Shiba Inu’s technical drawing. SHIB is down almost 15% and 5% from monthly highs throughout March. The trajectory suggests that the widely advertised token burn hasn’t done much for the meme coin as investors remain uncertain about the deflationary impact of the burn on SHIB’s price action. As a result, the second largest meme coin by market cap continues to flash red with a seesaw price trajectory that signals high volatility.
If the selling pressure increases, possibly as traders switch to better-performing altcoins, the SIHB price could drop 5% from the current price of $0.00001093 to the critical support at $0.00001035. This is possible given the confluence of resistance around $0.00001109 between the 100- and 50-days EMAs and the increasing overall pressure from the 200-days EMA at $0.00001141. Notably, these levels have prevented SHIB price from posting any further gains since early March.
On-chain measurements show SHIB whales collapsing
According to data from IntoTheBlock, SHIB whales have drastically reduced their trading activity over the past few weeks.
The volume of large transactions for the Shiba Inu has declined by nearly 90% since April 3, down from 232.9 million to 19.39 million transactions as of April 10. The major transactions metric tracks the daily volume of transactions worth $100,000 or more on a Blockchain network. A consistent decline may indicate that large investors have lost confidence in their short-term prospects for the SHIB price. Also, the bearish trend in SHIB purchase by new users also supports the bearish thesis for Shiba Inu price and is a worrying thing for investors to note.
Also, according to Santiment data, SHIB saw a massive drop in wallet addresses created since the last range’s high, falling from 4,500 to around 1,500 between February 4 and April 12. Similarly, network growth, which represents the total number of new wallet addresses created daily, has declined. This indicates that the meme coin has lost traction as well as market share, adding more confidence to the bearish thesis for the Shiba Inu price.
Still, SHIB may ease a bit if marginalized investors step in. Shiba Inu price could correct a move northward which could see the altcoin breach supplier congestion zones at $0.00001109, $0.00001110 and $0.00001141 due to the 100, 50 and 200-day EMAs, respectively. The recovery of the latter will invalidate the bearish scenario. In sharp bullish situations, SHIB price could retrace late February highs around $0.001252.
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For the rest of the article, Whale Predictions: SHIB, ADA, ETH, SOL Ne Our?