Key Takeaways

The memecoin sector has been the best performing one in 2024, leaving behind other promising sectors such as gaming and AI tokens. In the previous bullish cycle, the dominant memecoins were part of the Ethereum ecosystem. In the current one, Solana memecoins are attempting to take Ethereums throne.

Specifically analyzing Ethereum memecoins, it seems that newer creations such as FLOKI and PEPE are the ones leading the charge, leaving more established ones such as DOGE and SHIB behind. Is this trend true, and if so, will it continue for the rest of 2024? Regarding FLOKI and PEPE, which will be the one at the forefront of this increase?

The daily time frame chart shows that PEPE has fallen inside a descending parallel channel since its high of $0.0000108 on March 14. The decrease led to a low of $0.0000039 on April 13.

The fact that the decrease was perfectly inside the channel suggests the decrease is part of an A-B-C corrective structure (black). In the bigger picture, the wave count suggests it marked wave four in a five-wave upward movement (white).

The PEPE price has increased significantly since its bottom (green icon). PEPE broke out from the channel yesterday and now attempts to validate it as support (green circle).

The most likely target for the top of the increase is between $0.0000150-$0.0000175. The target is found by the 1.61 external Fibonacci retracement of wave four (black) and by giving wave five the same length as waves one and three combined (white).

The FLOKI price action and wave count is almost a carbon copy of PEPE. FLOKI has completed an A-B-C correction since March 14, in what is likely wave four (white). Currently, FLOKI attempts to break out from its own descending parallel channel (red icon). Doing so will confirm wave five is underway.

The main difference between the price movement of the two is that while PEPE has already broken out from its channel, FLOKI still attempts to do so. In context of their future movement, this could cause PEPE to be the one to take the reins and reach a new yearly high first.

If the price breaks out, a likely target for the top of the upward movement is at $0.00043. The 1.61 external Fibonacci retracement of wave four creates the target. If reached, it will mark a new yearly high.

Previously, we noted that in the current memecoin bullish cycle, FLOKI and PEPE are replacing DOGE and SHIB as the dominant memecoinsdespite their smaller market caps. This holds true when analyzing the movement in 2024.

Since the start of the year, PEPE (orange) has increased by 420% while FLOKI (red) by 400%. In contrast, SHIB (white) and DOGE (blue) have increased by 133% and 63%, respectively.

While the shape of the movement has been nearly identical, the magnitude of the PEPE & FLOKI increases is much larger. Additionally, the new memecoins have been the first to move, followed by SHIB & DOGE.

The trend has held even in the short-term recovery. All four memecoins reached a bottom in 2024, but they have recovered at a very different rate. PEPE has increased by 55% since the low, followed by FLOKI at 46%.

On the other hand, SHIB has increased by 23%, while DOGE by only 5%.

So, the performance of the four Ethereum memecoins confirms that FLOKI and PEPE have replaced SHIB and DOGE as the dominant memecoins this cycle. This holds true when analyzing the performance in 2024 and the recovery from the recent dip.

The notable PEPE and FLOKI price increases in both the entirety of 2024 and since April 14 suggest they are the two memecoins leading the Ethereum ecosystem. Their prices are both primed to continue their increase and reach new yearly highs in May. Due to the breakout from its channel, PEPE is more likely to do so first.

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PEPE and FLOKI 50% Price Bounce: Top Ethereum Memecoins? - CCN.com

Two titans in the blockchain industry NAGA and Ontology have just teamed up to change the way the world does business. Heres everything you need to know.

In an exciting announcement, two major players in the cryptocurrency space NAGA and Ontology have formed a long-term strategic partnership in an effort to effect significant and powerful change in the way business is conducted. Together, the two projects aim to bring high-performance public blockchains to the gigantic financial-technology (fintech) market, along with a series of complete distributed ledgers and smart contract systems.

Disclosure: This is a Sponsored Article

NAGA is diverse yet unified cryptocurrency ecosystem which offers the worlds first crypto-gateway to trade any sort of financial instrument and virtual good in a secure and transparent way. Ontology, on the other hand, is a new high-performance public blockchain and distributed trust collaboration platform.

Together, the two blockchain titans will explore application development, outreach, incubation, and the building of a new generation of public blockchain infrastructure and distributed trust ecosystems with the intention of supporting real business applications and scenarios. NAGA Founder and Executive Director Yasin Sebastian Qureshi stated:

We think that this partnership can really change the way crypto companies act and execute their promises. Our and Ontologys precision and hard-working ethos will help us to not only deliver products ahead of the roadmap, but to also make them more reliable and more valuable for the whole community.

NAGA Founder and Executive Director Benjamin Bilski also added:

We are super excited about the Ontology project and we are eager to announce new developments in cooperation with the platform. We believe that it will help to boost and grow our business exponentially.

Likewise, Ontology Founder Jun Li also expressed his excitement over the strategic partnership, stating:

We are happy to welcome NAGA to build up the application ecosystem through wielding Ontologys next-generation public chain infrastructure [] We feel confident that together we can open up the international market, expand the Ontology ecosystem, and advance global blockchain development.

It is hard to overstate just how large of an announcement this partnership is, as two massive projects with the scope and vision of NAGA and Ontology rarely form such strategic partnerships.

NAGA currently has a number of big projects in operation, including its NAGA WALLET, NAGA TRADER, NAGA CARD, NAGA COIN (NGC) and several others. The ecosystem is already one of the largest and most fully-realized in the cryptocurrency space, and the addition of Ontologys power will only further solidify its already more-than-solid project.

The match is also a logical one, and far more than a mere PR stunt.

At the heart of NAGA is the aim to provide financial inclusion to individuals all over the world, while also providing the best products the industry has to offer. Likewise, Ontology is firmly focused on trust, identity, data exchange, and authorization, with its sights firmly set on the insurance industry, governments, and the medical sphere. The broad scope of Ontologys project makes it the perfect fit for NAGAs ecosystem, as it provides even more efficiency and trust.

What do you think about the strategic partnership between NAGA and Ontology? Be sure to let us know in the comments below!

Originally posted here:

Ethereum Faces Resistance Amidst Market Gains: Justin Sun's Activity And ETF Launch Awaited - The Merkle News

Key Highlights

Ethereum Technical Analysis

Ethereum found strong bids near the $2,800 zone. ETH price started a decent upward move above the $3,000 resistance and recovered some losses, like Bitcoin.

Looking at the daily chart, the price climbed above the $3,150 resistance. There was a spike above the 50% Fib retracement level downward move from the $3,724 swing high to the $2,807 low.

The price is now stable above the 100-day simple moving average (red) and the 200-day simple moving average (green). However, it is facing resistance near a key bearish trend line at $3,400 on the daily chart.

The trend line is close to the 61.8% Fib retracement level downward move from the $3,724 swing high to the $2,807 low. A daily close above the $3,400 resistance zone could start a steady increase. In the stated case, the price may perhaps rise toward the $3,725 level. The next stop for the bulls may perhaps be near the $4,000 level.

If not, the price might start another decline and test the $3,120 support level. The next major support is near $3,025, below which the price could slide toward $2,800.

Looking at gold prices, the bulls were active near the $2,390 and the bulls might now aim for a fresh increase in the near term.

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Ethereum (ETH) Could Rally If This Resistance Gives Way - Action Forex

With a current market cap (as of the afternoon of April 17) of $360 billion, Ethereum (CRYPTO: ETH) is the world's second most valuable cryptocurrency. It's behind only Bitcoin when it comes to market domination.

Just in the past five years, Ethereum's native token has skyrocketed nearly 1,700% in value. That would have turned an initial $1,000 investment into a jaw-dropping $18,000 balance today.

Ethereum has also been on a fantastic run since the start of 2023, benefiting from the broader crypto market's rally. But this digital asset remains 36% off its high. Before you rush to buy the dip, here are three things you should know about Ethereum.

Ethereum's key characteristic is that it allows for the functionality of smart contracts. These are computer programs that automatically execute once separate parties in a transaction satisfy their ends of the agreement. Think about an escrow account immediately releasing funds as soon as a home buyer meets certain conditions. In theory, Ethereum could handle this without human intervention, which could lower costs.

This feature is what makes this cryptocurrency much more useful when compared to Bitcoin, according to what Ethereum bulls believe. In fact, Ethereum has a sprawling ecosystem of decentralized applications (dApps), ranging from gaming and finance protocols to non-fungible tokens and the metaverse. Smart contracts enable these types of use cases, which could disrupt traditional industry structures.

Given this background knowledge, it's not surprising that Ethereum is often dubbed the "world's decentralized computer."

Like Bitcoin long has, Ethereum used to operate a proof-of-work consensus mechanism. This is an energy-intensive way to process transactions and secure the blockchain. Estimates point to how Bitcoin's network uses the same amount of energy as a small country.

Believing that this was harmful to the environment and not on a sustainable path, Ethereum's developers successfully transitioned the network to a proof-of-stake (PoS) system in September 2022. After the so-called Merge, in this setup, token owners who lock up their holdings have the right to validate transactions. According to Ethereum's website, the PoS consensus mechanism reduces energy usage by over 99%.

The other hope for the PoS transition is that it'll make Ethereum a much faster and cheaper network. It can only handle 14 transactions per second. And when demand is high, fees can soar. In order for Ethereum to one day usher in multiple new use cases, as many hope it can, the throughput needs to increase. There are other planned upgrades in the pipeline to one day make this a reality.

Story continues

Besides the Merge, Ethereum's developers have four main updates planned in the future. Each one focuses on a specific area of improvement. The end goal is to have a fully functioning Ethereum network that is good for the environment, fast, cheap, and able to have a vast dApp ecosystem operating on top of it.

Of all the cryptocurrencies in the world, Ethereum has the most developers working on it by far. This bodes well for its future because it means there are smart people focused on solving complex problems to keep progress going. I always say that I believe the ultimate success of a cryptocurrency depends on its ability to bring about real-world utility. Ethereum is trying to do this.

The issue, though, is that no matter how smart the upgrade pipeline looks on paper, it introduces immense technical risk. We can't forget that blockchain technology is still in the early innings. There is a lot that needs to be learned. Constantly tweaking and messing with the software means there will always be the possibility that something will break along the way.

If you are bullish on Ethereum, understanding these three key areas should help give you a better understanding before you put your money to work.

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3 Must-Know Facts About Ethereum, Before You Buy the Cryptocurrency was originally published by The Motley Fool

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3 Must-Know Facts About Ethereum, Before You Buy the Cryptocurrency - Yahoo Finance

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I invest a little play money in cryptocurrencies. And 2024 has beena greatyear for them.

Read Next: 10 Valuable Stocks That Could Be the Next Apple or Amazon Learn More: 6 Genius Things All Wealthy People Do With Their Money

In fact, I occasionally share the story about how I tried to invest in Bitcoin when it was worth under $1,000 a coin, but I couldnt get the transfer to the cryptocurrency exchange. Eventually, I gave up and lived to regret it in theyears to come.

Along those lines, how would you have fared if youd gotten in on Ethereum in its early days? How much would you have today if youd invested $1,000 at the launch of the second-most popular cryptocurrency?

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In July 2014, Ethereum held an initial coin offering (ICO), raising money for the project through Bitcoin. It worked like a crowdfunding project, where investors bought in (paying with Bitcoin) for early access.

A year later, the actual Ether blockchain coins (ETH) started trading live at$0.31 per coin.

As of mid-April 2024, ETH trades at $3,157 per coin. That marks a roughly 10,000% increase in value.

If you had invested $1,000 at $0.31 per coin, youd have owned 3,225.81 ETH coins. At todays pricing, that would be worth $10,183,871.

Todays pricing doesnt even represent Ethers peak. On November 9, 2021, ETH reached a dizzying $4,815. If you had cashed out your ETH coins at its zenith, youd have walked away with a cool $15,532,258.

Because cryptocurrencies exist in ones and zeroes, rather than, say,physical gold and all the supply limitations attached to it, crypto creators must build in sometype ofscarcity.

For Bitcoin, that means halving the coins paid to miners for each block on a schedule of every 210,000 blocks.In fact,the next halving will likely have happened by the time this article publishes in mid-April.

Like Bitcoin, Ether must add scarcity and limit production over time. But unlike Bitcoin, it does so with far more complexity.It does so through a triple halving processincluding:fee burning, staking, and token issuance rate reduction.Read up on theEther triple halving processfor all the nerdy details.

That happens continuously, unlike the much-hyped halving events for Bitcoin. It produces the same resultthough: slowing new supply entering themarket,to drive up values.

Story continues

I opened by claiming that I invest a little money in cryptocurrencies. The simple truth, however, is that I consider it speculating, not investing.

Whats the difference?

Investments have intrinsic value. That value could come from its use, such as a home.Orit could come from revenue,in the caseofa business or an apartment building.You can measure the investments value based on that revenue,orbased oncomparable assets in the same market.

Cryptocurrencies dont produce revenue and have no tangible use. Theyre only worth wherever someone else is willing to pay for them, similar to collectibles like baseball cards or, dare I say it, non-fungible tokens (NFTs). To me, that makes them speculative.

Is there an inherent value in a decentralized currency? I imagine so but I have no idea what it mightbe,because theres nothing concrete to measure.

By all means, play around with money you can afford to lose in speculative assets like cryptocurrencies.Just dontbet the farm on something that produces no revenue or measurable value.

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This article originally appeared on GOBankingRates.com: Heres How Much a $1,000 Crypto Investment in Ethereum at Its Launch Would Be Worth Now

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Here's How Much a $1,000 Crypto Investment in Ethereum at Its Launch Would Be Worth Now - Yahoo Finance