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Market Analysis: Gold Slips While WTI Crude Oil Eyes Fresh Upside

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Market Analysis: Gold Slips While WTI Crude Oil Eyes Fresh Upside

Gold price extended losses below $4,800 before the bulls appeared. WTI Crude oil prices are rising and could climb further higher toward $92.00.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price failed to clear $4,900 and declined steadily against the US Dollar.

· There is a key bearish trend line forming with resistance at $4,815 on the hourly chart of gold at FXOpen.

· WTI Crude oil prices are moving higher above the $85.00 pivot zone.

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· There is a connecting bearish trend line forming with resistance at $89.10 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price failed to settle above $4,900 and reacted to the downside, as discussed in the previous analysis. The price traded below $4,850 and $4,800 to enter a short-term bearish zone.

There was a sharp drop below $4,750. The price settled below the 50-hour simple moving average, and RSI dipped below 40. Finally, it tested the $4,700 zone. A low was formed at $4,699, and the price is now correcting some losses.

Immediate hurdle on the upside is $4,815 or the 50% Fib retracement level of the downward move from the $4,889 swing high to the $4,699 low. There is also a key bearish trend line forming with resistance at $4,815.

The first major barrier for the bulls could be $4,830 and the 61.8% Fib retracement. A close above $4,830 could initiate a recovery wave to $4,855. An upside break above $4,855 could send Gold price toward $4,890. Any more gains may perhaps set the pace for an increase toward $5,000.

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If there is no fresh increase, the price could continue to move down. Initial support on the downside is near the $4,770 level. The first key area of interest might be $4,700. If there is a downside break below $4,700, the price might decline further. In the stated case, the price might drop to $4,500.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a fresh increase from $79.00 against the US Dollar. The price gained bullish momentum after it broke $84.00.

There was a sustained upward movement above $84.50 and $85.00. The bulls pushed the price above the 50-hour simple moving average, and the RSI climbed toward 60. A high was formed near $89.08 before there was a minor pullback. The price declined below the 23.6% Fib retracement level of the upward move from the $78.96 swing low to the $89.08 high.

However, the bulls are active above $85.00. Immediate resistance is near a connecting bearish trend line at $89.10. If the price climbs further, it could face hurdles near $90.25.

The next major stop for the bulls might be $91.90. Any more gain might send the price toward $95.00. Conversely, the price might correct gains and test the 50% Fib retracement at $84.00. The next area of interest on the WTI crude oil chart could be $81.35.

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If there is a downside break, the price might decline to $80.00. Any more losses may perhaps open the doors for a move toward $75.00.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Crypto World

ZachXBT Flags Holder Concentration Concerns Tied to MemeCore

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ZachXBT Flags Holder Concentration Concerns Tied to MemeCore

Onchain investigator ZachXBT publicly challenged MemeCore on Monday to justify the valuation and supply distribution of its M token, asking the project to explain its market cap and why “insiders hold >90% of supply.”

“Please provide a single data point to support your $6B mkt cap at a top 20 token and why insiders hold >90% of supply,” wrote ZachXBT in a Monday X response to Memecore, a project advertising itself as the layer–1 blockchain for the “Meme 2.0 economy.”

The comments add fresh scrutiny to MemeCore after a sharp rally, though live valuation metrics differed across major trackers. CoinMarketCap ranked the token No. 21 at about $4.33 billion on Monday, while CoinGecko ranked it No. 20 at about $5.97 billion.

The second-largest holder, wallet “0x8b8,” held 50 million M tokens currently worth $178 million, representing 21.77% of the supply, according to blockchain data visualization platform Bubblemaps, which listed the Binance Deposit address as the largest holder with 41.3% of the supply.

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However, the token holdings don’t necessarily point to coordinated activity, according to Bubblemaps blockchain data analyst 0xToolman, who told Cointelegraph that the “pattern looks like team holdings,” which may not be in circulation yet.

M token, top 250 holders by amount. Source: Bubblemaps

Cointelegraph has contacted MemeCore for comment on the matter and details surrounding the token’s distribution.

ZachXBT has not posted definitive blockchain data proving that 90% of the supply is held by insiders, but pledged to investigate the token after the recent meltdown of the Rave DAO (RAVE) token sent shockwaves across the industry.

Related: Suspected insider wallets rack up $1.2M betting on ZachXBT’s Axiom exposé

RAVE token’s 90% meltdown sparks insider concerns

On Saturday, ZachXBT accused RaveDAO of orchestrating a pump-and-dump scheme, citing concentrated token holdings and suspicious exchange flows, after the RAVE token soared from $0.25 to nearly $28 within days before crashing over 80%.

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RaveDAO has denied any role in the token’s surge and collapse, Cointelegraph reported on Sunday. Both Binance and Bitget confirmed they are reviewing the situation.

The RAVE token fell 92% during the past week and was trading above $0.69 at 12:46 p.m. UTC on Monday, CoinMarketCap data shows.

RAVE/USD, 1-year chart. Source: CoinMarketCap

ZachXBT claimed that RAVE was just one of several tokens spotting “manipulation” signs on major exchanges.

“Other projects with highly questionable price action recently include: SIREN, MYX, COAI, M, PIPPIN, RIVER,” he wrote in a Saturday X post, pledging to investigate these price movements to identify the responsible parties.

Magazine: Meet the onchain crypto detectives fighting crime better than the cops

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