This Sunday, the crypto world buzzed with talk about VanEck’s latest move in the ETF game, as they re-submitted their Bitcoin Trust ETF proposal to the U.S. SEC. Based in New York, VanEck is on a mission to get its spot Bitcoin ETF off the ground, taking a distinctive route with its fund seeding approach. This stands out even more given the SEC’s track record, having previously given VanEck’s proposal the thumbs down three times, with the latest rejection on March 10.
Finance guru Scott Johnsson was quick to point out the cool twist in VanEck’s new plan—they’re looking to use Bitcoin itself for fund seeding, stepping away from the usual cash-based method we’ve seen in other ETF proposals. The VanEck Bitcoin Trust is aiming to be a direct reflection of the performance of Bitcoin, with plans to trade on the Cboe BZX Exchange. Now, all eyes are on the SEC as the crypto community waits to see how they’ll respond to this and other spot Bitcoin ETF proposals.
Meanwhile, Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) stole the spotlight over the weekend, enjoying some serious gains. But in the ever-unpredictable world of crypto, who knows how long this bullish vibe will last?
Dogecoin (DOGE): Poised for a Breakthrough or a Breakdown?
Dogecoin (DOGE) has been surfing on the broader market’s high tide, closely echoing the impressive journey of Bitcoin as it anticipates the potential nod for a BTC spot ETF. At this juncture, DOGE is nestled between $0.0671 and $0.0737, all the while casting glances at $0.0751.
Source: TradingView
Breaking through the $0.0737 resistance could set Dogecoin (DOGE) on a trajectory for even higher grounds, particularly towards the $0.0751 mark. The market’s upbeat vibe and the optimism swirling around the performance of Bitcoin are offering DOGE a potential tailwind. Nevertheless, investors should not lose sight of the 3-10 Day MACD Oscillator that currently hovers around $0.07285, showing signs of hesitation. A decisive move beyond this point could be the green light bullish traders are waiting for, potentially paving the way for further ascents.
But if Dogecoin (DOGE) loses its grip and slips below the $0.0671 support, it might open the floodgates to a downward spiral, drawing attention to the next critical support at $0.0658. Various moving average crossovers, such as the 9 Day Moving Average at $0.0645 and the 40 Day Moving Average at $0.063, serve as additional layers of potential support or could act as triggers for further declines if breached.
Shiba Inu (SHIB): Groundbreaking Blockchain Identity Incoming
Developers of Shiba Inu (SHIB) have created a buzz in the crypto community with their announcement of an impending groundbreaking SHIB identity on the blockchain. The surprise Shib Identity launch, revealed on the official Shibtoken Twitter account on October 28, is set to take place on October 31. Although details about the digital identity remain scarce, the Shiba Inu team has labeled it as a revolutionary development within the blockchain sphere, even enticing the community with a $5,000 SHIB Giveaway. This development has led to a more than 2% increase in the price of Shiba Inu (SHIB), contributing to a 10% growth over the past week amid a broader crypto market rally.
Source: CoinMarketCap
On the technical front, SHIB is currently navigating through crucial support and resistance levels. It’s trading between $0.0000075 and $0.0000082, with traders keeping a close eye on $0.0000083. The token’s bullish momentum is evident as it stays above the 40-day moving average at $0.0000076.
Source: TradingView
Despite these optimistic signs, there are potential bearish scenarios to consider. The 3-10 day MACD Oscillator has shown signs of stalling at $0.0000081, indicating a potential loss in momentum that could lead to Shiba Inu (SHIB) testing its lower support levels. A drop below $0.0000075 could see the price moving towards the second support at $0.0000074, and potentially even the third support at $0.0000071.
Floki Inu (FLOKI): Navigating a 44% Surge and What’s Next
Floki Inu (FLOKI) has recently caught the attention of the crypto community with a substantial 44% jump, attributed to the announcement of a new staking program and the launch of a sister token, TokenFI, aimed at rewarding FLOKI stakers.
Source: CoinMarketCap
In terms of technical analysis, Floki Inu (FLOKI) is trading within a critical price range between $0.0000339264 and $0.0000433929. From a bullish perspective, if FLOKI is able to leverage the positive momentum generated from the staking program news, we could see the asset attempt to break past $0.0000433929. A successful breach of this level might open the doors for a move towards $0.0000519807, and potentially aiming for $0.000070035.
However, it’s crucial to note that short-term price action of Floki Inu (FLOKI) could be influenced by the 20% buy/sell transaction tax imposed during the first hour of TokenFI’s launch, a strategic move to deter snipers and allocate tax income for the asset’s growth and development.
Source: TradingView
Conversely, if the initial excitement surrounding the staking program and TokenFI launch starts to wane, or if the high transaction tax has a deterrent effect on potential buyers, Floki Inu (FLOKI) might face downward pressure. In this bearish scenario, the asset could retreat $0.0000339264. A breakdown below this point might see FLOKI heading to test the second support level at $0.0000253386.
Bottomline: Riding the VanEck Bitcoin ETF Wave
VanEck's recent move in the ETF arena has the crypto sphere buzzing. With their innovative approach of using Bitcoin itself for fund seeding, VanEck's re-submission of their Bitcoin Trust ETF proposal is eagerly being watched by the community, especially with the U.S. SEC's history of thrice rejecting their proposal.
Simultaneously, top dogs like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) are making waves in the market, boasting notable gains and technical shifts. However, amidst the bullish vibes, there's always an element of unpredictability in the crypto realm, reminding traders and investors to tread with a blend of optimism and caution.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
