ICYMI

Here are the top stories for the week

• Report Reveals CZ's Dominance at Binance

• Spot Ethereum ETFs Expected to Launch in the US by July 2: Bloomberg

• Curve Founder Repays $10 Million Debt After Hack Attempt

Report Reveals CZ's Dominance at Binance

Former Binance CEO Changpeng Zhao (CZ) controls 64% of BNB tokens, contributing to his $61 billion net worth.

• A report found that former Binance CEO Changpeng Zhao (CZ) owns 64% of Binance Coin's circulating supply, roughly 94 million BNB tokens, contributing significantly to his $61 billion net worth.

• A forensic analysis reveals Binance and CZ control 71% of the 147 million BNB tokens in circulation, highlighting significant centralized control over the token.

• In 2023, Zhao faced legal action from the U.S. DOJ, pleading guilty to violating the Bank Secrecy Act, resulting in a $50 million fine, a four-month prison sentence, and his resignation as CEO of Binance.

Spot Ethereum ETFs Expected to Launch in the US by July 2: Bloomberg

Spot Ethereum ETFs may start trading in the US by Jul. 2, as per Bloomberg analyst Eric Balchunas, following SEC approvals and issuer feedback.

• Spot Ethereum exchange-traded funds (ETFs) could begin trading in the US by Jul. 2, according to Bloomberg ETF analyst Eric Balchunas.

• The SEC has approved eight filings to list spot Ether ETFs, but they cannot start trading until S-1 registration statement approvals are received.

• SEC Chair Gary Gensler mentioned that Ether ETF approvals could happen within the next three months, contingent on issuers addressing SEC comments.

Curve Founder Repays $10 Million Debt After Hack Attempt

Curve founder Michael Egorov repaid $10 million in debt after a Jun. 13 hack attempt caused soft liquidations and a sharp decline in CRV token value. Curve's LLAMMA mechanism successfully stabilized the system.

• Michael Egorov, founder of Curve, announced he has fully repaid the $10 million in bad debt caused by soft liquidations following a hacking attempt on Jun. 13.

• The hack led to a sharp decline in Curve's token, CRV, and Egorov proposed burning 10% of CRV tokens to stabilize the price and offered increased APY to voters.

• Despite the crisis, Curve's LLAMMA soft liquidation mechanism worked effectively, preventing further bad debts and stabilizing the system.

Meme of the Day

Potential Trade Opportunities

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Super Trump (STRUMP)

Technicals Show the Super Trump Price May Soar to $0.019845

Price Movements: The Super Trump (STRUMP) price has recently experienced significant volatility, dropping over 21% in the past week and currently trading at $0.01741. Over the past 24 hours, STRUMP reached an intraday high of $0.01845 but has since corrected more than 3%. Despite this drop, the formation of a positive price channel on the 1-hour chart, characterized by higher highs and higher lows, suggests potential bullish momentum. The Moving Average Convergence Divergence (MACD) indicator supports this outlook, with the MACD line breaking above the Signal line, indicating growing bullish momentum. Additionally, the Relative Strength Index (RSI) is positioned above its Simple Moving Average (SMA) line, a sign of bullish strength, although the RSI's slight negative slope suggests minor weakening. Volume analysis also shows fluctuations, with recent spikes potentially indicating the start of significant price movements. Traders should monitor these indicators closely, as sustained bullish momentum could lead to further gains.

Key Levels to Watch: Key resistance levels for STRUMP are identified at $0.017430, $0.018635, and potentially $0.019845 in a highly bullish scenario. Breaking above the $0.017430 resistance level with strong volume could signal a continuation of the bullish trend towards the next resistance levels. On the downside, support levels are identified at $0.015995 and $0.014560. Failure to break above $0.017430 could result in a bearish trend, targeting these support levels.

Potential Trade Strategies: For long positions, potential entry points could be considered near the support level of $0.015995 or upon a breakout above $0.017430 with significant volume. Exits could be planned near the resistance levels of $0.018635 or $0.019845. For short positions, entries could be considered near the resistance level of $0.017430, especially if there is a bearish reversal pattern or a drop in volume. Exits for short positions could be targeted near the support levels of $0.015995 or $0.014560. Traders should watch these key levels and technical indicators closely to make informed decisions.

Pepe (PEPE)

Pepe Price Might Break Major Resistance as Bullish Signs Emerge

Price Movements: The Pepe (PEPE) price has faced downward pressure over the past week, resulting in a more than 9% decline. Currently, PEPE is trading at $0.00001189, reflecting a slight loss over the past 24 hours. Despite these recent losses, there are emerging bullish signs that could indicate a potential reversal. Technical indicators on PEPE's 4-hour chart suggest that the price might rise in the upcoming 24 hours. The Moving Average Convergence Divergence (MACD) indicator shows the MACD line rising towards the Signal line, hinting at a possible bullish crossover. Additionally, the Relative Strength Index (RSI) has crossed above its Simple Moving Average (SMA) line, suggesting that buyers are gaining strength.

Key Levels to Watch: The immediate resistance level for PEPE is at $0.00001218. Overcoming this resistance could provide a solid foundation for further gains. If PEPE manages to flip this barrier into support within the next 8 hours, it might climb to the next resistance level at $0.00001325 within the following 48 hours. In an extremely bullish scenario, PEPE could surge to as high as $0.00001455 in the short term. On the downside, if PEPE fails to break above the $0.00001218 resistance, it might seek support from the $0.00001137 mark. A break below this crucial level could expose PEPE to the risk of declining further to the next key support level at $0.00001083.

Potential Trade Strategies: For long positions, potential entry points could be considered near the support level of $0.00001137 or upon a breakout above $0.00001218 with significant volume. Exits could be planned near the resistance levels of $0.00001325 or $0.00001455. For short positions, entries could be considered near the resistance level of $0.00001218, especially if there is a bearish reversal pattern or a drop in volume. Exits for short positions could be targeted near the support levels of $0.00001137 or $0.00001083. Traders should monitor these key levels and technical indicators closely to make informed decisions.

Luna Classic (LUNC)

Luna Classic Price Might Be Getting Ready for an 8% Rally

Price Movements: The Luna Classic (LUNC) price has recently dropped over 2% in the last 24 hours, trading at $0.00009582 at press time. This decline adds to a weekly loss of more than 12%, pushing its monthly performance into the red. Despite these declines, technical indicators suggest that LUNC might be gearing up for a potential breakout. The 4-hour chart shows a series of higher lows over the past 12 hours, forming a symmetrical triangle pattern. This pattern, combined with bullish signals from the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators, suggests that LUNC could see an upward move in the near term. The MACD line is approaching a crossover above the Signal line, while the RSI is attempting to cross above its Simple Moving Average (SMA) line, indicating growing bullish momentum.

Key Levels to Watch: The immediate resistance level for LUNC is identified at $0.00009622. Overcoming this barrier could provide the foundation for further gains. If LUNC flips this resistance into support, it might rise to the next major resistance level at $0.00010014. Continued buy pressure could push the price as high as $0.00010444 in the short term. On the downside, a breakdown in price might lead to a decline to the immediate support level at $0.00009000 within the next 24 hours. These key levels are crucial for traders to monitor, as they will provide insights into the next potential moves for LUNC.

Potential Trade Strategies: For long positions, potential entry points could be considered near the support level of $0.00009000 or upon a breakout above $0.00009622 with significant volume. Exits could be planned near the resistance levels of $0.00010014 or $0.00010444. For short positions, entries could be considered near the resistance level of $0.00009622, especially if there is a bearish reversal pattern or a drop in volume. Exits for short positions could be targeted near the support levels of $0.00009000. Traders should keep a close watch on these technical indicators and key levels to navigate the market effectively.

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