ICYMI

Here are the top stories for the week

• MicroStrategy Buys 11,931 BTC for $786 Million

• CertiK Accused of Extortion by Kraken in $3 Million Exploit

• 50 Cent's Twitter and Website Hacked for Crypto Scam

🤑 MicroStrategy Buys 11,931 BTC for $786 Million

MicroStrategy, led by Michael Saylor, acquired 11,931 bitcoins for $786 million, bringing its total holdings to 226,331 BTC, valued at just under $15 billion.

• MicroStrategy purchased 11,931 BTC for $786 million, increasing its total bitcoin holdings to 226,331 tokens.

• The acquisition followed an $800 million convertible note offering to institutional investors, which was initially set at $500 million.

• MicroStrategy's share price has increased ten-fold since it began its bitcoin accumulation in 2020, with the company aiming to promote BTC as a corporate reserve asset.

💻️ CertiK Accused of Extortion by Kraken in $3 Million Exploit

Blockchain security firm CertiK went public with claims of identifying an exploit in Kraken's systems, leading to a dispute over the handling of the stolen $3 million worth of digital assets.

• CertiK identified a vulnerability in Kraken's accounts, allegedly allowing the removal of $3 million worth of digital assets, and informed Kraken about the exploit.

• Kraken's chief security officer accused CertiK of extortion, claiming the security firm demanded a speculative payment for not disclosing the bug.

• CertiK publicly defended its actions, claiming Kraken threatened its employees and emphasizing its commitment to transparency and user security.

🐤 50 Cent's Twitter and Website Hacked for Crypto Scam

50 Cent's social media accounts were hacked to promote a fraudulent cryptocurrency, resulting in significant financial losses for investors.

• 50 Cent's X (formerly Twitter) account and website were hacked to promote a scam cryptocurrency named "GUNIT."

• The fraudulent token experienced a pump-and-dump scheme, causing its price to plummet and resulting in over $300 million in losses according to 50 Cent, though actual trading data suggests a lower impact.

• 50 Cent claimed he had no association with the crypto scam and that the hackers made $300 million within 30 minutes.

Meme of the Day

Potential Trade Opportunities

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Pendle(PENDLE)

Major Warning for Pendle Crypto Price as a Bearish Pattern Forms

Price Movements: The Pendle (PENDLE) cryptocurrency saw a significant price increase of over 5% in the last 24 hours, trading at $6.14 at the time of writing. This recent surge has boosted the weekly gain to more than 20%, though the price remains down by over 2% for the past 30 days.

Key Levels to Watch: On the technical front, PENDLE's 4-hour chart shows a rising wedge pattern, typically a bearish signal. Key resistance levels to monitor are $6.245 and $6.475, which are near the apex of this pattern. Failure to break these levels in the next 48 hours could lead to a decline to $5.965, with potential further drops to $5.710 and $5.350 in an extremely bearish scenario. Conversely, surpassing these resistance points could invalidate the bearish pattern and support further price gains.

Potential Trade Strategies: Traders should watch for confirmation of technical indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), both of which have recently shown bullish signals. If these indicators remain positive, PENDLE may attempt to break through the $6.245 and $6.475 resistance levels. If unsuccessful, preparing for potential declines to the identified support levels could be prudent.

Dogwifhat (WIF)

Dogwifhat Price at a Critical Point, Will It Plunge or Break Out?

Price Movements: The Dogwifhat (WIF) cryptocurrency has experienced a decline, slipping over 2% in the past 24 hours to trade at $1.80. Over the weekly timeframe, WIF has dropped more than 24%, reflecting a significant downtrend. The monthly performance also remains deeply negative.

Key Levels to Watch: Dogwifhat's price chart has formed a medium-term negative price channel characterized by lower lows and lower highs. If the current bearish trend continues, WIF might test the $1.6695 support level. A breach of this support could lead to further declines, targeting $1.3610. On the upside, maintaining above $1.6695 for the next 48 hours could challenge the bearish outlook. A more optimistic scenario would see WIF breaking out of the descending channel and potentially rising above the key resistance level of $2.1880, with sustained gains leading to $2.6290.

Potential Trade Strategies: Technical indicators on WIF’s 4-hour chart suggest a possible price rise in the next 24 hours. The Moving Average Convergence Divergence (MACD) line is approaching the MACD Signal line, and a crossover could signal a bullish phase. Similarly, the Relative Strength Index (RSI) nearing its Simple Moving Average (SMA) line indicates weakening seller strength and potential bullish momentum. Traders might consider waiting for consecutive 4-hour candle closes above the $2.1880 resistance before taking long positions, with targets at $2.6290 in a bullish scenario. Conversely, maintaining caution if the price tests lower support levels is advised.

Super Trump (STRUMP)

The Super Trump Price Escapes a Negative Channel: Levels To Watch

Price Movements: The Super Trump (STRUMP) cryptocurrency has experienced a decline of more than 5% in the last 24 hours, trading at $0.01306. This recent drop contributes to a weekly loss of over 25%, reflecting a negative trend for the meme coin.

Key Levels to Watch: In the past 24 hours, STRUMP has escaped a negative price channel and entered a consolidation phase between $0.012460 and $0.014560. If the price moves upwards, flipping the $0.014560 resistance level into support could lead to further gains, potentially reaching $0.015995 and even $0.017430 in the short term. Conversely, a drop below $0.012460 could invalidate this bullish outlook and result in a decline to $0.011225.

Potential Trade Strategies: Despite the consolidation phase, technical indicators on STRUMP’s 4-hour chart are showing warning signs. The Moving Average Convergence Divergence (MACD) line, though above the MACD Signal line, is collapsing towards it, indicating a potential end to the bullish phase. Similarly, the Relative Strength Index (RSI) is above its Simple Moving Average (SMA) line but is negatively sloped. An intersection between the RSI and SMA could signal a shift in favor of the bears. Traders should watch for these intersections as potential signals to short STRUMP or wait for bullish confirmation above $0.014560 before considering long positions.

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