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Breaking Crypto Stories

Here are the top stories today:

• Shaquille O’Neal Must Defend Against Claims in Astrals NFT Lawsuit

• Bitcoin Options Surge Ahead of U.S. Elections Reflecting Bullish Sentiment

• SEC Rejected Solana ETF Filings Over Security Concerns

🏀 Shaquille O’Neal Must Defend Against Claims in Astrals NFT Lawsuit

Shaquille O’Neal must defend himself in an ongoing class-action lawsuit regarding Astrals NFTs, as a federal judge ruled he must address claims of being a "seller" of the NFTs, though dismissed allegations of project control. O'Neal’s lawyers seek dismissal, but he has until September 12 to respond.

• Shaquille O'Neal faces claims in a class-action lawsuit involving Astrals NFTs, alleging he promoted unregistered securities.

• A Miami federal judge ruled that O'Neal must address claims of being a "seller" but dismissed allegations of him controlling the project.

• O'Neal's lawyers sought dismissal of the case, arguing the NFTs aren't securities and that O'Neal isn't liable. The lawsuit continues, with O'Neal required to respond by Sep. 12.

📈 Bitcoin Options Surge Ahead of U.S. Elections Reflecting Bullish Sentiment

With the U.S. elections approaching, Bitcoin options worth $345.83 million show a bullish sentiment, heavily favoring call options with strike prices between $70,000 and $140,000. The put-call ratio of 0.50 highlights expectations for potential price increases, while some traders hedge with put options at $45,000.

• Crypto traders have invested $345.83 million in Bitcoin options tied to the U.S. elections, with a significant portion in call options.

• Call options make up 67% of the open interest, indicating bullish expectations, with a notable focus on strike prices from $70,000 to $140,000.

• The put-call ratio of 0.50 reflects this bullish sentiment, with traders hedging against potential downside by holding $39 million in $45,000 put options.

👎️ SEC Rejected Solana ETF Filings Over Security Concerns

The SEC has rejected 19b-4 filings for Solana ETFs due to concerns about Solana’s status as a security, removing the filings from the Cboe BZX website. This decision delays the approval process, with potential new filings anticipated. Experts suggest Solana ETFs may face significant hurdles and might only be approved under a new administration in 2025.

• The SEC rejected 19b-4 filings for Solana ETFs, halting the approval process and removing the forms from the Cboe BZX website.

• The SEC’s stance on Solana’s status as a security influenced the decision, with ETF issuers anticipating potential new filings or amendments to address the concerns.

• Despite Bitcoin and Ethereum ETFs being approved, experts predict that Solana ETFs may face significant delays, potentially only seeing approval under a new administration in 2025.

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.

Avalanche (AVAX)

Avalanche Crypto: Key Resistance Levels to Watch as AVAX Nears Breakout

Price Movements: AVAX has been on a steady upward trajectory on the 4-hour chart, with prices currently positioned near $21.84. The pair is demonstrating signs of bullish momentum, which is supported by rising moving averages and a positive MACD histogram. However, it's important to note that the RSI is approaching the overbought territory, indicating that while the momentum is strong, there could be a period of consolidation or a minor pullback before any significant further advances.

Key Levels To Watch: Traders should keep an eye on the following critical levels. On the resistance side, AVAX faces immediate resistance at $22.07, a break above which could propel the price towards the next resistance at $22.73, with a longer-term target of $25.71. On the downside, the key support level is at $21.37, which could act as a strong buffer against selling pressure. Should the price fall below this level, the next significant support to watch is at $20.85, which may determine the strength of the bearish momentum if breached.

Trade Strategies: For those considering long trades, an entry could be considered on a break above the $22.07 resistance level, with potential targets at $22.73 and $25.71, and stop losses placed just below $21.37 to mitigate risk. On the other hand, short traders may look for signs of exhaustion near $22.07 or a breakdown below $21.37, with a target towards $20.85 or lower. Given the mixed signals from the technical indicators, it is advisable to exercise caution and closely monitor these key support and resistance levels before committing to any trades.

Fetch.ai (FET)

FET Crypto Technical Outlook: Preparing for the Next Big Move

Price Movements: FET has been on an upward trend, indicating a bullish momentum in the market. However, the price is now approaching a critical resistance level at $0.94. This level is pivotal; if the price successfully breaks above $0.94, it could signal continued upward movement. Conversely, if the price struggles to break this level, it may lead to a pullback, with traders likely to observe whether it retreats toward the key support levels.

Key Levels To Watch: The primary resistance levels to monitor for FET are $0.94, $1.143, and $1.189. These levels represent significant barriers where the price may face selling pressure. On the other hand, important support levels are found at $0.837, $0.836, and $0.832. These support zones will be crucial in maintaining the current bullish sentiment; a break below them could signal a shift to a bearish outlook.

Trade Strategies: For those looking to take long positions, a confirmed breakout above the $0.94 resistance level could provide an optimal entry point, with potential targets at the higher resistance levels of $1.143 and $1.189. Traders should consider placing stop-losses just below $0.94 to mitigate risks. On the other hand, short traders might focus on the support levels if the price fails to break $0.94, targeting these levels for potential profits, with stop-losses placed above $0.94 to protect against unexpected bullish breakouts.

Dogecoin (DOGE)

Dogecoin on the Edge: Analyzing Key Market Levels

Price Movements: Dogecoin has experienced significant fluctuations on the 4-hour chart, currently trading around $0.10472. The price is approaching key resistance zones, which could present challenges for further upward movement. While there are some slight bullish signals from the Exponential Moving Averages (EMAs), the momentum is not particularly strong. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) provide a mixed outlook, with the MACD line crossing above the signal line, yet the histogram suggests that this momentum might be weakening.

Key Levels To Watch: Levels to watch include resistance at $0.10636, $0.10748, and $0.10791, which could act as barriers if the bulls fail to push through. On the downside, support levels at $0.10429, $0.1024, and $0.10235 are crucial for potential bounce-backs. The RSI is nearing the mid-60s, indicating that buying pressure may soon diminish, potentially leading to a correction if these resistance levels hold.

Trade Strategies: Entering long positions near the support levels of $0.10429 or $0.1024 could be beneficial, with an eye on the resistance at $0.10636 as the next target. For short positions, if DOGE fails to break above $0.10636, this could present an opportunity to enter, with expectations of a retest of the lower support levels. A stop-loss slightly above the $0.10748 resistance level can help manage risk. Traders should carefully monitor these key levels for potential entry and exit points based on how the market moves next.

ICYMI:

• Top US Agencies Aim to Redefine “Money” for Cryptocurrency Reporting Regulations by 2025

• Nigeria’s Federal Inland Revenue Service Plans Comprehensive Cryptocurrency Regulation

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