Is the pumping of the US dollar going to break down crypto prices?

14.08.2023

Dear traders,

The US dollar is currently experiencing a surge, encountering strong resistance. This might signal
the next downward movement for cryptocurrencies.

Jake
TOP Trader

BTC is still trapped in a range between $20,100 and $29,500. A significant wick is forming,
expected to materialize in the coming days.

ETH is still trading in the mid-$1800 zone, requiring a significant push or drop to break out of this
trading channel.

XRP is holding at a support level of $0.62. Maintaining this support is crucial; otherwise, a larger
drop is still possible. This presents a favorable opportunity for long-term buying.

LINK is bouncing off the $7 support and needs to maintain this level for a stronger push. It remains
a strong option for long-term buying.

SOL is showing bullish momentum, pushing above $24.2 as a support level. Its ability to hold this
level on the daily chart is important.

EOS is still above the $0.7 support level, but a more significant push is needed to break the
resistance at $0.79. It continues to be an attractive option for long-term buying.

Following the halving, LTC dropped below the $88 support level, which acted as a breakpoint.
While new lows are possible, it remains a favorable option for long-term buying.

The DXY is experiencing a strong surge, breaking through the 103 resistance level. Currently, it is
attempting to breach the 200MA on the 1D chart.

Crypto/stock daily news:

WEEKLY MARKET MOVERS: 2 WINNERS. 1 LOSER

Crypto prices have more swings than your local playground. Luckily, the Trader Jake kept track of all the action this week.
We just received his weekly Market Movers report. He also added a small note: “Crazy week. New tokens pumped every day. (Btw – send more Uncrustables)”
This week, there were 2 big winners and 1 huge loser. Let’s dive in…
THE WINNERS
1. Rollbit ($RLB) is up 76% over the last 7d
What it is: Rollbit is a crypto-gambling platform.
It lets users place bets on casino games (i.e. roulette), sporting events, and future prices of NFT
collections and tokens.
The craziest part? It offers up to 1000x leverage. It’s the Ultimate Clash of Degeneracy.

Why it’s up: There’s a famous saying… “Birds fly, fish swim, and degens degen.”
Which is why the gambling platform has been all the rave this week.
Plus, the Rollbit team recently switched up the tokenomics for RLB:
• A new buy-and-burn feature was introduced
• Every day, the team will use part of its revenue to buy RLB tokens and then burn them (i.e. destroy them forever)
• 10% of the Casino revenue, 20% of the Sportsbook revenue, and 30% of the 1000x Futures revenue will be used to buy and burn tokens
In theory, this adds daily buying pressure for RLB as adoption grows.
2. Shiba Inu ($SHIB) is up 20% over the last 7d
What it is: A token that went from memecoin → $5.9B market cap.
(It all starts with a meme and a dream)
Why it’s up: There are 2 big reasons…
• Shibarium (Shiba Inu’s new blockchain) is set to launch later this month, so investors could be stacking up on tokens ahead of the release
• Developer activity is up big since July 1st

Trader Jake Radar: Btw, the Traders tells us that Dogecoin ($DOGE) could be the next token to see some action.
Here’s why: Shiba Inu and Dogecoin have historically had a strong positive price correlation. Right now, it’s at 0.74 – which means that whenever Shib’s price moves, Doge follows in the same direction.
And with rumors Doge could be integrated into Twitter, it’s worth keeping an eye on.
Without further adieu, let’s introduce…
THE LOSER
1. Worldcoin ($WLD) is down 25% over the last 7d
What it is: It’s a crypto project that developed a “privacy-preserving digital identity” that can be used to verify humans. It’s like a digital passport.
But it comes with a twist: you need to scan your eyeball into one of “The Orbs”.
Why it’s down: Apart from users being freaked out about scanning their retinas, the project has also gotten the attention of governments around the world.
• Kenyan police raided one of Worldcoins’ warehouses earlier this week.
• Argentine regulators are investigating the legality of its data collection practices.
• The U.K., Germany, and a handful of other nations are all investigating the crypto project
At this point, Worldcoin is more worldwide than Taylor Swift. (and not in a good way)
FUD + government investigations = a recipe for disaster.

FAST NEWS:

India is planning to launch a new web browser that uses crypto tokens. Users will be able to use crypto tokens to digitally sign documents in order to bolster security and data privacy.
The SEC announced a settlement with Bittrex. The crypto exchange will need to pay a $24M fine within two months of filing a liquidation plan.
CBS has been granted a trademark for NFTs and crypto collectibles that use Star Trek Continuum.
“Beam me up, Scotty!” OR “To boldly go where no man has gone before.”
SoFi Bank revealed it holds $170M in crypto holdings during its Q2 earnings report. The San-Francisco-based bank has been able to attract 500k+ customers to its crypto services.
The crypto gaming industry saw $297M in investment funding last month. Business is boomin’ for crypto gaming projects.