GBTC sell-off is over: JP Morgan, technical indicator hints at Shiba Inu recovery, investors flock to NuggetRush before its launch
TLDR:
- The majority of “profit taking” from Grayscale’s Bitcoin Trust is now likely over, JP Morgan says.
- A key technical indicator shows that Shiba Inu’s price could soar to $0.00000896 and $0.00001486.
- Investors are doubling down on NuggetRush tokens before its launch.
Analysts at JP Morgan have said that the profit taking from the Grayscale Bitcoin Trust (GBTC) is over. Meanwhile, a technical indicator on the Shiba Inu price chart indicates a positive trend reversal.
However, NuggetRush steals the limelight as the best crypto investment. Investors are buying NUGX tokens before its launch, a sign of strong confidence in the project.
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Why investors are bullish about NuggetRush (NUGX)
NuggetRush (NUGX) is a fun game where you can play with the coolest NFTs and earn money. In the game, players complete mining tasks that range from easy to hard to get rewards. It is a chance to make money from blockchain technology with low risk and high potential rewards. In NuggetRush, how much you make depends on how determined you are.
The game is set in areas full of minerals. Your aim is to mine more and better than others by starting different mining businesses and selling what you mine. The tools you use and how good your mining team is play a big part in your success and the rewards you get. You can hire more skilled workers and get better equipment to do better.
As you complete mining challenges, you earn rewards and valuable NFTs that you can sell for real money. You can also make money by keeping your NFTs staked for a certain time. To get these rewards, you need to buy NUGX tokens. Currently, NUGX’s price is $0.018, which is 20% higher than it was before.
NuggetRush has been in the news a lot in the DeFi market world because of its presale success. It has sold 164 million tokens from rounds 1 to 5. This is the last round of the NuggetRush presale. The next step after the end of this round is the listing of NUGX on top exchanges. As a result, this is the best time to buy NUGX tokens.
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The profit taking from grayscale Bitcoin ETF is over: JP Morgan
The cryptocurrency market turned bearish shortly after the SEC Decision on Bitcoin ETF was announced as GBTC investors seized the opportunity to take profits. However, after two weeks, JP Morgan analysts have said that the majority of the profit-taking has been done.
With that, these analysts expect the selling pressure on Bitcoin to reduce over the coming weeks. To back up this claim, they noted that spot Bitcoin ETFs saw a net outflow of $158 million. This is the largest amount recorded since the approval.
Shiba Inu (SHIB) price trend could become bullish, says Crypto analyst
Shiba Inu (SHIB) shows signs of a potential recovery after trading in a bearish cycle for the past month. A technical indicator that Shiba Inu might be ready for a comeback is a pattern called the falling wedge on its weekly chart.
This pattern, spotted by analyst SHIB KNIGHT, shows that the price is slowly getting squeezed into a narrower space. Another positive sign is that whales have been buying a lot of Shiba Inu at the $0.00000875 price level, known as the Golden Zone Support.
SHIB KNIGHT noted that these whales’ interest in this price level could help keep SHIB stable. Under the right conditions, SHIB KNIGHT predicts the price of Shiba Inu could rise to $0.00000896 and $0.00001486.
Conclusion
The report from JP Morgan analysts puts Bitcoin, Shiba Inu, and the rest of the market to see upward price movements in the coming weeks. However, investors should not sleep on NuggetRush. Analysts have foreseen a 50x price increase after its listing on exchanges, making it the best crypto to buy.
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