The market is on the verge of exiting the consolidation stage, with Shiba Inu, XRP and Cardano being on verge of their local formations that should boost volatility and push either asset into their next stage.

Shiba Inu at crossroads

With price action indicating the possibility of a significant breakdown, Shiba Inu is at a crucial crossroads. The token is stuck inside a narrowing triangle and is currently trading at about $0.0000123, but the overall structure is bearish.

Due to buyers’ inability to maintain momentum above resistance levels, each bounce has been weaker than the last. The consistent drop in trading volume is the most concerning indication. Volume has been declining since early August, which suggests that traders’ interest and involvement are waning.

Declining volume during consolidation frequently precedes strong breakouts in cryptocurrency markets, however, since SHIB is already under pressure, the likelihood of a breakdown rather than a recovery is higher.

Technically speaking, SHIB will encounter resistance right away in the range of $0.0000130-$0.0000132, and then the 200-day moving average close to $0.0000139. Every upward attempt has been capped for weeks at these levels. Support for the downside is located just above $0.0000120. The next target might be $0.0000110 or even $0.0000100, a level that runs the risk of adding another zero to SHIB’s valuation if it significantly breaks below this.

Additionally, a classic indicator of deteriorating market structure, the descending trendline from the recent highs, is still forcing lower peaks. Bearish momentum will probably prevail unless SHIB can break out above that line with significant volume. That is, there is a genuine chance of oblivion.

In addition to possibly correcting further, SHIB runs the risk of becoming irrelevant for traders seeking stronger momentum plays if support gives way while volume keeps declining.

XRP’s last test

It appears that XRP is nearing a final stand at its current price. The token is currently trading at about $2.83, just above the 100-day EMA at $2.77, which serves as the crucial line of defense. If XRP is unable to maintain this zone, it may fall toward $2.50 and ultimately the psychological $2.00 level.

The symmetrical triangle pattern that had been supporting the price since mid-August is clearly broken in the chart. XRP was forced below the lower trendline by sellers, and although it has stabilized for the time being, momentum is still brittle. A clear close below $2.77 would validate the bearish trend.

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The pattern in the volume adds to the uncertainty. The steady decline in trading volume is frequently an indication that sellers are worn out, and that bearish pressure is abating. However, low volume can also indicate fund outflows and disinterest, making XRP more susceptible to steeper drops when liquidity evaporates.

XRP has some breathing room for a recovery, as the RSI, which is currently hovering around 44 and reflecting neutral-to-weak momentum, does not yet exhibit any bullish divergence. Regaining $2.95-$3.00 is crucial for bulls. Strength would only be indicated by a persistent return above $3.00, which would pave the way for $3.10-$3.20.

XRP might still bounce back and reenter a consolidation range if support remains at the 100-day EMA. But if it fails, sentiment quickly shifts against it, making the path to $2.00 much more likely. This is a make-or-break situation for XRP investors for the time being.

Cardano’s patience

Cardano is putting its holders’ patience to the test once more. After weeks of losing momentum, the token is currently trading at a pivotal level, with bulls finding it difficult to maintain control. According to the short-term technical picture, the 100-day EMA and the crucial $0.80 support zone are both in the vicinity of ADA.

There is still hope for a recovery in ADA despite the negative undertones. The $0.80 area has previously shown itself to be resilient, serving as a base for several recoveries. Buyers can continue on their current trajectory toward $0.90 and $1.00 if they can defend this level once more.

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A psychological shift would be signaled by a breakout above $1, which might draw momentum traders and investors who had been sidelined back into the market.

However, volume trends are not very promising. Everyday trading activity has decreased, indicating a general decline in enthusiasm. This makes ADA susceptible because, when markets turn risk-off, a lack of conviction can hasten downward pressure. However, these quiet periods frequently come before explosive moves, so the next sessions are very important.

The indecision is highlighted by the RSI, close to 48, which is in neutral territory and does not indicate oversold or overbought conditions. This implies that ADA has some leeway.

In general, the market is struggling, as there isn’t much of bearish support coming in and the majority of investors are bracing themselves for multiple breakdowns, especially if Bitcoin fails to deliver in the next few weeks.

According to Benjamin Cowen, the price of Ethereum (ETH), the leading alternative cryptocurrency, could pull back to the 21-week EMA, which is currently below $3,500.

However, the cryptocurrency would then be able to resume its rally following a short-term retracement. 

The analyst, who boasts more than a million followers on the X social media platform, claims that such a pattern has been playing out since April. Cowen is convinced that the same thing will happen this time around. 

ETH’s bullish momentum fades

As reported by U.Today, Ethereum was on track to record its best Q3 to date, outperforming “DeFi summer” from 2020. 

However, its massive rally has now stalled, with the token currently changing hands just below the $4,400 mark. 

Notably, Cowen does not rule out that ETH could see a fake push toward $4,900. If it does happen, he expects such a bull trap to occur as early as this week. 

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Whale buys $1 billion worth of ETH

Meanwhile, a whale recently purchased a whopping $1 billion worth of the leading cryptocurrency. This whale has now purchased and staked a whopping $3.5 billion worth of ETH in virtually no time. 

Significant spot ETF inflows

Even though a significant correction seems to be possible based on the chart shared by Cowen, robust spot Ethereum (ETH) inflows might throw a spanner in the works for the bulls. 

Last week, these products added a total of 286,000 tokens, according to Glassnode data. 

Momentum Fades: Solana Slips Below Key Moving Averages

According to GemXBT in a recent post, Solana (SOL) is currently trending downward, showing signs of sustained bearish pressure. The price has slipped below critical short-term moving averages such as the 20 MA, 10 MA, and 5 MA, suggesting that sellers are firmly in control for now. This breakdown below key technical levels is often seen as a precursor to further downside, especially when not accompanied by strong bullish reversals.

At present, the immediate key support level is around $175. If this support holds, there could be a chance for a technical bounce, particularly as the RSI is now sitting in the oversold zone. Historically, oversold RSI levels can signal potential reversals or at least a short-term pause in selling pressure. However, traders are watching closely for confirmation before expecting a recovery, especially with resistance looming near $190.

Adding to the bearish picture, the MACD remains below the signal line, reinforcing negative sentiment in the market and downside pressure. Until SOL can reclaim the broken moving averages and flip $190 into support, the technical outlook leans cautious, with the potential for continued volatility.

Key Support Retest: Can $175–$177 Hold The Line?

In a recent post on X, AlgoCats shared insights from the Solana daily chart, highlighting a critical price zone. The analyst pointed out that SOL is currently testing the $175–$177 support range, an area that once served as resistance and is now being re-evaluated as a potential floor. This zone has become a key battleground between bulls and bears in the short term.

AlgoCats also drew attention to a notable upper wick on the latest daily candle, which extended into the $189–$190 region before facing a sharp rejection. This wick suggests heavy selling pressure at those higher levels, likely due to long liquidations and the presence of a significant supply zone. Such price action often reflects a lack of buying strength and the presence of aggressive sellers.

Now, the focus shifts to whether the $175–$177 support can withstand the ongoing bearish momentum. According to AlgoCats, how SOL behaves around this zone will determine the next move. If support holds, a bounce is possible, but if it breaks, the market may see further downside pressure in the near term.

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis…

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Last updated: 

June 12, 2025

Bitcoin has dropped to $107,177, below the $108,000 support as selling pressure mounts. Veteran trader Peter Brandt is warning of a 75% correction to $27,290 from recent highs of $112,000.

He notes that the breakdown below the ascending channel and series of lower highs is similar to the 2022 bear market when Bitcoin dropped from $69,000 in late 2021.

Brandt’s warning isn’t just technical. He points to deteriorating market structure and sentiment as key supports fail. This has amplified investor anxiety, especially with the broader macro and geopolitical backdrop.

Geopolitical Tensions Intensify Market Risks; Bitcoin Under Pressure

Global conflicts are fueling the fire. Reports of Israel preparing to strike Iran have caused risk-off sentiment. The Russia-Ukraine war has escalated with drone strikes on Kharkiv, deepening investor caution.

While uncertainty usually boosts safe-haven assets, Bitcoin is not capturing traditional safe-haven flows. It’s weakening along with broader risk assets.

Despite the risk-off tone, US Bitcoin ETFs saw $164.57 million in net inflows on Wednesday. GameStop added 4,700 BTC since May, and Mercurity Fintech plans to raise $800 million for a BTC treasury reserve. But institutional demand hasn’t yet offset broader market pressure.

Bitcoin Technical Breakdown Weighs on Bears

Technically, the Bitcoin price prediction appears bearish amid BTC’s breakdown below the trendline and the 50-period EMA ($107,985), which is clear. MACD confirms with a bearish crossover and widening gap, indicating downward momentum.

Rejection candles from $110,376 and lower highs have formed a near-term bearish pattern.

BTC is testing immediate support at $106,401. If that fails, further declines to $105,180 or $104,026 are more likely.

The market is at a crossroads, either a breakdown to Brandt’s $27,000 target or a short-lived bounce on institutional accumulation.

Trade Setup for Short Sellers:

• Entry: Short on rejection near $108,000
• Stop-loss: Above $108,800 (above EMA)
• Target 1: $106,400
• Target 2: $105,180
• Risk Level: 6/10

Summary

Bitcoin’s price action is weakening its technical structure and poses high bear risk. With macro headwinds, geopolitical tensions, and a veteran trader’s warning, BTC may be starting a bigger correction.

Watch levels closely and be prepared for more volatility. The market is fragile; a break below $106,000 could be the start of a bigger move.

BTC Bull Token Nears $8.1M Cap as 58% APY Staking Attracts Last-Minute Buyers

With Bitcoin trading near $107K, investor focus is shifting toward altcoins, especially BTC Bull Token ($BTCBULL). The project has now raised $7,103,849.89 out of its $8,153,354 cap, leaving less than $1 million before the next token price hike. The current price of $0.00256 is expected to increase once the cap is hit.

BTC Bull Token links its value directly to Bitcoin through two core mechanisms:

• BTC Airdrops reward holders, with presale participants receiving priority.
• Supply Burns occur automatically every time BTC increases by $50,000, reducing $BTCBULL’s circulating supply.

The token also features a 58% APY staking pool holding over 1.81 billion tokens, offering:

The token also features a 61% APY staking pool holding over 1.73 billion tokens, offering:

• No lockups or fees
• Full liquidity
• Stable passive yields, even in volatile markets

This staking model appeals to both DeFi veterans and newcomers seeking hands-off income.

With just hours left and the hard cap nearly reached, momentum is building fast. BTCBULL’s blend of Bitcoin-linked value, scarcity mechanics, and flexible staking is fueling strong demand. Early buyers have a limited time to enter before the next pricing tier activates.

With the 200-period moving average applying dynamic resistance from above and horizontal support showing signs of strain, DOGE’s technical landscape suggests a potential collapse could be on the horizon if buyers fail to defend key levels.

Price Coils Within Bearish Formation Ahead Of Potential Breakout

Market analyst Thomas Anderson, in a recent post on X,  pointed out that “DOGE is consolidating within a descending triangle pattern on the M30 timeframe,” signaling a period of indecision. This chart pattern, often seen in bearish continuations, is characterized by a flat support base with lower highs pressing from above. As Dogecoin trades deeper into this structure, the probability of a breakout, either upward or downward, is increasing with each narrowing move.

Anderson further explained that DOGE is “currently testing the upper resistance around $0.19998,” a key level that has capped recent bullish attempts. This resistance aligns with the descending trendline of the triangle and is strengthened by the 200 MA (red line), acting as dynamic resistance. 

The presence of the 200-period moving average at this level adds extra weight to the upper line, making any potential breakout attempt more challenging for the bulls in the near term. Until price action breaks decisively in either direction, DOGE remains locked in a tightening range. For now, Anderson’s observations underline the importance of this technical structure, as DOGE nears a critical inflection point.

Triangle Compression Builds Tension For Dogecoin

The analyst further emphasized that momentum appears to be weakening as Dogecoin’s price action tightens near the apex of the descending triangle. According to the expert’s observations, the 1-hour chart reinforces this broader consolidation phase, showing a clear compression of price within the pattern. This type of setup often leads to an explosive move once the market chooses a direction. 

A confirmed breakout above the $0.19998 resistance could pave the way for a short-term bullish run, with higher targets potentially opening up if volume supports the move, potentially invalidating the bearish triangle pattern. However, failure to breach this resistance level may reinforce the bearish structure, increasing the likelihood of a pullback toward the lower triangle support around $0.19010, a critical area where buyers previously stepped in.

Binance has filed a motion to dismiss a $1.76 billion lawsuit brought by the FTX estate, accusing the defunct crypto exchange of trying to deflect blame for its own failure.

Filed on May 16 in the Delaware Bankruptcy Court, Binance’s legal team called the suit “legally deficient,” stating that FTX’s collapse was not triggered by market manipulation or hostile action but by internal misconduct.

“Plaintiffs are pretending that FTX did not collapse as the result of one of the most massive corporate frauds in history,” the filing said, pointing to Sam “SBF” Bankman-Fried’s conviction on seven counts of fraud and conspiracy.

FTX’s estate alleges that Binance received billions in crypto during a 2021 buyback deal, funded improperly with customer assets.

Binance rejects this claim, stating that “FTX remained a going concern for 16 months” after the share repurchase and that there was “no plausible claim” the exchange was insolvent at the time.

Related: Binance wants arbitration for all members of securities class suit

Zhao’s tweet and FTT crash

The lawsuit also accuses former Binance CEO Changpeng Zhao of triggering a collapse through a tweet on Nov. 6, 2022 announcing the liquidation of FTT tokens.

In response, Binance argued that Zhao’s tweet was based on publicly known concerns. “Binance’s decision to liquidate its remaining FTT was, in fact, ‘due to recent revelations ’— in particular, the Nov. 2, 2022, CoinDesk article” that exposed Alameda Research’s balance sheet.

The company further defended Zhao’s comment that Binance would aim to minimize market impact. “The Complaint contains no such facts” to prove Binance had no intention of following through.

In challenging the court’s jurisdiction, Binance said none of the foreign entities named “are incorporated in or maintain their principal place of business in the United States,” and thus fall outside the court’s reach.

The filing also criticizes the plaintiff’s narrative as “a grab bag of state law claims” based on “pure conjecture — much of it sourced from a convicted fraudster’s hindsight speculation.”

Binance has asked the court to dismiss all claims with prejudice. The FTX estate has not yet filed its response.

Related: FTX EU creditors can now withdraw money from Backpack exchange

FTX to disburse $5 billion in second round of creditor repayments

FTX is set to begin its second round of repayments to creditors more than two years after filing for bankruptcy.

In a May 15 notice, the FTX Recovery Trust announced that over $5 billion will be distributed starting May 30 through BitGo and Kraken, targeting parties in the second eligible group under the exchange’s reorganization plan.

According to the plan, five creditor groups categorized as “convenience classes” are expected to receive between 54% and 120% of their claims. In total, FTX may repay up to $16 billion, depending on the final number of valid claims.

Magazine: Father-son team lists Africa’s XRP Healthcare on Canadian stock exchange

]]> https://earlybirdsinvest.com/binance-seeks-to-dismiss-1-76b-ftx-lawsuit-blames-sbf-for-collapse/feed/ 0 37273 https://earlybirdsinvest.com/cred-execs-admit-to-fraud-after-150-million-collapse-face-years-in-prison/ https://earlybirdsinvest.com/cred-execs-admit-to-fraud-after-150-million-collapse-face-years-in-prison/#respond Mon, 19 May 2025 01:40:55 +0000 https://earlybirdsinvest.com/cred-execs-admit-to-fraud-after-150-million-collapse-face-years-in-prison/

On May 13, two former leaders of Cred, a collapsed crypto lending firm, admitted to committing wire fraud, according to plea deals accepted by a federal judge in California.

Daniel Schatt, who was the company’s CEO, and Joseph Podulka, its chief financial officer, pleaded guilty as part of a deal with prosecutors.

The court set their sentencing for August 26. Wire fraud charges can lead to up to 20 years in prison and fines of $250,000 per person, or $500,000 if charged to a business. Prosecutors have suggested prison terms of up to six years for Schatt and just over five years for Podulka.

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In the plea deal, Schatt and Podulka admitted they had only shared positive updates with customers while hiding information about serious problems at the company. When the firm eventually went bankrupt, customers lost a combined total estimated between $65 million and $150 million.

At the time of its bankruptcy, Cred said it owed customers about $150 million. However, by May 2024, the US Department of Justice noted that the remaining assets tied to the company had increased in value and were now worth more than $780 million.

Prosecutors also said that Cred gave investors the wrong idea about how their money was being handled. Much of its lending activity relied on MoKredit, a Chinese firm that gave small, unsecured loans to gamers.

On May 9, German authorities took down the cryptocurrency exchange eXch and seized approximately $38 million worth of digital assets. What happened? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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