Bitcoin bulls appear to have become extremely passive as they are unable to mount the buying pressure required to rise & sustain above $24,000. Meanwhile, the top altcoin Ethereum has been displaying immense strength by trading close to the crucial resistance at $1650.
The market cap of the second-largest crypto has surged beyond $200 billion despite the global market capitalization witnessing a minor pullback of nearly 1.19% in the past 24 hours.
As the BTC prices appear to have stuck within narrow ranges, the market capitalization of the altcoins is approaching crucial levels. The possibilities of a bullish breakout are constantly flashing that may begin a fresh bullish wave of several altcoins in the short term.
The altcoin market cap maintained a descending trend for the past 6 months and faced constant rejection from the trend line. Presently, the levels are again testing the crucial resistance, displaying a higher probability of a breakout.
Previously, the levels faced rejection as the resistance collided with the crucial 200-day MA, but presently, the market cap has surged beyond these levels and hence points towards a bullish breakout in the coming days.
Therefore, once the daily close is recorded above the trend line, then a significant upswing may kick in. This may ignite another 7% to 17% growth in the total altcoin market cap securing the levels above $700 billion. If the rally materializes, then the global market capitalization excluding Bitcoin may hit $1 trillion, validating the peak of the Altseason 2023.
After registering a bullish momentum for nearly a month, the crypto market is now dwindling between bears and bulls. The first born cryptocurrency Bitcoin which had regained its long lost $23K level, has now been pulled back towards the $22K area. The similar pattern is followed by Ethereum, BNB, XRP, Cardano, Solana and other large cap altcoins.
At the time of publication, Bitcoin is valued at $22,669 with a plunge of 1.30% over the last 24hrs.
XRP To Spike In The Coming Days
While major cryptocurrencies face the heat of negative pull back, a popular crypto analyst and trader is forecasting a bullish target for Bitcoin, XRP and SYN. The analyst who is anonymously known as Cantering Clark informs his 159,200 Twitter followers that Ripple’s XRP is all set to see a massive upward movement.
As per the above chart, the analyst is trying to convey that XRP has surpassed its high volume node range along with maintaining its trade above $0.422. However, at present the altcoin has lost its $0.42 level.
Currently, XRP is changing its hands at $0.407 after a loss of 4% over the last 24hrs.
Bitcoin’s Bull Run To End In FOMO
Next the strategist shifts his focus towards Bitcoin where he claims that the flagship currency is yet to complete its bull run. He then hopes that Bitcoin’s bull run will end with fomo (fear of missing out).
Synapse (SYN) To Surge 115%
Lastly, the analyst concludes his analysis with Synapse (SYN) which is a platform that allows transfer of digital assets between blockchains. According to Clark, Synapse is set to spike nearly 115% once SYN moves beyond $0.70 level.
At the time of writing, Synapse is trading at $0.797 with a pull back of 9.71% in the last 24hrs.
Top Altcoin to Watch: With a 50x rally, this Layer-1 Token May Soon Outperform Bitcoin and Ethereum!
As the markets are turning a little bullish some of the altcoins are gaining significant gains. Among them is Avalanche (AVAX) which is believed to explode in the coming days. Crypto Bull and CIO of Morgan Creek Capital, Mark Yusko says Avalance (AVAX) has the potential to skyrocket by 50x in the next bull market.
In an interview, the veteran says that the popular smart contract platform may even outperform the entire crypto space.
“The key to investing in this ecosystem is diversification. Don’t pull all your eggs in one basket. You want to have a big chunk in Bitcoin. But if you think about it, if Bitcoin is as successful as we all think it will be, it won’t be the best performing, full stop.
Just because it’s the largest. It’s just the law of large numbers. You’re not going to go from $400 billion today-even if you go to $4 trillion, that’s a 10-bagger. Ethereum is at almost $200 billion – if it gets to $4 trillion that’s almost twice as much.
But if Avalanche actually becomes that intermediate layer, or becomes a bridge to connect Ethereum..it could be maybe 50x.”
Avalanche (AVAX) price is currently trading at $17.30 with a massive drop of 6.89% in the past 24 hours.
The AVAX price which was trading within a rising wedge, dropped down slicing through the lower support of the wedge. However, after undergoing a minor bearish action, the price has ignited a notable correction phase. As a result, the bearish influence is expected to fade quickly, but it may remain valid until the price rises above $18.
The altcoin market, along with Bitcoin, has been experiencing massive gains this week with a hope of revival to investors after their price bottoms in 2022. To be more specific, altcoins are performing with full potential as the dominance surged over 50% in the last few days.
However, Bitcoin’s dominance is still near the 40% mark, hinting that traders are bored of trading Bitcoin and have switched their investment plans to altcoins. Therefore, several analysts believe that an altcoin season may soon happen if BTC’s price makes a slight downward retracement.
Bitcoin’s Bullish Influence On Altcoin Season
The new year has shocked bears with an unexpected price pump in leading assets like Bitcoin, Ethereum, and several altcoin kings. The astronomical rise in the altcoin market has been remarkable for Solana, Lido DAO (LIDO), and Cardano, as they recovered over 30% in value in just two weeks.
The primary factor that pushed Bitcoin’s dominance is the positive CPI data, which created enough buying pressure in the altcoin market with the spice of Ethereum’s Shanghai upgrade’s hype and negative funding rate in the Alt-futures market.
A recent report from an on-chain data provider, Arcane Research, suggests that altcoin indexes are hovering in the range of 28% to 31%, and it may soon outperform Bitcoin in a bull run as it is giving challenging competition to Bitcoin index which is moving at 27%.
Moreover, the total market capitalization of altcoins has also exceeded its crucial resistance level of 50-EMA at $465 billion and aims to break its 100-EMA at $563 billion, signifying a bullish altcoin season by the end of this month.
The altcoin season index chart from Blockchain Center predicts an upcoming altcoin season. According to the chart, the index trades at 27, which means the crypto market is preparing for an escape velocity powering altcoin season as the trendline moves away from the Bitcoin season near the 25-level and aims to surge to the 75-level, bringing a favorable season for alt traders.
However, an analyst from CryptoQuant warned by saying, “Today, altcoin dominance is again above 50%. Obviously, it doesn’t have to be as heavy as these examples. But be aware: when altcoins continue to dominate, there is a potential risk for further downside.”
Meme Coins Continue To Trade In Green
Whenever the crypto market experiences a boom, it takes the gang of meme coins to new highs as they can be easily pushed to the North with no significant impact from the macro conditions of the market. As of writing, popular meme coins like Dogecoin and Shiba Inu have added over 4% and 16% to their values, respectively.
As seen before, altcoin traders usually get involved in meme coins after generating lucrative profits from the altcoin season. According to Arcane Research, the small-caps altcoin index (meme coin) usually surges after large-caps and mid-caps indexes decline. Hence, a significant uplift in the meme coin rally is forecasted after a cooldown in the altcoin season.
Solana Co-founder Talks About Altcoin Challenges, Polygon’s Blockchain To Undergo Hard Fork While Snowfall Protocol Alerts Investors About Scammers
Top crypto projects, including Polygon (MATIC) and Solana (SOL), have been working hard to complete advanced solutions brought by new projects like Snowfall Protocol (SNW). Investors have also become keener on which crypto projects they must invest in 2023.
Anatoly Yakovenko shares Solana’s (SOL) challenges and needed solutions while the price reaches $22.05
The Solana (SOL) community has been reviewing the challenges they face while trading on the platform. The co-founder of Solana (SOL) openly shared the drawbacks of altcoin. He discussed some of the major issues of Solana (SOL), like constant outages, certain levels of centralization, firm market corrections, etc.
He also mentioned that these issues have frustrated Solana (SOL) investors, which might lead them to withdraw their investments soon. However, he also pointed out that Solana (SOL) has recently implemented a 2nd validator built by Jump. It indicates that Solana (SOL) users will not face any issues if bugs attack one of the validators. Solana (SOL) also became the world’s 2nd altcoin that has more than one validator that works independently.
The promising solutions of Solana (SOL) platform have impacted its price positively. Solana (SOL) is selling with a live price of $22.14, which is a 34.21% increase within a day.
Polygon (MATIC) proposes a hard fork; the price goes 6.02% up
Polygon (MATIC) community will soon vote on its PoS blockchain’s hard fork proposal.
If the Polygon (MATIC) community approves it, the software upgrade will happen in January.
The Polygon (MATIC) hard fork will target two major issues that the project often faces: Reorgs or chain reorganization and gas fee spikes. Thus, Polygon (MATIC) hard fork will adjust the gas fee structure of the platform and reduce the fee during high chain activities. Additionally, the Polygon (MATIC) hard fork will assure proper transaction verification within a short time when the network experiences reorg.
The Polygon (MATIC) hard fork may boost the token price and offer better rewards to Polygon (MATIC) community members and validators. Polygon (MATIC) currently has a live price of $0.9718, which is 6.02% up in the past 24 hours.
Snowfall Protocol (SNW) calls out scammers to protect its investors’ money
Snowfall Protocol (SNW) has performed extremely well in its presale phases, which have attracted both investors and scammers. Snowfall Protocol (SNW) noticed a few fake websites that are trying to sell duplicate Snowfall Protocol (SNW) tokens.
Snowfall Protocol (SNW) Twitter handled immediately pointed this out through a detailed post. The post shared the original address for Snowfall Protocol (SNW) to help new investors recognize real Snowfall Protocol (SNW) tokens.
The post also mentioned that the official launch date for Snowfall Protocol (SNW) is very close, and the crypto project is available on the Binance Smart Chain network.
Snowfall Protocol (SNW) token has a current price of $0.191, which is predicted to grow by 5000% soon. So, buy in the Snowfall Protocol (SNW) presale from its official website and earn multiplied returns later.
Get in while you can and invest in Snowfall Protocol (SNW) today!!!
|Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.|
The crypto market has seen its highest gains in the past week since the start of the 2022 bear market, led by Bitcoin’s price reaching above $21,000.
However, on-chain analytics firm Santiment has observed that traders are behaving as if the market has reached its peak. Furthermore, Santiment has noted that Bitcoin’s profit transaction ratio is currently at its highest level since February 2021, suggesting that a potential reversal may lead to a general correction in the crypto market in the coming weeks.
It has been reported that the influx of Bitcoin whales – 416 more BTC addresses holding between 100 to 1,000 BTC in the past eight weeks alone – has given the altcoin market the confidence to experience FOMO.
Santiment also warns that the crypto market is not immune to the macroeconomic factors that affect global economies. Additionally, the future of crypto’s mainstream adoption is dependent on worldwide regulations. In its mid-month crypto report, Santiment highlighted the changes in social volume over the past thirty days.
According to the report, Ethereum recorded a spike of over 50%, while Bitcoin posted a decline of 4.92%. In the stablecoin market, Tether (USDT) and USDC posted a decline in the social volume of approximately 26% and 40% respectively.
The next move in the crypto market is practically impossible to guess but historical data suggests that the industry is in the early stages of multi-week consolidation. Notably, the total crypto market capitalization is about $1.03 trillion today with approximately $122 million liquidated in the past 24 hours.
The beginning of the year 2023 has impacted positively on cryptocurrencies, especially the last one week . During this time the majority of cryptocurrencies like Bitcoin, Ethereum, BNB, Cardano and other altcoins have remained bullish. Currently, in the last 24hrs Bitcoin has gained 4.05% while Ethereum has surged 4.87%.
However, it’s been observed that altcoin dominance has now hit its highest level while that of Bitcoin’s has slipped to its lowest level. CryptoQuant analyst claims that Bitcoin dominance has dropped to 16%.
Altcoin’s Dominance Surge Against That Of Bitcoin
The dominance by volume is an indicator which measures the total crypto market trading volume which is shared by one particular currency. If this indicator rises for any crypto it suggests that the currency is currently seeing high activity compared to other currencies. On the contrary, if the dominance decreases it means that the particular coin is losing interest among its investors.
The below graph represents the dominance by volume of Bitcoin and altcoins (except Ethereum) in the last few years. By this graph we can clearly learn that Bitcoin’s dominance by volume has plunged to hit 16% which is the lowest in the last two years.
However, the altcoins dominance by volume has surged a whopping 64%. This claims that Bitcoin has lost its market share to altcoins.
CryptoQuant has marked this phenomenon as a not so good event as whenever altcoins have surged the bulls have not held up well resulting in a massive fall. The firm gives an example of the 2021 bull run which took place when altcoins had a higher trading volume dominance against Bitcoin. However, the rally didn’t last for long as immediately after 2021 ended, the year 2022 had severe downfall including FTX collapse.
Hence, though the crypto market is observing a bullish trend, if history repeats this bull action won’t last for long.
The crypto market has enjoyed a modest rally since the weekend, with Bitcoin price closing above $17k in two consecutive days. Popular altcoins like Ethereum (ETH), Cardano (ADA), and Solana (SOL) have led in recent gains despite negative market sentiments that have persisted since FTX and Alameda’s implosion.
According to our latest crypto price oracles Solana (SOL), and Cardano (ADA) have gained approximately 43 percent and 25 percent respectively in the past few days. With Ethereum (ETH) and BNB up about 9 percent and 12 percent respectively in the past seven days, market strategists believe traders are bound to FOMO in the coming weeks.
As such, crypto prices may push higher before forming an imminent top according to analysts. Furthermore, the FTX and Alameda’s shockwaves are not over yet with top firms like Gemini and Digital Currency Group severely affected, whereby the latter is at the precipice of bankruptcy.
Closer Look at Crypto Market Outlook
Notably, crypto insight company Santiment has warned that the recent altcoin rally may not be sustainable as traders try to FOMO in. According to the research firm, short-term crypto gains are closely followed by sustained bear markets as traders rush to take profits.
Nonetheless, Santiment noted that the altcoin rally is heavily dependent on Bitcoin’s next move following the recent $17k breakout.
“We haven’t had many opportunities to point it out over the past year, but when we see altcoins being mentioned as prices are rising, it usually means the crowd has recognized that altcoins are pumping and are trying to FOMO in. The result is usually that a top forms… at least until the crowd starts doubting that altcoins can rise again,” Santiment noted.
The crypto market has regained over $88 billion in the past few days following the FTX capitulation. According to market data provided by Coingecko, the total crypto market capitalization stands at approximately $887 billion.
The largest gainers in the crypto ecosystems include the Solana network with most of its projects including BONK, and Serum (SRM) up over 50 percent in the past seven days.
Notably, the Solana ecosystem’s market cap today is $11.2 Billion, up approximately 10.1 percent in the last 24 hours.
The other top performer in the crypto sector, in the past few days, is the sports industry with Chiliz (CHZ) and Flow (FLOW) up about 20 percent and 18 percent respectively in the last seven days.
The biggest cryptocurrency exchange in the world, Binance, made a significant effort last year to elevate its own stablecoin, BUSD, above that of competitors. However, 2022 wasn’t the best year for stablecoins. The trust that consumers had placed in stablecoins began to erode after Terra UST’s collapse in May.
Data from Crypto Quant showed that starting December 12, 2022, BUSD reserves have decreased. After the FTX fiasco, the majority of investors transferred their funds to the Binance exchange. A few weeks later, the situation appeared to have altered, as the fall in reserves demonstrated.
“$BUSD reserves have risen significantly since the FTX. But it started to drop significantly from December 12. That’s when altcoin began to pump. Market liquidity remained unchanged and began to eat up $ BTC’s dominance.”
Binance has maintained its position and worked to foster more trust and openness among the public. But lately, worries about the exchange’s condition have grown. In the month that followed, BUSD redemptions totaled $5.5 billion.
BUSD continues to rank as the third-largest stablecoin by market cap, according to statistics from Coingecko and its market capitalization decreased by 24.3% over the past 30 days as well.According to Binance, monthly audits of BUSD reserves are conducted in accordance with all applicable laws.
Last month, Binance stated that Binance US will make an effort to purchase the assets of Voyager Digital. However, the SEC of the United States stopped the acquisition. In this case, the SEC declared that it was “officially examining” the debtors. Alameda Research, a former trading division of FTX, has also expressed opposition to Binance US’s acquisition of Voyager’s assets in addition to the SEC.
For the unversed, BUSD is a stablecoin that was developed by Paxos and Binance. In order to offer its stablecoin as a service product to outside enterprises, Paxos makes use of blockchain technology. The New York State Department of Financial Services has rules that apply to BUSD.
The current spike in the trading of alternative cryptocurrencies has prompted the dominance of the altcoin market, which refers to the percentage of the cryptocurrency market made up of altcoins (cryptocurrencies other than Bitcoin), to reach 50%. The community as a whole is excited about this trend, but some experts are already predicting that it could lead to a collapse in the near future.
Beware: A Crash Is Coming!
According to JA Maartun, a crypto analyst and the community manager for CryptoQuant, the fact that the trading dominance of altcoins has reached 50 percent is quite worrying. See Maartun’s chart below:
Maartun presented the above chart to support his claim that, in the past, when altcoins’ share of trading volume rose above 50%, a significant drop in the price of BTC often led to a similar decline in value across other markets.
The chart shows that the November 2022 dump in value was preceded by a period of increasing altcoin dominance, with alternative cryptocurrencies making up 55% of the total trading volume.
This occurred at a time when market sentiment was already negative and many investors were hesitant to engage with risky assets, despite evidence of expected crypto investment in 2023.
The United States Consumer Price Index (CPI) data is set to be released on January 12, and some experts predict it will show an increase in inflation. If this is the case, the Federal Reserve may continue to raise interest rates, which has previously caused a decline in the market capitalization of cryptocurrencies.
If future interest rate increases are paired with the current negative market attitude, the potential for DCG bankruptcy, and reduced market liquidity, it could lead to another collapse in not only the altcoin market but the overall cryptocurrency market as well.
At the beginning of 2023, the market participants believed that the crypto space may respond positively after being extremely bearish throughout the year 2022. However, the events that dragged the value of most of the cryptos lower may have a deep impact in 2023 too. Despite multiple bearish occurrences, the dominance of Bitcoin sustained close to 40%. Hence appears to be preparing for a large move in the coming days.
A bearish confirmation for USDT is about to flash that may also squeeze out the Tether dominance within the markets. Moreover, the pace of the expected plunge is believed to be pretty lower that may compel traders to shift their trade to Bitcoin and other altcoins very soon. Therefore, the BTC price along with popular altcoins is believed to grow for a while ahead.
If the USDT drops the ascending pattern and drops, then Bitcoin and altcoins are believed to grow together In fact, BTC price may steal the show with a gigantic rise and the altcoins are believed to enter the correction phase. Once altcoins have been accomplished with the correction phase, it will be when the BTC rally may begin.
Bitcoin & altcoins are speculated to print higher highs and lows, maintaining a significant uptrend as the money flow may be from Bitcoin to other altcoins.
This may attract players into the game as the market may be again under a euphoric run. However, the run is believed to be a short-lived one as the bearish wave is believed to outpower the bulls very soon. Therefore, after undergoing a bullish quarter though, Q1 2023, the following quarter could be largely bearish. However, the Bitcoin price is believed to mark new lows before igniting a giant bull run.
Toni Ghinea, an independent cryptocurrency analyst, has revealed on Twitter their forecast for the price of bitcoin in the year 2023. According to Ghinea, this year will be the year when the cryptocurrency market has a major capitulation, and the analyst adds that price declines of 40–60% shouldn’t come as a surprise.
According to the expert, we should anticipate that institutions will continue to sell Bitcoin, which will cause the price to drop below $16,500. The price of bitcoin is present $16,555. Secondly, Ghinea said that global liquidity is contracting and that the price of cryptocurrency does not account for the possibility of a recession.
The market expert believes that the monthly chart for Bitcoin looks “horrifying,” and she forecasts that the price of the most valuable cryptocurrency will fall between $11,000 and $14,000.
“There’s nothing wrong with being optimistic, but being a bull in the face of an imminent recession due to irresponsible money printing over the last 2 years is not smart. Don’t fight the FED. It’s simple.”
After breaching over the $16,650 mark, Bitcoin is trading with a positive bias on January 3rd. At first, it seemed probable that Bitcoin would go toward the $16,750 level. Despite this, it is presently trading at just a hair over $16,630, and the total amount of trades over the last 24 hours was $13.4 billion.
On the four-hour timescale, the bullish scenario for Bitcoin price has been partially invalidated, and it is expected that BTC will turn the range low at $16,211 into a resistance level
Investors should wait for confirmation before closing their long position. Confirmation will come if Bitcoin creates a lower level below $16,211. Manipulation may cause a fast selloff below the level listed above. However, investors should wait for confirmation before closing their long position.
An improved macroeconomic situation, more adoption, a decreased supply, and a lack of competition are all things that can end up helping cryptocurrency. Although not only Ghinea, several other experts seem to believe that Bitcoin’s value will continue to decline.
This might happen if investors stop putting money into cryptocurrencies and if crypto firms continue to cave in the face of pressure.
Cryptocurrencies are trying to gain stability, but Cardano, the ninth largest, is facing challenges in maintaining bullish momentum.
Despite a difficult year in 2022, altcoins like Cardano, Ethereum, and Polygon have seen significant developer activity and partnerships, which market experts believe will drive the price of the currency. Currently, Cardano is selling at $0.25 with a 3.27% increase over the past 24 hours.
Despite being one of the busiest blockchains in terms of developer activity, Cardano has seen a decline of over 80% since January 2022.
Crypto influencer Dan Gambardello is optimistic about Cardano’s performance in 2023, citing its developer activity as a key factor in expected gains.
Currently, Cardano is seen as a major competitor to Ethereum due to its proof-of-stake blockchain. Cardano reached an all-time high of $3.101 in August 2021, but fell to a low of $0.241 in December 2022. However, the fact that Cardano has passed the $0.25 mark suggests that it may experience a bull run in the near future.
The pseudonymous cryptocurrency expert, Capo of Crypto, who predicted the fall of Bitcoin (BTC) earlier this year is now delivering a warning to investors about an oncoming collapse of alternative cryptocurrencies.
According to him, the situation for alternative cryptocurrencies is far more dire than it seems to be for the financial markets.
He went on to say that even if altcoins were to drop by an average of 50-55% from this point, pure shitcoins could easily drop by 60-90%.
Recently, the analyst forecasted record bear market lows for both Bitcoin, the world’s largest cryptocurrency, and Ethereum (ETH), which is now the biggest altcoin by market value. According to Capo, the price of bitcoin might go as low as $12,000, while the price of the most popular smart contract platform could fall to the $600-$650 range.
In spite of the fact that Bitcoin bulls have been successful in igniting a recovery from the current bear market bottom of roughly $15,700, Capo argues that the latest bounce is noticeably weaker in comparison to BTC’s prior surges since June this year.
In his words:
“Every bounce is smaller. Lower lows and lower highs. Support is becoming resistance. $12k is like a magnet.”
He shared this chart alongside his analysis:
A move to Capo’s aim of $12,000 would signify a loss for the king cryptocurrency of more than 28%. Additionally, the analyst claims that market participants are most likely unprepared for the sharp decline.
He goes on to say that the present trading climate in crypto and the stock market looks to be setting an ideal backdrop for a real surrender, which he believes is imminent.
According to Capo, the stock markets are in the red, cryptocurrencies are breaching critical supports, indicators are heading downward, and bulls are becoming smug and ecstatic about little price pumps.
The state of the cryptocurrency market as a whole is not too great at the moment. However, it’s possible that we’ll witness a revival in 2023. And I intend to keep my fingers crossed that it does.
This morning, the leading cryptocurrencies are trading in the negative after seeing a short bullish run yesterday and the day before. Additionally, the overall cryptocurrency market is experiencing increased selling pressure. This is most likely a direct result of the Federal Reserve’s decision to boost interest rates by 50 basis points.
According to data provided by Santiment, major players are gradually making their way back into the cryptocurrency market, which results in an overall increase in purchasing power.
On-chain data shows whales have resumed their activities and have been amassing stablecoins such as USDT, USDC, BUSD, and DAI. These addresses are often those with a holding of one hundred thousand dollars or more, which allows them to accumulate a lot of stablecoins.
The green line show the daily closing price of Bitcoin during the last year. The green area shows the share of the Bitcoin supply owned by the most important Bitcoin addresses, those with 100 Bitcoins or more but less than 10,000 Bitcoins.
The red line indicates the supply of Tether (USDT) owned by addresses with $100,000 to $10,000,000. The orange line represents the supply of Binance USD (BUSD) owned by addresses with values ranging from $100,000 to $10,000,000.
The blue line represents the supply of USD Coin (USDC) owned by addresses with values ranging from $100,000 to $10,000,000. The yellow line represents the supply of Dai (DAI) owned by addresses with values ranging from $100,000 to $10,000,000.
Investors now understand, as a result of the rate rise, that the Federal Reserve may still maintain its aggressive monetary policy in 2023, despite the fact that the rate hike was less significant than in previous years. And despite the fact that we had anticipated it would get less severe as the new year began, the decision made by the Fed demonstrates that it most likely won’t.
According to statistics provided by CoinGecko at the time this article was written, Bitcoin, the most valuable cryptocurrency as measured by market cap, was exchanging hands for $17,673, a decline of 0.7% over the course of the previous twenty-four hours. The price of one Ether has dropped by 2.6% in the last day and is now at $1,288.
Are Whales Selling More Crypto?
It’s abundantly clear that investor mood has a major impact in driving up or driving down the price of cryptocurrencies. And given the recent events involving FTX and the Federal Reserve’s decision to raise interest rates, it’s possible that they are not feeling very bullish right now.
Data from Santiment indicates that following the spectacular gains in value that cryptocurrencies made in 2020 and 2021, Bitcoin whales have been steadily unloading their holdings over the last 14 months. Together with these sales, prices have been steadily lowering.
However, a change may be on the horizon today. Though maybe not with pricing just yet, whales are finally stockpiling rather than selling. The above chart shows that there are, nonetheless, enormous upswings.
What is Ethereum ETH
Ethereum ETH is one of the top digital assets in the world. It is a decentralized open-source blockchain platform that allows developers to build and deploy decentralized applications (dApps). Ethereum uses its native cryptocurrency, Ether (ETH) as a form of payment or “gas” for transactions and services on the network. It is also used to buy things such as NFTs, these NFTs can be found on the web, the most popular ones are Kongz and Mutant Ape Yacht Club.
How are NFTs related to Ethereum ETH
NFTs were first bought using ETH on the Ethereum blockchain. NFTs are digital assets that represent a unique item, whether it’s art, music or even videos. This means that an asset can be transferred from one person to another without any need for third-party verification.
This security feature inherent to NFTs make them more than just pictures as eventually people will realize that it is security and transparency of a non-fungible object that is the most important feature of an NFT since people can easily verify it.
There is no faking an NFT because the ownership of an NFT is registered on the blockchain and can be verified by anyone. This makes it a great medium for people to buy and sell digital assets with the assurance that their investment will remain secure.
Is Ethereum ETH a good investment in 2022
Yes, Ethereum ETH is a good investment in 2022. The value of ETH has gone up significantly since it launched on the market and continues to show strong performance as more people become aware of its potential for growth. With the rise of decentralized finance (DeFi) projects on the Ethereum blockchain, ETH will likely continue to be an attractive asset for both old and new investors.
Apart from Ethereum, there are other tokens worth taking a look at with unique use-cases. For example, Bitcoin might not be the only cryptocurrency and one can even say that Bitcoin has no other feature but being a currency. That being said, Bitcoin BTC is a very robust token and will forever be remembered as the first cryptocurrency by the world.
Cryptocurrencies apart from Bitcoin are called altcoins and they are also worth taking a look at especially if they have actual use and not just for trading like DOGE coin.
What is an altcoin
An altcoin is a cryptocurrency alternative to Bitcoin. It may offer lower transaction fees, faster speeds or enhanced privacy features compared to Bitcoin. Altcoins are also used as a form of investment and trading just like any other asset.
Despite the market, there are only a couple of altcoins here and there that are worth taking a look at. One of them is Ethereum ETH, another is Binance BNB, and finally there is Toon Finance TFT.
Binance BNB and Toon Finance Token TFT
Binance is similar to Toon Finance where it has its own exchange. Binance is currently one of the most popular centralized exchange in the world. While CEXs aren’t really secure especialy when people use them as wallets instead of what they were really supposed to be, as exchanges.
Toon Finance Token on the other hand made Toon Swap which is a DEX or decentralized exchange. It is built on the Ethereum network, users can use ToonSwap to convert almost any type of cryptocurrency into another. This DEX is far more secure than CEXs and they don’t even require KYC at all.
Between a centralized exchange and a decentralized exchange, always go for the decentralized exchange like Toon Swap because it is far more secure and you don’t need to provide any personal information.
It is not just more secure when it comes to privacy, it is also more secure as plays a non-custodian role, meaning that you will always be in control of your funds instead of relying on a third-party custodian. This makes Toon Swap one of top ways to trade securely, privately, and safely.
Why are people investing in Toon Finance Token TFT at the cost of their Ethereum ETH
People are investing in Toon Finance Token (TFT) at the cost of their Ethereum ETH because TFT has a lot of potential. Ethereum is flexible and allows multiple DApps to exist but investors are looking at one thing, the one thing that’s most important when making an investment decision, they want to know if they can make money.
ETH Ethereum users choose Toon Finance Tokens TFT over Ethereum
As of this moment, you can only trade Toon Finance Token TFT with Ethereum ETh, but despite this, people are still choosing to buy Toon Finance Tokens.
This is because of the Toon Swap DEX, which makes it easier and more secure to trade with other cryptocurrencies.
It also has multiple features like Space Farming that allows investors to earn while doing nothing in a process called staking or liquidity mining and it also has Space Battle Grounds where players and spectators alike can compete against each other and bet on their favorite players.
Apart from this, Toon Finance’s Toon Swap also has other features on the works making it an irresistible investment. Most importantly, Toon Finance is new which means it hasn’t gone through its x1000 phase yet.
So investors are letting their Ethereum ETH in order to get in on the action before it moons.
Is Toon Finance Token TFT a good investment?
Toon Finance Token TFT is a great investment. It gives you the ability to trade between multiple cryptocurrencies securely and privately, it has additional features and products such as Toon Swap, Space Farming, Space Battle Grounds and others that will be announced in the future.
Toon Finance Tokens have a large use-case as it will be used in Toon Swap, Toon Finance’s own decentralized exchange while there will also be betting making it an automatic moon according to our analysis.
How is Toon Finance compared to other tokens?
Toon Finance is unique because it combines several aspects of cryptocurrency such as security, privacy and ease of use. Ethereum is also secure but it lacks the features that Toon Finance provides, apart from this, Ethereum wil be x10 at most about 5 years from now while TFT Toon Finance will be x1000 or more depending on when you invest.
This is why Ethereum ETH users are flocking to Toon Finance TFT, because the chances of x1000 down the road is still available while that will be impossible with Ethereum ETH.
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MASK, FTM, and ORY have all been identified as top up-and-coming altcoins. One of these, nevertheless, unquestionably provides larger long-term yields than the others.
Mask Network (MASK)
Mask is a decentralized protocol designed to provide social media networks access to blockchain features. The platform fills the performance gap between DApps and traditional internet apps. As a result, Mask enables you to send encrypted messages on social media networks. Your online activities and social media interactions gain an extra degree of security as a result.
The MASK coin is used by Mask to conduct on-chain transactions. Due to its enormous value in employing Web3 technologies for the social network industry, the platform is on the radars of many investors.
ORY is already paying out 250% profits to its early investors and hence is thought to be one of the top altcoins of 2022.
Oryen is a decentralized staking network that operates on the Binance Smart Chain (BSC) and offers a 90% guaranteed APY. Oryen’s liquidity pool, treasury, and risk-free value (RFV) wallets are supported by buy-and-sell fees.
Investors receive a 0.177% daily ROI thanks to Oryen’s Autostaking Technic (OAT), which distributes the compounded income every hour.
Due to the overwhelming demand for the Oryen ICO, the creators expanded bonuses and modified their price scheme, enabling more consumers to profit. Well-known cryptocurrency YouTubers like Jim Crypto are now focusing on this intriguing initiative.
Currently, ORY is available for $0.175 with a 5% bonus. The presale timetable for this ground-breaking platform is as follows:
|Presale Phase||Date||Price Increase||ORY Price||Purchase Bonus|
|Presale 5||23 Nov — 02 Dec||200%||$0.15||7%|
|Presale 6||02 Dec — 09 Dec||250%||$0.175||5%|
|Presale 7||09 Dec — 16 Dec||320%||$0.21||5%|
|Presale 8||16 Dec — 23 Dec||400%||$0.25||5%|
|Presale 9||23 Dec — 27 Dec||500%||$0.3||0%|
Fantom is an open-source blockchain with nearly immediate finality. FTM is also EVM-compatible and provides a bridge to numerous other chains. The Fantom chain is well-positioned for growth in the coming years because it has one of the highest TVLs (Total Value Locked) in decentralized finance in addition to one or two projects that will be important to the development of crypto.
The top prospects for your next altcoin investment are MASK, FTM, and ORY. But as the Oryen Network gains recognition and value, it outpaces the other two in terms of investment appeal.
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One of the most popular meme currencies, Shiba Inu, failed to make investors happy with its lackluster performance because it only managed to boost its price by over 2% during the past week. Amid the poor performance and the dramatic events in the past few weeks, Shiba Inu has lost its position as the most popular cryptocurrency among the Ethereum whales.
Selling pressure in the cryptocurrency sector happens when the majority of traders sell their holdings, indicating that they believe the asset’s price will decline. Shiba Inu is no longer the largest holding among the top 100 largest Ethereum whales, according to WhaleStats. Decentraland (MANA), according to the data, is currently the largest token held by ETH whales.
On November 29, the whale tracker showed that the top 100 ETH whales own Shiba Inus valued at more than $68 million. However, whales currently own MANA coins worth $1.05 million. It’s said to represent 35% of the overall stake.
On the same platform, the top rich list reveals that SHIB continues to be the preferred cryptocurrency of the biggest Ethereum investors. It is still held by other whales who have less than $100 million in this coin.
Despite Shiba Inu’s poor price prediction and performance, Ethereum whales have not given up on the meme coin. Shiba Inu’s price is falling, while the MVRV (Market Value to Realized Value) ratio of the token is rising. These metrics suggest that the cryptocurrency may be preparing for a new bullish run soon.
While Shiba Inu’s price has increased massively compared to last year, the price was also impacted by the cryptocurrency crash that occurred in May and now by the FTX collapse. Some investors anticipate the coin to grow in the upcoming month.
However, they had the backing of Ethereum whales, who have now fallen behind. The social metrics’ evaluation of SHIB’s success had likewise been underwhelming. According to data from Santiment, social dominance increased slightly to 0.898%.
Ethereum’s price has been holding steady at around $1,300 in the past week. This is a significant development for the cryptocurrency, which has seen its value fluctuate wildly in recent months. Ethereum is the second-largest cryptocurrency by market capitalization, and its stability is seen as a positive sign for the wider industry.
While Ethereum’s price is still far below its all-time high of over $4,000, it has recovered significantly from its low point of just $400 in July 2017. The past week has also seen a general increase in demand for cryptocurrencies, with Bitcoin and other major coins seeing their prices rise. This suggests that confidence in the cryptocurrency market is growing, and that Ethereum’s recent price stability may be the start of a more sustained recovery.
At the same time, altcoins have also been making gains. One of the most notable is Toon Finance Token (TFT), which has seen its price surge from basically 0 at the start of October 2022 to over $0.30 as of the last week of October.
The project is a decentralized finance protocol built on Ethereum, and it’s one of many projects that are taking advantage of the current DeFi boom. With Ethereum enjoying relative stability and increasing demand for DeFi protocols, it looks like Toon Finance Token could continue to see its price rise in the coming weeks and months.
All in all, investors seem confident in the potential of Ethereum and other cryptocurrencies right now particularly in this case, Toon Finance. This bodes well for both Ethereum and Toon Finance as increasing prices that remain stable is always a welcome news.
With this recent stability, this good news will spread to new investors making the prices rise even more and hopefully starting the bull market cycle which everyone has been waiting for.
This is a good sign for the Ethereum cryptocurrency, as it indicates that investors are confident in its future
Ethereum surged to a new all-time high on Wednesday within the bear market after FTX collapsed, propelled by a wave of investor and buyer confidence along with speculation for increase prices in December 2022.
The digital currency rose to as much as $2,151.77, surpassing its previous record of $2,146.56 set on January 19. The surge comes amid a broad rally in the cryptocurrency markets, with Bitcoin also climbing to new highs. Ethereum has now gained more than 1,700 percent since the beginning of the years, far outpacing Bitcoin’s gains.
While Ethereum’s rally may seem speculative, it is backed by strong fundamentals. Ethereum is one of the few altcoins with actual use and demand making the token inherently valuable apart from the fact that it is a popular token that’s one of the first to attract investors both new and old to the crypto space.
The Ethereum network is home to some of the most popular decentralized applications, and its native token, Ether, is used by developers to build and launch new applications. This fuels further growth as more and more use cases are found for Ethereum ETH.
With usage and demand for Ethereum applications growing, investors are betting that the digital currency will continue to rise in value. Although there are still strong sentiments of a market bottom yet to occur, investors believe Ethereum is yet to see its new all time high (ATH).
Ethereum has many advantages over other cryptocurrencies, including faster transaction times and lower fees
As the world of cryptocurrency continues to evolve, Ethereum has emerged as one of the most popular platforms for digital transactions. Ethereum is very popular unlike other altcoins that’s why it has a massive fan base and a lot of supporters that accept it as currency. There are also multiple platforms that use Ethereum exclusively as payment for products or services.
Unlike Bitcoin, which strictly focuses on financial transactions, Ethereum is a more versatile system that can be used for a variety of purposes. For example, Ethereum’s faster transaction times and lower fees make it ideal for small purchases, such as coffee or groceries. In addition, Ethereum is also being used more and more for larger transactions, such as real estate deals. As Ethereum grows in popularity, it is likely that even more businesses will begin to accept it as a form of payment. Consequently, Ethereum could soon become the preferred choice for digital transactions worldwide as it is not as expensive as Bitcoin which most people keep in order to wait for its price to rise.
Some experts believe that Toon Finance Tokens could also become like Ethereum
At the moment, the market is bombarded with new cryptocurrencies every day. Some are good, some are great and some disappear as quickly as they came. However, every once in a while, a cryptocurrency comes along that has the potential to change the game. Toon Finance Tokens could be one of those cryptocurrencies.
While it is still early days, some experts believe that Toon Finance Tokens could also become like Ethereum, providing a platform for other digital assets and applications. Toon Finance has a platform called Toon Swap which is a decentralized exchange similar to Uniswap, Biswap, 1inch, and Pancake Swap. It will be accepting numerous token pairs such as Tether USDT, and BUSC stable coin along with other more popular coins such as Bitcoin BTC, Ethereum ETH, Cardano ADA, Polygon Matic, and Dogecoin DOGE.
Only time will tell if Toon Finance Tokens can live up to the hype, but if it does, it could well become the next big thing in the world of cryptocurrency. This is due to the fact that decentralized exchanges are not only getting better, lessening the gap between centralized and decentralized exchanges. It is also becoming more user-friendly, thereby making it easier for people to buy and sell tokens without the need of middlemen.
Whether Toon Finance Tokens will become a major player in the world of cryptocurrency remains to be seen. However, with its potential to revolutionize digital asset trading using its Space Bridge protocol that will allow multi-chain participation, it is certainly worth keeping an eye on this new token.
With its growing fan base and increasing demand, there is a good chance that Toon Finance could one day become as big as Ethereum as the patterns match for the two tokens. Time will tell whether this happens or not but it is worth keeping in mind that Ethereum is currently playing around $1,300 right now and if Toon Finance Token even reaches half of this goal then it will still be a gigantic win for the investors..
Conclusion: Ethereum has established itself as one of the most popular blockchain platforms today due to its flexibility and use cases for various types of applications. While Toon Finance’s Toon Swap is a result of partnership between the Ethereum blockchain and Toon Finance developers.
Toon Swap decentralized exchange causes Toon Finance Tokens to soar
Toon Swap is the answer to the inherent vulnerabilities of centralized exchanges that has proven time and again that its current place in the hearts of crypto investors is undeserved.
Centralized exchanges encourage theft by allowing self-regulation when it comes to the aspect of liquidity. Centralized exchanges like Binance and FTX would rather use their users’ funds that actually leave it alone.
Due to the collapse of FTX, Toon Finance had a surge of interest similar to Trust Wallet who got it’s all time high after FTX stole their users’ money.
Toon Swap is in the eye of multitudes of investors and it’s all because of Space Battlegrounds. Space Battlegrounds will allow Toon Swap users to bet on the results of play to earn p2e games. This encourages large volumes of token movement in the exchange causing people to trade here more often as there will always be a buyer here.
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The crypto space has been within the bullish trend after suffering extreme losses led by the collapse of the popular exchange. Meanwhile, the recent relief from the bearish captivity has induced a notable bullish momentum within the markets which may further push the altcoins higher.
A well-known analyst, Altcoin Sherpa, lists out potential altcoins which may propel high in December 2020
The Dogecoin price pumped significantly in recent times which ignited a bullish wave within the markets. Meanwhile, the analyst believes that the DOGE price rally could be likely unsustainable as he believes that the pump could due to some Elon Musk. Moreover, the possibility of the traders entering the short position at $0.09 appears to be pretty high.
Litecoin price is displaying huge potential to range high as the rally appears to have accumulated enough strength to lay down a notable upswing. The analyst notes the possibility of a gigantic upswing after bouncing off from the lower support a couple of times, forming a double-bottom pattern. Meanwhile, the price is facing minor rejection, but could soon rise high slicing through the immediate resistance.
The MATIC price has been incremental even since it rebounded from the lows. The price constantly bounced off from the lower support at 0 FIB at around $0.75 and heading towards 0.5 FIB levels at $0.85 and further head towards 1 FIB levels at around $1.05.
“Some trade ideas, mostly waiting right now.
LTC: Scalp, patiently waiting for $70 if it comes, not sure if it will or not.
Also eyeing a MATIC swing position.
Stay safe out there homies,”
Ethereum price kicked off a magnificent recovery quickly after the asset found its bottom below $1100. The second-largest crypto rebounded well from the interim at $1240 and appears to be heading towards the next target levels, which are more than 6% higher than $1300. Meanwhile, the volume has dropped, due to which the price is expected to remain above the lower pivotal support.
Despite the freefall in June or the recent one in November, the ETH price continues to respect the support levels, indicating the resurgence of a bullish trend very soon. The current trading setup indicates the price will remain consolidated around $1250 levels for some more time until the next plan of action is determined.
The price may either rebound from the current levels or experience a notable drop towards $1200 and later flip to rise beyond $1300 to reach $1344. However, it may consume more time than required as the bulls continue to remain largely passive. On the other hand, ETH against BTC or ETH/BTC is mirroring a previous rally and appears to be at the foothill of a massive explosion.
The ETH/BTC is mirroring the 2016-17 price trend, where-in the price rebounded finding its lows after a gigantic drop. Further, the price broke out from the bull flag to mark interim highs, which were woefully followed by a major slump. However, the ETH/BTC price is repeating the same trend and appears to have completed its accumulation. Hence, a breakout from the current parallel channel may ignite the second impulse wave to mark new highs.
This Altcoin Makes a Strong Recovery, Will it Ignite a Strong Recovery After the Recent Crypto Crash?
The bloodbath on the crypto streets continues as the short-term bounces are expected to get recked very soon. Despite a small recovery above $16,500, Bitcoin price is still speculated to drop below $15,000 with th next of the capitulation phase, which has just begun.
In the meantime, the Maker (MKR) price maintains its strength and rebounds finely, recovering more than 80% of the loss incurred in the past couple of days due to Binance & FTX.
MKR’s price maintained a low-key start for the day and traded below $700 for quite a long time. However, the bears seem to be pretty exhausted which intensified the bullish activity pushing the prices higher close to the $800 level. The MKR price was trading around $835 when the crypto market crashed.
However, by registering a strong recovery, the possibility of the asset reclaiming a 4-digit level also becomes more valid.
- The MKR price has risen significantly since rebounding from lows below $650, but it is still a long way from reaching $800.
- With the recent rejection, the price may face a slight pullback to the local support at $760 and attempt to bounce back at the earliest
- Meanwhile, if the bulls fail to hold the price at these levels, the price may again fall into a deep bearish well
- Else the bulls intensify their hold, then after a brief consolidation between $800 & $760, the price may rise towards $850
- Clearing these levels may validate a flip in the market trends which may uplift the price towards the potential target around $925 and clearing these levels may rise the price beyond $1000
Collectively, very altcoins are maintaining their strength amid the ongoing crypto market crash and Maker is leading them. A steep 20% recovery from the lows indicates the asset is primed to be unaffected by the market sentiments. Hence the MKR price may find a bullish close for the month and also for the year 2022.
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The global crypto market capitalization’s turmoil near the $1 trillion mark has plummeted the crypto portfolios of investors and now continues to pressurize traders amid the crypto winter.
Despite undergoing several jolts, including CPI data and US stock market correlation, the prolonged crypto winter now seems to bring smiles to crypto users as the market is all set to show its wrapped version of a skyrocketing bull run in the upcoming months.
Crypto Prices Are Fuelling For A Bullish Comeback!
Leading cryptocurrencies of the market are gaining pace for a major bullish recovery as users and traders are now shifting their attention from the Fed’s recent interest rate hikes by 75 bps on 2 November.
According to a popular crypto analyst, Michael Van De Poppe, CEO and founder of Eight Global, significant digital assets like Bitcoin and Ethereum may touch immense highs in the next few months.
The analyst predicted the target price of specific cryptocurrencies as the market shows a bullish recovery despite the hawkish tone from the Fed’s decision to control the exponential rise of inflation. Here is what he predicts:
Bitcoin Price Analysis
Michael Van De Poppe is highly bullish on Bitcoin as he believes that Bitcoin may touch $30K soon. Looking at the daily price chart, Bitcoin has recorded a weekly high at $21,480 and is currently hovering around the EMA-100 trend line with a value of $21,237.
A breakout above its Bollinger band’s upper limit at $22.5K may take Bitcoin to its strong resistance level of $25K. The MACD line is also trading in a bullish region, supporting the current price movement.
However, the RSI-14 is trading at 64-level, indicating an overbought region. If Bitcoin makes a pullback from its current price level, it can again plunge below its crucial support level of $20K and head towards the price level of $18K.
Moreover, on-chain analyst firm, CryptoQuant, mentioned that the current Taker Buy Sell Ratio metric has dropped below 1, hinting at short positions formed by market bears. Bitcoin may have a sharp downward correction if this metric continues to decline.
Ethereum Price Analysis
Ethereum has been showing a significant upward bounce back as it made a breakout above its consolidated zone of $1,400. According to Michael, ETH price may spark considerable surges in the price chart and reach $2,500 in a few months.
Ethereum has been continuously building buying pressure in the last few days due to the upcoming ‘Shanghai’ upgrade. Ethereum is currently trading at $1,625 and showing signs of further bullish momentum as the SMA-14 surges to the level of 64.
If Ethereum breaks its EMA-200 line and trades above $1,750, it can soon surpass its previous highs and aim for $2,500.
Conversely, a price drop is expected if ETH falls below its immediate support level of $1,490. In that case, Ethereum may trade below its crucial support level of $1,300 and will take ample time to mark a recovery.
ChainLink Price Analysis
ChainLink is currently enjoying a massive pump in its price chart as it has made over a 35% jump in the last two weeks and is currently trading at $8.6.
Michael Van De Poppe predicted that LINK price might skyrocket by the end of 2022, and it can reach a maximum price level of $15.
The price fluctuations on the chart indicate more surges in LINK’s price. ChainLink has recently failed to break its resistance of EMA-200, trading at $9.05.
However, it is building another attempt to break $9. If the resistance level breaks, ChainLink can move toward its next target price of $12.15.
Conversely, a bearish trend may occur as the RSI-14 trades in an overbought region. A downside breakout at $7.6 may slump LINK hard below $6.58. Our technical analysis reveals a short-term bullish momentum for ChainLink before a downtrend.
BNB Price Analysis
Binance coin has been outperforming in recent trading sessions as it has added over 30% to its value since its upward journey. Michael predicts that Binance coin is going to bring a lucrative return as it may reach the short-term goal of $500.
Binance Coin has been pushed due to the current altcoins season, as multiple altcoins are paving their way to make a bullish recovery. BNB is currently trading at $350 and aiming for a breakout above the price of $402.
If BNB holds its price above $400, it can make an upswing and reach a resistance level of $458. The MACD line is forming an ascending pattern for BNB with the support of SMA-14.
However, the above bearish analysis may get invalidated if BNB makes a pullback and drops below its crucial support level of $314. If BNB’s price trades below $300, it can soon reach the bottom of its previous bearish trend at $260.
Zilliqa And Fantom Price Analysis
The analyst went on further and predicted that Zilliqa might reach a price of $0.1 and Fantom may trade in a maximum price range of $0.75 to $1. However, the target prices for ZIL and Fantom look so far as they show less volatility in the price chart compared to other altcoins.
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Bitcoin price is heading close to $21,500 after hovering along the pivotal resistance at $20,000 for quite a long time
Some of the altcoins like Band Protocol, Arweave, Chilliz, Fantom, and Litecoin have gained huge bullish momentum and spiked high
After the bearish September faded away, October also kept the crypto space in splits. Meanwhile, since the beginning of November, Bitcoin along with most of the altcoins has been pretty incremental. With the resurgence of a notable upswing, the probability of the beginning of an AltSeason emerges.
Below are the popular altcoins which have raised above the bearish captivity and may maintain a significant upswing in the coming days.
- BAND price surged high and regained the levels prior to the market crash in May 2022 but the extended bearish activity has halted the upswing to some extent
- The price is expected to hover along the upper resistance for a while and later with the bullish interference the price may breach through the resistance and rise high
- After regaining the levels above $3.5, the asset may eventually head towards $4 initially and later may head towards $4.5
- The Chiliz platform is recording enhanced trading activity as the volume has soared magnificently in the past couple of months
- Presently, the price is closer to testing one of the crucial resistance at $0.2657, wherein a significant upswing is expected.
- With an upswing, the CHZ price may rise high and reach the upper targets at around $0.32, else a rejection may drag the price lower close to $0.2 areas
- After breaking the above consolidation, the LTC price is testing the crucial descending trend line and hence a breakout from these levels may certify a bullish trend
- On the contrary, if the price faces a rejection, it may drop slightly following a significant rebound which could be fueled when the asset reaches the support at $64
- With a rebound, the price may begin a firm upswing and also try to breach through the descending trend line and rise high to reach the upper targe close to a 3-digit figure
Being the pioneer in the crypto market, Bitcoin has carried several bullish rallies for altcoins in the past. In 2021, Bitcoin’s bullish momentum greatly impacted the upward recovery of dominant altcoins like XRP, Dogecoin, and ADA, as they were deeply correlated with Bitcoin at a ratio of 0.92, 0.91, and 0.95, respectively.
The correlation between altcoins and Bitcoin has been exponentially increasing as the current altcoin train was initially ignited by Bitcoin. The upward rally of altcoins may extend further if Bitcoin brings positive movements in the price chart.
A Relief Rally Is Around The Corner
The current fluctuation in Bitcoin’s price has puzzled investors about its future price movements. Several crypto analysts have opined on Bitcoin’s future trend amid multiple macroeconomic factors. Recently, the CEO and founder of Eight Global, Michael Van De Poppe, predicted that a relief rally of the crypto market might soon take place in the upcoming months.
According to him, the altcoin season may witness new highs if Bitcoin gets pushed above its crucial resistance level as BTC continues to trade in a consolidated area of around $20.3K. However, the analyst warned investors about a change of mood in the crypto market if it gets negatively impacted by the European PMI manufacturing and the FOMC’s decision to control the high rise of inflation.
However, investors are showing more interest in altcoins and stablecoins rather than leading asset like Bitcoin as the stablecoin spot exchange inflow chart has made an all-time high, according to on-chain data provider CryptoQuant. This movement from stablecoins may trigger an upward motion for altcoins as it has been historically repeated when Bitcoin makes a bottom in the price graph.
The End Of Bitcoin’s Uptrend!
Every time an FOMC meeting is scheduled, the crypto market shows its wrapped mode to the community and investors, as the crypto space is highly correlated with the stock market. The crypto market usually goes on a downtrend when the dollar climbs up and vice-versa. Bitcoin recently faced rejection at $21,085 and initiated a fresh bearish trend to $20,048.
According to CoinMarketCap, Bitcoin currently trades at $20,285 with a downtrend of nearly 1%. Looking at the daily price chart, the RSI-14 indicator dropped from a bullish zone of 60 to a supportive zone of 53, hinting at further consolidation for Bitcoin in the price chart due to high selling pressure as BTC loosens its strength.
The Bollinger bands form a falling pattern as the upper limit dropped to a price level of $20.7K from $21K. If Bitcoin makes a continuous rise above $21K, it can cross its EMA-100 trend line and initiate a strong positive momentum.
Conversely, the Bollinger band’s lower limit has been lifted and trades at $19.6K, building a crucial support level for the BTC price. If BTC falls below EMA-20, it can witness more dips in the price chart, and a bottom price level of $18K may soon appear.
It can be concluded that Bitcoin may make the final price bottom near the $19K level again before sparking a new surge to extreme highs in Q1 of 2023. However, Coinpedia advises investors to do their own research and conduct experts’ opinions before investing in the volatile market.
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Altcoin Season is Gearing Up! Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA) Price Due For Massive Rally
The ongoing bear market in cryptocurrency is unpredictably complicating the lives of investors and traders who are accustomed to it. The current state of the sector is not at all surprising given that bear markets are long periods of extremely high market volatility and declining pricing.
Three altcoins, according to a crypto analyst, are currently taking on important weekly or monthly resistance levels. Since ETH surged above $2,000 in August, bulls have been held at bay by a diagonal resistance that has now been broken, according to analyst Rekt.
The analyst said that beyond the lower high trendline resistance (black) in the chart below, Ethereum has experienced a positive weekly close. So as to completely establish this as a breakout move, ETH may shortly sink into the trendline for a retest attempt. He said that a breakout is confirmed between $1,700 and $1,880 (orange).
According to the analyst’s chart, if Ethereum confirms the breakout around $1,800, it might rise as high as $2,275. At the time of writing, the price of ETH is $1,585.
As for Cardano, the crypto expert said that it is currently reclaiming the crucial support level of $0.40. Rekt predicts that Cardano might experience a major rebound toward his goal price of $0.48 if ADA bulls are successful.
“Technically, ADA weekly closed below the bottom red trendline resistance last week. However, this current weekly candle has the potential to reclaim the trendline as support. As long as ADA holds here, it could enable an intra-pattern move of up to +20%.”
Leading meme token Dogecoin is the next coin on the list. According to Rekt, the current increase in DOGE has allowed the meme coin to reverse a downturn that lasted more than 16 months. The crypto expert said that DOGE is currently just $0.141 away from launching a rise of more than 40% to its goal price of $0.20.
“DOGE broke a 500+ day macro downtrend recently Dogecoin is below monthly resistance (green). Of course, reclaiming green as support would enable an extra rally of +43% to ~$0.20 (blue).But as long as DOGE stays below green, a stronger rejection could occur.”
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The crypto space appears to be gearing up for a notable upswing as the FOMC meeting is expected to wake up the stagnant assets. Bitcoin price which propelled beyond $20,400 in the recent past is expected to reclaim the levels above $21,500, soon after the new rates are announced. In the meantime, the altcoins like Ripple(XRP), Cardano(ADA), and BiannceCoin(BNB) prices are expected to thrive hard.
The ripple effect had calmed down as the XRP price reached the immediate high close to $0.55. While a significant plunge was expected due to the formation of a double top pattern, the bulls somehow managed to restore the levels above $0.45 at the moment. However, notable volatility is expected to kick in soon which may rise the prices beyond $0.5 initially.
The XRP price has been notably bearish ever since it marked the October highs at around $0.5476. However, the price has slightly changed its trend and begun to trade within an ascending parallel channel. While the bearish trend appears to have gained some strength presently, the possibility of breaking down from the pattern emerges. However, it may be further followed by a quick rebound to ignite an upswing back toward the resistance very soon.
The ADA price has been heavily suppressed ever since the market collapsed in the month of May 2022. The price plateaued and during the recent sell-off, the price broke down below the pivotal support levels. However, the October trade was pretty bullish as a strong bounce from the lower support at $0.33 ignited a rally beyond $0.43. Presently, the price appears to be under a huge bearish influence that may be eased very soon.
Presently, the ADA price is trading close to the last point of defense which is around $0.385 and a pullback fueled by the FOMC may compel the price to test these levels. Meanwhile, a significant rebound may be triggered that could rise the price higher toward the first target initially and head toward the pivotal resistance in the next couple of days. Hence during the November trade, cardano price may head firmly towards the 2nd target close to $0.6 if the bulls continue to dominate the rally.
BinanceCoin has been largely trading under acute strength despite the bears continuing to imply significant pressure. Therefore, the recent rejection from the crucial resistance may certainly not prevail for a longer time. As the selling volume recorded is pretty lower than that of the buying, the bulls are expected to reclaim their positions very soon.
The BNB price in a broader outlook appears to be pretty bullish as it maintains its trend within a bullish ascending triangle. While the recent rejection from the levels is around $332.4 for the 3rd consecutive time may have weakened the resistance. Therefore, the following retest may eventually break the levels and rise high to hit $350 in the next couple of days.
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While not many individuals may have benefited from Elon Musk’s takeover of Twitter, the Doge community is undoubtedly pleased. The Musk effect was correct, and Doge to the Moon is once again on the cards as Dogecoin has risen more than 120 percent in the last seven days.
Many analysts are predicting Dogecoin’s future price direction amid the persistent rumors that the cryptocurrency will merge with Twitter. One well-known analyst has stated that Doge will pave the way for other altcoins to enter the alt season.
Analyst by the alias CryptoKaleo has said that there is a mini altcoin season on the horizon. He wrote on Twitter, “$DOGE / $BTC,Dogecoin is gonna lead the way into this next mini alt szn but you wouldn’t believe it.”
The meme coin posts staggering gains of 56% in the most recent 24 hours and 121% in the previous 7 days. For the first time since the Ethereum “Merge,” the market’s overall tone is upbeat.
On the flip side, the amount of its daily trading increased noticeably along with the jump. According to Santiment, that was also the time when the number of DOGE transactions totaling $100,000 increased. Both signs suggest that the “whales,” are increasing their demand for Dogecoin tokens.
Since Musk originally mentioned taking over Twitter in April, the plan has changed significantly. In the months that followed, the billionaire tried to back out of the agreement, but Twitter sued him to force him to enable the agreement to go through.
Now, many people, including influential figures like Cardano founder Charles Hoskinson and billionaire Elon Musk, think that Dogecoin will become Twitter’s currency or at least one of its payment/tipping choices under the leadership of the tech entrepreneur.
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This month has brought less volatility for Bitcoin as it trades in a consolidated range between $18,500 and $19,600. However, the CPI data plunged Bitcoin hard to $18,190 on 13 October, but it quickly recovered from the bottom range and traded in a stabilized zone.
According to Bitcoin’s market dominance, BTC formed a double bottom in the chart before rallying upwards as it followed the same pattern in 2018 and 2020.
Similarity In Bitcoin’s Market Dominance
The bitcoin market dominance chart is measured based on a ratio of Bitcoin’s market capitalization to other cryptocurrencies in the market.
On analyzing BTC’s market dominance chart, Bitcoin has already formed a ‘W’ pattern in the chart and is poised to initiate a bullish rally if it goes according to its previous trends in 2018 and 2020.
There are two critical price levels which will determine BTC’s further move: $18,000-18,300 and $23,400.
The analysis of ‘Double Bottom’ may become invalid if BTC breaks its critical support level at $18,000, and BTC can bring more rough times to its investors as it can trade near the $10K price level.
Traders can witness a positive momentum if the BTC price makes it to a resistance level of $23,400.
From the $23,400 level, BTC can move in two ways: It follows its double bottom and makes a breakout above, or it faces rejection and drops to the current price level of $19,000.
If BTC makes a breakout above, BTC may face rejection at a resistance level of $28,400 and have a slight downward correction to $24,700; then, we can expect Bitcoin to form an exponential growth to $34,500 by the end of this year.
If BTC faces rejection at $23,400, the price can drop to the current price level and may make another attempt to break $23K by the end of December.
Altcoins Season To Become A Messiah In 2023
Altcoins season is likely to continue till the end of May 2023, and it may act as a catalyst to get a wave in crypto investment portfolios.
The primary sentiment behind it follows investors who first invest their funds in stable crypto assets like Bitcoin or Ethereum to hold assets prices in a consolidated range and push market dominance. Once generating great returns from stablecoins, investors seek to earn more profits by moving their funds to altcoins.
The crypto market saw an excellent altcoin season during the crypto pump in 2018 and DeFi hype in 2020. In 2017, when investors started investing in altcoins during the crypto boom, which was mainly led by stable coins like Bitcoin and Ethereum.
However, the dominance of Bitcoin declined from 90% to 35% in 2018, and in 2020, the same incident occurred as Altcoins started to pump, and the dominance of bitcoin dropped from 70% to 40%.
The dominance chart of USDT also indicates the crypto market’s sentiment during a bullish and bearish trend, as it fell parallelly when investors started buying altcoins and stablecoins with USDT.
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The crypto traders are eagerly awaiting the resurgence of a bullish trend in the markets, as the pathetic conditions of 2022 have brought about massive losses for everyone.
Currently, Bitcoin is trading at $19,023 with a drop of 0.16% over the last 24hrs. Ethereum has plunged by 0.56% in the last day and is trading at $1,284.
At present, it is reported that the profit-taking open trade positions have overtaken the long term buy position numbers, which is definitely a negative indicator.
A report by the analytical firm, Santiment, claims that the number of short positions has highly exceeded the number of long term trades of the altcoins.
Put in simpler words, this means that the traders who are betting for a price plunge are much more than who are betting on price surge. Interestingly, whenever such a situation has arised the crypto market has experienced sudden surge in price. Hence, if history repeats, industry experts are expecting a short altcoin rally.
But, what needs to be noted is that just like Bitcoin, even altcoins are falling prey to the current macro events. This is because, whenever King currency drops as a result of macroeconomic events, altcoins also follow the BTC path. If we look at the current price trend, we can say that most of the large cap cryptocurrencies have witnessed nearly 70% drop from their high during 2021.
At the time of publication, among top 10 cryptocurrencies, Cardano (ADA) is leading the market crash after it lost 4.27% in the last 24hrs. The second position is claimed by Saolana (SOL) as it has given up 4.18% in the last day.