Top Altcoins To Watch In October: Bitcoin Cash (BCH), Chainlink (LINK) And Maker (MKR) Might Trigger ‘Uptober’
While the crypto market began September with a downward trend, it concluded the month on a high note, with Bitcoin (BTC) stabilizing just under $27K and Ethereum (ETH) trading close to $1,650. As we step into October, there’s curiosity about which altcoins might shine. Given the continued interest in Bitcoin Cash (BCH), Chainlink (LINK), and Maker (MKR), these altcoins could potentially experience a bullish surge, making it an “Uptober” to remember.
Will Altcoins Take Over Bitcoin?
This month, as Bitcoin fell short of its bullish targets, investors have been leaning more towards altcoins. Consequently, several altcoins like Toncoin (TON) and Terra Luna Classic (LUNC) experienced significant surges.
Yet, with Bitcoin’s price regaining momentum, the altcoin season index has declined from its peak of 56 to a current level of 35. This shift has introduced a mixed sentiment and caution in the altcoin market.
Bitcoin Cash (BCH) Price Analysis
Buyers sent BCH price to a high of $245, surging past the 20-day EMA. However, the momentum was short-lived as bears soon made their entry to plunge the altcoin below the 23.6% Fib channel. As of writing, BCH’s price is trading at $236, surging over 2.3% from yesterday’s rate.
Should the price remain above the range, it would suggest that patience is leaning toward buyers. The BCH price might then ascend to the next resistance level at $266. This resistance is pivotal, as surpassing it could pave the way for a potential surge towards the target of $300 in October.
Chainlink (LINK) Price Analysis
Chainlink price is currently retesting the channel’s upward line as it faces minor selling activity around $8.1. However, buyers are strongly defending an immediate decline by holding the price above the pattern’s support line. Currently, LINK price is trading at $8.16, with an uptick of over 4% in 24 hours.
A successful breach and settlement above the upward trend line will negate any bearish descending triangle formation. Typically, when a bearish pattern doesn’t succeed, there’s a significant upward surge as sellers rush to cover their short positions and eager bulls begin purchasing. This momentum might drive the LINK price towards $8.8.
If the price declines from the trend line, it will suggest that bears are exerting pressure at higher levels. For a potential retest of $6.9, sellers would need to pull the price below $7.8.
Maker (MKR) Price Analysis
Maker (MKR) experienced a bounce from the 20-day EMA at $1,433 today, suggesting a continued positive outlook as investors capitalize on price dips. The extended wicks on the candlesticks indicate selling pressure from the bears around the 38.2% Fibonacci mark of the current level. Nonetheless, the bullish momentum is strong as the price hasn’t dropped below the 50-day EMA.
For a potential rally, buyers need to push the price beyond $1,696, aiming for a challenge at the significant resistance of $2,000. This bullish perspective will be negated if the price takes a downturn, falling under $1,369.
Top Altcoins To Watch Next Week: Worldcoin (WLD), Polygon (MATIC) And Solana (SOL) May Steal The Show
The altcoin sector has been showing signs of recovery over the past week, following Bitcoin’s price breaking through the significant $26,500 threshold due to increased buying interest. At present, investor focus seems to be shifting towards altcoins, as numerous tokens—including key metaverse coins—have experienced a price uptick this week. This could potentially trigger a new wave of buying momentum, which may send Worldcoin, MATIC, and Solana to new resistance levels.
Altcoin Season Index Climbs Above
In the last fortnight, the metric for altcoin season has seen a significant uptick from its previous lows. Data from Blockchain Center indicates that the altcoin index has soared from a low of 16 to a high of 43, outperforming Bitcoin season metrics in the process.
This increase strengthens the outlook for altcoins in the coming week, suggesting a potential bullish rally ahead.
Worldcoin (WLD) Price Analysis
Worldcoin successfully surpassed and closed above its 200-day Exponential Moving Average (EMA) of $1.3, signaling a potential slowdown in its downward trend. However, bears triggered a reversal from a high of $1.7, suggesting selling domination at higher levels.
The 20-day EMA appears to be stabilizing, and the Relative Strength Index (RSI) is hovering around the overbought region. This suggests that Worldcoin could soon face a correction.
For bulls to hold control, they would need to drive the price above $1.7. Such an action would indicate that investors are buying more at a higher price, potentially leading to a retest of the robust resistance level at $1.82.
Polygon (MATIC) Price Analysis
Polygon’s MATIC token faced resistance near the downward line at $0.53. However, the bears are facing trouble sustaining the downward momentum as buyers prepare for a rebound above the 20-day EMA.
The bears are likely to try to halt this recovery at the 20-day EMA and pull the price back under $0.5. If successful, this could mark the continuation of the bearish trend, potentially driving the MATIC price down to $0.43.
However, the surging moving averages are favoring buyers next week. If buyers successfully break through the trend line, the price could rise to $0.603.
Solana (SOL) Price Analysis
In the past few days, the price of Solana’s SOL token has successfully broken above a bullish pattern. Currently, it’s approaching the 100-day Exponential Moving Average (EMA) at $19.3, a point that sellers are aggressively defending.
If buyers manage to push the price above the EMA200 next week, the altcoin’s price could aim for the next resistance level at $22.13. While this level is anticipated to be a challenging barrier, breaking through it could pave the way for a rise to $25.5.
Conversely, if the price reverses direction upon hitting the 200-day EMA, it would indicate declining buying demand. In such a scenario, sellers may attempt to reignite the downward trend and pull the price towards the crucial support level of $17.3.
Altcoin Market could see a 30% DROP! Top 5 Altcoins for Potential Gains
In a recent analysis from Cheeky Crypto’s renowned technical analyst JB, the focus was on five altcoins primed for potentially lucrative moves or declines in the short term. Let’s break down into the altcoins JB has his eye on:
Cardano’s ADA
While ADA’s price trajectory seems promising on the SPOC BitGet exchange, JB notices signs of potential resistance. Using historical data, he highlighted previous support and resistance zones, hinting at a potential downturn. His predictions, rooted in wave theory, hint at a possible drop ranging from 9% to an unsettling 14.45% in the near term. Priced at $0.25 at press time, ADA is facing a downturn, with its chart in the red.
Polkadot’s DOT
Shifting focus to Polkadot, JB identifies an Elliott Wave pattern suggesting a possible downside. By analyzing the momentum and juxtaposing it with potential areas of resistance, he postulates a drop ranging between 9.8% and 12%. Bucking the trend, DOT stands at $4.21, showing positive growth and displaying a green indicator.
The Sandbox’s SAND
The popular gaming token, The Sandbox, displayed a familiar trend on Binance’s platform. After an impulsive move downwards, JB foresees another decline. His targets for SAND range between $0.36 and $0.41. Taking a broad view, there might be a 9.79% drop on the horizon, presenting potential trading prospects. Continuing the upward trend, SAND is priced at $0.309 at the time of writing.
Solana’s SOL
Solana, a promising candidate in the crypto sphere, shows intriguing patterns. With potential upper resistance at $21.38, JB predicts a possible drop between 10% to almost 16%. The scenario unfolds as a diagonal pattern, implying an impending 5th wave downturn, which traders might want to brace for. Currently priced at $19.23, SOL is experiencing a downturn, still reeling from the FTX debacle.
Shiba Inu’s SHIB
The meme token that took the market by storm, Shiba Inu, holds its own mysteries. While a short-term bullish run to the range of $0.0000078 to $0.0000082 is possible, the aftermath might see a significant downturn, says JB. Defying market expectations, SHIB is in an upward trend, priced at $0.000007529 at press time.
Mark Yusko on the SEC vs. Binance: ‘The Real Impact Is the Psychological Hit On Altcoins’
Binance, the world’s largest cryptocurrency exchange by trading volume, is currently facing some legal challenges from the U.S. Securities and Exchange Commission (SEC). Mark Yusko, the Founder, CEO, and Chief Investment Officer of Morgan Creek Capital Management, has opened up about the SEC and discussed their recent actions against Binance.
In a conversation with the host of Altcoin Daily, Mark expressed his doubt that the SEC has any authority over a company that does most of its business outside the U.S. He said that it was very difficult and unrealistic for the SEC to assume such a role. He gave an analogy of him expecting people in Europe and Japan to follow his words just because he is an American. He said that this made no sense at all and that people would only listen to him if they wanted to, but not because they had to.
He also speculated that the SEC may be preparing to take some action against Binance, but he also questioned the SEC’s jurisdiction over the exchange, which operates mostly outside the U.S. He said that it would be hard for the SEC to claim oversight of a company that is registered in the UK and based in Dubai, and that has only a small subsidiary in the U.S.
“Whatever it is, the SEC is not your regulator now. You have a subsidiary in the U.S. and you could shut that subsidiary down or would that have an impact? Sure, but how much of their total trading volume is it? Maybe it’s bigger than I think, but I think the real impact is the psychological hit on altcoins.”
Mark also compared most altcoins, which are alternative cryptocurrencies to Bitcoin, to gambling tokens. He said that they have no intrinsic value or claim on cash flows, unlike stocks. He argued that even some stocks, such as AMC or GameStop, are gambling tokens because people buy them not based on fundamental analysis, but on hype and speculation.
This Week Could Be Crucial For Bitcoin & These Altcoins- But Why?
While Bitcoin is trading in an equilibrium position, the global crypto market capitalization is closer to losing the crucial $1 trillion mark. Meanwhile, the other tokens within the top 10 are also following the star crypto and are trading within a very narrow range, but being lenient towards the south. However, the next couple of days are expected to be very important for Bitcoin and some of the altcoins, which may shed light on the next plan of action.
Bitcoin (BTC)
Bitcoin, which is maintaining a declining trend, is sitting firmly above the $25,000 support level. This was the primary level that initiated the BlackRock-fueled rally to $31,500. Moreover, with the CPI & PPI being announced this week, more volatility is expected. Additionally, the Mt.Gox and Silk Road Bitcoin overhangs continue to loom. Therefore, the reaction of BTC price to all these events could be extremely crucial for the entire crypto space.
Solana (SOL)
As mentioned in the earlier composition, FTX is likely to get approval to liquidate its $3.4 billion worth of crypto, of which over $1 billion is SOL. However, it has to be noted that the majority of SOL is locked and will be vested until 2028. Considering the liquid SOL, Galaxy is incentivised to sell for the best possible price, which implies OTCs and gradual selling. Hence, yet another ‘buy the rumour & sell the news’ event could occur where the SOL price may find a new bottom with the beginning of FTX’s actual selling.
Polkadot (DOT)
Polkadot is closer to facing a ‘hidden unlock’ event. Back in 2021, it held the first parachain crowd loans and collected a total of $400 million in DOT. The DOT price was valued at around $25 then, and presently it’s around $4. In late October, users will receive their previously locked DOT. While the SOL-FTX saga has been making huge rounds, the scare around the DOT price has been overshadowed.
Collectively, major events are knocking on the crypto space in the next few days, which may kick-start a fresh bearish wave among the majority of the tokens. Meanwhile, if the bulls display some strength, then the markets may begin to recover very soon.
Crypto Market Prediction: Analyst Maps Buy Levels For Bitcoin and Major Altcoins
In the world of cryptocurrency, the winds of uncertainty are blowing, with many predicting a forthcoming market selloff. If these predictions materialize, the total valuation of the crypto market may dip below $1 trillion once again. Historically, September, particularly before Bitcoin’s halving, has proven to be a bearish month for the leading cryptocurrency and the broader altcoin industry.
Notably, on-chain data reveals that institutional funds are steadily flowing into the market, regardless of the price volatility that has been witnessed recently. Just last month, an address holding more than $3 billion worth of Bitcoins was traced back to Robinhood Markets, further underscoring the growing institutional interest in the crypto space.
Bitcoin and Altcoins Predictions
According to a prominent crypto analyst, known as Blockchainedbb on the X platform, the crypto market is on the cusp of a significant buying opportunity. The analyst anticipates a drop in Bitcoin’s price, with a projected range between $19,000 and $21,000 in the near future. However, Blockchainedbb does not foresee Bitcoin falling below the $18,000 mark again.
Turning to the altcoin market, the analyst anticipates a similar trend, with Ethereum poised to drop by approximately 23%. Ethereum’s price is expected to range between $1,000 and $1,200 in the coming weeks. Furthermore, the analyst has issued price targets for select altcoins, including Solana (SOL) at around $10, OCEAN at $0.20, Ripple’s XRP at 40 cents, TRIAS at $2.90, and Elon Musk-backed Dogecoin (DOGE) at $0.04.
However, it’s worth noting that the crypto market has displayed a propensity for sudden upswings, even amidst bearish sentiments that have led to mass trader liquidations.
Hedge Fund Sells Altcoins on Binance for Three Days!
Hedge fund Brevan Howard Digital has been actively selling altcoins on the prominent cryptocurrency exchange Binance for the last three days. According to reports, the fund has been executing a number of large sell orders, causing a dip in the price of several cryptocurrencies. The reason for the sell-off remains unclear, but it has caused some concern among investors who are closely monitoring the situation. Brevan Howard Digital is known for its investments in digital assets, including Bitcoin and Ethereum, and its actions on Binance are likely to have a significant impact on the market.
Altcoins Expected to Surge 3x: Here’s How To Profit Strategies for 10-20% Gains
In the world of cryptocurrencies, Bitcoin has long been the bellwether, setting the tone for market sentiment and trends. However, 2023 has seen a different story unfold, as many altcoins have displayed choppy performance year-to-date (YTD) while Bitcoin enjoyed a significant rally, surging from around $16.4k in January to as high as $31.8k in July. Now, as Bitcoin’s price trend turns downward, the altcoin market is poised for a bullish surge, as capital flow dynamics within the cryptocurrency space undergo a shift.
Amsterdam-based crypto analyst Michaël van de Poppe, a prominent figure in the crypto world, recently shared insights into the potential for significant altcoin breakouts. His analysis suggests that the tide is turning, with small and medium-cap altcoins gearing up for impressive price movements.
Altcoin Momentum Gains Traction
One standout example of this newfound momentum is Perpetual Protocol (PERP), a small-cap altcoin that has recorded remarkable gains over the past week. According to data from Tradingview and Coingecko, PERP’s price surged by approximately 172 percent in the past weeks, reaching around $1.10 as of Friday.
Van de Poppe used PERP as a case study, emphasizing that many altcoins have undergone horizontal consolidation in recent months, setting the stage for potential bullish breakouts. He noted that trading this bullish momentum is more straightforward when considering support and resistance levels. However, he also cautioned traders to remain vigilant, as price reversals can occur rapidly, undermining bullish momentum.
Market Overview
As of Friday, the total altcoin market capitalization hovered at approximately $517 billion. Notably, this figure slightly surpassed Bitcoin’s valuation, which stood at about $502 billion. These metrics will be closely monitored in the coming weeks to gauge the outlook for the so-called “altseason,” where altcoins typically shine as traders and investors seek profit opportunities.
In conclusion, while Bitcoin’s price performance has been a focal point in the cryptocurrency market for most of the year, the spotlight is now shifting toward altcoins. Analyst Michaël van de Poppe’s insights indicate that a wave of bullish momentum may be on the horizon for many small and medium-cap altcoins, presenting traders and investors with exciting opportunities. Nevertheless, the crypto market remains highly volatile, and caution is advised when navigating these fast-moving waters.
Crypto Market Analysis: What’s In Store For Bitcoin and Altcoins in September
Bitcoin (BTC) recently dipped below the crucial $26,000 mark after struggling to breach the significant $30,000 resistance level. Notable analyst Michael Van De Poppe addressed this downturn in a recent YouTube video, attributing it to developments related to ETFs. This sudden correction has heightened market volatility, leading traders and investors to speculate on the crypto market’s future trajectory.
Analyzing Bitcoin’s chart, Van De Poppe points out a notable obstacle at the 200-week Exponential Moving Average (EMA). The price movement of Bitcoin hints at a potential phase of consolidation, resembling patterns observed in previous pre-bull market periods. The pivotal question is the direction of Bitcoin’s price action, with a potential dip to $25,000 looming on the horizon.
The analyst also highlights the resilience of altcoins against Bitcoin, noting that they are displaying signs of strength. He believes that altcoins may follow historical patterns, often gaining momentum around September or October, potentially sidestepping significant declines during these months.
Regarding concerns of altcoins plummeting by another 80 percent, Van De Poppe dismisses this notion, asserting that the crypto market is at the latter stages of its cycle. He acknowledges the possibility of a mild recession but draws parallels to 2015 and 2016 when similar concerns arose but were ultimately averted. He reassures that even in the event of a slight economic downturn, the overall outlook remains favorable.
Crypto Market Today: Bitcoin Price Rally Retreats; Top Altcoins Follow Its Lead
The cryptocurrency landscape experienced a roller-coaster ride this week. Initial optimism, sparked by regulatory developments, saw Bitcoin surge by 7%, only for it to backtrack, dragging other major tokens down with it.
A Short-lived Boost from a Regulatory Victory
Earlier in the week, the crypto market lit up with optimism as a U.S. federal appeals court directed the Securities and Exchange Commission to reconsider its refusal of a bid that could potentially convert the Grayscale Bitcoin Trust into an exchange-traded fund. The hopeful environment nudged Bitcoin’s price to nearly touch $28,143, a peak it hadn’t reached in close to a fortnight. Yet, the high didn’t hold.
The aftershock of Bitcoin’s fleeting rally was evident across the digital asset spectrum. Major tokens like XRP (XRP) and Solana (SOL) experienced a decline, registering over 5% dips from their Tuesday highs. At the time of writing, Bitcoin’s price stands at $27,170, dropping from its recent zenith of $27,900.
Analyzing Bitcoin’s Price Movements
Despite its recent spike, Bitcoin closed its daily trading above two essential moving averages. However, this hasn’t translated into solid intraday support. The uncertainty left market observers treading carefully.
Bitcoin’s sharp upswing on August 29 hinted at the likelihood of its price fluctuating between $24,800 and $31,000 in the coming days. Now, as the 20-day exponential moving average stabilizes around $27,160, and the relative strength index hovers just below the midpoint, it suggests a weakening selling pressure.
Bulls and Bears: The Ongoing Tussle
Market bulls will likely be on the defensive, guarding the breakout threshold of $26,833. Holding this ground will indicate their control, possibly pushing Bitcoin towards the 50-day simple moving average of $28,600, and potentially further towards $31,000.
On the flip side, if the bears manage to bring the price under $26,833, it might signify their dominant position, leveraging every rally attempt. In such a scenario, Bitcoin might once again approach the solid support base of $24,800.
Top Three Altcoins to Buy For Massive Gains This Bull Run
In the turbulent waters of the cryptocurrency sea, having a guiding compass can be a game-changer. Cryptocurrency expert and influencer, Ben Armstrong, recently highlighted three coins he believes are primed for significant growth. Should the altcoin market take a nosedive, these are the crypto gems Armstrong suggests you turn your attention to.
Riding the XRP Wave
XRP has been making waves in the crypto community, not least because of its recent price fluctuations. While it experienced a rise, doubling in value, it subsequently faced a 50% decline, landing it around the $0.50 mark.
Many are speculating that should XRP’s value slide down to the $0.30 range, it would be an opportune moment to invest. Ben says that the aftermath of its lawsuit has largely settled, and as the next bull cycle approaches, having XRP as a primary asset in one’s portfolio might prove lucrative.
Chainlink: The Silent Connector
While much of the crypto community’s focus has been on Layer 2 solutions like Polygon and Arbitrum, Ben says Chainlink quietly carves its niche. Think of it as the bridge between the virtual world of blockchain and the tangible real world.
Chainlink’s oracles act as connectors, pulling data from the real world and integrating it into the blockchain. Despite its understated performance in the recent bull market, Chainlink, with its vast partnerships and strong community backing, remains the undisputed leader in the Oracle arena.
Ben believes the crypto will increase significantly during the next bull run.
The Dogecoin Surprise
Turning heads and raising eyebrows, Dogecoin’s endorsement comes from its potential integration into what many are dubbing the “Everything app” – a platform previously known as Twitter.
The brainchild of Elon Musk, this app could revolutionize microblogging by introducing an in-app economy, says Ben. While Bitcoin and Ethereum are expected mainstays, Dogecoin, with its anticipated integration into this platform, might just become the dark horse that astounds us all.
Coinbase Delists Six Altcoins, Including BOND and DDX!
Cryptocurrency exchange Coinbase has announced that it will delist six altcoins, including BarnBridge (BOND) and DerivaDAO (DDX), on September 6, 2023. Other altcoins being delisted are Jupiter (JUP), Multichain (MULTI), Ooki (OOKI) and Voyager (VGX). The exchange did not provide a reason for the delisting but indicated that it constantly checks whether assets on its exchanges comply with listing standards. The move may be indicative of Coinbase’s tightening policies on altcoins as it prioritizes regulatory compliance.
Top Altcoins That Lead the Recovery Phase Ahead of Bitcoin-Can They Be a Good Bet?
The recent blood bath within the crypto space has squashed the bullish momentum of the majority of the cryptos within the market. Bitcoin marked its monthly lows below $26,000 at around $25,601, which flashed a massive bearish signal. However, some of the altcoins continued to display their acute strength. As a result, XRP, Stellar, and Litecoin are leading the recovery phase and could influence the other altcoins as well.
The markets, with their fresh weekly start, appear to have withstood the turbulence caused during the past weekend. This may be compared to the positive movement in the altcoins compared to that of Bitcoin. As per the data from Santiment, Litecoin, XRP, and Stellar witnessed a steep rise in their prices soon after the bears displayed some exhaustion.
The growing sentiments towards the altcoins, specifically the ones within the top 20, signal the trader’s inclination away from Bitcoin at the moment. Despite this, the probability of an Altseason continues to be lower. The main reason is speculated to be the constant short-term bounces the tokens have been undergoing for a long time. However, the current rebound may display diverse action, which could slightly lift the prices above their interim resistance.
Litecoin (LTC)
- The recent drop dragged the Litecoin price below the major support that it held since the beginning of the year
- Although the price had triggered a decent rebound soon after marking the yearly, lows, the pace of the recovery does not match the required levels
- Interestingly, the RSI has just displayed a bullish divergence, which may assist the price in undergoing a minor jump from the current levels
- Besides, the volume continues to remain along the lower ranges, due to which the price may reach the interim resistance and continue to consolidate until it receives a bullish push
Ripple (XRP)
- Ripple’s price continues to hover within the accumulation phase between 0.236 FIB levels and 0.382 FIB levels.
- The recovery has halted the bearish trend, while the possibility of revisiting the lower support emerges as RSI has displayed a bearish divergence
- Besides, the strength of the rally has waned to some extent after the minor recovery, due to which a close consolidation along the 0.23 FIB levels for an extended time could be possible
- However, after validating a rebound, the XRP price is believed to mark a steep recovery, rising above the interim resistance and reclaiming lost positions.
Stellar (XLM)
- Ever since the recent bullish push followed by Ripple’s victory over the SEC, the XLM price has been maintaining a steep descending trend
- The RSI faced rejection from the resistance, which suggests the price may face a minor pullback soon
- Therefore, the price, which is facing a minor pullback, is believed to test the average bands of the channel and if bulls maintain strength, one can expect a healthy rebound
- Otherwise, the price may drop to reach the lower support of the channel, validating a fresh bearish wave
BNB Price Analysis: With Altcoins Crashing, BNB Falls To $230- Is A Reversal At Horizon?
With altcoins marking a third bearish day this week, the BNB coin price faces extensive selling from its investors. Breaking below a bullish pattern, Binance coin price succumbs to bearish market conditions, leading to a 5.78% drop in the last 8 days.
Failing to rise above the 50-day EMA and $250, the BNB coin price falls drastically, leading to a rising channel fallout. With buyers struggling to avoid a third consecutive bearish candle, the daily candle shows lower price rejection.
Binance coin price shows a 3.62% drop in the last two days, with a rise in trading volume highlighting solid selling pressure. With an intraday loss of 0.33% and a long tail formation, buyers struggle to avoid the third red candle.
The rising channel fallout rally currently rests at the crucial support zone of $230. By providing multiple reversal spots before, the possibility of a reversal from this support zone is relatively high. Moreover, as the sellers get exhausted, it may lead to a retest.
The increased bearish sentiments in the BNB chart are evident in the technical indicators. With MACD indicators showing intense bearish histograms after the negative crossover. Moreover, the RSI line falls to the oversold boundary.
Considering the buyers can absorb the supply pressure, $230 provides an excellent bounce pad and an entry spot. In a bullish case, the BNB price can reach the $250 mark to rechallenge the overhead supply.
On the flip side, a downfall closing below the support zone will mark an intense correction phase for the Binance coin. The fallout rally can prolong to $200 in such a case.
Bitcoin’s Price Outlook: Recovery on the Horizon, Altcoins Await Dominance Shift
After a period of three months marked by hopeful anticipation and cautious preparation for worst-case scenarios, the Bitcoin market concluded its bear market rally with an unexpected dip, accompanied by substantial liquidations reminiscent of the FTX implosion. However, amidst this backdrop, the majority of crypto investors maintain an optimistic outlook, foreseeing a forthcoming recovery in the next few months.
This optimism is fueled by the accelerating mainstream adoption of digital assets and the notable progress in establishing clear regulatory frameworks for cryptocurrencies across various jurisdictions, a significant advancement compared to the state of affairs during the 2019 bear market.
Furthermore, a notable development is the increased interest from institutional investors, spearheaded by hedge funds, who are seeking refuge from the inflationary pressures affecting global fiat currencies. Their growing demand for digital assets underscores the expanding recognition of cryptocurrencies as a hedge against currency devaluation.
Bitcoin Price Trends
Renowned analyst Captain Faibik shares insights into the trajectory of Bitcoin’s price action. Foremost, he suggests that the likelihood of Bitcoin plummeting below last year’s low is considerably reduced, especially given the approximate 233-day countdown to the fourth halving event.
In light of these factors, Captain Faibik envisions a phase of horizontal price movement for Bitcoin over the forthcoming quarters, setting the stage for an eventual breakout above the $32,000 mark.
Impressively, Captain Faibik presents a substantial Bitcoin price target of around $100,000, emphasizing the favorable odds of an upward surge. Despite these positive projections, Captain Faibik advises his followers to remain steadfast and not be swayed by potential market turbulence in the ensuing months.
Altcoin Prospects and BTC Dominance
Turning attention to the realm of altcoins, Captain Faibik directs attention to their potential bullish prospects, contingent upon the continuation of a decline in Bitcoin dominance. He posits that if Bitcoin’s dominance continues to decrease in the coming weeks and potentially breaches the lower threshold of a rising channel, it could signal a favorable environment for altcoins to experience a bullish upswing.
SHIB, XRP, and Other Altcoins Experience Surge in Whale Activity – Is It Time to Worry?
In a surprising turn of events, we’re witnessing a surge in whale activity within the cryptocurrency market, specifically involving Shiba Inu (SHIB), XRP, and a couple of other altcoins. Are these whales orchestrating a dump?
Whales on the Move: 44 Billion SHIB Tokens Transferred in a Whirlwind Hour
The meme-driven Shiba Inu token (SHIB) has been a recent talking point, with its price surging earlier this month. However, the landscape has changed, and SHIB is now experiencing a significant retracement.
Recently, Etherscan tracker data has unveiled a massive transfer of 44 billion SHIB (Shiba Inu) tokens that were moved around by crypto whales, leaving the community both surprised and intrigued.
These substantial transactions were executed through a total of just 12 transactions, each involving a range of one to eight billion SHIB tokens per transfer. These SHIB tokens were significantly transferred from prominent exchanges like Crypto.com, Binance, OKX, and Coinbase.
Notably, the real spotlight falls on Binance, where an eye-popping 12.4 billion SHIB tokens embarked on their journey, split into chunks as large as eight billion tokens each. The rest of the 44 billion SHIB tokens were shuffled between undisclosed wallets and exchanges.
Though Shiba Inu’s Shibarium went live, the price movement has been downward. Although, it’s important to note that SHIB’s August journey has seen an 8.6% increase.
XRP Make Waves: A Closer Look at Recent Activity
XRP, known for its legal battles and regulatory hurdles, saw a notable price rally in July following a partial win over the SEC case. However, August has brought about a change in fortunes, as XRP prices have experienced a substantial correction for the coin.
Previously surging past the $0.83 mark, XRP’s value has dipped, settling below $0.589. This fluctuation in market value has raised questions and curiosity, prompting us to take a closer look at the forces driving these fluctuations.
Notably, whales within the XRP network are reactivating, sparking discussions about a potential accumulation phase. While, August has painted a picture of change for XRP, with its performance showing a decline of 16.8%
On-Chain Activity Surge Sandbox (SAND) and PancakeSwap (CAKE)
Our on-chain data highlights a notable increase in activity for the Sandbox and PancakeSwap (CAKE), particularly involving significant transactions.
However, a surprising twist emerged on Monday as whale transactions involving substantial amounts of over $100K surged. An unexpected move that adds intrigue to the ongoing SAND saga.
These moves come in contrast to its performance, which has shown a decrease of 15.3% in August.
Notably, the PancakeSwap (CAKE) token has recently observed a peak in whale transactions exceeding $100K, suggesting possible advancements for this well-received token. Throughout August, CAKE’s performance has displayed an 8.7% decline.
Cryptocurrency Market Witnesses Bearish Trend as Bitcoin Dips Below $29K, Dragging Altcoins Down
The price of bitcoin (BTC) faced a challenging start on Wednesday as it struggled to retain the $29,000 level, highlighting the impact of the ongoing summer lull in trading activity on the digital asset market. The largest cryptocurrency by market capitalization witnessed a drop to as low as $29,028, marking its weakest level since August 7.
This decline of approximately 1.3% from the previous day’s value of $29,400 has prompted market observers to closely monitor the direction in which Bitcoin’s price will move. As of press time, bitcoin’s price slightly recovered to just above $29,100.
Ether Joins the Downward Trend, While Bullish Predictions Emerge
In tandem with Bitcoin’s bearish movement, Ether (ETH) also experienced a slump, trading around $1,820 and registering a 0.8% loss over the past 24 hours. The overall crypto market displayed a decline of 1.7%, reflecting the challenges faced by digital assets across the board. Amidst this downturn, notable cryptocurrency figure Tom Lee of Fundstrat Global Advisors shared an optimistic forecast on CNBC.
Lee suggested that the approval of a spot bitcoin exchange-traded fund (ETF) could potentially trigger a more than five-fold surge in the bitcoin price from its current levels. He stated that the demand for Bitcoin might outpace its daily supply, projecting a potential clearing price exceeding $150,000 and possibly reaching $180,000.
Altcoins Witness Sharp Declines
While the overall cryptocurrency market experienced a decline of 1.7%, according to the CMI, major alternative cryptocurrencies (altcoins) faced even more significant losses. Solana’s SOL, Dogecoin (DOGE), and Polygon’s MATIC were among the hardest hit, with each coin suffering declines between 5% and 7% over the past 24 hours.
Ripple’s XRP, the fifth largest digital asset by market capitalization, also saw its value drop below 60 cents for the first time since its mid-July rally prompted by a court ruling. XRP has endured a 4.7% decline over the past 24 hours and a 19% drop in the last month.
The cryptocurrency market’s current state underscores the complex interplay between market sentiment, regulatory developments, and technical factors, influencing the price trajectories of various digital assets.
Bitcoin Market Dominance Surges, Altcoins Seek a Breakout
Popular analyst Benjamin Cowen recently appeared on the Wolf of All Streets podcast, where he spoke about Bitcoin and altcoins. He said that usually when Bitcoin’s value surges and then stays stable, altcoins take off. Strangely, this time, that hasn’t occurred.
Despite Bitcoin’s rise and fall, altcoins haven’t followed suit. Normally, when Bitcoin’s value goes up and then levels off, it’s a good sign for altcoins, but that hasn’t been the case recently.
“The altcoin market has been struggling all year. I mean, it really has, and Bitcoin has significantly outperformed. But the issue is that alts have struggled with Bitcoin doubling in value. So, what happens to alts if Bitcoin retraces any of that move? I think that is the bigger issue here,” he said.
Cowen talked about how Bitcoin usually behaves in the first half of the year before the halving event. In years before halvings, like 2011, 2015, and 2019, Bitcoin tends to go up for half the year and then down for the other half, with around six months in each color.
This year, 2023, has followed a similar trend with mostly green months in the first half. He noted that even though the beginning of halving years seems positive, the months that follow could turn bearish.
The expert also highlighted an intriguing detail with regards to the market cap. He said, “Look at the total market cap of crypto, it’s basically the same spot ‘look at this August 15th of 2022, same market cap as it is today but what happened since then Bitcoins up since August of 2022 most all coins are down so it’s basically just been a rotation of capital.’”
The experts also discussed the potential impact of regulatory clarity on market sentiment and investor behavior. They noted that clear regulatory guidelines tend to attract more investment and support positive market sentiment. Conversely, any negative news or regulatory uncertainty can lead to investors withdrawing their funds.
MATIC Price Analysis: With Altcoins Falling Left and Right, Will MATIC Price Float Above $0.60?
With Bitcoin returning to the $29K mark after a 1.02% drop in the last 24 hours, altcoins enter a bear frenzy. Polygon ranks high in the bear chart with a 9.14% fall in market value in the last 48 hours.
With a sudden increase in selling pressure, the MATIC coin price reverts from the resistance trendline. The sharp fall even breaks under the $0.65 mark and approaches the bottom support at $0.60.
The spike in intraday trading volume intensifies the 5.97% drop last night as the MATIC prices break under $0.65. Moreover, the crazy selling trend continues with a 3.02% fall today, at press time, ready to challenge the $0.60 support zone.
Coming to the technical indicators, the MACD and RSI indicators support the ongoing bearish trend. The MACD and signal lines fail to give a bullish crossover and revert to a bearish alignment. Meanwhile, the RSI indicator shows a quick return to the oversold boundary.
Will MATIC Coin Price Sustain Above $0.60?
With the sharp selling pressure clear as day in the altcoins, the MATIC price will struggle to find a reversal spot. However, the solid bullish dominance at the $0.60 support zone might be able to absorb the selling pressure. Therefore, buyers may find the drop to $0.60 as an entry spot.
In case of a bullish reversal, the MATIC price can reach the 50-day EMA close to the $0.70 mark. On the flip side, a drop below $0.60 will test the psychological mark of $0.50.
Top Altcoins To Watch Next Week: Ripple (XRP), Litecoin (LTC) And Binance Coin (BNB) Prices Set For An Upswing
The crypto market recently survived July’s CPI data, leaving Bitcoin to consolidate near the $29.5K mark. The SEC’s recent delay on spot BTC ETF applications has left investors with no choice but to invest in altcoins. Over the last week, meme coins dominated the market with Shiba Inu (SHIB) leading the momentum. However, altcoins like Ripple’s XRP, Litecoin (LTC), and Binance Coin (BNB) are set to capture attention next week.
Altcoin Season Is Coming, Predicts Expert
In the last three weeks, the daily altcoin market cap has been hovering around $230 billion. For the h&s pattern to complete, it needs to surpass the $300 billion mark, said a prominent analyst Olszewicz.
Olszewicz noted a potential triple bottom or inverted head-and-shoulders in the altcoin market cap but remains skeptical about the pattern amidst this consolidation. He’s waiting for a move above $300 billion. The current chart suggests two outcomes: either the market cap decreases, negating the inverse head-and-shoulders pattern or it exceeds $300 billion, indicating the start of an altcoin surge.
Ripple (XRP) Price Analysis
XRP retreated from the 50-day EMA at $0.65, suggesting that bears are attempting to make this a resistance point. Currently, XRP price is consolidating between EMA lines, signifying that buyers are preparing for a storm next week.
The critical support to monitor is the $0.6 level. If this support breaks, selling pressure might intensify, pushing the XRP price towards the $0.56 mark.
Alternatively, if the price surges from the 50-day EMA, it might stabilize and hover between these averages for a while. A successful rise and settling above $0.67 would hint at a bullish trend, potentially leading to a recovery rally to $0.73.
Litecoin (LTC) Price Analysis
Litecoin (LTC) is facing challenges to initiate a rebound from its bearish zone. However, buyers are successfully defending the immediate $82.5 support level, signifying a robust recovery rally next week. Nevertheless, the declining EMA trend lines and the RSI level trading near the midline suggest a bearish pressure on the price chart.
If the LTC price falls and consistently remains below $81, it would indicate a renewal of the bearish trend. Following that, the supports to watch are at $79, then $75.
On the flip side, bulls might be preparing for a breakout above $85. If the market’s bulls drive the price past this level, it could indicate the commencement of a more potent recovery, potentially reaching $95—a point where intense selling pressure from bears might emerge again.
Binance Coin (BNB) Price Analysis
BNB price has triggered a robust recovery rally in the last few hours, aiming to gain its old momentum. Bulls bought heavily near the low of $238.
If the BNB price declines to the triangle’s support line, a surge in selling activity might occur. It’s crucial to monitor this level as a descent below this point could initiate the next downward phase towards $228, where the bulls are anticipated to capitalize on the dip.
If the breaks above the triangle pattern next week, the price might trigger solid purchases. This momentum might push BNB toward $260.
Bitcoin Reclaims $30k Mark, Altcoins Show Signs of Rebound Amidst Banking Sector Struggles
Late Tuesday, fears of a further decline in Bitcoin and altcoin prices subsided as Bitcoin briefly rallied above the $30k threshold. After weeks of consolidation around $29k since July 24, Bitcoin bulls flexed their muscle, leading to a surge that liquidated over $36 million from short traders within 24 hours. This renewed vigor in the crypto market comes in the wake of mounting pressures on the banking sector, which has struggled to post profits in the second-quarter earnings reports.
“Bitcoin stands strong amidst the turmoil. The once-tight correlation between the stock market and Bitcoin appears to be loosening, with Bitcoin emerging as a beneficiary of the banking industry’s challenges,” observed Greg Magadini, Director of Derivatives at Amberdata, in a conversation with CNBC.
Concurrently, the altcoin market has experienced a surge in confidence as Bitcoin garners increasing favor among institutional investors, notably BlackRock, MicroStrategy, and PayPal.
Examining Altcoin Performance On-chain and Price-wise
A recent on-chain analysis conducted by market intelligence platform Santiment has shed light on the ripple effects of Bitcoin’s price resurgence above $30k. This surge has breathed new life into the crypto market, triggering heightened optimism among FOMO (Fear of Missing Out) traders who are actively seeking profitable trade setups. Santiment’s scrutiny of leading digital assets highlighted significant gains for Solana (SOL), Toncoin (TON), and Hedera (HBAR) within the last 24 hours.
Likewise, even the second-largest meme coin, Shiba Inu (SHIB), marked notable gains over the past day. These gains are propelled by anticipation surrounding the imminent launch of the Shibarium network.
In summary, the recent resurgence of Bitcoin above the $30k mark has injected renewed confidence into the crypto market, prompting a potential turnaround for various altcoins. As traditional banking struggles persist, Bitcoin’s resilience and its decoupling from stock market trends position it as a unique asset, attracting both retail and institutional investors alike. As the market landscape evolves, all eyes remain on how these dynamics will shape the future trajectory of both Bitcoin and the broader altcoin market.
Is It Right Time To Buy Altcoins?
In recent weeks, the altcoin market has faced challenges in capitalizing on Bitcoin’s shortcomings, leading to disappointment among many investors. However, there have been some notable outliers during this period, with Shiba Inu (SHIB) standing out by rallying over 20% in the first week of August. On the other hand, the highly anticipated Litecoin halving, though hyped, resulted in an 11% correction, dampening the spirits of bullish traders.
As a result, uncertainty looms over the short-term prospects of many altcoins, as they seem to be consolidating horizontally.
Why Accumulate Altcoins Now?
Amidst the apparent stagnation, a glimmer of hope shines through the influential figure of Michaël van de Poppe, a prominent crypto analyst and influencer.
In a recent YouTube video, Poppe shared his conviction that the current consolidation phase is merely a precursor to an impending surprise rally. He believes that the prevailing market conditions, which have frustrated and disheartened many traders, are laying the groundwork for a significant upturn. His vision involves a potential surge that could drive the overall crypto market cap to around $1.75 trillion, homing in on a crucial supply and demand zone.
At the heart of Poppe’s argument lies the anticipation that altcoins will spearhead this rally, asserting their dominance while Bitcoin’s hold wavers in the short term. Notably, Bitcoin’s grip on the weekly timeframe seems to be weakening, approaching a pivotal resistance level based on historical data. This development raises the possibility of Bitcoin undergoing a direct price capitulation.
Read More: Expert Says Altcoins Are About to Crash Big Time Before it Gets Good
Good News – Institutional Interest is Growing!
One of the intriguing catalysts fueling this anticipated turnaround is the growing interest of institutional investors, particularly led by heavyweight player BlackRock. These entities are increasingly immersing themselves in the crypto market to counter escalating global inflation amid rising interest rates. This surge in institutional interest could be a game-changer for the altcoin market, propelling it to new heights.
Poppe’s insights and observations present a compelling case for investors to remain optimistic in the face of market uncertainty. While altcoins may have struggled in recent times, the potential for a surprise rally combined with the growing institutional interest paints a promising picture for the future of the crypto market.
Related: Will Coinbase Delist Cardano (ADA) and Other 13 Altcoins? CEO Weighs In
However, don’t forget: exercise caution and conduct your research!
Crypto Market Braces for Impact as CPI Data Looms: What’s in Store For Bitcoin and Altcoins
Amid global economic unrest, investors and market spectators are bracing for the impact of Consumer Price Index (CPI) data on digital assets such as Bitcoin and altcoins.
Market analyst Matthew Dixon recently voiced his concerns on social media, hinting at a potential cascade of effects if inflation were to rise, including further hikes in interest rates that could significantly impact cryptocurrencies.
Feeling the Heat in the Crypto Market
The current state of the cryptocurrency market is under considerable pressure. All leading cryptocurrencies have recorded declines on both daily and weekly scales, raising concerns among investors.
Cryptocurrencies have traditionally shown sensitivity to periods of economic turmoil. The CPI serves as a tool to assess potential risks or benefits linked to cryptocurrency investments. Like any investment, trading in digital currencies carries inherent risks.
The Impact of Essentials on Crypto
The effect of inflation on necessary commodities like food and energy plays a pivotal role in shaping the crypto market. As these are constant expenditures for consumers, any increase in their prices leaves less disposable income for potential investments in digital assets.
Observations suggest a direct relationship between CPI surges and pressure on cryptocurrency values. Rapid and significant CPI fluctuations often indicate instability in the cryptocurrency market.
While rising CPI numbers generally spells trouble for crypto assets, it doesn’t necessarily translate to losses for crypto traders. Some experts argue that cryptocurrencies can act as an effective buffer against inflation, thanks to their decentralization, accessibility, and limited supply. Much of the turbulence in the crypto market is attributed to its relatively recent introduction into the financial ecosystem.
How the Crypto Market is Doing
At the time of writing this article, the crypto market is experiencing slight decrease. All the top ten cryptocurrencies are in the red on both daily and weekly charts. Friday afternoon witnessed a sell-off in the cryptocurrency markets, coinciding with equity markets erasing their initial profits and ending the day on a downward note.
All eyes are now on the CPI numbers scheduled to be released on August 10th.
Expert Says Altcoins Are About to Crash Big Time Before it Gets Good
A serious warning has been sounded for altcoin holders, with predictions of a major crash before the market eventually recovers. With investors around the world flocking to cryptocurrencies, the voice of reason comes from seasoned experts in the field. What’s the cause of this grim forecast, and what should altcoin investors be doing right now? Let’s dive in.
Altcoins on Shaky Ground
Altcoins could plummet a further 40-50% against Bitcoin, according to the analyses of renowned crypto pundits, Ran Neuner, host of Crypto Banter, and Benjamin Cowen, a widely-followed cryptocurrency analyst. This sobering perspective is based on current trends and historical data, making it a subject of considerable concern for those holding alternative digital currencies.
Bitcoin’s dominance seems to continue its upward trajectory, having held firm prior to reaching a breakout level of 49%. This hasn’t merely been a fleeting observation; rather, it’s a consistent trend, underscoring the power and resilience of Bitcoin in the face of fluctuating market conditions, said Cowen.
Liquidity Drought in Altcoins
The lack of liquidity flowing into altcoins is a strong indicator of their potential fall. While there may be hope for a resurgence, the current reality points to a desolate scene. For altcoin investors, the fear is not that these currencies will disappear entirely, but that the road to recovery appears to be fraught with uncertainty and peril.
For those who are heavily invested in alternative digital currencies, the prediction of a 40-50% drop before any recovery isn’t just academic speculation; it’s a real and urgent dilemma. Investors face the hard decision of whether to swap their altcoin holdings for Bitcoin and ETH or hold onto them in anticipation of a brighter future.
Despite the gloomy outlook, some cryptocurrencies were spotlighted by Neuner as possessing attractive risk-reward plays with reasonable fundamentals. Ethereum, for example, was mentioned as a viable option, providing a glimmer of optimism within an otherwise bleak forecast.
The experts’ outlook is neither entirely pessimistic nor full of unrealistic optimism. The expert analysis offers a balanced and insightful view into the challenging landscape ahead, leaving altcoin investors with some serious decisions to make.
Will Coinbase Delist Cardano (ADA) and Other 13 Altcoins? CEO Weighs In
Delisting digital tokens is becoming a hot topic in the crypto world, especially due to unclear regulations. The CEO of Coinbase, a major U.S. cryptocurrency exchange, believes that removing 13 tokens including Cardano (ADA) without clear justification is unfair.
However, this situation arises from a legal battle with the U.S. Securities and Exchange Commission (SEC), which argues that these tokens, though a small part of Coinbase’s offerings, lack proper securities registration.
Coinbase to Delist Token to Ease Regulatory Pressure?
On a wider note, Brian Armstrong, the CEO of Coinbase, spoke with Financial Times reporter Scott Chipolina about the whole situation. He explained that while the delisting of ADA and other tokens is a concerning possibility, it wouldn’t significantly harm Coinbase’s revenue or overall existence.
However, he argues that imposing regulatory scrutiny before a clear rule has been unfair and unjustified. As there will be possible negative market effects including increased selling pressure on undervalued tokens and hence more market liquidity.
On the other hand, Cardano’s developer, Input Output Global (IOG), strongly disagrees with the SEC’s stance, asserting that ADA should not be labeled as a security.
In response to the SEC lawsuit, Coinbase has already filed a motion to have the case dismissed. The company is drawing parallels to a similar case involving Ripple to strengthen its argument against the SEC.
What is The Future of Cardano (ADA) and Other Tokens?
In the meanwhile, the fate of ADA and other tokens at risk of delisting remains uncertain. Armstrong’s remarks imply they might still trade on other exchanges even if not on Coinbase. A positive resolution of the SEC lawsuit could let these tokens stay. Yet, the case’s final outcome is unclear.
Having said that, investors holding Cardano (ADA) and other tokens must recognize the risks and seek advice from financial experts. ADA fell below $0.30, a 0.2% drop in 24 hours and 5% in a week, now at $0.293809. Recent weeks show nearly a 6% decline from the previous surge in value.
Cryptocurrency Market Remains Calm, Altcoins Gain Momentum Amid Bitcoin’s Consolidation
The cryptocurrency market has maintained a sense of tranquility since Monday, with Bitcoin hovering around $29.1k after a brief tease at $30k. Altcoins have seen some outliers, particularly Ethereum-based meme coin Shiba Inu (SHIB), which has been surging in the past few days fueled by rumors of an upcoming Shibarium mainnet launch and other key developments, including digital identification. According to crypto price oracles, SHIB has traded around $0.00000861, experiencing an approximate 5 percent increase in the last 24 hours.
Bitcoin Dominance Wanes, Altcoins Set to Rally
Renowned crypto influencer and analyst, Michaël van de Poppe, has suggested that Bitcoin dominance may have reached its bear market peak. This development signals a potential shift towards altcoins, as the crypto market prepares for rotations into alternative assets. Poppe emphasized the presence of an upward rally in 2019 and its resurgence in 2022/2023, creating notable resistance around the 200-Week MA and EMA.
Top-Ranked Altcoins Expected to Lead the Charge
Poppe’s analysis indicates that top-ranked altcoins are likely to begin rallying before smaller-cap altcoins experience a similar surge. Despite this prospect, he acknowledges that the current interest in altcoins remains relatively low, evident from most altcoins’ Bitcoin pairs experiencing losses.
While anticipating an altcoin season, Poppe advises caution, suggesting that investors need not rush to invest everything into altcoins just yet. Bitcoin, in the meantime, is exhibiting minimal price fluctuations, contributing to stagnant market sentiment.
Conclusion
The cryptocurrency market has been characterized by a sense of calmness, with Bitcoin maintaining a tight price range. However, altcoins, particularly Shiba Inu (SHIB), have shown signs of gaining momentum, backed by potential game-changing developments. As analysts predict an impending altcoin rally, investors should remain vigilant and consider diversifying their portfolios to capitalize on the market’s evolving dynamics.
Bitcoin Rises While Altcoins Consolidate; The Pre-Halving Impact Seems to Have Began!
The bears have been capitulating to the market every now and then. This has hindered the growth of the entire crypto space, specifically the Bitcoin price. The price is subject to extreme speculation; it has been experiencing frequent minor upswings for over a couple of months. This indicates the flow of liquidity from Bitcoin to altcoins and vice-versa as the altcoins also failed to set a strong rally towards the north.
Amid these market conditions, a small ray of hope flashes as the Bitcoin price makes a minor upswing beyond $30,000 after a week of narrow consolidation. As per the data from Santiment, the upswing was a result of the assistance provided by the traders who capitulated during the past week of price declines. The volume soared significantly, and the psychological resistance crossed, shifting the negative sentiments to positive ones.
Therefore, the behaviour of the traders suggests a shift of focus from other tokens or altcoins, specifically, back to Bitcoin. Hence, it can also be said that the traders may have indulged in the pre-halving phase, which may have had a significant impact on the price of the flagship crypto hereafter. Despite the minor rise, the bearish clouds continue to loom over the BTC price as the validation of an upswing is yet to happen.
Although the price soared high to reach the crucial resistance, it is struggling to surpass the resistance, which may have validated a rise above the bearish captivity. Moreover, the RSI just displayed a bearish reversal, which suggests the bulls may have been trapped at $30,000 as the bears may again drag the price lower below $29,500.
Therefore, if the price maintains above the crucial support until the end of the day, then the possibility of a healthy and sustained upswing beyond $30,500 may be possible. Else, the Bitcoin (BTC) price may continue to hover between $29,500 and $30,100 for an extended period or until another fresh chuck of liquidity kicks into the market.
Binance Launches Two New Altcoins for Staking on Launchpool!
Binance, the largest cryptocurrency exchange, has launched two new altcoins, Sei and CyberConnect, on its platform. Sei is a layer 1 blockchain optimized for digital asset exchange, and CyberConnect is a Web3 social network that empowers developers to build social apps. Both projects will allow users to raise tokens by staking BNB, TUSD, and FDUSD. The farming period for both projects will begin on August 2, 2023, and last for 30 days. Sei will be listed on Binance for trading on August 15, 2023. Binance Launchpool aims to encourage growth and innovation in the cryptocurrency space by offering users the opportunity to participate in promising blockchain projects.
Altcoins Technical Analysis for August; ADA, SOL, DOT, LUNC & DOGE
The post Altcoins Technical Analysis for August; ADA, SOL, DOT, LUNC & DOGE appeared first on Coinpedia Fintech News
The crypto space continues to remain within the same narrow region as the tokens undergo a minor upswing compared to the previous day’s close. Not much variation has been recorded since then as the star crypto continues to chop around $29,500, failing to rise above these levels. While some of the popular altcoins are displaying enough bullish momentum and appear to be waiting for the right time to trigger a breakout.
Cardano (ADA)
- The Cardano price continues to maintain a choppy upswing without major price variations, indicating the bulls hold their strength until the month end
- While the RSI is rising firmly towards overbought levels, which may lift the price towards $0.359 levels, enabling a further rise toward the first target at $0.45
- Therefore, the monthly analysis of ADA price remains bullish, while, the price could maintain a healthy upswing for the first few days of August or until the end of the week
Solana (SOL)
- After the Solana price rebounded from the lows in June, the token maintained a healthy upswing throughout July to mark the yearly high of around $32
- The trend has now regained within the bullish pattern and displays the probability of triggering a bullish breakout in the next few days
- However, the RSI and MACD continue to remain bearish which suggests, the Solana price may continue with a sideway trend for a while and with the flow of buying pressure, a decent upswing may be imminent.
Polkadot (DOT)
- Polkadot price has waned its popularity in recent times despite the price maintinag acute strength by trading within an ascending triangle forming constant higher highs and lows
- The trading volume maintains decent levels which suggest the bulls and bears are active, compelling the price to trade within a narrow region.
- As the RSI is trading flat MACD does not show signs of a bullish reversal due to which the DOT price may consolidate within an ascending triangle to reach the apex, which may be followed by a bullish breakout above $5.5
Terra LUNA Classic (LUNC)
- Terra LUNA classic was gaining some traction in recent days, while the price action remained largely sluggish.
- The volume also has dried up to a large extent which is majorly dominated by the bears but the ADX indicating the strength of the rally displays a bullish divergence. Hence, the LUNC price may maintain a sideway trend until it reaches the apex and undergoes a significant price action.
- While a breakout from the descending triangle results in a minor pullback, the LUNC price may marginally drop below the lower support, suggesting a correction, followed by a bullish breakout to reclaim the lost levels.
Dogecoin (DOGE)
- Being largely diverse from the other popular tokens in the market, the Dogecoin price has manifested acute strength, breaking above the descending triangle
- However, after lifting the price relatively high, the bulls appear to have exhausted themselves, which is now causing the DOGE price to face a minor pullback
- As the RSI is showing some signs of a plunge, it may drag the DOGE price lower towards the support zone which may trigger a healthy rebound towards the first target at $0.09.
Altcoins Technical Analysis for August; ADA, SOL, DOT, LUNC & DOGE
The post Altcoins Technical Analysis for August; ADA, SOL, DOT, LUNC & DOGE appeared first on Coinpedia Fintech News
The crypto space continues to remain within the same narrow region as the tokens undergo a minor upswing compared to the previous day’s close. Not much variation has been recorded since then as the star crypto continues to chop around $29,500, failing to rise above these levels. While some of the popular altcoins are displaying enough bullish momentum and appear to be waiting for the right time to trigger a breakout.
Cardano (ADA)
- The Cardano price continues to maintain a choppy upswing without major price variations, indicating the bulls hold their strength until the month end
- While the RSI is rising firmly towards overbought levels, which may lift the price towards $0.359 levels, enabling a further rise toward the first target at $0.45
- Therefore, the monthly analysis of ADA price remains bullish, while, the price could maintain a healthy upswing for the first few days of August or until the end of the week
Solana (SOL)
- After the price rebounded from the lows in June, the token maintained a healthy upswing throughout July to mark the yearly highs of around $32
- The trend has now regained within the bullish pattern and displays the probability of triggering a bullish breakout in the next few days
- However, the RSI and MACD continue to remain bearish which suggests, the Solana price may continue with a sideway trend for a while, and with the flow of buying pressure, a decent upswing may be imminent.
Polkadot (DOT)
- Polkadot has waned its popularity in recent times despite the price maintaining acute strength by trading within an ascending triangle forming constant higher highs and lows
- The trading volume maintains decent levels which suggest the bulls and bears are active, compelling the price to trade within a narrow region.
- As the RSI is trading flat MACD does not show signs of a bullish reversal due to which the DOT price may consolidate within an ascending triangle to reach the apex, which may be followed by a bullish breakout above $5.5
Terra LUNA Classic (LUNC)
- Terra LUNA classic was gaining some traction in recent days, while the price action remained largely sluggish.
- The volume also has dried up to a large extent which is majorly dominated by the bears but the ADX indicating the strength of the rally displays a bullish divergence. Hence, the LUNC price may maintain a sideway trend until it reaches the apex and undergoes a significant price action.
- While a breakout from the descending triangle results in a minor pullback, the LUNC price may marginally drop below the lower support, suggesting a correction, followed by a bullish breakout to reclaim the lost levels.
Dogecoin (DOGE)
- Being largely diverse from the other popular tokens in the market, the Dogecoin price has manifested acute strength, breaking above the descending triangle
- However, after lifting the price relatively high, the bulls appear to have exhausted themselves, which is now causing the DOGE price to face a minor pullback
- As the RSI is showing some signs of a plunge, it may drag the DOGE price lower towards the support zone which may trigger a healthy rebound towards the first target at $0.09.