Stop Being Bearish On Solana Price
Along with other cryptocurrencies like Bitcoin and Ethereum, there was another altcoin Solana which also got submerged into the bearish momentum. This public Blockchain platform started its downward movement on Aug 13, 2022. Moreover, the altcoin dropped to $8 on Dec 29 after the collapse of FTX.
However, as the world entered the year 2023 the digital assets began their recovery phase and so did the Solana. As of now Solana has managed to spike nearly 225% since its downfall.
At the time of writing, Solana is selling at $24.44 after a surge of 1.40% over the last 24hrs.
Meanwhile, a well-known crypto analyst and trader Chris Burniske believes it’s a mistake if any trader or investor gets overly bearish towards Solana. Chris Burniske who is a former crypto lead at Ark Investment is of the opinion that though Solana has reversed from its local resistance area, the altcoin still has some hope for a breakthrough.
Solana To See A Price Gain ?
Moreover, the analyst compares the weak Ethereum/Bitcoin pair to the Solana/Ethereum pair which is much stronger. While he compares the analyst states that there is a risk in the market yet yesterday’s pull back will continue for a longer time.
However, Burniske warns traders and investors against getting extreme bearish on Solana. This is because the analyst believes that Solana and other major cryptocurrencies will make a comeback which he expects to happen in the next few months. Chris also states that the current market correction will increase and the traders who have leveraged longs open will incur huge losses.
As per Burniske’s claim yesterday’s claim, investors can make use of the Solana/Ethereum pair as a risk indicator which lets them know market risk. When looking at the Solana/Ethereum pair’s performance in the last few days, it can be seen that the market risk is gradually decreasing.
Also the Solana network boasts of launching major updates this year and if that happens the currency will surely gain some uptrend in the days to come.
Bitcoin Price Analysis: BTC Slips Below $23,000, Remains Bearish for The 2nd Consecutive Day!
Bitcoin price prediction for 2023 had become bullish as the token ignited a significant upswing soon after the start of the year. While the forecast for $25,000 was emerging, the bears regained control and slashed the price below $23,000. The BTC price has been dropping for 2 days and is unable to recover despite a decent buying volume persisting.
The crypto markets, regardless of their claims of being independent, largely depend on the trends of the traditional stock markets. The stock markets which are facing turbulence managed to break the upswing that it held for 15 consecutive days. Moreover, Microsoft also joining the layoff crew has also impacted both markets to a large extent.
Therefore, now the question flashes, whether the Bitcoin (BTC) price move beyond $25,000 or drop back to $21,000. How well can Bitcoin sustain the momentum?
The BTC price rally was ignited after a strong whale activity wherein the number of addresses holding 100 to 1000 BTC surged by 416 in the past few weeks.
Therefore, considering the recent price rise, the short-term holder’s profits have also risen by more than 90%. Hence, the possibilities of these holders extracting their profits also emerge.
As per the on-chain data provider, Glassnode, the recent price surge has broken all the 3 levels, realized price, the long-term holder(LTH) realized price & short-term holder (STH) realized price.
“The recent surge in Bitcoin proce action has resulted in an initial breakout above all three costs-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis.
A sustained duration above these key psychological levels would be considered constructive,”
Bitcoin Price Analysis: BTC Slips Below $23,000, Remains Bearish for The 2nd Consecutive Day!
Bitcoin price prediction for 2023 had become bullish as the token ignited a significant upswing soon after the start of the year. While the forecast for $25,000 was emerging, the bears regained control and slashed the price below $23,000. The BTC price has been dropping for 2 days and is unable to recover despite a decent buying volume persisting.
The crypto markets, regardless of their claims of being independent, largely depend on the trends of the traditional stock markets. The stock markets which are facing turbulence managed to break the upswing that it held for 15 consecutive days. Moreover, Microsoft also joining the layoff crew has also impacted both markets to a large extent.
Therefore, now the question flashes, whether the Bitcoin (BTC) price move beyond $25,000 or drop back to $21,000. How well can Bitcoin sustain the momentum?
The BTC price rally was ignited after a strong whale activity wherein the number of addresses holding 100 to 1000 BTC surged by 416 in the past few weeks.
Therefore, considering the recent price rise, the short-term holder’s profits have also risen by more than 90%. Hence, the possibilities of these holders extracting their profits also emerge.
As per the on-chain data provider, Glassnode, the recent price surge has broken all the 3 levels, realized price, the long-term holder(LTH) realized price & short-term holder (STH) realized price.
“The recent surge in Bitcoin proce action has resulted in an initial breakout above all three costs-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis.
A sustained duration above these key psychological levels would be considered constructive,”
Crypto News Live-Hidden Bearish Discovered in Bitcoin (BTC) Price! What’s Next?
Crypto markets today have been fairly trading under the bullish influence which was fueled by the latest CPI price which was lowered to 6.5%. The Bitcoin (BTC) price began rising high with the speculations of the latest CPI rates, which surged magnificently on the announcement. Now that the inflation rates have been lowered, it could be a bearish signal for the crypto space.
Bitcoin price is currently trading very close to $19,000 and may even rise beyond these levels any time from now. However, the bears appear to have held the levels above $19,500 and hence the possibility of rejection haunts the BTC price rally.
A well-known analyst called AnonymousCrypto Predictions discovered the hidden bearish divergence and believes the price may slide down to form new bottoms very soon.
The analysts here compared the RSI (Relative Strength Index) of Bitcoin in the 2014 bear market to that of the recent 2022 and found that the rally may not have found its bottom.
“Once we finally broke out we still came down to put in a new low (Real low),” he said.
Responding to a query as to why the pattern may repeat, the analyst asked to compare with the RSI of the 2022 bear market. To one’s surprise, the RSI has formed a similar trend and has now raised high, rebounding from the lows. Therefore, the analyst believes that star crypto may find the bottom of the current bear market soon.
Collectively, the bearish market is expected to persist and if Bitcoin’s (BTC) price faces a rejection, it may certainly not be a minor one.
Bearish Flags Flutter for Ethereum, Is it the Right Time to Plunge back Below $1250?
The Ethereum price hovered around the liquidity zone below $1220 for quite a long time and quickly dropped heavily below $1200 to mark the bottom. However, at the beginning of the year 2023, the price inflated significantly and soared high to mark the yearly high of $1344 within just a couple of days. Meanwhile, the bears have dragged the levels lower which appears to get intensified in the coming days.
It is worth noting that the trading volumes have dropped considerably and moreover, the bullish volume has slashed largely. Additionally, the deliverances for trend reversals have already formed. Therefore, even if the ETH price bounces back to the interim resistance may face a strong rejection that may drag the price lower below $1280 initially.
With the first leg down, the ETH price may drop notably to test the immediate support levels at $1284. If the bulls fail to hold at this level then the plunge may get intensified and reach below $1250 and maintain a horizontal trend for a while. Further, the possibility of re-entering the liquidity still prevails if the bears manage to take back control of the rally.
Such a steep plunge may occur only if the market undergoes a steep bearish pressure led by some events. However, to undertake a notable upswing, the price is required to undergo a notable descending trend. A popular analyst believes that the ETH price may retrace from $1283 to $1235 to get triggered towards $1600, as ETH meets resistance at the X-axis of an ascending triangle.
To do so, the Ethereum price which has been witnessing a slight pullback from the interim highs needs to rebound and reclaim the levels at $1355. The current rejection may certainly not be considered the end of the bullish trend, but a minor consolidation to propel high.
Bitcoin Price 2023: Bullish Or Bearish, What’s in Store For BTC Price?
After breaking above a strong support level, the Bitcoin price now seems to be showing significant signs of bullish trend weariness. This move is likely laying the groundwork for a resurgence for BTC bulls following a relatively placid conclusion to the year 2022.
On-Chain Data Turns Bullish
Furthermore, according to data from on-chain aggregator CryptoQuant, the Taker Buy Sell Ratio data on January 3 is giving a signal to buy Bitcoin. This signal was created by the 30-day moving average. A buy signal has been shown by the metric for the fourth time at the time this article was written.
One of the most useful measures for determining whether or not a purchasing cycle is occurring is the taker buy-sell ratio. On the other hand, it is only relevant during a rising market.
This indicator will nearly always and almost flawlessly only provide sell signals when the market is unstable or in a bear market. As a result, it is essential to verify the purchase signals using other short-term on-chain indicators in accordance with one’s trading strategy.
However, this bullish scenario may not be triggered for some time by the king cryptocurrency, but the Federal Open Market Committee’s (FOMC) December readout, due out on January 5th, might provide a headwind.
Bitcoin Predictions 2023
The beginning of a new year ushered in price predictions for Bitcoin and the cryptocurrency market across a variety of social media and big-time media outlets. The question of whether bulls or bears will drive price movement in 2023 is all that is being discussed by industry professionals, right now.
As this article is being written, the price of Bitcoin is now trading at $16,704, having made a marginal gain during today’s trading session. The price of the cryptocurrency continues to display rangebound movements throughout longer periods.
Tim Draper, a BTC bull, is one of many who think the leading cryptocurrency will continue to rise from its present price. Draper predicts that by mid-2023, the price of the benchmark cryptocurrency will have increased by 1,400%, reclaimed lost ground, and risen past $250,000. Bitcoin bulls think that macroeconomic factors will greatly increase Bitcoin adoption.
Standard Chartered is the latest institution to issue a pessimistic prediction, predicting that Bitcoin’s price might drop below $5,000. The bank voiced its concerns back in December, stating that a lack of liquidity is contributing to the failure of more cryptocurrency businesses and exchanges and a subsequent loss of faith among investors. It remains to be seen how Bitcoin’s 2023 will unfold.
Bitcoin Might Enter 2023 On Bearish Note – BTC Price heading to This Level in January
The price of Bitcoin dropped significantly in 2022 before the abrupt collapse of FTX last month. This was due to rising interest rates, increased association with overvalued tech stocks, and instability in other parts of the cryptocurrency ecosystem.
Currently, the price of Bitcoin is around $16,604, with a market capitalization of $319,554,631,816.13. This year, Bitcoin has experienced a change of -64.09%.
As the year comes to a close, many are looking forward to what BTC will be like in 2023.
How Are The Whales Influencing The BTC Price?
According to data from Santiment, the number of Bitcoin (BTC) whale transactions that cost more than $1 million has reached its lowest level since December 2020.
There is a direct correlation between the price of BTC and whale transactions that total more than $1 million. This is because the price of BTC may potentially decrease persistently due to whales’ unwillingness to accumulate or distribute.
BTC Investors Are Shedding Their Holdings
Despite suffering losses and a decline in whale activity on the BTC network, short-term holders continue to sell, according to CryptoQuant analyst Phi Deltalytics.
Phi claims that an assessment of BTC’s Short-Term Output Profit Ratio revealed that these participants, even if it meant suffering losses, had chosen liquidity over holding onto their assets.
The BTC On-balance volume (OBV) was at -2.127 million on a daily chart, indicating that more assets are being sold than purchased, which drives down prices.
This position is supported by the fact that both BTC’s Money Flow Index (MFI) and Relative Strength Index (RSI) are currently below their neutral zones. The RSI is at 43.75 and the MFI is at 40.17, both in downtrends. A continuous dip in an asset’s RSI and MFI indicates a significant drop in buying momentum and may suggest that the asset is oversold. A shift in investor conviction is needed for a reversal to occur.
Bitcoin Price 2023
Bitcoin has considerably decreased since the start of the year. Let’s look at some expert predictions. Bitcoin might reach a high of $17,431.30 in 2022 before falling to $17,274.38 in 2023, according to CryptoPredictions.com.
PricePrediction predicts that the price of bitcoin in 2030 will be $394,710.77, up from a modest $18,029.65 in 2022.
By December 12, 2023, Wallet Investor projected a $10,111.96 price loss in bitcoin, which is fairly bearish.
Bitcoin (BTC)Price To Remain Bearish For Next Next 6-12 Months: Predicts Santiment Data
Santiment, a blockchain analytics platform, has released an analysis on Bitcoin (BTC) that looks into how whale behavior will affect the price of the king cryptocurrency.
The group of Bitcoin owners who hold between 1,000 and 100,000 BTC is recognized for being a solid indication of the direction that the price will go in the long run. Santiment attempts to have a better understanding of what could be in store for the price by studying their behavior.
Recent data indicates that they have been operating as a net seller, and the price has been moving in tandem with this trend.
“It is with confidence that we can predict sideways or even lower prices for BTC in the next 6-12 months.”
—Santiment
What Next for Bitcoin Price?
According to Santiment’s research, bottoms are often connected with lower levels of whale activity. In prior bottoms, the average number of transactions during a week was between 1,200 and 2,500.
Santiment reports that Bitcoin is still seeing about 10,000 daily transactions. This, according to Santiment, implies that they must wait for the average to decline lower before concluding that even the major players have given up.
Moving on, it’s important to think about potential volume gaps that BTC whales could be interested in. Santiment identifies $14,600 and $12,200 as two key price gaps that investors need to keep a watch on. Track the previously indicated group of whales to determine whether they are engaging in any major transactions in these price bands; this will provide light on whether or not whales are amassing there.
To summarize, it may be worthwhile to keep an eye on the behavior of Bitcoin whales as well as the existence of volume gaps around $14,600 and $12,200. Recent whale action may be summed up as a net selling, which has acted as a drag on the price.
Before determining with absolute certainty whether or not we have reached a bottom, it could be prudent to wait until the number of transactions has decreased, even more, the blockchain insights platform says.
Recent whale action may be summed up as a net selling, which has acted as a drag on the price. Before determining with absolute certainty whether or not we have reached a bottom, Santiment says it could be prudent to wait until the number of transactions has decreased even more.
After A Gigantic Bearish Trend in 2022, Will Dogecoin(DOGE) Price Moon in 2023?
The Dogecoin price has fallen by nearly 30% since the start of the month, with the token facing strong downward pressure from an ongoing downtrend. This has led to the possibility of a bearish close. However, there is also a chance that the bearish outlook may be invalidated.
Currently, DOGE is trading around $0.072, with the upper bands of the descending parallel channel acting as strong resistance on multiple occasions. The recent decline of nearly 20% is the largest move yet, with the DOGE price dropping below the 50-day, 100-day, and 200-day moving average levels, indicating a bearish outlook for the popular meme coin.
The DOGE price has been trading along the lower trend line for an extended period, leading some to believe that it is in a bullish trade setup despite bearish predictions of a significant drop. However, a new bearish move is expected to cause the price to fall by nearly 20%, potentially reaching the 2021 low of around $0.57 after failing to defend the trade at the $0.061 support zone.
After being rejected from the lower trend line, the price is likely to remain consolidated just above the lower support zone and continue to build strength. While a strong upswing may not be expected in the first half of 2023, the bearish action may also be prevented. In the second half of 2023, it is believed that the Dogecoin price may begin a recovery phase that could help it trade within an ascending, consolidating phase.
Bitcoin Heading Towards a ‘Death Cross’ – Can BTC Price Reverse the Bearish Impact?
Bitcoin price is hovering below the crucial levels at $20,000 for over a month now and hence the volatility appears to have reached the bottom. Meanwhile, the volume maintains some decent levels which have failed to rise the volatility of the asset. In the coming days, a more dreadful dump is awaiting the Bitcoin (BTC) price rally due to which it may even reach its older levels too.
The BTC price on the weekly chart displays the possibility of forming a Death Cross as the 200-day MA & 50-day MA levels could face a crossover. It is also the first Death Cross happening in the weekly chart since the inception of Bitcoin which may happen somewhere in January or February 2023.
As mentioned in the above chart, the historical death cross is just a few weeks away and if the BTC price wants to nullify the impact, it is required to intensify its volatility. The price is required to move higher and lower very quickly and may even reach the bottom between $7000 to $8000, which may also be a temporary one.
However, the price amid the fresh drop has broken down from the lower trend line, displaying an acute bearish trend. Despite a bullish interference, the price may not get the required boosts as the trade set-up is completely in favor of bears. Moreover, the intensified volume signals the stiff involvement of the bulls and the bears due to which the BTC price has been restricted below the crucial resistance levels.
Bitcoin (BTC) Price Under Bearish Pressure, Could Dip To $10k Soon! Here’s Why
In November, the U.S. consumer price index (CPI) rose 0.1% from the previous month, slower than the 0.4% pace in October. This is a sign that the Federal Reserve’s efforts to bring down inflation are making progress.
The data also boosted cryptocurrency prices, as less-worrisome consumer-price increases may give the Fed more room to relax interest-rate hikes. Annual CPI growth was 7.1%, according to the Labor Department, below the 7.3% forecast by economists in a FactSet survey.
How Was The Crypto Market Impacted By The Report?
The largest cryptocurrency by market value, Bitcoin (BTC), has been relatively stable in December. However, it saw a 1.6% increase in the minutes after the news of the CPI data was released, reaching over $17,930. The Ethereum native cryptocurrency Ether (ETH) has also seen gains, with a 6.9% increase in the last 24 hours, reaching $1,335.
Sigel’s prediction
Despite the positive news about the CPI data, investing giant VanEck predicts that Bitcoin (BTC) could continue to face challenges as some miners may go bankrupt, overshadowing the overall favorable macroeconomic conditions.
VanEck’s head of digital assets analysis, Matthew Sigel, predicts that the “crypto winter” will reach its lowest point in the first quarter of 2023 when Bitcoin’s value drops to between $10,000 and $12,000. This prediction is based on factors such as the potential collapse of FTX and inflation stress.
How do miners affect BTC prices?
The Bitcoin miners have faced a challenging year, with rising costs and falling prices.
Miners’ income is tied to the price of Bitcoin because they receive it as a reward for solving complex mathematical problems to validate blockchain transactions. These rewards are often sold to fund their operations.
When the price of Bitcoin drops, as it has this year by 61%, weaker miners may sell their reserves, which can cause the price to drop further. This cycle of selling and falling prices, known as a “death spiral,” could lead to the collapse of some mining operations.
In order to survive, miners may be forced to sell their coins. Since July, miner wallet balances have plummeted by $444 million, to 1.818 million BTC. This trend may continue as most mining companies are currently unprofitable.
“Nearly all MVIS Global Digital Assets Mining Index components are burning cash and trading below book value. Due to increasing electricity costs and decreased Bitcoin values, we believe many miners to restructure or consolidate, “Sigel wrote.
2023: Will The Pump & Dump Continue?
From the all-time peak of $69k in November 2021, the BTC price would drop to a low of $12k in the following year. Bear markets in the past have bottomed out at around 85% of previous highs.
According to Sigel, the bitcoin price will reach $30,000 in 2023.
In Conclusion
While a CNBC survey indicated that only 8% of Americans have a favorable view of cryptocurrency, VanEck analysts believe that Bitcoin has potential in emerging markets. At a media event this week, VanEck highlighted the fact that 2.5 billion people live in countries with more than 7% inflation, while 15 currencies have declined by more than 20% year-to-date.
Matt Sigel, VanEck Global’s head of digital assets research, believes that 2023 could be a hopeful year for cryptocurrency, but the “crypto winter” will need to be overcome first.
Bitcoin, Ethereum Sparks High! Yet This May Not be the End of a Bearish Trend!
With a slight ease in the market conditions, Bitcoin price raised significantly marking new highs. Besides, the altcoins are also following the popular crypto and managed to surge to some extent. While, the market participants believe this could be the resurgence of a bullish trend, the fear of a bull trap emerges.
A well-known analyst, il Capo of Crypto still believes that the crypto markets are prone to get ‘hammered’ as it reaches some specific targets. The analyst had earlier predicted correctly the recent crash when the BTC price dropped after reaching the crucial resistance at $21,800. He says that the crypto space continues to remain under bearish pressure, regardless of the ongoing market upswings!
“CPI is better than expected but still very high. Price is testing a massive resistance zone here and forming a lower high. I’m still 100% out of the market,”
November’s CPI came up to be a surprise with a decent drop of more than 0.5% which was more than the expected drop of 0.2%. However, Capo believes that the CPI rate is still pretty high and hence the possibility of rejection to the lower support of $12,000 while the current price levels are very close to $18,000.
Moving ahead, Capo still believes that the Ethereum price may also drop towards the lower support between $600 to $650, while most of the altcoins are believed to undergo a potential drop of 50% to 70% soon.
Mentioning about world’s top 3rd crypto asset, Binance Coin(BNB), the analyst says the token could continue with a bearish trend even though it is trading within a bearish trend. Hence the price target could be somewhere around $40 to $45 from the current levels of around $273.
However, if the BNB price breaks down from these levels, then the price target is believed to reach single digits too.
Overall, the market trend continues to remain pretty bearish despite the prices having jumped considerably in the past 24 hours. Therefore, setting up the possibility of a bull trap for the bitcoin bulls emerges high.
Massive Move Coming in the Crypto Space this Thursday-Will Bitcoin Remain Bearish?
The crypto space recently appeared to be in a good position as the Bitcoin price reclaimed levels above $17,000. However, as the trade advanced towards the beginning of the week fresh compelled the price to undergo a minor correction.
Meanwhile, the current plunge is assumed to be a short-lived one that may rebound quickly. But, the following drop after the rebound could be 10 times bigger than expected.
It is a known fact that the coming week is extremely important for the crypto space as numerous events have lined up. The next couple of days is extremely crucial for the Bitcoin price which may mark up the year-end targets.
Tuesday, 13th December, the US CPI core rates are expected to release along with the FOMC rates, the next day.
However, more than the rates, the language used by the Fed chair in the press conference is likely to have a larger impact. As previously, the hike in rates did not impact the crypto space to a large extent as the hawkish behavior of the FED chairman. If a similar approach is applied this time, it could be pretty dangerous for the Bitcoin price ahead.
As per ING, if Fed Chair, Jeremy Powell’s speech is dovish, then it could be bullish for the crypto space. Else in the case of hawkish behavior, the bears may continue to maintain their dominance. Below mentioned are the possible scenarios for 14 December 2022.
The overall trend of the crypto markets remains largely bearish and uncertain until the above-listed events occur and impact the markets. Therefore, it is assumed that the coming Thursday is extremely important for the markets, as the aftermath of the events may embrace the crypto space.
XRP Price May Remain Bearish Despite the Judgement Turns in Favour of Ripple
XRP price had maintained a notable upswing since the beginning of the current trading month. However, the mounting bearish pressure over the asset dragged the price lower and also compelled it to drop below the bullish pattern. Besides, the Ripple vs SEC case is also appearing to find closure at the earliest, but the impact of this may be hardly seen over the XRP price in the coming days.
The XRP price, in the past few days, has been chopping between $0.38 and $042 which has hampered the hopes of a bullish outlook. Therefore, considering the present scenario, it is more evident that the price may take up more time to recover as it shows huge signs of weakness.
The volume over the platform witnessed a constant drop since the beginning of the month, indicating very less activity, but the price remained elevated. Additionally, the total crypto market cap also marked new lows as the FED continued to tighten the monetary conditions that mounted tremendous pressure on the crypto space.
Now when the Ripple vs SEC lawsuit is approaching a phase of settlement, the impact on the XRP price appears to be negligible.
The lawsuit closure is a few months away from now and hence FED may continue raising the interest rates at least once in these 4 months. Therefore, the XRP price may also be deeply impacted and fail to become immune to the tighter economic conditions. On the other hand, the general narrative of the settlement continues to be sceptical about whether it will be bullish or bearish for the price of XRP.
However, most of the events that occurred within the crypto space, like the ETH 2.0 launch or Alonzo Hard Fork or the Ethereum Merger have been ‘buy the rumour and sell the news’. Therefore the Ripple vs SEC lawsuit closure may also reach the same fate in the coming days.
Bearish Clouds Haunt the BTC Price Rally, Will Bitcoin Be Stuck Under Miners’ Capitulation?
Bitcoin price again slumped below $17,000 after holding upright for some time during the previous trading day. Meanwhile, the Bitcoin (BTC) hash rate has also dropped as the miner continue to struggle as the price is undergoing a massive correction phase. Moreover, the BTC mining difficulty is expected to witness a huge adjustment.
As per the new update released by a popular on-chain data provider, Glassnode, the Bitcoin network has decreased the difficulty by more than 7% which is the largest in the past 12 months.
“The Bitcoin protocol has just decreased mining difficulty by -7.3%, the largest downwards adjustment since July 2021,”
“Given depressed coin prices, rising energy costs, and debt burdens, the mining industry is under extreme stress,”
On the other hand, the Bitcoin hash-ribbon indicator also suggests that the crypto is due for yet another massive downfall.
As seen in the above image, the hash ribbon is closer to getting inverted. Previously, when the hash-ribbons were inverted, the Bitcoin (BTC) price underwent significant price correction. Hence a similar action is speculated presently as the difficulty adjustment appears to be in response to the falling BTC hash rate.
“The difficulty adjustment is in response to falling Bitcoin hash-rate.
This has resulted in yet another inversion of the Hash-ribbons, as the 30DMA dives below the 60DMA.
The last hash-ribbon inversion occurred in early June 2022,”
Moreover, Bitcoin price is displaying a significant variation climbing in and out of the levels at $17,000. Hence the Bitcoin realised cap which shows the net sum of capital inflows and outflows has declined heavily. The capital inflows since May 2021 have been flushed out, signalling a capital reset is underway.
Bearish Clouds Haunt the BTC Price Rally, Will Bitcoin Be Stuck Under Miners’ Capitulation?
Bitcoin price again slumped below $17,000 after holding upright for some time during the previous trading day. Meanwhile, the Bitcoin (BTC) hash rate has also dropped as the miner continue to struggle as the price is undergoing a massive correction phase. Moreover, the BTC mining difficulty is expected to witness a huge adjustment.
As per the new update released by a popular on-chain data provider, Glassnode, the Bitcoin network has decreased the difficulty by more than 7% which is the largest in the past 12 months.
“The Bitcoin protocol has just decreased mining difficulty by -7.3%, the largest downwards adjustment since July 2021,”
“Given depressed coin prices, rising energy costs, and debt burdens, the mining industry is under extreme stress,”
On the other hand, the Bitcoin hash-ribbon indicator also suggests that the crypto is due for yet another massive downfall.
As seen in the above image, the hash ribbon is closer to getting inverted. Previously, when the hash-ribbons were inverted, the Bitcoin (BTC) price underwent significant price correction. Hence a similar action is speculated presently as the difficulty adjustment appears to be in response to the falling BTC hash rate.
“The difficulty adjustment is in response to falling Bitcoin hash-rate.
This has resulted in yet another inversion of the Hash-ribbons, as the 30DMA dives below the 60DMA.
The last hash-ribbon inversion occurred in early June 2022,”
Moreover, Bitcoin price is displaying a significant variation climbing in and out of the levels at $17,000. Hence the Bitcoin realised cap which shows the net sum of capital inflows and outflows has declined heavily. The capital inflows since May 2021 have been flushed out, signalling a capital reset is underway.
Tether And USD Coin Stuck In Bearish Winds, As Snowfall Protocol (SNW) Races To The Top!
With crypto investors increasingly looking to minimize risk while combating inflation, stablecoins have emerged as one of the most popular choices. Stablecoins are cryptocurrencies pegged to the value of an external asset.
Both USD Coin and Tether are pegged to the U.S. dollar and issued on multiple blockchains, such as Ethereum (ETH) and Solana (SOL). But Tether and USD Coin are not perfect substitutes for the U.S. dollar since they can’t be deposited into a bank account and are largely not accepted by businesses.
In the current bear market, USD Coin and Tether are stuck while Snowfall Protocol (SNW) is soaring. Why is Snowfall Protocol (SNW) leaving behind stablecoins like USD Coin and Tether? Let’s find out.
The Lagging USD Coin
USD Coin (USDC) has a total market capitalization of $65 billion and a 24-hour trading volume of $8.14 billion as of May 2022. While USD Coin (USDC) is catching up to Tether in terms of market capitalization, it still lags well behind it in terms of trading volume. It’s currently the 2nd biggest stablecoin and 4th biggest cryptocurrency by market capitalization. However, USD Coin (USDC) has been suffering from high volatility.
USDC coin’s (USDC) value depends upon the performance of the Ethereum network. So depending on the current state of the Ethereum network, transaction fees can be high, and fees for withdrawing USD Coin (USDC) from exchanges can also be high. All these operational issues have worsened its drop in the bearish market.
Lack of Clarity From Tether
According to Tether, whenever it issues new Tether tokens, it allocates the same amount of USD to its reserves, thus ensuring that Tether is fully backed by cash and cash equivalents. However, over the years, there have been several controversies regarding the validity of Tether’s claims about their USD reserves. It has led to significant disruptions in Tether’s price, which went down to as low as $0.88.
Many investors have raised concerns that Tether’s reserves have never been fully audited by an independent third party. Tether has been the target of a lot of FUD due to its murky balance sheet and lack of a public audit. Tether has repeatedly been fined for misleading statements around the state of its books. After Tether released the first breakdown of its balances, it came under even more scrutiny from regulators over its claims that all issued stablecoins are fully backed by dollar reserves. Even though a report supposedly cleared Tether from any allegations of wrongdoing, doubts remain. The company has been in repeated spats over its business practices.
There are accusations that Tether (USDT) has been used to manipulate the price of Bitcoin (BTC). Tether (USDT) is not divisible, which limits its functionality.
Snowfall’s Race to the Top
Snowfall Protocol (SNW) is an ecosystem for cross-chain token transfers. It strives to make multi-chain compatibility a reality by developing a compatibility bridge. Snowfall Protocol (SNW) differentiates itself from its competitors by speeding up and simplifying token swaps, staking, yielding, and cross-chain asset transfers for Snowfall users. The recent presale campaign of Snowfall Protocol (SNW) created waves in the cryptocurrency world. The presale was completed within seconds of its launch. The current price of Snowfall Protocol (SNW) is around $0.060, up massively from its presale price of $0.005.
Due to its cross-chain token transferability, Snowfall Protocol (SNW) is whipping past other cryptocurrencies in terms of market cap and daily trade volume, leaving behind stablecoins like USD coin (USDC) and Tether (USDT).
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Cardano Price Flashes Fresh Bearish Signals, Poised to Drop a Level Down Very Soon!
The crypto markets have turned green, while the Cardano price is striving to inculcate bullish market sentiments. The volume also appears to have drained in the meantime, and the impact is already evident on the ADA price. Hence, the price is expected to continue with little-to-no volatility in price action for an extended period ahead. As the asset has been showing signs of weakness, the possibility of a fresh drop is high.
Along with the slashed buying volume, selling volume also has not made any huge impact, due to which the price is able to trade above the pivotal support. However, following the recent rebound after hitting the lows at $0.3, ADA’s price is striving to remain within the incremental ranges.
Meanwhile, a final retest appears to be imminent before undergoing a notable upswing towards the upper targets.
After the recent bounce, the ADA price is expected to make a retest of the support levels, post to which it may begin to rise. Therefore, after a brief upswing initially beyond $0.322 and later at $0.3370, the ADA price is expected to reach the first target at $0.385 and later head towards teh pivotal resistance zone between $0.416 to $0.423.
The token is required to clear these levels to reach the second target beyond $0.48, which appears likely in the next couple of months. Considering the present price action, the Cardano (ADA) price is moving towards the north while withstanding significant bearish pressure, and hence may certainly not lay down a firm upswing until the monthly close.
Crypto Winter May Be Extended Indefinately as Stock Market Closer to a Bearish Fallout
Bitcoin price is still struggling to hold $16,000 levels as the markets appear to have ignited a fresh fallout. The bears are attempting to regain dominance as the market cap drops below $820 billion. The BTC price dropped by nearly 3% while the ETH price crashed by more than 4% in the past week.
In general, the entire crypto space has been concentrated under bearish pressure, as the altcoins are also dived towards the lows. Meanwhile, the share markets or the Nasdaq, on which the crypto markets are co-related highly, are expected to undergo a bearish divergence that may raise the possibility of a crypto market crash very soon.
Besides, a new Bitcoin upgrade called, BitcoinCore 24 went live which comes with a memory pool, serving as a waiting area for unconfirmed transactions. However, the community has raised serious concerns over the upgrade as it does not leave any scope for zero-confirmation transactions and encourages double-spend attacks.
The coiling bearish market sentiments with the controversial Bitcoin upgrade may pave way for a steep BTC price decline very soon,
Massive Bitcoin(BTC) Dump Incoming!
As mentioned BTC price is hovering around $16,000 for quite a long time as the volatility is diminished massively. The compressed price action may pave way for yet another massive price action, regardless of the direction in the coming days. Alongside, the S&P 500 is closer to pulling a huge leg down as it is closer to facing another massive rejection soon.
Analyst Kevin Svenson, referring to the S&P 500 warned his 117.9K followers about the upcoming BTC price dump. As per him, if the S&P 500 faces rejection from the supply line as it did multiple times before, Bitcoin may certainly not handle it and may drop at double the pace of the traditional stock market.
Meanwhile, Bitcoin shrimps are constantly accumulating. As per the on-chain data provider Glassnode, the number of addresses holding more than 1 BTC but less than 10 BTC has reached its peak.
Collectively Bitcoin’s (BTC) price may witness fresh rejection as a rise above $16,500 appears to be not feasible in recent times. Moreover, the token is testing the crucial support levels around $16,100, below which the price may drop towards the yearly lows close to $15,500.
MATIC Whales Come Out To Play! Polygon Price To Turn Bearish Below This Level
Several assets of the crypto market have been heavily hit by the recent crash, and MATIC is no exception, as its price lost over 40% in the last two weeks, triggered by the FTX’s downfall. However, the recent partnership of Polygon network with the popular crypto exchange Kraken has brought optimistic hopes to investors with the aim to trade above $1 soon. Unfortunately, it now seems that the bullish hopes may go in vain as whale investors wake up to bring significant selling pressure by cashing out massive holdings.
MATIC Is Ready With A Black Friday Deal!
The Polygon network is now lit like Christmas as MATIC brings excellent news to its community with impactful financial partners. Moreover, Instagram’s integration with the Polygon network for minting NFTs is already building enough hype in the crypto market to push MATIC’s price to new highs.
However, MATIC’s price has been trapped in a crucial zone as whale holders of the market make their moves by transacting massive amounts of holdings to exchanges. Over the last few days, the Polygon network has witnessed a remarkable recovery after the recent market crash due to an increased MATIC accumulation following several positive news that pushed the asset to trade in a slightly bullish region.
However, whales now see the current price as the perfect opportunity to sell off all holdings and book profits made during the surge, resulting in solid selling pressure on MATIC’s price. Recently, an on-chain whale tracker revealed that a whale account transferred 9 million MATIC (~$7.85 million) to the crypto exchange Binance in a proceeding to liquidate the holdings.
Whales To Bring A Death Rally For MATIC Price Soon
Whale holders of MATIC control a significant portion in driving the price fluctuation as massive selling pressure from them creates an extreme fear zone with a pump-and-dump game, which may trigger a downtrend for Polygon to the bottom levels.
A professional crypto analyst, SwalloPremium, predicted that MATIC is poised for a more bearish trend, which can be worse than the current market turmoil. The analyst predicts that a breakout below the support level of $0.77 may take MATIC’s price to a bearish consolidation range of $0.58-$0.62 in the next few days.
If MATIC holds its price above its support level, it may aim to retest a strong resistance at $1.01, from which sellers may open a short position, plunging the asset to its initial support level of $0.77.
Looking at the daily price chart, MATIC has made significant upward progress after taking support at $0.8. Polygon is currently trading at $0.85, with an uptrend of over 1.2% from yesterday’s performance.
Our technical analysis reveals that MATIC may test its resistance level at the EMA-50 trendline near $0.9 as the RSI-14 indicator constantly pushes it to the upside with a level of 47 due to positive market sentiments. If MATIC breaks above $1, it can ensure a clear path to its Bollinger band’s upper limit of $1.2.
However, there is some twist as a failure to trade above 23.6% Fib retracement may thrash MATIC heavily to its monthly lows of $0.76. Moreover, a massive liquidation from its network’s whale holders may trigger MATIC to trade below the Bollinger band’s lower limit of $0.6 as the MACD line shows no sign of recovery and continues to trade in a negative region below the signal line.
Bitcoin (BTC) Price To Hit This Bottom Level, If 2018 Bearish Cycle Repeats
The entire crypto market has witnessed a sharp fall following unexpected events which caused catastrophic waves across the industry. Bitcoin has dropped below its two-year low of $18K and continues to remain in an uncertain price range.
Moreover, concerns regarding inflation and the results of the midterm elections have brought a mixed situation for the market’s future movement.
As Bitcoin investors dump their BTC holdings and exit the market amid an alarming trend, BTC continues to trade in a crucial price range to test long-term holders’ patience.
A Bitcoin Price Bottom Is Nearby!
The lack of concept and clarity about proof-of-reserves have become one of the main reasons in driving the recent collapse of FTX, which is responsible for vanishing a significant amount of BTC from its circulation.
According to a well-known crypto trader, DonAlt, the current rate of Bitcoin’s bearish trend makes a similarity to its previous bearish cycles.
The analyst analyzes that Bitcoin is currently almost 80% down compared to its 2014-2015 and 2017-2018’s bearish cycles, where the downward rates were 86.17% and 83.84%, respectively.
If Bitcoin follows its bearish trend of 2017-2018 and extends its rate of downtrend above 84%, then the BTC price can witness a bottom level at $11K.
Moreover, DonAlt further predicts that BTC may fall to $9.5K if it follows the bearish trails of the 2014-2015 cycle and increases its rate of downtrend above 87%.
A Breakout Above This Level May Spark Surges For BTC Price
Bitcoin is struggling to bring bullish hopes to its long-term holders as it faces hurdles in surpassing its resistance level at $17K.
Historical data of crypto crashes reveals that 14 exchanges were responsible for wiping 1,195,000 BTC from its circulation, which has created a scarcity in framing a stable bullish infrastructure for pushing Bitcoin’s price upward.
However, amid all these situations, investors are still accumulating Bitcoin, even in FUD, with a hope for a bullish breakout soon. Moreover, El Salvador’s president Nayib Bukele has announced plans to buy 1 BTC daily starting from 17 November.
Bitcoin trades at $16,662, with a downtrend of 0.27% from yesterday’s price. Looking at the daily price chart, SMA-14 is significantly dropping, and it is trading at 38-level, just above the RSI trend line, forcing Bitcoin to test its support level at $16,350.
Moreover, Bitcoin’s Net Unrealized Profit/Losses metric has seen massive volatility as it drops to its bottom zone.
However, the NUPL’s trend indicates a final capitulation, from which BTC price may initiate a bullish recovery, as witnessed in its previous bearish cycles.
A sustainable price movement above $17K may trigger the buying pressure, which can lift the RSI indicator above the 50-level. If BTC’s price holds its momentum between the EMA-20 and EMA-50 trend lines, it can aim for a breakout above its strong resistance at $20K.
Markets Tend to Fall into a Deep Bearish Trap-Traders to Short Bitcoin & Ethereum
The stagnant crypto markets have compelled traders to rethink the upcoming price trend. While the possibility of a fresh upswing has been rooted out for some time due to FTX-collapse, the traders now are shorting the top 2 cryptos. Due to this, the entire crypto market may be negatively impacted and may also mark new lows before the end of 2022, maybe by the end of November 2022.
Recently, the funding rates have gone extremely negative, which is enough to create a market depression before the possibility of any reversal. According to an on-chain data provider, Glassnode, Bitcoin is currently the second most shorted token, while Ethereum follows the leader and is the third on the list.
It has to be noted that throughout the bull run in 2021, the funding rate was highly positive but slashed as the bear market kicked off. The current bear market has invited huge negative interest, which indicates the market participants believe the BTC price is prepared for a fresh rally towards the south. This rise in the negative funding rates is the second highest since January 2020.
On the other hand, Ethereum’s funding rate has also turned extremely negative, mainly after the recent market crash. The funding rate had been extremely negative, recently in September, after the merge event, marking the highest levels. Meanwhile, since then the rates remained largely negative with a couple of minor recoveries also noticed.
But the current drop in rates has also dragged huge volume, meaning a huge chuck of traders has joined the short-army.
Presently, the deepest drop in the funding rate is witnessed within the top 2 cryptos in history. However, the bulls usually jump in at the bottoms, and this is when the short positions are reversed and also liquidated. Therefore, these negative funding rates are expected to prevail for a long time, which may further attract many more strong hands to uplift the rally ahead.
FTX’s Domino Affect Still Underway-Crypto Markets Including Bitcoin May Remain Bearish Indefinitely!
The FTX crisis is not believed to stop right away, as the contagion is likely to spread wider, trapping more institutions or platforms. The Bitcoin price is currently trading between the interim resistance & support levels that appear to be decisive but may carry huge possibilities of a massive pullback in the coming days.
The recent addition to the fallout, Blockfi, has fueled bearish sentiments within the crypto space. Meanwhile, the CEO has cleared all the rumours surrounding the liquidity crisis, but still, the ripple effect of FTX continues to prevail. However, the BTC price is expected to be deeply impacted by the fallout, which has been experiencing high exchange outflows in recent times.
However, in the coming days, the BTC price is expected to head towards the final capitulation phase and drop heavily below $15,000.
The SMA or Simple moving average acts as alternative resistance levels and a cross-over between 20-day SMA and 50-day MA is being witnessed which is largely considered as bearish. The RSI, MACD, StochasticRSI, etc are extremely bearish in the short-term & long-term, hence nullifying the possibilities of a rebound in the near future.
However, the final capitulation phase is expected to begin any moment now as the markets appear to have been more or less stagnant for over a week. The bearish volume is expected to kick in at any time and hamper the progress of the rally by extending the recovery phase indefinitely. Therefore, a popular analyst who rightly predicted the 2022 crash advises his followers to exit all the markets right away.
The analyst here is hinting towards the upcoming bearish action that may pull the crypto space towards the next support zone. Meanwhile, traders are expected to keep a close watch over the entire crypto space, especially the Bitcoin(BTC) price movements.
Millions of SOL May Flood Into the Market Soon, Solana Likely to Remain Within the Bearish Captivity for Long
Solana‘s price was badly impacted by the recent FTX meltdown and dropped heavily from levels close to $40 to as low as $12. While many were perplexed because no direct link was visible to the naked eye, the details that emerged later astounded the entire crypto space. Solana in a blog post explained the link between the collapse of both FTT & SOL.
The main highlight of the blog was Solana being the most exposed platform post the FTX collapse. Moreover, the network is also feared to carry the same fate as it has sold millions of SOL tokens to FTX & Alameda Research which are locked right now.
FTX and Alameda Research own nearly 50 million SOL, out of which they received 4 million in August 2020, 34.52 million in September 2020, and 34.52 million in January 2021. The tokens are sold but will be released using the linear monthly unlock mechanism.
Considering the above table. It can be interpreted that Solana has promised the firms to sell, but they may not have custody of the tokens. These tokens will be released for FTX on the basis of linear monthly unlock, of which the last 3 unlocks may occur by January 2028. With the new findings, the SOL price, which was already under extreme pressure, is now in extreme danger.
The SOL price is now testing the lower trend line, which is very crucial at the moment and is believed to drop below the danger zone very soon. Moreover, if FTX & Alameda continue to liquidate their holdings as they receive them, the SOL price may never recover from its bearish captivity.
Presently, the SOL price is trading near crucial levels after dropping by more than 60% in the recent past. If the asset finds more capital, a push may probably rise back above $40–$50, which carries fewer chances of occurring. Meanwhile, if the SOL price fails to sustain at the current levels and slides down hard below $13, a steep drop to $2 to $4 is pretty much possible due to a lack of liquidity at these levels.
The Solana price prediction appears to be pretty pessimistic, but the current realities may be quite likely.
Popular Analyst Maps Bearish Targets for Polygon(MATIC), Dogecoin(DOGE) & Cronos(CRO)
The weekend appears to have slaughtered the crypto space, as most of the assets are bleeding heavily. The Bitcoin price made an attempt to reach lower support, while the altcoins appear to be under a substantial bearish influence. Meanwhile, a well-known analyst, il Capo of Crypto, defines new lows for Polygon (MATIC), Dogecoin (DOGE), & Cronos (CRO), and they’re approaching very quickly.
Cronos(CRO)
Cronos’s price has broken down from the lower trend line it maintained ever since the beginning of the 2021 trade. The price slipped down and reached the crucial support levels at around $0.1878. After a brief consolidation, the price drained heavily and may even lose the $0.1 support with the next leg down. Meanwhile, the analyst believes the price now may be attracted towards the next support levels at around $0.0555 to $0.065.
Polygon(MATIC)
The crypto strategist believes, MATIC’s price is also due for a massive pullback that may drag the price lower by more than 65% by the end of 2022. With the next leg down that may happen any time from now, the Polygon price is speculated to drop heavily and hit the lower support levels close to $0.3. However, the analyst doesn’t have a clear view of the following rebound, and hence it may be believed that the price may remain consolidated.
Dogecoin (DOGE)
Capo believes the DOGE price is approaching the final capitulation phase, where a drop of nearly 87% is quite possible. The asset has been maintaining a steep descending trend for more than a year, and hence the downward pressure is expected to intensify very soon. Moreover, with the next bearish action, the Dogecoin price may reach the levels it traded at the beginning of 2018 at around $0.014 to $0.01.
Collectively, Capo believes the crypto space is trading with a huge bearish influence and expects a major drop to appear at the earliest. He rightly predicted the 2022 crash much before, and hence the predictions for the above altcoins may also be held good.
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Bitcoin’s Bearish Mood May Vanish Coming Week! These Crucial Levels Can Revive Bullish Goals
The last couple of days have been a rollercoaster journey for the entire crypto space, and there is no sign of stopping after FTX’s CEO Sam Bankman-Fried resigned by filing a chapter 11 bankruptcy.
Moreover, the huge fluctuation due to FTX’s collapse and correlation of BTC with the stock market had taken into effect when Bitcoin witnessed its bottom levels this week since its crash in May.
However, positive market sentiments, including the CPI data, are pushing Bitcoin towards its short-term goal, as BTC can soon make a weekly high.
Bitcoin Is Ready To End Bearish Woes!
Following positive CPI numbers, Bitcoin price is gaining pace towards $18K as it is recovering from its bearish situation caused by the FTX’s collapse.
Moreover, on-chain data provider, Santiment, mentioned that whale holders of BTC are rising as they are accumulating the asset in the dip, which is a bullish sign for Bitcoin’s further price momentum.
According to Santiment, BTC holders holding more than 1 BTC have reached a high of 848,082 in the last five months, accumulating 24.8% of the total supply.
Moreover, a crypto analyst, Opsec, predicted that the BTC price might witness a major pump soon as its price can reach a maximum range of $18.2K in the next few days.
According to him, Bitcoin is building a short-term bearish momentum as retail investors are currently shorting positions with a target near its fundamental support level of $15.5K.
However, Opsec highlighted that BTC might not fulfill the target price of retail investors as Bitcoin may retrace downward and make a bullish comeback from $16K.
As a result, he predicted that Bitcoin might consolidate in a bullish range near $17K before skyrocketing to its initial resistance level of $18.2K.
A Bullish Territory For BTC Price
Looking at the daily price chart, BTC is continuously attempting to break its immediate resistance level of $17K to continue its bullish momentum further.
Bitcoin is currently showing signs of bullish vibes as it maintains its price in an initial bullish region of $16.5K. Bitcoin is trading at $16,888 with an uptrend of 1%.
The RSI-14 indicator also trades in a range-bound area near 35-level, indicating a support zone for BTC near $16K.
The MACD line is still trading on the negative side as Bitcoin trades below the 23.6% Fib retracement level from its current value.
Moreover, the Bollinger bands are getting closer as the lower limit is at $15.5K. On the other hand, the Bollinger band’s upper limit is at $21.1K.
If Bitcoin retraces downward and fails to maintain its price above $16K, it can plunge hard below its crucial support level of $15.5K and trade near the bottom level of $13K-$14K. However, a short-term bearish rally is expected as the SMA-14 is declining and trading below 50.
Bitcoin may face a rejection at $17K, which can push BTC to the level of $16K. From this price level, Bitcoin may take support and initiate a smooth bull run with an aim to break its crucial resistance level at $21K.
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Ethereum Builds A Strong Bearish Pressure! ETH Price To Get Rejected At This Level
Popular crypto exchange FTX’s collapse is crushing and brutally killing the crypto market as the industry continues to flash red.
Moreover, FTX’s recent chapter 11 bankruptcy filing may bring more downside spirals and hit the market harder than ever.
Multiple cryptocurrencies have lost more than 40% of their value due to the impact that plummeted the global market cap to $780 billion, the lowest since 2021.
The current bearish trend created selling pressure among Ethereum investors, forcing them to liquidate all positions to get a smooth road for ETH’s downtrend.
Ethereum Trades At Risky Resistance Level!
The FTX crash has become an obstacle for Ethereum in initiating a clear positive momentum in the price chart. The current market sentiments are creating a long fearful trend for ETH price, meaning investors need to have more patience before witnessing a bull run.
In the current situation, some crypto experts are predicting more price drops for Ethereum as a prominent crypto analyst firm, Bitcoinsensus, predicted that Ethereum may soon get a strong rejection as it is showing a continuous price fluctuation in a huge resistance zone of $1,200-$1,300.
Moreover, Ethereum may begin an extended bearish trend soon as the transaction fee of ETH has touched a peak level since 2020, as a massive amount of Ethereum is withdrawn from exchanges by whale investors following the sudden collapse of FTX.
According to data by Glassnode, the on-chain activity of ETH has increased as nearly 1 million of Ethereum has been liquidated in the last week, hinting at a bearish consolidation for Ethereum.
Where Is Ethereum Heading Next?
Ethereum has recently witnessed an increase in the liquidation of future contracts since August, as nearly $260 million worth of future contracts were liquidated, representing less interest from daily traders of Ethereum.
Looking at the daily price chart, Ethereum recently attempted to break its support level at $1K as it made a low of $1,073 on 9 November.
Ethereum is currently trading in a dangerous zone as a downward retracement below its immediate support level of the Bollinger band’s lower limit at $1,160 may further push Ethereum below the price range of $1K.
The MACD line is not promising as it is gaining pace downside and making a long bearish candle, indicating a negative territory for Ethereum’s current price movements.
The RSI-14 line dropped from a level of 60 to 29, which kicked off a sharp downtrend for Ethereum.
However, the RSI is now slowly climbing upwards as it has recovered from its bottom and currently trading at 41, indicating a support region with substantial volatility for the digital asset.
Ethereum may witness a short-term bullish rally if it holds its price above the Bollinger band’s upper limit at $1,361.
ETH is predicted to show its true bullish potential by the beginning of 2023 if the crypto market favours.
The current bearish trend of Ethereum is short term as it is usual for every digital asset to plummet due to the news of a crash; as Sam Kopelman, UK manager at Luno, noted,
“History shows that crypto does tend to recover after a sustained dip, and investors have certainly not lost interest.”
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FTX’s Sollet Token (SoBTC) May Create Yet Another Bearish Wave
An unspoken problem has been found on the internet by the evil-eyed Twiterattis. Things are not looking good for the Solana ecosystem’s wrapped Sollet tokens, specifically soBTC, which are used widely across lending and AMM services. The main catch here is that nobody knows if the tokens are issued by FTX or Alameda.
Wrapped crypto tokens are cryptocurrencies used on the DeFi platforms that are pegged to the value of another original cryptocurrency or other assets like gold, equities, shares, and real estate. To assist in creating liquidity in the market, SOBTC tokens were introduced early in the Solana DeFi cycle.
They were also designed to be backed 1:1 by either BTC or ETH. The Solana team developed Wrapped SOL to encourage greater acceptance and utilization of the Solana network (WSL). A secure multi-sig wallet containing SOL tokens that back WSL in a 1:1 ratio.
These wrapped assets were reportedly issued by FTX and backed by FTX-owned assets. Solscan estimates that SOBTC’s market capitalization at the moment is $264,125,805.80, with 16,149.99 being the current supply.
8,361 people are the total number of holders, which puts them at risk due to the price’s fast fluctuations following the FTX collapse. The SOBTC is currently trading at $15,497 and the BTC is currently trading at $16,400. Although, they are pegged at a 1:1 ratio.
People on the internet are concerned that the wrapped Sollet tokens, $soBTC, created by FTX and used across lending and AMM platforms, may drop to zero even though this problem has not yet been discussed. It’s possible that they won’t accept the wrapped BTC wallets as well now that FTX has ceased accepting withdrawals. It should be emphasized that FTX is Solana’s one of largest liquidity providers.
At the time of writing, one SOBTC is trading at $12,956 and is down by 30 percent. It has hit a low of $8,636 in the last 24 hours.
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Bearish Signals Flash for Cardano; This is Why the ADA Price May Not Reach $0.6 in 2022!
While the majority of crypto assets are preparing to reclaim the positions they held prior to the May 2022 crash, Cardano (ADA) is making new lows every day. Market trends and sentiments have only had a minor impact on the price, which remains bearish. After being rejected by the local resistance, the ADA price appears to be trapped in a bearish trap, raising the prospect of a retest of the lower support.
As mentioned in the above chart, the ADA price is on the verge to break the support at $0.39 which may fuel a price drop towards the last point of defence at $0.385. If the asset fails to sustain at these levels, a deep bearish trend may drag the price marking new yearly lows.
This is Why Cardano (ADA) Price May not Receive a Bullish Push?
Active Address Count Fails to Reach 100K
The Active address shows the user’s platform activity, such as buying, selling, or trading. A drop in the address indicates that traders’ interest in the asset has waned, causing the price to remain within consolidated ranges. Furthermore, the bulls have remained silent, preventing the price from receiving the required bullish push.
Social Dominance Plummet Significantly
The social dominance of an asset refers to market participants’ engagements on various social media platforms. This demonstrates the participants’ enthusiasm for the project and their belief in its future prospects. Regrettably, despite critical network upgrades, social dominance continues to decline. As a result, until market sentiments change, the ADA price may not receive the necessary attention to breaking through the bearish influence.
Whales Not Accumulating Cardano(ADA)
The crypto verse closely follows whale accumulation because it predicts the asset’s future price action. When the whales accumulate in large numbers, it is assumed that the price will soon begin a significant bullish trend. The graph is currently largely stagnant, implying that the whales have paused their accumulation while they await a change in the price trend as well as market sentiments.
NVT Ratio is on a Rise
The NVT ratio, or Network Value Transaction ratio, calculates the relationship between market capitalization and transaction volume. It is thought to be known whether the cryptocurrency is undervalued or overvalued. A rising NVT ratio indicates that the market is either optimistic about the asset or that the token is overvalued, and thus bearish.
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XRP Price Analysis: Bearish Momentum Hovers, Will Bears Take The Control Again?
In light of the state of the market, XRP price research reveals a small negative trend. Currently, the price of the cryptocurrency is $0.4545. Over the last 24 hours, prices have fluctuated between $0.45 and $0.47.
As the bears take a break, prices may rise upward over the course of the next few hours, but rallies are likely to be brief as long as the general trend is still unfavorable.
The price of the XRP/USD pair today strikes a low of $0.4534 after failing to maintain above the $0.471 resistance level, signaling a negative trend. Since the bears are in charge of the market, prices will probably decline during the following few hours.
Last week saw the most recent effort at a corrective rebound, but this was also sold into, causing the present slump. Since the price has now fallen below the $0.4534 support level, further declines appear inevitable.
The data from the graph indicates the decline of XRP price with a 1.83% decrease over the past 24 hours. The bollinger bands are indicating a bearish trend as they are squeezing towards each others whereas the macd also is indicating a bearish trend as the signal line slithers to cross over the MACD line. The RSI is nearly to the over bought zone as it stands at 46.1.
Since the beginning of 2022, this token’s price has been following a downward pattern recorded by most digital assets, declining 45.83% from $0.83, which was its price on January 1, 2022, as per data retrieved from coinmarketcap.
But from the 4 hour chart it shows an increase in volatility for the crypto pair. The upper Bollinger band has reached $0.479, and the lower band is present at $0.453.
The MA is also trading at $0.4591 above the price level. The RSI has also been maintaining its downwards curve near the underbought region as it has reached down to index 50.54 due to the continuous bearish activity.
conclusion
XRP is currently trading at a low price of 0.4545 but in a long term future it may come to increase in price upto the $1 mark. The reason for the decline trend of XRP might be the legal actions that are being taken to them by the U.S government SEC.If the event of selling pressure persists, the price can decline in the direction of lower support levels.