ETC Price Analysis: Will Breakout Boost ETC Price To $19?
In the long picture, the ETC price took multiple bearish hits over the past year, resulting in a strong resistance trendline. With each falling trend creating a secondary correction, the breakout brings a buying opportunity.
Finally, after months of downtrend, the Ethereum Classice Price Prediction is giving a breakout signal that may soon result in a significant bounce back.
Taking constant support from the $14.75 horizontal level, the ETC price manages to overcome the short-term correction phase. With multiple candles with notable wicks, the Ethereum Classic now finds the bullish momentum to reach the escape velocity.
The trendline breakout comes with an overnight jump in Bitcoin that signals the Ethereum Classic rising with market recovery. If the uptrend in Bitcoin survives, the recovery in altcoin price is set to challenge the major resistance trendline to reset the overall trend.
Currently, the ETC price is trading at $15.45 with an intraday growth of 0.72%. Moreover, the higher price rejection in the previous candle reflects a potential retest phase coming soon.
Technical indicators:
MACD: The MACD and signal lines avoid a bearish crossover and prepare to continue the upward trajectory.
RSI: The daily RSI line takes a rounding reversal to approach the halfway line and hints at a potential uptrend.
Will ETC Price Cross $16?
With the rising trend momentum, the ETC price is set to start a breakout rally to surpass the 50-day EMA. During this, the uptrend will cross the $16 mark and head to the major resistance trendline close to $19. Moreover, the uptrend can influence a golden crossover.
On the other hand, if Ethereum Classic doesn’t hold up and falls below $14.75, it can dip to $12.65.
Floki: The Next Dogecoin? Analyst Predicts Bullish Breakout
Floki, the fifth-largest meme coin by market capitalization, has experienced a downward trend since February of this year. However, recent developments have brought increased excitement to the meme coin market.
Investors have been drawn to Floki thanks to its notable liquidity, making it easy to buy and sell. According to the latest data from the decentralized finance (DeFi) aggregator, Dex Screener, Floki boasts total liquidity of approximately $3.2 million on Pancakeswap and $3.8 million on Uniswap.
Floki Price Action Analysis
Prominent digital asset analyst Crypto Tony, with a substantial following of over 339k on the X platform, believes that Floki is poised for a price rebound in the months ahead. He points to a critical support level on Floki’s weekly chart, hinting at a potential breakout.
As a result, Crypto Tony encourages meme coin enthusiasts to consider accumulating more Floki assets for promising returns in the near future.
Also Read: Floki Inu Coin Price Prediction: Will FLOKI Price Reach $0.00005 By The End Of 2023?
Another Dogecoin in the Making?
Notably, Crypto Tony suggests that Floki’s price action may mirror that of Dogecoin (DOGE), which has displayed early signs of a bullish breakout. Previously, the analyst had predicted that Dogecoin’s price could dip to around $0.04 before making a comeback towards its all-time high (ATH).
Also Read: Top Reasons Why Dogecoin Will Surpass All-Time High in the Next Bull Rally
With the meme coin market heating up and influential figures like Elon Musk and Crypto Tony showing interest, Floki could be a coin to watch for sure.
Is LINK Ready For A Year-Long Breakout?
With remarkable growth in recent weeks, the LINK price has increased by 22%, leading to a sharp reversal. Moreover, the uptrend in Chainlink’s price challenges the 50-week EMA, teasing a potential breakout.
In addition to the EMA breakout, the uptrend also displays a possibility of a long-term consolidation breakout
Despite the volatility in the daily chart, the LINK price action forms a channel pattern in the weekly chart. This represents a consolidating sideways trend in the bigger picture. However, the reversal chances exist as long as the uptrend remains below the overhead trendline.
Currently, the LINK coin price trades at $7.49, with a growth of 7.43% in the last 24 hours, leading to a bullish engulfing candle. Therefore, the overall trend momentum and the market sentiment are extremely bullish.
In like fashion, the daily chart remains bullish and shows the LINK price forming a rounding bottom pattern. In addition to the bullish pattern, the uptrend increases the golden crossover chances.
Technical indicators:
RSI indicator: The RSI indicator approaches the overbought boundary and reflects a sharp increase in bullish momentum.
MACD indicator: The MACD and signal lines continue to move in a positive trajectory with the rising histograms.
Will LINK Price Cross $10?
Forming a rounding bottom to tease the channel breakout, the future LINK price trend maintains an optimistic viewpoint. The trendline breakout, or the $7.79 breakout, will unleash the high momentum rally in Chainlink’s price.
The breakout rally in LINK price can reach the 200-week EMA at $9.065. However, the year-long range breakout will display more impressive bullish maneuvers. Therefore, it is possible for the altcoin price to reach $12.75.
On the flip side, a rejection at the trendline can nullify the bullish framework and restart the bearish cycle within the range. Potentially, the downtrend can reach the $5.66 mark upon a $5.85 breakdown.
Chainlink Price Analysis: LINK Price Positioned for a Breakout, Analyst Predicts Strong Performance
Chainlink (LINK), a prominent provider of reliable price oracles for DeFi developers, appears poised for a significant breakthrough after several months of consolidation. The Chainlink ecosystem boasts a robust community comprising node operators, data consumers, and investors. Furthermore, the Chainlink team’s collaboration with developers through the BUILD program has strengthened its position in the crypto space.
Chainlink Price Rally
A renowned crypto analyst, Altcoin Sherpa, shared insights on Chainlink’s future performance, predicting it to be one of the leading performers in the upcoming crypto bullish cycle. From a technical standpoint, Altcoin Sherpa noted that LINK has remained within a price range of $5.527 to $9.33 for the past 505 days, with an average trading volume of approximately $2.7 billion.
Altcoin Sherpa emphasized that LINK may not be ideal for active trading but is a reliable choice for long-term investment, suggesting holding it for a minimum of six months.
Although a weekly death cross between the 50 and 200 Moving Average (MA) indicators may indicate short-term weaknesses, the rising divergence on the weekly Relative Strength Index (RSI) has increased the likelihood of an imminent breakout. Notably, LINK’s price closed above the 50 MA the previous week.
In the past, when LINK attempted to rally beyond the upper boundary of the horizontal range, it resulted in capitulation and significant liquidation. With increasing buyers showing interest in Chainlink, crypto analysts are confident in its performance during the next crypto cycle.
Market Overview:
On Monday, the Chainlink ecosystem had a Fully Diluted Valuation (FDV) of approximately $7.2 billion, with a 24-hour average trading volume of around $214 million. According to our latest crypto price oracles, LINK’s price was trading at approximately $7.22, marking an increase of about 1.3 percent in the past 24 hours.
Chainlink Price Prediction: LINK Price On The Verge Of A Breakout?
The crypto industry continues to trade sideways as the bulls constantly fail to hold the price and continue struggling to stabilize the market. On the other hand, Chainlink has become the top performer among the cryptocurrencies in the past week.
Following the massive price volatility the token experienced in the first half of the month, Chainlink’s price has gained bullish momentum. The coin is presently trading in a rising channel. Further, the LINK price has recently experienced a golden cross, indicating the possibility of the coin rising in value in the coming days.
The RSI has been constantly trading above the midpoint and close to its overbought range for over a week, indicating high buying and selling power. Further, the chart displays a minor decline in its averages, indicating a possibility of a bearish turnover in the coming days.
On the other hand, the MACD displays constant fluctuations in its histogram, indicating the possibility of massive price action this month. Moreover, the chart displays a bullish convergence in its averages, indicating a high possibility of bullish price action for the coin.
If the bulls gain power and ignite bullish momentum, the price is predicted to break out of the rising channel and test its resistance level of $7.275. Further, if the price manages to hold the level, it will make a run and test its upper resistance level of $7.463 by the end of the month.
On the flip side, if the bears take the market and a trend reversal occurs, the price will fall, lose its value, and test its support zone of $6.74 soon. Further, if the bearish trend continues and the price continues to fall, it will test its lower support zone of $6.3 this month.
ALGO Price Analysis: Will Algorand Awaken With This Breakout?
ALGO price is still in a deep correction, and the bears are in control. The price is down 98% from its all-time high of 3.77, and it’s struggling to find a bottom. If the downtrend continues, it could soon trade below its listing price.
Check out our ALGO price prediction for 2023-2030 now to see what the future holds for Algorand!
The ALGO price trend forms a descending triangle pattern with a strong resistance trendline in place. The baseline is close to $0.090, and the bounce back triggers a positive cycle in the triangle.
Currently, the upcycle breaks the resistance trendline but faces opposition from the 50-day EMA. This results in an intraday fall of 1.55% as ALGO price trades at $0.0955.
Following the 6.11% jump in Algorand coin price, the breakout rally may struggle to sustain and surpass the 50-day EMA. Moreover, the ALGO price maintains a sideways trend that questions the bullish credibility.
Technical indicators:
RSI indicator: The RSI line is moving sideways along the halfway line, which resonates with the losing bullish momentum.
MACD indicator: With the MACD and signal lines back in sync, the indicator is once again pointing to a bullish market.
Will ALGO Price Rise Above $0.10?
If ALGO wants to hit $0.10, the bulls gotta keep the trend above the broken resistance trendline and keep the rally going. If they can do that, the price could keep rising past $0.1089 and end 2023 on a high note.
On the other hand, if the ALGO price doesn’t break through the resistance trendline, it could start a new downtrend. Traders can expect the price to find a new low of $0.081.
Litecoin Aims For $70 Following Bullish Breakout! Will LTC Price Gain Momentum?
After weeks of sideways trading, Litecoin finally broke free from its resistance level, sparking a wave of buying demand among investors. The digital silver to Bitcoin’s gold is currently aiming for a $70 price point following the bullish breakout. However, there’s a growing concern about a plunge from the upcoming resistance level as the LTC price might soon lose momentum.
Sellers Liquidated $1 Million Worth Of Short Positions
In a day where the cryptocurrency market displayed bullish tendencies, Litecoin didn’t lag behind. The altcoin experienced a surge in buying interest, sending the price past its weekly resistance barriers. Coinglass data indicates a notable uptick in short liquidations, totalling $1 million, which points to a growing inclination among traders to make bullish bets on Litecoin’s future price trend.
Last week, Litecoin (LTC) whales found the opportunity to buy the dip of $60, although they’ve adopted a more cautious approach in anticipation of the forthcoming Federal Reserve meeting. Data from the blockchain reveals that these large holders, who possess between 10,000 and 1 million LTC, were the main reason for the asset’s recent price recovery.
Last week, whales accumulated an additional 510,000 LTC, boosting their holdings from 38.94 million to 39.45 million LTC. However, since that buying phase, they’ve maintained a more neutral position, keeping their Litecoin balances relatively stable.
While the price of Litecoin is surging, its volatility is showing a downward trend. A decline in volatility usually suggests a more stable asset, which can be attractive to long-term investors. The volatility has dropped from a high of 53.4% to 35.9% within two days.
The reduced volatility could indicate that the market is reaching a consensus about its value, bringing less chances of wild price swings. If institutional money flows into Litecoin, it could provide a more solid foundation for upcoming trends.
What’s Next For LTC Price?
Litecoin broke through its moving averages, signaling bullish momentum. Despite some selling pressure near the EMA200 trend line, the bulls have managed to maintain control. As of writing, LTC price is trading at $67.2, showing an uptick of over 4.2%.
Bulls are currently gearing up for a potential rally above the $70 mark. If they succeed, the price of LTC could target a bullish trading range of $75 to $83. In the short term, the key support level to watch is the 20-day EMA at $64. A drop below this point would imply that bears are gaining acceleration, possibly driving the price down to a strong support level at $57.
The RSI is approaching the overbought territory, signaling that the current bullish momentum could weaken ahead. This could tip the scales in favor of sellers, especially near resistance points. Should the bulls lose momentum, an immediate downturn is likely, and the RSI could shift its direction back toward the neutral zone.
Cronos Price Analysis: Is CRO Coin on the Verge of a Breakout?
The bulls continue struggling hard as the crypto space has experienced massive turbulence at the start of the month. The cryptocurrency market has managed to level all its losses from the past week’s plunge and has now started to trade sideways, giving signs of stability in the market.
Cronos has repeatedly failed to gain momentum, resulting in its loss of value. The coin has wiped out all its gains from the price surge that took place this year during the month of January. The coin is now trading in a consolidated range of $0.0499 to $0.0523 since mid-August and is predicted to experience price action soon.
The MACD displays a descending green candle in its chart, indicating weak market buying power. Further, the chart displays a bearish convergence, indicating the possibility of a bearish trend in the coming days.
On the other hand, the RSI level can be seen trading close to the midpoint, indicating weak price action for the CRO coin.
If the bulls manage to gain power and push the price above the resistance level of $0.0525, a bullish moment will be initiated in the market. Further, if the coin manages to hold the level, it will prepare to test the upper resistance of $0.0575 by the end of the week.
On the flip side, if the bears continue to dominate the market, the coin will test the support level of $0.0502. Further, if Cronos fails to hold the support level of $0.0499, then the coin will lose momentum and prepare to test its crucial support level of $0.0471 in the coming days.
Domini.art ($DOMI) and TRON, Who’s Poised for a Breakout?
Investors and enthusiasts are always looking for the next big breakout star. Two projects that have garnered significant attention in recent times are Domini.art ($DOMI) and TRON ($TRX). These blockchain platforms offer unique features and have the potential to reshape the way we think about digital assets and decentralized applications.
Domini.art is poised for a breakout as it seeks to revolutionize the world of digital art through blockchain technology. This blockchain ICO is designed to empower artists and creators by offering a decentralized marketplace for digital art, including the booming sector of non-fungible tokens (NFTs). This makes it the best crypto investment option for cryptocurrency users interested in art.
This article explores the strengths and potential of both Domini.art and TRON to determine which one may be poised for a breakout in the crypto market.
Domini.art ($DOMI): Revolutionizing Digital Art with Blockchain
Domini.art is a ground-breaking platform combining blockchain technology and traditional artistic methods. This platform democratizes the ownership of prestigious, high-value art pieces, enabling a broader audience to access these renowned works by providing fractional investments. Domini.art defies the odds in the cryptocurrency world by establishing transparency and improving liquidity inside the DeFi market.
Pundits and cryptocurrency experts consider Domini.art the best crypto investment due to its fractional investing feature. Global cryptocurrency investors can buy shares in renowned works of art, diversifying their portfolios with the help of this feature. The Domini.art platform tokenizes each work of art as a distinct NFT, establishing an immutable ownership record that promotes trust and decentralizes the art investment industry.
Domini.art places a high priority on using cutting-edge security methods to protect its users’ investments. This blockchain ICO provides high protection for investors’ information and assets, from secure storage facilities and thorough insurance to blockchain transparency, giving it a better chance of a breakout shortly. With $DOMI, one may invest confidently, knowing that top-notch security standards protect their art-backed assets.
The deflationary model of Domini.art’s token makes it the best DeFi crypto for investors. The strategy shields token holders’ profits from market volatility and stops price variations from depreciating the token value, positioning it as a cryptocurrency with considerable potential for a breakout. A deflationary coin always maintains a limited supply that is less than desired. The surplus tokens are always burned when the supply exceeds the demand.
Over 25 million tokens have been sold during the beta stage of Domini.art’s presale, as the price promises to change from $0.0021 to $0.002625. This development represents a chance for investors wishing to invest early in this best DeFi crypto for greater rewards.
TRON ($TRX): Pioneering a Decentralized Digital Future
TRON is a decentralized blockchain operating system whose primary goal is to empower content producers by giving them complete ownership rights to their works. Its software infrastructure supports smart contracts, interfaces with other blockchain networks without hiccups, and provides decentralized apps (dApps) with various functionalities. $TRX has high transaction throughput, which means it can process many transactions per second.
The native token $TRX, which speeds up transactions and compensates users who take part in the network, powers the whole ecosystem of TRON. Domini.art, given its substantial rise and widespread usage, is expected to outperform TRON, offering it an appealing alternative for investors looking for significant returns.
Conclusion
Domini.art and TRON have unique attributes that make them exciting prospects for investors and enthusiasts. Domini.art’s focus on the NFT art market and growing community make it a compelling DeFi project option in cryptocurrency, which will likely experience a breakout soonest. Pundits will pick Domini.art due to its distinct benefit of having NFTs backed by valuable artwork. These artworks have an exceptional value expected to rise in the future and have been reviewed by experts with years of experience. Domini.art is the best cryptocurrency initiative for anyone hoping to generate long-term returns due to its growing potential.
Learn more about $DOMI here:
BCH Price Eyes $300 With This Breakout!
Bitcoin Cash witnessed a staggering 200% price surge in June, drawing significant attention from traders and investors alike. However, following this astronomical rise, a downtrend correction ensued, with Bitcoin Cash now finding support at the $180 mark, priming it for a bullish spike that’s contesting the resistance trend line.
Currently, Bitcoin Cash is oscillating between two pivotal Fibonacci levels: 61.80% and 38.20%. The breakout direction from these levels will be a decisive factor in predicting Bitcoin Cash’s future price trajectory.
Bitcoin Cash is sculpting a potential double bottom pattern, taking root from the $180 mark. This setup suggests a reversal is on the horizon, aiming to challenge the short-term correction resistance trend line. A successful breakout could propel Bitcoin Cash beyond the 38.20% Fibonacci level.
Currently, the BCH price trades at $195, with an intraday growth of 0.76%, displaying a potential rounding reversal before reaching the 200-day EMA. Moreover, the price action displays multiple Doji candle formations that increase the likelihood of a bullish breakout.
Shifting our focus to the technical indicators, the RSI presents a bullish divergence in alignment with the double bottom pattern, indicating an undercurrent of positive momentum. Furthermore, the MACD and its signal lines sustain a bullish stance with similar divergence and dodge a potential bearish crossover.
On inspecting the exponential moving averages in the daily chart, a conspicuous sideways trend becomes evident between the 50 and 200-day EMA. This lateral movement signals caution, as a looming death cross might materialize if the BCH price dips beneath the crucial $180 support threshold.
Will Bitcoin Cash (BCH) Price reach $300?
On the bullish front, Bitcoin Cash exhibits substantial potential for growth, with a target of $300 being feasible upon a breakout above the $228 mark, a level that coincides with the 38.20% Fibonacci retracement.
Conversely, if the price of BCH can’t hold on to $180, a major level that aligns with the 61.80% Fibonacci level, it could tumble down to $150 or even as low as $100.
The tug-of-war between these Fibonacci levels will indeed play a pivotal role in the BCH price trend in the near term.
With A Downtrend With Ranges, Will BNB Price Breakout To Cross $260?
Breaking under the $300 psychological mark, the BNB coin price struggles to find a solid footing to hold the falling prices. Leading to multiple support levels and a consolidation range breakout, the Binance coin price is under solid pressure from the resistance trendline.
Currently, the BNB price trend enters a sideways alley between $200 and $230 with the resistance trendline in action. Will buyers manage to push the Binance price higher within the range for a breakout?
With multiple bearish forces in play, BNB price action drops to $215, a 38% drop within five months. Creating lower high formations with the resistance trendline in play, the recent rejection warns of a downtrend continuation below $200.
On a positive note, the Binance coin price maintains a sideways trend following the 6% drop in late August. With a display of buying pressure at the demand belt slightly above $200, the chances of a bullish reversal shine brighter.
Coming to the technical indicators, the MACD lines and the daily RSI line support the demand at $200 and signal a bullish divergence in the last two dips.
Considering the buyers manage to break above the resistance trendline leading to the range breakout, BNB price is set to skyrocket. Surpassing the $230 zone, the breakout rally will propel the Binance coin price higher to $260.
On the other hand, if Binance Coin closes below $200, it will be a bearish crash. We could see a correction phase that takes us all the way down to $185.
Are Chainlink Sharks Gearing Up for a Major Move? LINK Price Breakout on the Horizon?
Chainlink (LINK) price action has been a challenging puzzle for crypto analysts as it continues its horizontal consolidation. Despite predictions of a breakout, the sideways movement that began in May last year persists. As per the latest crypto market data from Coingecko and Tradingview, Chainlink (LINK) has seen a 7.04 percent increase since September 5th, trading at approximately $6.38 during the early Asian session on Thursday.
Additionally, Chainlink has witnessed a substantial 33 percent spike in its average daily traded volume, reaching about $187 million. Meanwhile, the Chainlink network boasts a fully diluted valuation (FDV) of approximately $6.36 billion and a market capitalization of roughly $3.42 billion.
Santiment’s Chainlink Shark Accumulation Report
Market intelligence platform Santiment has conducted an on-chain analysis of Chainlink (LINK), revealing intriguing insights into accumulation patterns. According to Santiment, accounts holding between 10,000 and 100,000 LINK tokens have been actively accumulating. Notably, there are now 3,127 Chainlink accounts in this category, marking the highest level since December 3, 2022.
Santiment’s analysis also shows that Chainlink sharks, referring to larger holders, have added LINK tokens worth $9.6 million in the past three days. Consequently, Chainlink sharks collectively hold 0.154 percent of the entire circulating supply. Moreover, there has been an increase of 98 new Chainlink wallets holding between 10,000 and 100,000 LINK tokens since September 3rd, representing a growth of approximately 3.2 percent.
Will A Channel Breakout Boost LINK Price By 15%?
Maintaining a sideways trend in the weekly chart, the LINK price action gives many trading and hoarding opportunities. With buyers ready to catch the dip and the active at higher levels, Chainlink price movement is within a range.
The 4-hour LINK price chart displays a decline for the past two months, leading to a 30% drop to $5.85 and a falling channel pattern. However, the LINK price gives the falling channel breakout as it reverses from the $5.85 crucial support level.
Accounting for a 6% jump leading to the channel breakout, the LINK price challenges the overhead resistance at $6.25. This sudden spike misses the alignment with Swift’s successful experiment with Chainlink’s CCIP to advance blockchain interoperability.
Nevertheless, the news remains a big achievement for the Chainlink team and increases the chances of Chainlink’s global adoption.
Currently, the LINK coin price trades at $6.14, with a loss of 1% in the last 24 hours, leading to the retest. Therefore, the buyers can find a retest entry opportunity at the current market price.
The RSI indicator approaches the overbought boundary. Meanwhile, the MACD indicator displays a positive crossover.
With the channel breakout, the chances of LINK surpassing the $6.85 mark have increased significantly. However, a successful post-retest reversal is a must. A trend reversal can drive the Chainlink coin price higher to the $7 mark.
On the flip side, a rejection at $6.85 can nullify the bullish framework and prolong the bearish continuation. Potentially, the downtrend can reach the $5.66 mark upon $5.85 breakdown.
Bitcoin May Remain Consolidated Throughout 2024- Here’s When BTC Price May Undergo a Breakout
The bitcoin price is plunging! The bulls are constantly failing to restore the lost levels, as they appear to be pretty weak comparatively. The volume and volatility remain at ground level, due to which the price is stuck within a very narrow range. Presently, the star crypto is trading just below $25,800, displaying enormous chances of visiting the interim support close to $25,000.
Can this be an opportunity to trigger a fresh bullish wave?
In the short term, the price appears to be under the extreme influence of the bears, as the technicals are not in bullish favour. With a minor jump, the price is facing a quick pullback, compelling the price to reclaim its initial position. While the traders expect a notable upswing after the prolonged consolidation, it may be yet another fake upswing.
A popular analyst, pseudonymously called Dave the Wave, believes that the Bitcoin price may undergo a bullish breakout before 2025.
As per the analyst, the halving may not play any major role in propelling the price high but may act as a catalyst for a short-term rally. The price has traded along the logarithmic growth curve and always exploded after reaching the monthly peak. Hence, the analyst believes that the price could remain stable throughout 2024.
In the short term, the Bitcoin price is believed to plunge and reach the lower support level of close to $25,000 initially. An extended period of bearish pressure may also drag the price lower to $24,800, which may be the new 2023 low. However, a notable rebound may follow that may kick start the recovery phase towards $28,000 which may be extended to $30,000 by the mid of Q4, 2023.
With Trendline Breakout, Will XLM Price Ready To Cross $0.14?
Trading at a discount of $37% discount from the 2023-high of $0.1959, XLM price trades at $0.12269 with an ongoing recovery. Bouncing back from the 200-day EMA, the XLM price action displays a bullish double-bottom reversal, leading to a breakout rally that may soon propel the Stellar Lumens market value to new 2023 heights.
Furthermore, the recovery rally clears the clouds of a looming death cross as it improves the 50-day EMA trajectory.
Between the 50 and 200-day EMAs, the XLM price trend reflects a solid bounce back, breaking above the resistance trendline. With a 7.67% jump within the last 48 hours starting from the morning star formed at the 200-day EMA, XLM price exceeds the 50% Fibonacci level.
Retracing the price trend, the breakout rally can shortly reach the $0.1425 mark to challenge the supply belt. Moreover, the supply belt coincides with the 23.60% Fibonacci level, making the face-off more noteworthy.
What’s Next For Stellar (XLM) Price?
The double bottom reversal in XRP price approaches the neckline at $0.1425, coinciding with the 23.60% Fibonacci level. If things go as planned, this price jump will account for a 15% jump.
Optimistically, the XLM price may break above the $0.1425 supply belt to reach the $0.20 mark to create a new 2023 swing high.
On the flip side, if the uptrend breaks below the 200-day EMA, the XLM prices can plunge to the $0.094 mark.
Beware of Fake Bitcoin Breakout Amid ETF Approvals, Warns Analyst
The Bitcoin price has experienced a sharp decline, dropping below the $26,000 mark. Known for its unpredictable price swings, this infamous cryptocurrency is currently facing significant volatility, which has dampened its promising start-of-year bull run. However, it falls notably short of recovering even half of its highest value from the previous year. As a result of a substantial increase in supply at the $30,000 threshold, Bitcoin’s value is now undergoing a consolidation phase, hovering within the $25,000 range.
What lies ahead for you, the investor? Let’s read on.
Market Remains Optimistic But Cautious
The market’s optimism surrounding potential Exchange-Traded Fund (ETF) approvals for Bitcoin is juxtaposed by a stark warning from DonAtl. This industry expert cautions that Bitcoin bulls could be walking into a trap if a spot-based Bitcoin ETF gains regulatory approval. In a recent strategic analysis, DonAtl astutely notes that sellers might seize upon the ETF approval as an opportune moment to unload their Bitcoin holdings. This move could bring more turmoil than prosperity in a short span of time.
DonAtl’s concerns revolve around the possibility that even without an ETF rejection, the market’s course could shift. This scenario raises two possible outcomes: an unprecedented decrease in price or a wave of unfavorable news. Though the precise result remains uncertain, the inherent vulnerabilities of the market do raise legitimate concerns.
Read More: Bitcoin Price Prediction: Can BTC Reach $50,000 in 2023?
Two Scenarios Emerge
In a scenario where the ETF secures approval, it’s projected that the price might only manage to ascend to a range of $32,000 to $35,000, owing to the current market frailty. Conversely, if the ETF is rejected, the price could plummet to the range of $20,000 to $19,000.
Glimmers of Hope
Amidst the prevailing uncertainty, there are glimmers of hope. Recent positive developments include substantial investments from Blackrock and Valkyrie into mining firms, as well as a multitude of Bitcoin and Ethereum ETF applications. The launch of live ETFs in Europe, crypto initiatives in Hong Kong, and a significant Bitcoin investment by Oman contribute to the growing positive sentiment.
Read More: SEC Closer to Approving Bitcoin ETF? Marathon CEO Says Chances Have Crossed 50%
Adding to the optimism are the approaching deadlines for Bitcoin ETF applications by industry giants Blackrock and Grayscale’s GBTC, scheduled for September 1st. These deadlines have sparked expectations of a potential market resurgence. Additionally, the possibility of SEC delays in ETF approvals could lead to a period of market stabilization.
Crypto Market Update: Potential for Macro Bullish Breakout Amidst Short-Term Bearish Trends
The cryptocurrency market continued to trend in a bear market during the early Asian and London sessions on Monday. According to the latest crypto price oracles, Bitcoin price was retesting the support level around $25.9k after closing last week on a Doji candlestick. Bitcoin’s horizontal accumulation that began mid-March this year is on the verge of being invalidated with a downtrend breakdown.
Nonetheless, popular digital asset analyst Michael Pizzino argued in a YouTube video that the crypto market is fast approaching the macro bullish breakout after a major accumulation.
Pizzino’s Take on Top Digital Assets
According to the analyst in a video shared on Monday, the Bitcoin market has issued a massive bull signal despite the short-term bearish outlook. Notably, the analyst compared the current Bitcoin price retest below $26k to the 2015/2016 accumulation and breakout that yielded a massive rally. Pizzino noted that Bitcoin price is likely to drop further towards the $24k level if the current support zone around $26k fails to hold in the coming days.
Similarly, the analyst expects Ethereum (ETH) to trend closely with Bitcoin price action in the coming weeks. Notably, Pizzino expects top digital assets to register a 50 percent drop from the bear market rally top, thus arguing ETH price could hit $1600 soon.
As for Solana (SOL), Pizzino expects the short-term weakness to push the asset toward $18 after the digital asset failed to rally beyond the pre-FTX levels. Nevertheless, the Solana ecosystem is significantly bolstered by its vibrant DeFi ecosystem with about $310 million in total value locked (TVL).
DOT Price Analysis: Back At The Base, Will DOT Price Reverse To Reach Breakout Velocity?
With the declining , DOT price falls drastically to form a descending triangle pattern in the 1-day chart. The minimal YTD growth in Polkadot is a result of this triangle pattern.
The solid use case and development activities, with USD Coin from Circle soon to be available on Polkadot project a bullish future.
Following the consolidation between $4.98 and $5.53, the DOT price action gives a bearish breakout to test the $4.29 mark. The plunge completes the negative cycle within the triangle and brings the possibility of a bullish reversal.
Supporting the bullish thesis, the DOT price action forms a double bottom pattern at $4.29 with strong lower price rejections. Moreover, the $4.29 support level has been critical in 2023 to provide crucial bounce backs and absorb the spike in supply inflow.
Sharing a similar picture to the rest of the market, the daily RSI line displays a bullish divergence. However, the declining EMAs will prove to be an obstacle in the recovery rally.
Despite a single-digit YTD growth, Polkadot sets a bullish launch to launch a moonshot. The positive cycle can rechallenge the overhead resistance trendline slightly above $5.
Optimistically, if the reversal rally breaks above the triangle, the DOT price can jump to $6.30.
On the flip side, a bearish breakdown of $4.29 will plunge the DOT price to $2.27.
Ethereum’s Bullish Breakout Looms As Exchange Reserve Hits 5-Year Low! Where’s ETH Price Heading Next?
After the market downturn, Bitcoin experienced a decline of over 10% from its crucial $28K mark, with Ethereum reflecting a similar pattern. Presently, despite being aware of the upcoming launch of Ethereum futures ETF in October, both investors and large-scale holders are actively liquidating their holdings. Yet, a promising metric remains that is bringing confidence, suggesting Ethereum could be on the brink of a breakout.
Bullish Signal For Ethereum As Exchange Reserve Touches 5-Year Low
As per Coinglass, traders are consistently offloading their positions, even during slight upticks. In just the past two days, positions worth over $10 million were liquidated, with bullish traders accounting for approximately $6.5 million of that amount. This indicates that Ethereum could encounter significant sell-offs if it tries to climb from its current level, potentially keeping the price confined within a specific range.
However, there’s a bullish metric that is holding promises of a breakout in the ETH price. Data from CryptoQuant reveals that the Exchange Reserve metric has been declining steeply this year, now reaching its 5-year low of 148 million ETH. This level was previously reached on 6 August 2018, when the Ethereum price was trading around $400.
The graph above illustrates that Ethereum’s exchange reserve experienced a decrease in 2021, but the decline became more pronounced in 2022. The metric in this context is the “all exchanges” variant, getting data from both spot and derivative trading platforms.
When this metric rises, it indicates holders are moving their coins to exchanges, likely to swap ETH or cash out. This can increase the asset’s selling supply, potentially driving prices down. Conversely, a decrease suggests reduced selling supply, indicating holders are accumulating and remain bullish on Ethereum. Despite low prices, more ETH is being bought and withdrawn from exchanges, intensifying the supply shock, a bullish scenario for Ethereum.
What’s Next For ETH Price?
Ether’s recovery is facing significant resistance at $1,695, suggesting that sellers are still active and taking advantage of small price surges. However, buyers continue to defend the $1,645 level strongly. As of writing, ETH price trades at $1,656, declining over 0.7% in the last 24 hours.
A weak rebound often points to a lack of energy from buyers. This increases the possibility of an immediate decline below the strong support. If the price decreases and falls below $1,645, it would indicate the continued dominance of the bears. Following this, the ETH price might approach the recent low of $1,550.
On the other hand, if the price surges from its present position and surpasses the upward trend line at $1,700, it could signal the beginning of a strong recovery. The initial target might be above the 50-day EMA at $1,720. If the price goes beyond this, it could aim for $1,860.
DOGE Price Analysis: Will Dogecoin Ignite A Rally in Memecoins With $0.065 Breakout?
In the ongoing correction, Dogecoin falls 25% in value in just 23 days, reaching the bottom support level of $0.60. Falling around 20% last week, the crashing markets fueled the negative cycle in Dogecoin, breaking multiple support levels.
However, the meme coin finds support and hatches a reversal plan to reboot a bull run.
Dogecoin Sellers Dominate The 1-Week Charts
In the 1-week chart, Dogecoin presents a sharp downtrend within a falling wedge since November 2022. Completing the recent negative cycle, the lower price rejection from the support trendline and buoyancy above $0.060 teases a sharp upcycle.
Moreover, the reversal rally can challenge the overhead resistance trendline moving along with the 50-week EMA. In the case of the confluence resistance breakout, Dogecoin is set to embark on a solid bullish path.
DOGE Buyers Hatch A Reversal Plan
Following the drastic crash last week, the DOGE prices manages to avoid a downfall at $0.060. Dogecoin forms a double bottom pattern in the 4H chart, leading to a sideways trend, teasing a potential reversal.
With a neckline at $0.065, the breakout rally can improve the meme coins sentiments and helps an overall sectorial betterment. The breakout rally will likely face the 50-day EMA before challenging the $0.070 mark.
On the flip side, a bearish continuation will lead to a $0.060 breakout dropping Dogecoin to lower levels. As per the Automatic Fibonacci trend retracement, the support levels after the $0.060 breakout are present at $0.056 and $0.053.
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.
Bitcoin Looms Within Pivotal Range; Here’s Where it May Land After a Breakout
Bitcoin price continues to remain within a contracted range even though it received a bullish push. The token underwent a minor upswing and has landed in a decisive range that may trigger a healthy upswing if it manages to achieve certain levels. On the other hand, the price is also experiencing equal pressure on both ends. This may compel the BTC price to remain within a narrow range without testing either of the levels, avoiding bearish interference.
After the recent upswing, the price has entered a bullish range that carries the possibility of rising above $30,000 in the short term. However, on the other hand, the token appears to be repeating the previous pattern, which does not appear to be in bullish favour. Hence, despite the price being primed to soar above $30,000, a deep bearish trend could drag it below the pivotal support.
Presently, the price appears to be in the middle of the descending channel. It also indicates the probable end of the correction phase, which could trigger a fine rise towards the upper resistance just above the $30,000 level. The bulls are expected to weaken here, compelling the price to trade sideways around these levels for a while. With no fresh buying pressure coming in, the price may eventually face rejection and drop back towards the lower support of the channel.
It may appear to be an extended bearish action, but in reality, this dump is much needed to attract the bulls, who may lift the price beyond the bearish influence. Therefore, a drop towards $28,000 to $27,000 could pour in the liquidity required to trigger a strong rebound. This upswing may not only help the price reclaim the $30,000 level but also lift the price beyond the crucial price zone of around $30,400.
Collectively, the Bitcoin price may certainly trade under a bearish influence in the short term, but in the longer perspective, it appears to be preparing for a fine bull run.
Cardano Price Analysis: Experts Predicts ADA Price Breakout Fueled By Whale Accumulation
One of the top smart contract-based blockchains with more than $177 million in total value locked (TVL), Cardano (ADA), has recorded an exponential rise in on-chain activity YTD. Despite being under the radar of the United States Securities and Exchange Commission (SEC) for failing to comply with the securities act, the Cardano ecosystem has continued to thrive in DeFi protocols and also its stablecoins sector.
As a result, on-chain intelligence platform Santiment has concluded that the Cardano network is poised for greater success based on increased whale adoption.
Specifically, Santiment highlighted that there are more than 25,294 Cardano wallets with over 100K ADA, the highest since April 2022. The heightened Cardano whale accumulation has happened despite the ADA price dropping approximately 2.3 percent YTD in a macro accumulation.
Cardano (ADA) Price Action
According to a U.S.-based crypto analyst Ali_charts, Cardano’s (ADA) price could be following the same price action as the pre-2021 crypto bull rally. Notably, Since ADA’s price hit its 2022 bare rock bottom in December, the digital asset has accumulated horizontally to date. With a possible double bottom and a rising divergence of weekly RSI, Ali_charts is convinced ADA price will retest again the support before rallying to a bullish breakout early next year.
If the Cardano (ADA) maintains the $0.46 to $0.24 range until early next year, the analyst argues a new ATH will be imminent in the subsequent months for the patient holders.
Is it a Good Time to Buy XRP; When Will the XRP Price Trigger a Bullish Breakout?
The crypto markets nowadays have become passive without manifesting any significant price action. The volatility has again dropped to ground level after experiencing a minor upswing in recent times. Primarily, Bitcoin continues to remain stuck in a minor region, which has compelled the entire crypto space to remain indifferent.
In the meantime, the XRP price is displaying chances of undergoing a bullish breakout, which may even attract huge profits. The current trading setup indicates the price is on the edge of prolonged consolidation. This breakout could to attract massive profits, which may even range to a 3-digit figure too.
The XRP price is currently retesting the major trend line from 2022, which suggests a bullish rebound could be fast approaching if the bulls display some strength. This trend is also a part of the ascending parallel channel on the daily chart, which strengthens the support. Besides, the price is also supported by a strong 0.618 FIB retracement on the LOG scale. Therefore, the current levels can turn out to be a good buy time for XRP.
But Why?
Considering the volume, it can be seen that the bullish volume has been prevailing strongly since the 2022 drop despite the bearish influence. Therefore, it may be a positive indicator of the XRP price. From the Elliott wave perspective, it is a really strong setup. The price has a 1-2-1-2 nest, which is a bullish case. Hence, with the 3rd wave, the price may trigger a healthy upswing towards the higher targets.
Interesting Read: XRP’s Security Status: Attorney Deaton Offers Insight Amidst SEC Appeal In Ripple Vs SEC lawsuit
Now that XRP has partially won the lawsuit against the SEC, it doesn’t mean the impact has faded, but a steep jump may be fast approaching. However, the new developments in the lawsuit are in the bull’s favor, leaving no reason for the token to maintain a descending trend ahead.
Therefore, the XRP price could to trigger a fine upswing once it successfully retests the interim support at $0.6210, which may pave the way for a healthy upswing to reach the 1 FIB level at the yearly highs at $0.93.
LTC Price Analysis: Rising Hashrate With LTC Price Contraction Hints at Imminent Breakout!
In the 4-hour chart, the LTC coin price falls in a bearish channel leading to a 27% drop in the last 40 days. In short, Litecoin prices dropped to the $80 support level from the height of $113. Currently, the prices remain sideways for the past seven days, staying afloat at $80.
Moreover, the bullish attempt to start a positive cycle in the falling channel faces rejection at the 50 EMA. This contraction in LTC price traps the trend momentum teasing a potential breakout rally of high momentum. However, the breakout side is still questionable.
In a recent tweet from Litecoin, the recent network statistics provide strong evidence for a bullish outlook on the cryptocurrency. The robust hashrate of 908.5 TH/s is indicative of a secure and thriving network, with increased mining activity reflecting confidence in the coin’s future.
The block height, now at 2,524,545, continues to grow, marking the network’s ongoing development. The difficulty level, although ambiguously stated as 26,65, is a key metric that adjusts to maintain the network’s integrity.
The overall uptrend in the daily chart also faces bearish pressure with the ongoing correction phase. Moreover, the death cross possibility in teh daily chart increases, threatening a bearish fallout of the channel.
Considering the buyers fail to hold dominance at $80, the LTC price will challenge the $72 mark.
On the positive side, a bullish reversal breaking above $85 can fuel the breakout rally and pump the LTC price to $95. If the breakout rally sustains momentum, the uptrend can reach $103.
Dogecoin Price Analysis: Is This Ultimate DOGE Price Breakout To Surpass $0.10?
With a remarkable bull run of 26.22%, as a positive cycle in a long-term falling channel, the Dogecoin price reaches the $0.08 mark. However, an early reversal leads to a correction phase in DOGE prices, plunging the meme coin to $0.073.
Holding the bear frenzy at $0.073, Dogecoin buyers absorb the extensive selling pressure and start a reversal rally.
With a double-bottom reversal at $0.073, the Dogecoin price challenges the short-term downtrend and projects a potential breakout rally. Moreover, the recovery rally forms three consecutive bullish candles, signaling a triple white soldier pattern.
The 3.36% recovery in the DOGE coin increases the double bottom breakout with a neckline at $0.0758. Additionally, the high trading volume and improving sentiments fueled the breakout phase.
The MACD indicator shows the MACD and signal line ready for a bullish crossover as the bearish histograms decline. Furthermore, the RSI line resurfaces above the halfway line reflecting a resurge in bullish sentiments.
Currently, the DOGE prices trade at $0.0759, and closing above the neckline or the resistance will set a bullish setup for the coming days.
Also Read : Dogecoin Price Analysis: Analyst Maps Entry Levels For DOGE Price
Considering the DOGE prices manage a closing above $0.0763 in the 4-hour chart, the meme coin will signal a triangle breakout. Optimistically the breakout rally will shoot the Dogecoin prices to $0.0811 before the weekend.
Moreover, the triangle breakout rally can challenge the long-coming resistance trendline fo the falling channel. If the spike in buying pressure overcomes the supply incoming at the overhead trendline, DOGE prices are ready to skyrocket above $0.10 this month.
On the flip side, a reversal within the triangle will retest the bullish dominance at the $0.073 level.
ALGO Price Analysis: Triangle Breakout Marks Grand Bullish in Algorand Price!
Despite a declining trend, ALGO prices are down 96.62% from the all-time high of $3.28. However, the remarkable buying pressure at the psychological mark of $0.10 led to solid bottom support.
ALGO price action formed a descending triangle pattern with constant resistance from the 50-day EMA and the resistance trendline. However, the multiple bouncebacks from the $0.10 mark, with the bullish divergence in the RSI line, finally led to a bullish breakout.
The recent 4.96% jump in ALGO prices following the morning star pattern at the $0.10 mark marks a bullish triangle pattern breakout. Moreover, the surge in the trading volume supporting the breakout candles projects a prolonged uptrend.
The technical indicators maintain a bullish standpoint for the upcoming ALGO price trend. The daily RSI line maintains an uptrend with the bullish divergence and preps to cross the halfway line. Similarly, the stochastic RSI lines maintain an uptrend following the bullish crossover.
The triangle breakout marks an unleashing spot of the trapped momentum that might continue to push the ALGO prices for the rest of the week. The bullish rally might face resistance at the confluence of the 50-day EMA and 23.60% Fibonacci level at $0.1225.
Optimistically, the breakout rally can reach the 50% Fibonacci level at $0.1414.
On the flip side, a retest phase of the bullish breakout is possible with an early reversal.
Bitcoin Stuck at $29,000-Here’s When You Can Expect a Bullish Breakout beyond $30,000
The weekend trade remained largely stagnant as volatility dropped to its lowest levels as the price failed to rise during the weekend trade. The crypto volume has been plunging for nearly a week now, due to which the prices of the majority of tokens have been stuck in a range. Amid the speculation and perceptions, below are a few factors that indicate the possibility of a bullish breakout in Bitcoin.
The Bitcoin (BTC) price has entered strong consolidation levels and is trading around $29,000, leaving market participants perplexed about the next move. Meanwhile, some of the factors are hinting at a possible upward movement, which may lift the price beyond the bearish captivity.
Firstly, the Bitcoin network has registered an improvement in network activity as a notable rise in new addresses has been witnessed. During the recent drop from $32,000 to $29,000, the number of new addresses has surged from around 632,000 to as high as 750,000 addresses per day, indicating a rise in adoption levels.
Besides the other indicators like MVRV, aSOPR, Puell Multiple, Reserve Risk, etc., they are flashing bullish signals, which indicates the ongoing price action could be only a minor pullback, subjected to a flip.
Besides, one of the major bullish events is fast approaching the BTC price as it is about to undergo a ‘Golden Cross’ in the 3-day chart. One of the popular analysts, Tradingshot, discovered a possible bullish scenario that is fast approaching the crypto markets. BTC is about to witness a golden cross.
This event occurs whenever the 50-day MA line crosses the 200-day MA line and heads toward the north. This crossover is a positive signal for the crypto space as the Bitcoin price may explode significantly. The analyst noted that the price could shoot up finely and in a year’s time, the price may even test the current ATH at around $69,000.
Bitcoin Price Analysis: Analyst Observes Strong Correlation with November 2022 Fractal, Foresees Breakout
In the past two weeks, Bitcoin’s price has managed to cling onto its support level at around $29.1k, with occasional dips below $29k in highly volatile sessions. After reaching its peak for the year on July 13, following the SEC vs. Ripple case ruling, Bitcoin has been on a downward trajectory, leading many traders and analysts to adopt a bearish stance in the short term.
They anticipate a potential recovery only upon retesting a macro-rising trendline. However, amidst this cautious sentiment, some crypto analysts have retained optimism about a possible Bitcoin revival in the coming days.
Crypto Analyst Jelle’s Take on Bitcoin Price Action
One such optimistic voice is crypto analyst Jelle, who suggests that Bitcoin’s price action may be mirroring a similar fractal trading pattern to the one observed after the November 2022 consolidation. During that period, Bitcoin experienced a substantial breakout, propelling its value towards $30k.
Jelle argues that if the current price action continues to follow this fractal setup, we might witness another significant breakout over the weekend. In the short term, Jelle expects Bitcoin to surpass its former resistance level and reach $32.8k. However, it is essential to note that this scenario could be invalidated if the falling trend persists in the coming days.
Mid-Long Term Outlook: Waiting for the Halving Event
Regarding the mid-long term, Jelle foresees Bitcoin’s price consolidating until after the next year’s halving event. The upcoming halving, which is expected to occur at a later date, has been a historic trigger for macro crypto bull rallies in the past. Hence, Jelle believes that this event could be the catalyst for the next significant price surge in the cryptocurrency market.
Throughout this uncertain period, Jelle emphasizes that any purchase made below $30k has the potential to yield profitable returns in the coming years. This advice is geared towards investors with a long-term perspective, who might see the current market conditions as an opportunity to acquire Bitcoin at a relatively low price.
Conclusion
With Bitcoin’s price showing resilience at the $29.1k support level and analysts expressing contrasting viewpoints, the cryptocurrency market remains uncertain. While some traders remain bearish in the short term, others like Jelle continue to hold a more optimistic outlook, pointing towards potential breakouts and long-term gains. As the market progresses, investors and traders will keep a close eye on the price action to ascertain the cryptocurrency’s next move.