In the last few weeks, it has been made evident that the Bitcoin bulls are aiming to seize complete control of the market; nevertheless, we have not yet seen a particularly significant pump, and industry professionals continue to compare the year’s performance to that of 2019.
150% Pump Before July?
George Tung, an expert in cryptocurrencies and a popular YouTuber, has forecast that the price of Bitcoin would skyrocket by 150% in the next three to four months, taking it to a total of $50,000. A similar trend was seen in 2019 when Bitcoin’s price skyrocketed from $3,600 to $14,000 in the space of only a few short months.
Tung believes that 2023 is showing tendencies that are almost the same as those seen in 2019, and he is convinced that the king cryptocurrency will have a large increase before July, just as it did in 2019.
As for Bitcoin, the fact that the king coin was able to recover after hitting the $22,800 support level on February 1 suggests that bulls are buying declines to this level. On February 2, the bulls were able to drive the price higher, over $24,000, but they were unable to maintain those higher levels.
Moving averages that are climbing higher and a relative strength index (RSI) that is in the overbought zone both suggest that the route of least resistance is upwards. The price of bitcoin may reach $25,000 if it moves higher from where it is now trading, which is $23,400. It is quite probable that this level will serve as a challenging obstacle.
A break and closure below the 20-day exponential moving average, which is now at $22,279, would be the first indicator of weakness in the market. This might cause the stops of a number of short-term traders to be triggered, which would result in the token falling to $21,480.
As a crypto enthusiast, what do you make of the current market conditions for Bitcoin? Will it reach $25,000 as predicted, or will it face some roadblocks along the way?
The past weekend was pretty bullish for the entire space as the Bitcoin price broke out of the consolidation and formed a new ATH above $24,000. Woefully, the trend has flipped notably as the bears appear to have gained dominance and attempting the cap the upper resistance at $23,500. Hence the BTC price is stuck between $23,400 to $23,500 for a couple of days which is expected to break in the coming week.
Bitcoin (BTC) Golden Cross in Short-Term
Bitcoin price after a notable jump since the beginning of 2023, uplifted the 50-day MA levels. These levels may soon cross over the crucial 200-day MA levels which indicates the ‘Golden-Cross’ event to occur during the weekend.
The bullish crossover is expected to uplift the price back above $24,000 initially and may even assist a rally beyond $25,000 if the bears remain passive.
Bitcoin (BTC) Death Cross in Long-Term
In the longer-time frame, massive bearish signals have been flashing for the Bitcoin price as the rally is prone to strike a ‘Death Cross’. Moreover, the price is expected to undergo the very first weekly-death cross since its inception. Hence, it is assumed to have a larger impact on the BTC price which may even drop back to the previous support or even lower if the bearish action intensifies.
Considering the present trade set-up, the Bitcoin price may rebound from the current levels and regain levels above $24,400. However, in the longer time frame, the BTC price rally appears extremely bearish, primed to shed more than 90% of its gains.
The largest altcoin, Ethereum (ETH), saw a rally of over 30% during the first month of January. As a result, Ethereum opened February with a 10% increase and is currently trading around $1,666. On-chain data suggests that a significant number of ETH holders have been taking profits after a tumultuous 2022.
According to Coinglass, approximately $34 million has been liquidated in the Ethereum market in the past 24 hours.
The upcoming Shanghai upgrade, which will allow for the withdrawal of staked Ethers, is expected to lead to increased sell pressure both before and after the event. Additionally, staked ethers have been locked for the past two years and some validators may choose to take profit.
Taking into account these and other on-chain factors, Santiment predicts that Ethereum holders should be prepared for a challenging February, with the possibility of a reversal.
Ethereum: Price Action Analysis
According to on-chain intelligence firm Santiment, the Ethereum bulls have weakened in the past few weeks as more traders continue taking profits.
“…. as profit-taking intensifies, the alt might be gearing up to shed some (if not all) of its gains in February. A look at ETH’s Aroon Indicator on the daily chart revealed that bullish sentiment has weakened significantly in the past few weeks,” Santiment noted
Notably, the Aroon Up line was spotted at 21.43 percent, and the uptrend momentum tends to weaken as the indicator approaches zero. As such, Ethereum’s price could end up wiping out gains accumulated in January during this month.
Additionally, Santiment has indicated that the demand needed to keep the Ethereum price rallying further has been diminishing in the past few weeks. Nonetheless, the Ethereum developers continue to build DeFi protocols for users to interact with including GameFi.
Bitcoin Bulls & Bears Clash For Conquest-Will BTC Price Rise towards $24K or Drop Below $22,500 Today?
The uncertainty within the crypto space has yet again increased after a relief of a few weeks, as the Bitcoin price crashed hard below crucial levels. The increased bearish action is currently signaling that the rally could re-test the interim support at $22,500. Meanwhile, the bulls appear to hold enough strength and momentum required to withstand the bearish pressure.
However, it would be incorrect to say that the bulls could continue like this for much longer- they are expected to get exhausted soon and that may spark a fresh decline in the prices very soon.
The BTC price has surged from $16,500 to as high as $23,900 since the beginning of 2023. The 40% price rise appears to end soon as the 3 main bearish factors have emerged. Here’s what they are:
- Bitcoin completely overshadowed the price rise that marked the yearly highs on 20th January 2023 and dropped to the levels below during the next trading day. This is a clear indication of a bearish reversal, popularly known as bearish engulfing which begins at the end of the rally.
- The Relative Strength Index (RSI) has displayed an inclination towards the south and slipped below the January 14 levels. However, in the meantime, the BTC price continued to rise and this gap usually results in trend reversals, favoring bears.
- Lastly, the MRI or the Moment Reversal Indicator which is a time-based indicator that speculates the end of the trend based on the momentum of the price movement has breached the BTC price in the daily chart. However, it still continues to hover within a crucial area wherein a bullish flip may be expected. But in case, the levels drop towards the south, a notable bearish case may be validated.
Presently, the Bitcoin bulls are trying hard to hold the price levels above the crucial support and a failure may spark a fresh bearish trend. The price may continue to dive lower until the sell-off subsidizes offering an opportunity for the buyers to accumulate. Besides, the FOMC meeting which is scheduled to take place in the following days is believed to induce bullish momentum to rise the price beyond $24,000.
Therefore, the next 24 to 48 hours appear to be extremely crucial for Bitcoin and the entire crypto space.
Dogecoin price appears to be preparing to go to the moon as the Tesla & Twitter CEO, Elon Musk is yet again promoting DOGE adoption. While most of the altcoins are rallying by more than 100%, the Dogecoin rally has been restricted below 40%. As the rally has been trading flat for nearly 10 days, the bulls appear to have been accumulating strength.
The DOGE price is always boosted by Elon Musk’s mentions, and a similar effect is expected in the coming days. Musk earlier had offered McD, the world’s largest food giant to accept payments in DOGE, and in turn, he would enjoy a Happy Meal on TV. Undoubtedly, this has a minor impact on the DOGE price as the bulls are preparing for a giant move ahead.
After DOGE/USDT price marked the lows somewhere in June 2022, it continued to produce higher highs. The price has accomplished its second cycle and after marking the lower bottom is believed to rise significantly by more than 150% over the next couple of months. The technical indicators like MACD, and RSI are slowly turning bearish in the daily time frame and hence a minor pullback could be feasible.
However, unless and until the DOGE price sustains above $0.066 which is the bottom marked in the last few days of 2022, the hope for a notable upswing could prevail.
World’s largest meme token Dogecoin (DOGE) is seeing some huge bullish action right now. The Elon Musk-loved token has increased by about 9% in the past seven days at the time of writing and 2% in the past twenty-four hours.
It should be noted that even before the current surges in prices, DOGE had been seeing a pretty decent increase. However, it took a brief break and tumbled by over 5%, then quickly, the bulls regained control.
Tesla Quarterly Earnings Report On the Horizon
This recent price activity occurs at a time when Elon Musk’s Tesla is ready to publish its quarterly earnings report for the fourth quarter of 2022.
It is interesting to note that Elon Musk said that Tesla did not sell any of the DOGE holdings on the results call for the second quarter.
Moreover, it is a well-known fact that both Tesla and Elon Musk adore Dogecoin. The crypto advocate even made it possible for people to purchase electric vehicles using the meme token. Also, his other company Twitter is eventually going to integrate the token as a payment method for its Twitter Blue subscription.
Dogecoin Short-Term Price Prediction
The current price of one dogecoin is $0.0088. A possible indication that the uptrend in DOGE has finished may be seen in the Relative Strength Index (RSI), which compares recent price levels to those of the past to foretell when a market may change direction.
A break over the $0.095 liquidity barrier might render the current downtrend null and void. If the price makes a new high, the current uptrend may continue for a little longer. The $0.10 threshold represents a significant psychological barrier and is thus likely to be the next point of resistance. If the bullish scenario comes to pass, the price of Dogecoin would see a rise of 20% before the middle of 2023.
Notably, DOGE’s on-chain signals are mostly bullish, as shown by data from IntoTheBlock.
As the broader cryptocurrency market recovery gathers steam, the price of Cardano (ADA) has increased by 45% over the past month and 7.7% over the past week. However, in addition to the general market rebound, the much-anticipated launch of the DJED stablecoin on the mainnet, which is planned for this month, also supports the bullish Cardano market sentiment.
Just before the debut, the well-known Singaporean cryptocurrency exchange Bitrue revealed plans to list the DJED stablecoin together with SHEN, its reserve coin. Before a user can receive Djed, more than 400% in collateral value must be provided. Djed will be backed by other tokens. By doing this, it will be possible to replace the volatile gas fees with a transaction cost that is consistent and predictable.
“As part of our effort to stake the ADA that is deposited to the Djed smart contract and generate extra rewards for SHEN holders, we are developing a snapshot mechanism and UI that will be added to djed.xyz, where SHEN holders will be able to track these extra rewards,” as reported by Coindesk, the developers said.
The ADA token, which is the native currency of Cardano, is being used to finance the Djed cryptocurrency. Users will be able to transfer ADA to the platform’s smart contract in order to earn Djed in return. As the preferred currency for covering transaction costs on the Cardano network, it aims to replace all other cryptocurrencies.
Through an official blog post on its website and a subsequent tweet from COTI Network, Bitrue announced its intentions to list DJED. In the near future, Bitrue intends to add support for DJED and SHEN staking, according to the blog announcement. SHEN is the reserve token to be used in preserving DJED’s peg to the dollar and is supported by Cardano.
In the meantime, COTI, the payments platform in charge of the stablecoin’s issuance, has made a number of advances to guarantee the launch is a success with the introduction of DJED anticipated on the mainnet this month. The public testnet version of DJED v. 1.1.1 with Vasil compatibility was made available by COTI last month.
The price of Bitcoin rallied to $23,199 on Saturday, following a 33% increase over the past two weeks. While this rally saw Bitcoin reach its highest level since August 2022, on-chain analytics firm CryptoQuant believes the asset is at a major crossroads.
As the market awaits the decision of bulls and bears on the next move, CryptoQuant advises traders to wait patiently for the final outcome.
“We must wait and see whether the bulls will emerge victorious or if the bears will prevail,” said CryptoQuant.
From a technical perspective, Bitcoin broke out of a multi-week bear market due to significant accumulation by whale traders. However, CryptoQuant noted that increased sell pressure from Bitcoin miners could increase the likelihood of bears winning in the short-term.
The price of Bitcoin reached $23,199 on Saturday, following a 33% increase over the past two weeks. While this rally saw Bitcoin reach its highest level since August 2022, on-chain analytics firm CryptoQuant believes the asset is at a major crossroads.
Short-term investors are seeking to take profit at current levels, which could increase the overall Bitcoin sell pressure. Additionally, centralized crypto exchanges, despite the relief rally in the past three weeks, are taking caution by reducing Bitcoin reserves. Furthermore, investigations following the FTX, Genesis Trading, and Alameda collapse could cause negative market sentiments.
One notable event, Bitcoin miner 1Thash sent almost its entire bag of Bitcoins to the Binance crypto exchange in a series of transactions earlier last week. Conventionally, increased sell pressure from Bitcoin miners is quickly followed by a bear market.
As such, CryptoQuant has advised Bitcoin traders to advance with caution as the next move may be violent and lead to high liquidations. According to aggregate data provided by Coinglass, over $31 million has been liquidated in the past 24 hours in the Bitcoin market.
With Bitcoin’s 24-hour trading volume down over 15% to $24,186,856,836 on Monday, a possible price correction is looming in the coming days.
Is Shiba Inu Preparing For A Boom In 2023? SHIB Price May Kick A Massive Explosion As Bulls Gain Strength
The last two months have been a nightmare for the entire crypto space as the altcoin market experienced its bottom levels since its bull run in 2021. Meme coins like Shiba Inu and Dogecoin have become the headlines as they dropped by 50% of their bullish values.
However, the founding team behind Shiba Inu seeks to approach a bullish way by introducing SHIB to the metaverse and unveiling a new plan at the South by Southwest (SXSW) festival 2023, which will be organized in Austin, Texas.
Additionally, the Shiba network brings more eventful moments to the community as the hype around the release of the beta version of Shibarium, a layer-2 blockchain solution, adds more value to the SHIB token in building bullish expectations among investors.
Shiba Inu Forms A Breakout Pattern!
Shiba Inu price rallies upward with a smooth bull run due to positive news from the recent CPI data and projects itself to extend its bullish momentum further. Moreover, Shiba Inu has now focused on its burning mechanism as the SHIB army believes in “More Shia Inu burned, the higher the token’s value,” resulting in an increased whale accumulation with a hope of a future bull run.
As the crypto market’s popular meme coin Shiba Inu breaks above its consolidation range, the price trend of SHIB brings positive vibes to the community with a massive explosion ahead. A prominent crypto trader and analyst, Klejdi Cuni, predicts that Shiba Inu may surge more and break its third predicted level of $0.00001332.
The analyst previously predicted specific resistance levels for the SHIB price, and the initial resistance level was $0.00000961, which has already been broken. The analyst now believes that the SHIB token may vertically climb to its second target zone, which is at $0.00001165; if broken, the meme coin may head toward its third target zone, bringing an excellent bullish rally after consecutive boring trading sessions.
What Lies Ahead For SHIB’s Price?
The Ethereum-based Shiba token decentralized community has gathered a wide range of investors and users due to its potential announcements and updates to its network. As Shibarium’s announcement and its official digital asset, Bone ShibaSwap (BONE) promise a joyous future ahead, SHIB’s price inches closer to forming new tops.
As of writing, Shiba Inu trades at $0.00001032, with a rise of 0.84% from yesterday’s performance. The last few days must have been a profitable session for altcoin traders as Shiba Inu gained over 30% and now attempts to touch extra heights with bullish announcements.
Analyzing the daily price chart, Shiba Inu’s price now completely depends upon its social hype and future announcements, and any downside momentum can be from negative market sentiments. Shiba Inu has recently failed to break its resistance near the EMA-100 trend line at $0.00001119 and made a slight downward correction near 31.8% Fib levels. The RSI-14 indicator moves around the level of 72, hinting at an overbought region which may soon trigger a price reversal.
If SHIB holds its price above the EMA-200 level, the buying pressure may increase drastically, pushing the token’s price to Bollinger band’s upper limit of $0.00001368. Furthermore, the MACD line supports a breakout as it trades exponentially with the SMA-14.
However, a bearish trend may be witnessed if SHIB’s price breaks below the 23.6% Fib channel and takes support at EMA-100 at $0.00000961. As bears are still in the driving seat, a validation of the bearish analysis may bring a sudden downturn for the SHIB token as it can slump hard to its December price levels if it comes across negative sentiments.
The crypto market seems to be recovering as the world’s largest cryptocurrency in the world, Bitcoin has managed to surpass the $17,000 mark leading the recovery rally. Among altcoins, the top position has been occupied by Cardano (ADA) and Solana (SOL) which have surged 20%.
At the start of the 2023 recovery rally, Solana’s price has gained nearly 70% and has managed to push the price from December 2022’s $8 to the present $13. Traders believe that Solana might rise and move past $15 in the days to come.
After FTX saw its downfall most of the cryptocurrencies were pulled back which also included Solana’s SOL. Hence, Solana closed the year 2022 with a fall of nearly 95% before bulls made their way back in 2023.
The same is with Cardano (ADA) which has managed to get positioned as the 8th largest cryptocurrency by market cap after flipping Dogecoin. This comes after Cardano successfully gained 20% in the last 24hrs and has bagged one of today’s toppers list.
Cardano’s 2023 journey has begun on a positive note after Cardano addresses holding 1M to 100M ADA accumulated more than 200 million ADA coins.
Solana & Cardano To Begin Their Next Bull Run
At the time of publication, Solana is selling at $16.38 with a surge of 22% in the last 24hrs. While Cardano has slightly dropped from its 20% gain and is now trading at $0.32 after an upswing of 17.86% over the last 24hrs.
As per its current trade, if Cardano’s ADA manages to hold on to its $0.3 level the currency can easily move beyond the $5 level soon. On the other hand, Solana’s next resistance lies at $18 and if SOL successfully claims this level the currency will begin its next bull run soon.
The crypto markets were bullish in the first few days of 2023 which soon waned as the bears regained their strength. The Bitcoin price failed to surpass $17000 levels yet again due to which these levels have now turned into a pivotal resistance to be cleared. The major altcoins also swelled significantly but presently underwent a minor pullback and are consolidating around their respective support levels.
While the crypto-verse is expecting a sigh of relief in the coming days of 2023, a popular analyst, Rekt Capital believes the worse is still yet to come.
The analyst tells his 331.7K followers that the investors’ patience could be tested this year while some may also become disinterested in the crypto space. This could happen either the markets remain stagnant for quite a long time, else the possibility of a healthy upswing is squashed over a period of time.
The analyst refers to the ‘macro triangles’ on the historical chart of Bitcoin with the price movements since 2014. According to the analyst, the star crypto is on the edge of a trend reversal that indicates the BTC price to rebound soon.
“According to the BTC Three Macro Triangles:
BTC trades between -50% to -65% upon the triangle breakdown
So far, BTC is down -50% from the triangle breakdown
BTC has entered that historical range.”
The analyst also refers to the BTC dominance chart and says that it is rising faster than the other altcoins who are losing value as the BTC price surges.
“Initial signs that BTC Dominance is successfully retesting the blue level as support. Altcoins are currently experiencing some pullbacks These Altcoins pullbacks will continue, especially if BTC Dominance starts to increase from here via the orange pathway,”
As the end of the year approaches, several experts had predicted that Bitcoin (BTC) would see a “Santa rally”. Even still, the token’s price hasn’t shown any encouraging trends.
The king cryptocurrency finished December 24 with a price over $16,800, continuing a trend of minor rises. This also held true on December 25.
The leading cryptocurrency hasn’t been making many upward trends lately. Over the course of the December 24–25 period, it increased by just 0.1%. As of this writing, one bitcoin is worth $16,866, an increase of 0.20% in the last twenty-four hours. Now, everyone’s focus is on the year 2023 and what it will bring for cryptocurrency.
What Bitcoin’s Exchange Reserve Data is Saying
The Bitcoin Exchange Reserves for All Exchanges data shows that the reserves are dropping, which is also confirmed by the on-chain analysis platform CryptoQuant. Typically, when the 14-day SMMA of Bitcoin reserves on crypto exchanges rises over the 30-day SMMA, the price of Bitcoin has a tendency to rise. As a result, a bullish crossing of exchange reserve moving averages might signify the commencement of a bullish trend.
As for Ethereum, its price is hovering around $1,220 at the moment. The low for the last 24 hours is $1,205, and the high is $1,224. As a result, the price of ETH is likewise trending sideways, having increased by 0.09% in 24 hours and by over 2.7% in the last week.
More than a 30% decrease in ETH reserves on centralized exchanges has been detected, according to statistics from CryptoQuant’s Ethereum Exchange Reserve for All Exchanges chart. That’s why there’s been an increase in the number of optimistic investors purchasing Ethereum recently.
What 2023 Has In Store For Crypto?
Bitcoin’s historical bull runs had an average duration of four years. Beginning with Bitcoin accumulation, the cycle progresses via an upswing, cryptocurrency sales and distribution, and eventually a slump. Accumulation may begin in 2023, according to some experts.
Experts disagree on the direction the cryptocurrency economy will go in the next year. Mike Novogratz, CEO of Galaxy Digital, thinks this dismal trend might go another two to six months.
A consensus among prominent cryptocurrency experts, including Michael van de Poppe, Rekt Capital, and CredibleCrypto, has established that a monthly Bitcoin price close above or below the $16,900 $to 17,000 range will define a bullish or negative trend in 2023.
Where exactly the cryptocurrency industry goes from here is anybody’s guess. No one has a crystal ball, but the majority are crossing their fingers that the market downturn will soon be over. This year has been really challenging.
Beating all the long-standing competitors, like PancakeSwap (CAKE) and TRON (TRX), Orbeon Protocol (ORBN) has emerged as a new market leader. Orbeon Protocol (ORBN) is a new entrant into the market but has become the favourite of bulls due to its unique business roadmap and value proposition. Orbeon Protocol (ORBN) has already registered a growth rate of 655% during its first two presale rounds.
PancakeSwap (CAKE) Suffers Final Crash?
The price of PancakeSwap (CAKE) has fallen by over 8% in the last week and more than 7% in the last 30 days. Pulled down by these falls, the trading price of PancakeSwap (CAKE) is currently hovering around $3.65.
Recently, PancakeSwap (CAKE) announced that it would continue to grow its capabilities on the Aptos network with farm offerings and liquidity pools to increase the trade volume on the exchange. PancakeSwap (CAKE) is the leading cryptocurrency exchange that supports BEP-20 tokens. While most blockchain platforms, at present, are built on the Ethereum network, PancakeSwap (CAKE) is one of those select cryptocurrency exchanges that are built on the Binance Smart Chain. PancakeSwap (CAKE) was built to serve the DeFi (Decentralized Finance) sector exclusively.
TRON (TRX) Rises After Significant Falls In Previous Months
TRON (TRX) is a blockchain platform that works on the proof-of-stake (PoS) consensus mechanism. TRON (TRX) primarily aims to make content creators able to receive funds directly from their consumers.
On TRON (TRX), people can create, share, and trade their original content. Therefore, TRON (TRX) is also called a decentralized version of the internet. The last few weeks have been quite good for TRON (TRX). The price of TRON (TRX) has increased by over 9% in the last month. Moreover, TRON’s (TRX) value increased by 2% in the last week. Currently, TRON (TRX) is being traded at $0.05, however, it is still 81.46% below its all-time high of $0.30.
Presale Of Orbeon Protocol (ORBN) Selling Out Extremely Fast
The third phase of Orbeon Protocol’s (ORBN) presale round is selling out fast after an immensely successful run of the first two phases. Orbeon Protocol (ORBN) is the first-of-its-kind blockchain-based investment platform that vows to address problems related to crowdfunding and venture capital.
Orbeon Protocol mints equity-backed NFTs for growing businesses to assist them in raising funds. The platform has created NFTs-as-service (NFTaas), a unique process built to let companies raise funds easily and quickly. While minting, Orbeon Protocol breaks down company equity into fractional NFTs, enabling retail and large investors to participate in the investment processes.
Orbeon Protocol (ORBN) also encourages small individual investors to become venture capitalists by making investments for as low as $1. Orbeon Protocol users are highly convinced of the platform’s safety measures. The platform has put sufficient measures in place to protect investors from any kind of scam. Orbeon Protocol (ORBN) rules out all the possibilities of scams by incorporating a “Fill or Kill” safety mechanism.
The safety mechanism is integrated into the smart contract that runs the platform and guarantees all users get their money back if the fundraising process does not raise the minimum required capital or collapses abruptly. ORBN tokens, which run Orbeon Protocol’s ecosystem, give their holders many benefits, including cashback, discounts on trading fees, and governance voting rights.
The third phase of Orbeon Protocol’s presale round is forecasted to post more growth than the first two phases. The price of ORBN tokens has travelled from $0.004 to $0.030 in just a few weeks of its launch. Above all, it is predicted that the platform can rise a total of 6000% and get to a price of $0.24 before the end of the presale.
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Solana’s price continues to look bearish as the participants remain vigilant and the markets continue to remain uncertain. Amid the bearish clouds, the SOL price recorded a notable bounce from the key support levels, which are also the rare supports that may hold the tokens within the 2-digit levels.
However, with the fresh sell-off, the fear of SOL price plunging back to $10 emerges.
The asset has had a very rough start for the month as it suffered a drastic price drop from levels around $36 to as low as $10.6, mainly due to the FTX collapse. While the other assets are struggling to cope with the situation, the SOL price appears to have lowered expectations of a firm upswing.
The SOL price appears to be considerably weak in the daily time frame despite the recovery beyond $14 from $10.6. Moreover, it continues to struggle, aiming for a more relief bounce from the current region. With a bounce, the price may eventually rise beyond 0.23 FIB levels at 17.49 and may reach the required resistance at $20 which corresponds above the FIB levels at $0.38.
Meanwhile, the Solana (SOL) price is more likely to face rejection and again test the lower support close to $10. As the volume has plunged heavily, the price may certainly not ignite a rebound despite the buying volume prevailing to some extent.
Collectively, considering a bullish breakout, the Solana (SOL) price may rise to $30, if the value surpasses $20 in the next few days. Else may continue to hover below $15 and slowly descend and reach a single-digit figure, slicing through pivotal support at $11.
The day when specialized usage dominated the currency market has passed. Uniswap (UNI) and the KuCoin Token (KCS) were notable currencies. Investors are currently searching for coins that will generate significant gains in the future. And as is common knowledge, making early investments in initiatives with promise offers the highest possibility of future financial success.
Investors are swarming to the Flasko presale, which is now receiving attention in cryptocurrency. Let’s examine this subject more thoroughly.
KuCoin Token (KCS) Traders Race To Buy Flasko (FLSK)
The native token of KuCoin Token (KCS) was introduced in 2017 as an income coin that enables traders to benefit from the exchange’s value. Most Ethereum wallets embraced KuCoin Token (KCS) since it was created as an ERC-20 token that operated on the Ethereum network.
The KuCoin Token (KCS) is worth $7.20, a 74% drop from its all-time high of $28.79, which now seems like a distant memory. As the KuCoin Token (KCS) continues this downward trend, holders are joining the Flasko presale in hopes of profit.
Uniswap (UNI) Down 13% In Just A Month
The price of Uniswap (UNI) has dropped over the previous few days. Investors’ trust in the market has drastically decreased because the bears behind Uniswap (UNI) were able to keep the stock price at its current support level. The current price of Uniswap (UNI) is $5.82, down 87% from its all-time high price of $44.92 in 2021.
Unfortunately, Uniswap (UNI) has decreased by 13% in just a month and 70% in the last 12 months. With these price drops, Uniswap (UNI) holders are abandoning ship.
Flasko (FLSK) To Offer An Innovative Platform
For several reasons, investors from Uniswap (UNI) and KuCoin Token (KCS) have been talking about Flasko, a token that is currently worth only $0.085 during its presale. The Flasko platform wants to be the first to pair cryptocurrencies with alternative investments by letting its users purchase premium, unique wines, champagnes, and whiskeys.
Investors in Flasko can completely fund an NFT and get the champagne, wine, or whiskey at their chosen location without additional costs. It would be an incredible experience to have a Hibiki Japanese Harmony Whiskey delivered to your house.
Future beverage start-ups may also advertise their goods through the Flasko Launchpad to attract new customers. With numerous discounts and the first choice of these items, early investors would also profit from this.
Furthermore, safety won’t be a concern because Flasko passed its audit, conducted by Solid Proof no less, with flying colors.
Prominent crypto professionals have immediately moved their focus to this new initiative in response to growing client demand. Some forecast that by May 2023, the token will increase to roughly $4.
This investment opportunity is quite promising. As a result, we advise utilizing the links below to follow the projects:
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Bitcoin price yet again slumped hard during the weekend, as the prices dropped heavily towards the lower support. Meanwhile, the bulls have held the asset within the profitable range but this could be just another short-term bounce. In the short time frame, the BTC price is seen undergoing a significant recovery and hence the market participants could be bullish for a while.
However, the long-term forecast continues to be bearish with the potential targets below $14,000.
Presently, the BTC price has reached the lower support levels around $16,000 and slowed down a bit, reducing the volatility. A rebound was expected, which appears to have ignited a few moments back. This could be the beginning of a minor upswing which may uplift the price beyond $17,000 in the next couple of days.
The BTC price has been trading within the local support & resistance levels after the recent gigantic fall from $21,000 to as low as $15,500. Meanwhile, a short-term bounce may rise the price beyond $17000 to reach the neckline of the double-bottom pattern. If the bulls strengthened their positions at these levels, a significant upswing may elevate the price beyond $18.,500.
The price is expected to hover around $18,500 for a while before the bears begin to extract the profits and compel the price to drop harder. In case of a bearish wave impulsion, if the price fails to hold above the crucial levels mentioned in the chart, then the lower targets below $14000 may be reached in no time.
According to a popular analyst, the next stop for the BTC price could be anywhere between $10,000 to $14,000.
Collectively, the trade set up for the Bitcoin (BTC) price is notably bearish. Hence the bulls are required to be cautious about the minor short-term bounces occurring every now and then.
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Bitcoin (BTC) price has retracted from trading above $21k, but on-chain data suggest further upside remains at play.
The instrument was exchanging hands around $20,730 during the early Asian and London trading session, down approximately 2.2 per cent in the past 24 hours.
However, statistical data provided by Glassnode shows Bitcoin miners have been selling at unprecedented rates not recorded before 2021.
Historically, data by Glassnode have revealed that whenever there is sustained high selling pressure from Bitcoin miners, the underlying asset price reacts with a bull case.
For instance, there was a prolonged sustained Bitcoin selling pressure from miners during the 2017 bull market.
Additionally, Bitcoin miners sold more coins in 2021, when Bitcoin hit its all-time high of around $69k. On the other hand, Glassnode data shows that Bitcoin price fell in value whenever miners accumulated the asset for long periods.
For instance, in 2020, Bitcoin miners were invoked in a long phase of the positive net position change. Consequently, Bitcoin price reacted with a dip which has come to be referred to as Black Thursday.
The urgent and persistent question is whether the Bitcoin price will continue with the past two weeks’ bull case scenario. Most importantly, Bitcoin price could invalidate the historical data and dip further in the coming weeks, as observed back in 2015.
Bitcoin and Crypto Market Outlook
Bitcoin has remained in the top position since its inception despite the increasing competition in the altcoins market. Arguably, the store of value has made Bitcoin more popular with retail, institutional investors and, recently, global nations.
As such, miners have more options to offload their assets with minimal volatility. Moreover, as the Bitcoin market matures, less volatility is recorded compared to low-cap crypto assets.
Notably, Glassnode data indicates that transfer volume from Bitcoin miners to all cryptocurrency exchanges has declined in 2022 compared to prior years.
While Bitcoin transfer volume to all cryptocurrency exchanges from miners has dwindled in the past year, the underlying asset value has fallen. Nonetheless, the number of active Bitcoin addresses has exponentially increased in the past few years.
According to on-chain statistical data from Tokenview, the total number of active Bitcoin addresses currently stands at 49,873,427.
Thereby increasing the overall Bitcoin demand while the miners reduce their general sell pressures and become long-term holders.
Meanwhile, the Bitcoin mining hashrate currently stands at 264.12 (EH/s), with the total difficulty at around 36.77 (T).
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Dogecoin, the most favourite meme cryptocurrency, has been registering significant gains over the last few weeks due to Doge-father Elon Musk’s Twitter acquisition worth $44 billion. Dogecoin price is experiencing immense buying pressure as it shoots by 150% in just a week.
However, the long bullish candles may be formed due to the significant influence of whale investors conducting a pump-and-dump game in the price chart.
Is Elon Musk Behind Killing DOGE Price?
Elon Musk is known for his tremendous influence in controlling the DOGE price as he has been luring investors into investing in Dogecoin over the past few years. Musk is the reason behind moving the DOGE price through his trustworthy tweets about the meme coin.
In April, Elon Musk stated that Twitter users would be able to pay the premium subscription fee of $20 using Dogecoin, which was great news to bring new highs for Dogecoin after the Twitter acquisition.
Furthermore, products from Tesla and the Boring company can be purchased using DOGE, which created enough pumps to take Dogecoin to new price levels.
However, in June, Elon Musk, SpaceX and Tesla were charged with fraud worth $258 billion for manipulating Dogecoin’s price. Last month, the lawsuit was further extended and gathered six new defendants and seven new investors.
According to the lawsuit, Elon Musk and six other defendants were involved in pushing Dogecoin’s price by over 36,000% in two years and then severely crashed the meme coin to the bottom line.
The lawsuit states, “The defendants made tens of billions of dollars at the expense of other investors.”
Whale Investors Play A Game With Dogecoin!
The current price movement of Dogecoin indicates a biggest conspiracy that is being led by whale investors, as $261 million has been taken out from the crypto market by 111K traders in the last 24 hours, and Dogecoin was liquidated most.
Nearly $61 million worth of Dogecoin has been sold in the last 24 hours, hinting at a panic situation among traders, which may initiate a downtrend soon.
Whale alerts also show Dogecoin movements between exchanges as the top 1 Dogecoin holder moved over 450 million DOGE in the network.
At the same time, the top 7 holders deposited 10 million Dogecoins. According to an unknown on-chain data provider, Dogecoin’s price broke $0.1 for the first time since May, and its current price movements are correlated with the top Dogecoin holders’ activities.
The Analyst highlighted that an address starting with ‘DPDLBA’ transferred over 1.35 billion Dogecoins, due to which DOGE price surged over $0.85.
According to the Analyst, the top DOGE wallet holders are controlling over 60% of the price movement.
The Analyst said, “The last time the address ‘DMuFDC’ received DOGE started on July 26 and stopped on August 5, after which the price of $DOGE started to rise. Now that he is still receiving $DOGE, does it mean that the price of $DOGE will continue to rise?”
Investors are advised to do research and conduct experts’ opinions before investing in this pump-and-dump situation of Dogecoin, which might lead to a significant loss.
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Over the past several days, Dogecoin’s demand has skyrocketed. The same pattern has also been observed in Shiba Inu. As of the time of writing, Dogecoin’s price has risen 120% over the previous week, making it the top-performing coin among the top 15 cryptocurrencies this week.
Shiba Inu, on the other hand, saw a 24% growth within the same time period. Investors in the two coins were able to recover most of their losses from the previous weeks’ thanks to this spectacular price increase.
Shiba Inu and Dogecoin may be playing a game of following the leader (BTC), according to a top crypto analytics company. Shiba Inu has demonstrated strength in its Bitcoin pair (SHIB/BTC), according to Santiment, and is now beginning to gain some momentum. There is no denying that SHIB and DOGE have experienced their share of pump-and-dump moments, he claims.
Shiba Inu bulls on board with Doge bulls
Shiba Inu bulls are showing signs of revival on Santiment’s chart as the volume of the SHIB/BTC pair significantly increases, indicating that traders are placing bets on the meme token outperforming Bitcoin.
Blockchain tracker WhaleStats reveals that the 5,000 Ethereum whales have also been acquiring SHIB over the past three days in addition to cryptocurrency traders. The top 5,000 ETH whales now have approximately $94.2 million in SHIB, up 4.5% from their Shiba Inu hoard of $89.7 million that was recorded on Friday, according to WhaleStats.
Santiment’s analysis of Bitcoin shows that long-term bulls are still hoarding the largest cryptocurrency by market cap even though the supply of BTC on crypto exchanges has fallen to levels last seen in November 2018.
“With Bitcoin back above $20,700, traders appear to be content with long-term holding as coins continue moving away from exchanges. With the ratio of BTC on exchanges down to 8.3%, it’s the lowest seen in four years. October has been a big outflow month.”
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The Cardano price previously flashed the possibility of a notable plunge below the crucial support at around $0.3. However, the asset has made an interim bounce to ignite a ‘u-shape- recovery to reclaim the levels around $0.385 before the end of the monthly trade. However, the ADA price may rise finely but a massive bearish pullback may be fast approaching that may drag the asset extremely lower.
The popular crypto has been bearish since the beginning of the year amid the prolonged crypto winter. The price drop was anticipated due to the ongoing change in the monetary policy which was due to the frequent change in the inflation rates that led to the change in the FED basis points. Hence, the ADA price made a notable drop below $0.47 in the past week while the other cryptos recoiled.
Presently, the ADA price forecast is slightly bullish but may soon drop heavily into a deep bearish well as the bears could soon book the profits to slash the price hard.
The crypto space is largely dependent on the Bitcoin price which is stuck up in a bearish trap. While the BTC price is presumed to find its lows somewhere around $12,000, the ADA price is also expected to drop to the bottom at around $0.24 in the next couple of weeks. However, prior to a drop to this level, the ADA price is expected to rise beyond $0.4 for a certain time.
In the above figure, one can notice the formed wave 3 in the global wave 5. Interestingly, the wave appears to have already ended as it has reached the 1.61 FIB extension levels which signals that it is time for a notable correction in the local sub-wave 4. Therefore, the upcoming trend could be a zig-zag ABC to reach the target at around $0.4 at 0.5 FIB levels.
Once the asset reaches these levels, the Cardano(ADA) price may drop heavily as the traders may just pull off the long positions which may further drag the price lower. Mainly due to the reason that the take profit levels for the longs have now dropped to $0.4, the possibility of the asset piercing through these levels without any bullish action is extremely difficult.
Therefore, even if the Cardano(ADA) price rises high, the bounce could be only a short-lived one as it may be an attempt to trap the bulls higher for a prolonged time ahead.
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After nearly a week of an extremely bearish market, the SHIB prices rebounded and began a trade within an ascending parallel channel. The bulls are attempting to raise the prices, but the question still remains, whether the prices sustain above the gained levels or not.
The Shiba Inu price variations triggered the formation of an ascending parallel channel, and a significant price reduction was noticed about two weeks ago. The price contacted the lower trend line of the parallel channel, that led to a decline at the $0.00000992 support level.
While a notable upswing was recorded to the resistance level at $0.00001190, but the prices crashed back to the parallel channel’s lower trend line. The bulls took control and propelled the prices up by 20% later.
Unfortunately, the bears jumped back in action & successfully pushed the SHIB prices down through a crucial resistance where the prices consolidated for more than a week. However, the bulls regained momentum and drove the prices to the current price of $0.00001127.
The significant resistance level at $0.00001190 may act as a barrier to additional price increases, and a breakout at this level may push Shiba INU(SHIB) prices up towards the trend line. Breaking through the top trend line could drive prices rocketing towards the nearest resistance at $0.00001306 and beyond, leading to bullish price action.
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The Solana(SOL) prices were seen consolidating in a parallel channel for approximately a month prior to the bulls and bears getting into a fierce battle that led to the price spike. Prices immediately plummeted 15% and reverted to the parallel channel after reaching their peak at $38.99, signifying a fakeout.
The equal bullish and bearish dominance confirmed a fakeout prompting the Solana prices to re-enter the parallel channel. Will there be an uptick soon, or will the bearish trend eventually take control of the market?
Prices stabilized between the support and average levels for about a week after going below the average level and reaching the support level at $30.01.
After surpassing the average level, the SOL prices immediately increased by 12%, but the bears swiftly grabbed control and pushed the prices slightly below the average level. Following a run by the bulls that saw prices rise 10%, the bears rapidly brought prices back to average. Prices are currently stabilizing at $32.34 after continuing to fall below the average level.
Due to the buyers’ and sellers’ equal dominance, it is expected that prices will either decrease slightly below the current price, bounce back, and reach the average level, resulting in an uptrend, or continue to decline and result in a downtrend. Therefore, until the Solana(SOL) prices retest & clear the average levels at $33.67, no possibility of a major upswing may be expected.
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Terra Classic (LUNC) Price Could Surge by 32% Soon! Does This Point Towards the Resurgence of Bulls?
After being in an extremely bearish market for about a month, Terra Classic (LUNC) raised significantly, forming an upward parallel channel, indicating a bullish price trend. The crucial question is whether the price consolidation inside the parallel channel will sustain the bullish trend or not.
The LUNC price is currently trading at $0.0003183 after dropping massively in the last month, resulting in a wedge formation where the prices consolidated for approximately two weeks. The prices quickly surpassed the top trend line and rose 79% in the final weeks of September, reaching the parallel channel’s resistance level at $0.00038.
The LUNC soon dropped below the average level of $0.00034, consolidated between the average level and the support level of $0.00029 for a couple of days, and quickly rebounded, breaking the average level. After breaching the average level, the Terra Classic prices stabilized for a day between the resistance level ($0.00038), before falling to $0.00031.
The Terra Classic (LUNC) prices are anticipated to fall at the support level, immediately bounce back and surpass the average level, and then hit the resistance level with a predicted price increase of 32% in the near future.
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What is the dependability of the Terra (LUNA) and TerraClassic (LUNC) Surges? Will the Bulls be trapped again?
Terra(LUNA) & TerraClassic have been on a run of late as Do-Kwon, the founder, is reportedly being detained by Interpol. While the negative rounds of news are having such a large impact, the question arises whether the current upswing will prevail or just remain as a short-term bounce.
Do-Kwon, a co-founder, was continuously watched after the historically significant TerraClassic crash in May. He was held accountable by the government for the harm done to the nation’s citizens. A recent update revealed that nearly 195 countries were looking for the founder, who is currently being held by the authorities.
The native tokens Terra (LUNA) and TerraClassic (LUNC) soared in the midst of this and currently top the gainers’ list for the day. But how long will the rally exist?
Prior to the price of TerraClassic igniting a powerful rally in the final days of August, the price had plateaued. The asset kept rising, reaching its highest point for the month at about $0.00059. But soon after, the trend changed, driving the price sharply below $0.0002. The LUNC price now appears to have defeated the bearish thesis following the enormous rise during the most recent trading day. However, there is still a great deal more to come.
The 66% increase seen in a 4-hour candle indicates a bullish resurgence, but the moving averages show a counter-rally. The 50-day MA level is moving south while the 200-day MA level is crossing over it. The 50-day levels surged high previously when they crossed, but now that they have descended, the rally is also anticipated to end soon.
On the other hand, despite a sudden increase of almost 30% during the early trading hours, the Terra (LUNA) price is emitting strong bearish signals. Although there was a noticeable price increase, the current consolidation is pointing to a significant downtrend in the coming days.
For the past few hours, the bulls have been facing huge hindrances from the bears, and hence a notable price drain may be highly anticipated. Further, on reaching the lower support below $2, the LUNA price may receive the required base to rebound well.
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The terra classic experienced a very bullish market up until the middle of September before the bears intervened and seized over. The market has been quite bearish about the LUNC from the beginning of September until now. Terra Classic has dropped by 14.82% and 28.12%, respectively, over the previous 24 and 7 days.
August saw a nearly one-month period of price stability for Terra Classic at $0.000100 before it gradually rose. At the beginning of September, when the bulls took control, prices abruptly surged at $0.000280 and plummeted to $0.000220 within a period of about 2-3 days.
The bulls once more pushed the price above the range of $0.000338, reaching a high of $0.000450 before reversing course.
The bulls regained control, driving the price to an all-time high of 0 ($0.000592). The bears immediately grabbed over and pushed the stock lower while applying significant selling pressure. Prices plunged to $0.000280 as the bearish bullish competition persisted, resulting in a 68% price decline, and dropping below the range of 0.5 ($0.000338). Before the bulls gave a second chance to rebound, the bears maintained their dominance for a time.
Prices spiked above $0.000280, held steady for nearly a week between the range of $0.000280 and $0.000338, and then gradually dropped below $0.000280 as the bears took control. Due to the highly bearish market, the price of Terra Classic fell below $0.000200.
Investors should anticipate a 14% increase in order to reach the resistance level of $0.000220. The subsequent downturn may retest the support zone between $0.000166 and $0.000157. As a result, there is a 25% downturn, and purchasing pressure is anticipated to kick in to stop the price drop for LUNC.
Conversely, the bearish thesis will be disproved if the price of TerraClassic(LUNC) surges above $0.000245. In this situation, the bulls may drive the price to $0.000280, the largest volume traded since August 19.
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Recently many cryptocurrencies, including Polygon, experienced a steep decline in value along with Bitcoin. After the FOMC meeting, the MATIC price declined through a crucial support level. However, it quickly advanced through the previously mentioned difficulty and is now aiming to overcome the recent losses soon.
The MATIC fell beneath the 0 ($0.758) and 1 ($1.050) FIB levels and was briefly trading below them. By dropping below the $0.722 support floor, MATIC collected the sell-stop liquidity, and this was quickly followed by a surge in purchasing interest and the price of Bitcoin turning bullish, resulting in a 9% run-up.
The MATIC price spiked above $0.758 in anticipation of the bulls’ return and the onset of an upswing. At the midway 0.5 ($0.906), the first critical level to book profits, the upward trend is anticipated to come to an end.
By overcoming this obstacle, Polygon may reach a high price range of $1.05, which corresponds with a higher time frame. Despite the fact that this MATIC price movement would result in an overall 40% increase, investors can take profits near the midway.
Contrarily, it will be a sign of weak buyers if the altcoin fails to clear the barrier at $0.758. The bullish argument will be disproved in this situation if the MATIC falls below $0.729, making it a resistance level, and the bears will seize control. This could cause the crypto to fall below the support level of $0.647, allowing the bulls to attempt the rebound rally once more.
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The post Tezos(XTZ) Price to Hit $1.60. Will the Bulls Gain Back Control? appeared first on Coinpedia Fintech News
Tezos prices have been erratic over the previous few months, with bears predominating and a decline of 8.87% over the last week. Currently trading at $1.45 Tezos had a significant drop in the midst of June, reaching the support level of $1.19, before recovering. As the price fluctuated more, a roughly upward trend line at $1.40 was established.
The ongoing price adjustments have caused a falling triangle to emerge this month. Given that the bears are attempting to drive prices lower, the triangle is considered to be bearish. Bulls are reluctant to liquidate their positions, as seen by the price’s apparent stagnation rather than change.
The prices are observed rising to a triangle’s peak. The XTZ will stay in the bearish triangle till a trigger. A breakout is expected to occur at $1.40 and the prices are anticipated to surge if they decline below this level. However, a severely bearish market might be expected if the price drops below the key support level of $1.19. The RSI has a long way to go before entering oversold territory because it is still high.
The Tezos (XTZ) price action trade has drastically diminished since Monday and there have been lower lows and higher highs. As a result, a breakout is anticipated, enabling a surge towards $1.60 and therefore sending a bullish signal.