Expect High LTC Price Rally in Months Ahead
The Litecoin (LTC) network has recently experienced a substantial surge in on-chain trading volume, particularly in whale transactions, according to the on-chain analytics platform Santiment. In fact, transaction volume on the Litecoin network has reached a two-year high, indicating a significant increase in market activity. Moreover, whale activity on the network has surged to its highest level since January, reflecting a growing interest in this cryptocurrency.
Litecoin (LTC) Value Rallies
As the third largest proof-of-work secured blockchain, Litecoin currently holds a market capitalization of approximately $6.9 billion. This impressive figure underscores its position as a leading digital asset in the market. Furthermore, over the past twelve months, the underlying value of LTC has rallied by around 50%, demonstrating its potential as an investment option.
Read: Litecoin Halving Event Sparks Frenzy: Here’s What Investors Can Expect
Litecoin Poised For Breakout?
Despite the Litecoin price struggling to surpass the $100 mark for over two years, recent developments suggest a bullish breakout may be on the horizon. The formation of a symmetrical triangle, commonly referred to as a pennant, since February, indicates a potential bullish trend. This optimistic outlook is further supported by the upcoming third halving, known for triggering bullish volatility.
Related: LTC Price Forecast: Litecoin Breakout To Be Fueled By Halving, $140 In Sight – Coinpedia Fintech News
Moreover, the 50 and 200 daily moving averages have acted as a support level in the recent past, following a breakout above $90.
While Litecoin boasts deep liquidity and is listed on most regulated centralized exchanges, it still has ground to cover in catching up with leading DeFi chains like Ethereum. The Ethereum ecosystem’s high on-chain activity, fueled by widespread adoption of its smart contract technology, sets a benchmark that Litecoin strives to achieve. However, Litecoin’s long-standing presence in the market positions it as one of the oldest and most trusted digital assets.
Here’s When Traders Can Expect Bitcoin Bull Run 2023 – Arthur Hayes Predicts Timeline
Despite recent fears about the US regional financial crisis, the crypto market has shown signs of stability, suggesting a correction phase after two big gains since 2023. The US debt ceiling deal has prevented another Bitcoin price spike, but industry analysts are confident about the cryptocurrency market’s future.
Despite the turbulence in the banking sector, Bitcoin has demonstrated resilience, maintaining a steady course amidst regional banking concerns. This stability has provided a sense of reassurance to investors and traders who closely follow the cryptocurrency market.
Arthur Hayes, renowned for his expertise in the field, has presented a pragmatic forecast for Bitcoin’s growth in the coming months. Recognizing the importance of patience and monitoring the actions of the US Federal Reserve, Hayes suggests that the bullish path for Bitcoin could gain momentum by October 2023. His analysis centers around the potential impact of increased dollar liquidity on the US economy, leading to the acquisition of risk assets like Gold, Bitcoin, and AI tech stocks as he mentioned in his blog post.
Understanding the Factors Behind
Notably, Hayes’ projection takes into account the current economic landscape and potential market catalysts. By assessing the influence of the US Federal Reserve’s interest rate policies and the broader implications of dollar liquidity, he suggests that Bitcoin’s growth is likely to align with these factors.
Late in Q3 and early in the Q4 of 2023, Hayes expects the real Bitcoin bull market to commence. Despite acknowledging the possibility of price fluctuations, Hayes firmly states that retesting the $20,000 mark or similar levels is unlikely.
Based on Hayes’ predictions, it is reasonable to expect Bitcoin’s price to remain within its current range, with a potential floor above the $23,000 mark even in the worst-case scenario. It is crucial for crypto investors to consider Hayes’ forecast alongside the countdown to the Bitcoin halving event, scheduled to occur before June 2024, aligning with the timeframe he has provided.
Bitcoin Price Prediction For June 2023: Here’s What Traders Can Expect
The post Bitcoin Price Prediction For June 2023: Here’s What Traders Can Expect appeared first on Coinpedia Fintech News
Renowned Bitcoin trader Bob Loukas recently shared his insights on the price action of BTC for the month of June. Loukas maintains a bearish view of the Bitcoin chart, emphasizing the presence of a well-structured 4-year cycle in its early phase.
He believes that a potential pullback to the lower $20,000 level in June would present an excellent opportunity for investors. Loukas’ forecast seems to align with the current market conditions, considering that Bitcoin recently experienced its first negative month in 2023.
#bitcoin. Imagine still being bearish on this chart.
Perfectly structured 4yr cycle in the early phase.
A pullback in June to the lower $20k's would be a tremendous gift. pic.twitter.com/pfIuIGkCj2
— Bob Loukas (@BobLoukas) June 1, 2023
Analysts suggest that as liquidity tightens due to the raised U.S. debt ceiling, the cryptocurrency markets are bracing themselves for a possible downturn. This is attributed to the Federal Reserve’s ongoing process of winding down its balance sheet and replenishing the U.S. Treasury general account. These actions will result in the removal of hundreds of billions of dollars from the financial system, potentially exerting downward pressure on cryptocurrency prices in the coming months.
Earlier in the year, the optimism surrounding the Federal Reserve’s decision to pause rate hikes contributed to the rise in the prices of risk assets such as stocks and cryptocurrencies. Bitcoin, being the largest cryptocurrency in terms of market capitalization, reached a peak of $31,000 during this market-wide crypto surge.
Are Sellers Shorting Bitcoin Before A Big Move? Here’s What To Expect From BTC Price Next
The crypto market is currently witnessing a rollercoaster ride, and Bitcoin is leading the pack. Following an accord to elevate the U.S. debt ceiling, Bitcoin (BTC) ascended beyond the $28,000 mark. However, despite this rise, the cryptocurrency seems poised for its initial monthly decline since December. Currently, analysts and traders are expecting selling pressure in the BTC price chart as Bitcoin faces rejection near the much-anticipated resistance level at $28K.
Bitcoin Sparks Possibilities Of Increased Volatility
Glassnode, in its most recent blog post, portrays the Bitcoin market as balanced, with a likelihood of heightened volatility looming. The analysis indicates that the market is bracing for a surge in volatility.
With the deceleration of momentum in the Bitcoin market, the Monthly Realized Volatility has dipped to 34.1%, falling beneath the 1-standard deviation Bollinger Band. This period of subdued volatility, representing just 19.3% of the market’s history, hints at a potential spike in volatility in the near future.
Moreover, on-chain activities, encompassing transactions related to deposits and withdrawals from exchanges, have experienced a periodic downturn. The recent activity has seen a 27.3% decrease compared to the past half-year, suggesting a notably subdued level of investor engagement.
When examining Bitcoin’s short liquidation metric, a recent surge to $40 million was observed as Bitcoin managed to break through multiple resistance levels starting from $27K. This metric is crucial as it represents the value of short positions that have been forcibly closed due to sudden price increases, causing losses for those betting against the market.
This trend indicates that Bitcoin’s upward movement beyond the $27K mark is activating stop-loss orders for sellers.
This sentiment suggests that the recent price movement of Bitcoin has caught short sellers off guard, forcing them to exit their positions and potentially driving the price of Bitcoin even higher.
What To Expect From BTC Price Next?
The inability of bearish traders to pull the price beneath the immediate support level of $25,871 has sparked robust purchasing activity from the bulls. They managed to propel Bitcoin back into the symmetrical triangle pattern, although higher levels are drawing in sellers. As of writing, BTC price trades at $27.6K, declining over 0.04% in the last 24 hours.
Sellers are making efforts to halt the recovery at the triangle’s resistance line. However, if the bulls prevent the price from dropping below the 20-day EMA at $27,318, it could increase the likelihood of a breakthrough above the resistance line. If this occurs, the Bitcoin price might surge to $30,000, followed by a potential rise to $31,000.
On the downside, the first support level to monitor is the 20-day EMA. If this level is breached, it could indicate that bearish traders are selling during price rallies. Consequently, the pair could plummet to the crucial support zone that lies between $25,810 and $25,250.
Bitcoin Plunging Down-What You Can Expect From the Crypto Markets Ahead FOMC MoM
The crypto market is plunging; the bitcoin price dropped below crucial levels around $26,400 as the FOMC minutes are about to be released. The traders are eagerly waiting for the minutes, and at the same time, the bears and the shorts are successfully dragging the price lower. Moreover, the transcripts of the previous meeting are about to be published in a short while.
Therefore, fine volatility is expected to kick-in within the markets very soon.
The BTC price began to slump in the early trading hours as it failed to hold support at $27,000. However, the probability of the price reclaiming these regions was pretty high during the early trading hours, but that faded as the trade proceeded ahead. Presently, the BTC price is displaying the possibility of maintaining a steep descending trend that may further accelerate a more bearish divergence to reach $26,000.
The BTC price has faced rejection from the 50-day MA levels in the daily time frame since the beginning of the month. However, the 100-EMA levels are trying hard to hold the rally, but the bearish influence is slowly outperforming the bullish attempts.
Hence, the price is further believed to face another rejection from the 100-EMA levels that may drag the price lower to levels close to $25,000, or an extended bearish trend may compel the price to trade below $25,000 in the next 24 to 48 hours.
Although the RSI is plunging, the MACD is displaying the possibility of a bullish crossover. However, the volume continues to remain depleted, which may be a matter of concern at the moment and may weaken the bulls to a large extent.
Therefore, the FOMC minutes are believed to induce significant volatility within the crypto space, and the current descending trend is believed to continue until the tokens reach their respective support levels.
Litecoin Trades Near Most Anticipated Level At $90! Here’s What Traders Can Expect Next
As the specter of the US debt ceiling looms larger than ever, market uncertainties continue to grow, leading to cautious behavior among traders and investors worldwide. Amid the economic turmoil, several crypto assets are now trading on the verge of a crucial price level and altcoin traders are questioning the next possible move. Litecoin’s present scenario finds the asset flirting with a much-anticipated $90 threshold. With this feat, Litecoin is generating a strong momentum that is igniting a renewed interest and optimism among traders.
Litecoin Is Significantly Undervalued
A key on chain metric indicates that Litecoin (LTC), currently ranked 12th in terms of market capitalization, seems to be trading at prices below its perceived value. At the time of writing, Litecoin’s Market Value to Realized Value (MVRV) Z-score is in negative territory. According to data analysis firm Glassnode, a score below zero suggests that the cryptocurrency is trading at a value that is lower than its estimated fair value, implying an undervaluation.
According to data from IntoTheBlock, a leading on-chain data analytics platform, Litecoin’s network has exhibited substantial growth this year. The volume of transactions has witnessed a remarkable surge of almost 400%, and about half of the total LTC supply is currently held by retail users. An impressive 60% of LTC holders are enjoying significant profits, and nearly 3.9 million wallets have maintained their LTC holdings for more than a year. In addition, the coin’s hash rate has increased by 25%.
Set to occur on August 10 this year, the much-anticipated Litecoin halving event, often colloquially referred to as ‘halvening,’ will see a programmed reduction of mining rewards by 50%. Much like its counterpart, Bitcoin, this event is predicted to be beneficial for Litecoin. It will inherently make LTC more scarce, potentially driving up its value.
Will LTC Price Make A Big Move Near $90?
In spite of the existing bearish sentiment in the crypto market, Litecoin has distinguished itself as a strong contender. Although the LTC price has seen negligible fluctuations in the past 24 hours, a closer look at the weekly chart shows a promising 4% increase.
Litecoin achieved a noteworthy milestone when it crossed the pivotal $90 price mark, indicating a positive trend in its value. As of writing, the LTC price trades at $91.4, surging over 0.5% in the last 24 hours.
Litecoin’s price faced a hurdle near the $95 resistance mark following a consistent rise. This led to a minor downward adjustment, with LTC trading below the $92 level. If bulls clear the hurdle above 23.6% Fib level at $93-$95 region, a slow increase may occur to the next resistance level at $100.
Litecoin Halving Event Sparks Frenzy: Here’s What Investors Can Expect
A crucial halving event for Litecoin, a popular cryptocurrency known for its faster block generation and Scrypt algorithm, is scheduled to take place on 10th August 2023.
As the cryptocurrency community gears up for the significant event, it has observed a series of intriguing, yet expected, activities. These include a surge in conversations across social media platforms about cryptocurrency and its forthcoming halving event. This heightened discussion indicates a growing interest among individuals who are considering investing in Litecoin before the halving takes place.
Growing Interest In Litecoin
Around May 1st, people started talking more about the Litecoin halving event, and two weeks later, the excitement really grew. This can be seen as the time when more people discovered and got interested in the event. Forums and online started buzzing with increased interest, reminding traders that the halving event was only three months away.
Insights from Experts
According to a market intelligence platform’s report, Litecoin’s price is expected to experience initial upward movement followed by a period of stabilization.
As the halving event draws nearer, the report suggests a potential resurgence of excitement and anticipation, potentially leading to another price increase.
Additionally, the report indirectly recommends monitoring key indicators like large transactions, exchange order books, and trading volume, as it highlights the possibility of a whale or big investor involvement in driving the price upwards.
If the trend of rising transaction volume continues, it could indicate that big players are starting to invest in Litecoin.
How Can The Whales Impact The LTC Price?
Huge investors or “Whales” wield considerable power to influence the price of Litecoin due to their substantial holdings. Capitalizing on their advantageous position, these investors can employ various strategies to impact the market.
One approach involves strategically purchasing a substantial amount of Litecoin, generating heightened demand for the cryptocurrency. This surge in buying activity can exert upward pressure on the price, potentially resulting in an increase.
Furthermore, their significant holdings allow them to create scarcity by limiting the sale of Litecoin. By reducing the available supply, their scarcity can stimulate heightened demand, consequently influencing the price to rise.
In fact, the tactics available to these influential investors are abundant, and they may even resort to market manipulation techniques. For instance, they can place sizable buy orders to create a false perception of increased demand, thereby influencing market participants’ behavior.
What can we Expect from DOGE Price in the Coming Weekend?
The crypto space has been experiencing a roller coaster ride since the beginning of the month. The major crypto assets have remained stuck within very narrow regions, and the new tokens have displayed acute strength. Meanwhile, the DOGE price is closely accumulating within a restricted region, but the upcoming price action appears to be misty.
Dogecoin recently launched its version of Bitcoin ordinals amid the ongoing hype of the BRC-20 tokens called ‘Doginals’. Soon after the DRC-20 standard was launched, the daily transactions propelled highs, marking levels not seen in recent times.
The daily transactions surged to 1.12 million from levels around 200K during the last trading day, marking a jump of more than 5,500%. These ordinals are nothing but NFTs on Dogecoin, much like the BRC-20s which are NFTs on Bitcoin. Recently, Litecoin also launched its own LRC-20 standard, which impacted the price to a large extent. Unfortunately, the DOGE price continues to remain within the same contracted region.
The DOGE price is trading along the lower trend line and is currently triggering a rebound from the lows. After a notable flip, the price is now believed to reach the 0.236 FIB level someplace above $0.081. Once the bulls sustain above these levels, then the rally may maintain a significant upswing to rise and reach the upper targets and may also probably slash a zero from its price gaining the levels above $0.1.
Is The Crypto Market Primed For Bull Run Soon? Here’s What Traders Can Expect
Popular crypto analyst Nicholas Merten of the YouTube channel DataDash recently shared his thoughts on the current state of Bitcoin and the crypto market. He emphasized the importance of analyzing momentum indicators to understand the market’s short-term direction.
Nicholas pointed out that Bitcoin has not made new highs for nearly a month, and its price is at its lowest since March 17. He expressed concern about the stagnation in the trend, stating that the momentum indicators, including the Dash Report and Lux Algo, signal that bears are taking control in the short term. Despite this, the weekly timeframe still shows bulls in control since January’s breakout.
Related: Bitcoin Price Prediction: Here are the BTC Price Targets for the Next 24 Hours! – Coinpedia Fintech News
The Next Bull Market
The stagnation has led to questions about whether the market is ready for another bull run. Nicholas mentioned that numerous narratives have been applied to explain the potential for a new bull market, such as central bank balance sheet expansion or bank runs. However, he argued that none of these narratives have held true, as the U.S. Central Bank balance sheet has contracted, and stablecoin liquidity has remained flat.
Liquidity is Key for New Bull Markets
According to Nicholas, an increase in stablecoin liquidity is essential for on-ramps of new liquidity from hedge funds, family funds, and high-net-worth individuals. The current state of the market shows a contraction in stablecoin liquidity and global liquidity. This contraction, combined with the lack of new entries in the crypto space, raises doubts about the potential for a new bull market.
Current Challenges in the Crypto Space
Nicholas highlighted the challenges faced by the crypto industry, such as the setbacks caused by FTX, Celsius, and other exchanges. Additionally, the loss of institutional backbones like Genesis, Silver Gate, and Signature Bank has hindered on-ramps and off-ramps for large-scale crypto companies. This situation has contributed to the stagnation of dollar liquidity in the crypto space.
Also Read: Bitcoin Price Prediction: BTC Price to Hit New All-Time High in 415 Days, Predicts Crypto Analyst – Coinpedia Fintech News
Despite these challenges, Bitcoin remains the strongest player in the market. However, even Bitcoin is beginning to show weakness. As Nicholas concluded, understanding the current state of the crypto space is essential for making informed decisions on the future of Bitcoin and the broader market.
BTC and ETH Prices Plummet After CPI Report Release- Here’s What Traders Can Expect Next
Despite a recent period of volatility in the crypto market, the release of the latest CPI news has sparked renewed optimism among investors in major cryptocurrencies. The announcement from the US Bureau of Labor Statistics revealing a decrease in CPI to 4.9% has resulted in a significant increase in buying activity within the crypto market.
Crypto Market Gives A Clear Direction
The lower-than-expected inflation numbers sent ripples throughout the cryptocurrency ecosystem, as leading digital assets experienced a massive surge in buying pressure. Bitcoin, Ethereum, and other top-performing cryptocurrencies saw their values skyrocket, much to the delight of the crypto community. Market participants who previously refrained from investing, began pouring funds into these assets, reigniting their upward trajectories.
Bitcoin Price Analysis
Bitcoin, the leading digital currency, underwent a substantial surge in value, attaining a daily peak of $28,883 on the Bitstamp platform on May 10. This notable surge in Bitcoin’s value appears to correlate with the most recent U.S. inflation data which increased by 4.9% over the year ending in April, as reported by Coinpedia.
As of writing, Bitcoin price is trading at $28.1K, gaining over 2.2% in the last 24 hours. Bitcoin price has climbed from a low of $27,474 to a high of $28,331, displaying a surge in buying pressure. Currently bulls are trying to push the BTC price above the EMA-20 trend line at $28.5K, but failed in the first attempt due to lack of confidence.
The RSI trend line has surged above its midline and is currently trading at 47, suggesting a bullish volatility in the next few hours. If bulls succeed to push BTC price above the $28.5K, it will aim for a high of $29K. However, a failure to surge above that level will result in a downward correction, slumping the asset to the $27.5K level again.
Ethereum Price Analysis
Following Bitcoin’s bullish comeback, Ethereum price has also witnessed an upward trend, making a high of $1,887. However, similar to Bitcoin, ETH price faced resistance near the EMA-20 trend line at $1,887.68, dropping to the current price level of $1,872.
For the past couple of days, Ether has been trading within a narrow range between its 20-day EMA and the support line at $1,800. However, such limited movement is not anticipated to last much longer. If the price surpasses the moving averages, it will signal robust buying at lower price points.
Consequently, the ETH price may attempt to ascend towards the significant $2,000 resistance level. Although bears are predicted to put up a strong fight at this point, if bulls prevail, the ETH price could potentially skyrocket to $2,150.
On the other hand, if the price struggles to maintain its position above the moving averages, it implies that bears are taking advantage of minor rallies. A breach of the support line could set off a downward trajectory, possibly reaching the 61.8% Fibonacci retracement level at $1,660.
US CPI Inflation Falls to 4.9% in April! What to Expect from Crypto Next?
On Wednesday, the US Bureau of Labor Statistics announced that the inflation rate in the US, as indicated by the change in the Consumer Price Index (CPI), dropped to 4.9% in April. Following a robust April Nonfarm Payrolls report, the United States Dollar (USD) has been striving for a cautious recovery. Moreover, the Loan Officer Survey released by the Federal Reserve (Fed) on Monday revealed that the US credit conditions were more favorable than anticipated, further contributing to the US Dollar’s resurgence.
US CPI Exceeds Expectations
The U.S. Bureau of Labor Statistics has announced that the Consumer Price Index for All Urban Consumers (CPI-U) experienced a 0.4% rise in April on a seasonally adjusted basis, a slight uptick compared to the 0.1% increase seen in March. Before seasonal adjustment, the all-items index saw a growth of 4.9% over the past 12 months. The shelter index led the monthly increase (up 0.4%), followed by the used cars and trucks index (up 4.4%) and the gasoline index (up 3.0%).
In April, the energy index climbed by 0.6% (-5.1% year on year), while the food index remained steady (7.7% year on year). The index for all items excluding food and energy also experienced a 0.4% growth in April, with several indexes like shelter and motor vehicle insurance witnessing increases.
However, the indexes for airline fares and new vehicles declined during the month. The all-items index’s 12-month growth was 4.9%, representing the smallest increase since April 2021. Over the past year, the all items excluding food and energy index rose by 5.5%, the energy index dipped by 5.1%, and the food index climbed by 7.7%.
What to Expect From Crypto Market Next?
In April, inflation experienced a deceleration for the 10th consecutive month, according to a closely monitored report released on Wednesday. This development comes as a relief for American households grappling with rising expenses and for Washington policymakers working to control swift price surges.
As the US inflation Consumer Price Index (CPI) recently fell short of expectations, the financial world is buzzing with speculation on how this development will impact various sectors, including the crypto market. In a climate where many anticipated a surge in inflation, this unforeseen drop in the CPI has brought forth several considerations on the crypto market’s potential trajectory
With inflationary pressure subsiding, investors may perceive cryptocurrencies as an effective hedge against currency devaluation. This could drive more interest in digital assets, pushing prices higher as demand increases.
As the Federal Reserve adjusts its monetary policy based on the CPI, lower inflation could lead to a postponement of interest rate hikes. This scenario may support the cryptocurrency market as investors seek higher yields in alternative assets.
As of writing, BTC price quickly surging from $28K and is currently trading at $28,136 with a surge of 1.72% in the last 24 hours.
Memecoin Mania: What To Expect From PEPE, SHIB, DOGE Price Next Week?
In the dynamic crypto market, memecoins have swiftly seized the spotlight with their rapid ascent. The current memecoin frenzy, led by the frog-themed PEPE, reveals strong potential for these tokens to stage a remarkable comeback next week. Amid Bitcoin’s volatility, meme-based currencies like PEPE, SHIB, and DOGE have consistently surpassed expectations and demonstrated resilience against market challenges. Consequently, traders anticipate a surge in meme token values in the upcoming week.
What is Waiting For Memecoins Next?
The frog-inspired digital currency, PEPE, has leaped into the spotlight in the cryptocurrency realm with an astonishing 1,500% increase in merely two weeks. Both investors and traders are rushing to acquire the meme-based coin, which has now entered the top 50 cryptocurrencies by market capitalization, surpassing the one-billion-dollar threshold within weeks. Analysts expect the memecoin rally to continue next week with minor volatility as Bitcoin finds no support from market bulls.
PEPE Price Analysis
The recent upswing of Pepe is partially credited to Binance’s decision to feature both Pepecoin and Floki Inu (FLOKI) on its “innovation zone” platform. This action by the well-known exchange indicated a degree of mainstream recognition for these meme-based currencies, which probably played a role in boosting their appeal among traders.
As of writing, PEPE price trades at $0.0000026, declining over 5.3% in the last 24 hours. After facing resistance near $0.0000045, the PEPE coin faced downfall and dropped below its 38.6% Fib channel. On the hourly price chart, PEPE has made a steep decline and is currently trading below EMA-50, hinting that bears are gaining control.
In the next few days, the PEPE token may decline more to its support level of $0.00000183 if it fails to surge above $0.000003.
Dogecoin Price Analysis
Major investors within the Dogecoin network have steadily accumulated DOGE tokens since April 5. According to information from the cryptocurrency analytics provider Santiment, DOGE whales possessing between 10,000 and 100,000, as well as 100,000 and 1,000,000 DOGE tokens, have acquired close to 200 million Dogecoins.
On the daily price chart, DOGE has taken support near $0.075 after falling heavily due to PEPE’s rise. DOGE price is currently trading at $0.077, dropping nearly 2.7%. The RSI line has started to climb near its midline, showing the hope of a bullish reversal next week.
If Dogecoin breaks above $0.08 and overcomes its resistance at EMA-200, it will continue a bullish surge next week to $0.09.
Shiba Inu (SHIB) Price Analysis
After witnessing a sideways trading session for several weeks, SHIB’s price has finally given a clear move as its price broke below its critical support level. SHIB’s price lost its support near $0.00000976 as bears emerged to short the trade.
SHIB’s price is currently hovering near $0.00000943, dropping over 5% from yesterday’s rate. If bulls don’t take charge immediately, SHIB’s price will continue to decline and reach its bottom level at $0.0000086.
Can Bitcoin Price Drops Below $25k? Here’s What BTC Traders Can Expect Next
The weekly death cross on the Bitcoin market is slowly catching up with the bulls after posting profitable weeks in Q1 and the first month of Q2 2023. With Bitcoin’s dominance having been rejected at slightly above 48 percent, which resembles a perfect double top with a falling RSI daily divergence, crypto traders’ attention has significantly shifted to the altcoin market. More so the meme coins following the recent breakout of PEPE and WOJAK coins.
Notably, more than 76 percent of Bitcoin’s liquidations in the past 24 hours, about $65.42 million, were long traders. Meaning Monday’s capitulation met most Bitcoin traders by surprise. Nevertheless, a Bitcoin short squeeze could occur at current levels if more whales outperform short traders.
BTC Price Analysis
In a recent YouTube video, popular and pseudonymous cryptocurrency analyst Cheeky Crypto analyzed Bitcoin price from a short-term perspective. In his May 1 analysis, the analyst noted that Bitcoin price could be headed below $25k in accordance with Elliott Wave theory.
Currently, the analyst thinks Bitcoin price is on the cusp of wave three, which has the potential to push Bitcoin price below $25k
“We are heading down in my opinion towards $24.8k, which is our 1.618 target range for making this an impulsive structure,” a cheeky crypto analyst noted.
From the same Elliott wave theory, Bitcoin price is about to enter the last phase of its new year relief rally. In that regard, Bitcoin price could find weekly temporary support of around $25.4k, which acted as strong resistance in August last year and February this year. Meanwhile, the altcoins are expected to register gains in the coming days before traders begin taking profit in Bitcoin and the stablecoins market.
Why Experts Expect Sparklo (SPRK) To Outperform Cardano (ADA) And Cosmos (ATOM)
As the crypto market shows signs of a resurgence ahead of a potential new bull run in 2024, investors are starting to take positions in high-potential cryptos.
Momentum is already building up, but some cryptocurrencies that did well in the 2021 rally are stagnating in buying volumes. Case in point are Cardano (ADA) and Cosmos (ATOM).
Instead, money is increasingly moving towards new cryptocurrencies with a low market cap, strong use cases, and other metrics that make for a potential big runner in a bull market.
One cryptocurrency that is increasingly on the radar of investors is Sparklo. Sparklo (SPRK) is still in the presale stage, and analysts expect it to do 4,000X in gains.
Sparklo Attracts Investors Seeking Fresh Opportunities In Crypto
Investors increasingly seek new cryptos with the potential for exponential returns as the crypto market matures.
Sparklo (SPRK), which is still in the presale stage, has experienced an upsurge in investor interest for this very reason.
Investors are drawn by the Sparklo (SPRK) presale price is low, at $0.015, and there is a bonus of 30% upon purchase.
At the same time, investors love that Sparklo (SPRK) is already showing signs of a potential price breakout. There is already an expected price jump on 30th April 2023, which will see Sparklo (SPRK) start trading at $0.017.
Sparklo (SPRK)’s use case is pretty unique, too. Sparklo (SPRK) is looking to make investing in fractions of gold, silver, and platinum easy. That’s quite a strong use case and a breath of fresh air away from the meme coins flooding the market.
At the same time, investors are drawn by Sparklo (SPRK)’s transparency. InterFi Network audits the smart contract, and there is a liquidity lockup of 100 years to reduce the chances of a pump and dump.
Cosmos (ATOM) Experiences Slow Growth In a Resurgent Market
Cosmos (ATOM) was one of the top-performing cryptocurrencies in 2021 and for a good reason. Cosmos (ATOM) is looking to interconnect Dapps and make the dream of a decentralized internet come true.
However, Cosmos (ATOM) continues to experience slow growth mainly due to its token dynamics. Cosmos (ATOM) is an inflationary token, which means new tokens entering the market will likely dilute value going into the future.
On top of that, Cosmos (ATOM)’s already significant market cap compared to when it first launched means there is a significantly lower chance of explosive growth compared to the past.
These factors have seen investors look elsewhere, mainly at upcoming cryptocurrencies such as Sparklo (SPRK). While Cosmos (ATOM) could still do well, the odds are that it might underperform Sparklo (SPRK).
Cardano (ADA) Experiences A Slowdown In Investor Interest
Cardano (ADA) continues to experience a slowdown in investor interest as momentum shifts to Ethereum.
Ideally, Cardano (ADA) has better technical metrics than Ethereum. However, as in other tech spheres, better doesn’t always win. Cardano (ADA) made it to the limelight in 2017. A slow development process and continued upgrades of the Ethereum blockchain have reduced the odds of widespread adoption.
This is most evident in the fact that Cardano (ADA) launched smart contracts in September 2021, but its Dapps environment is significantly smaller than that of Ethereum.
It indicates that developers are more into Ethereum than Cardano (ADA), a factor that has also seen investors start looking into other projects.
New crypto projects like Sparklo (SPRK) are the biggest beneficiaries of the declining investor interest in projects like Cardano (ADA).
Unlike Cardano (ADA), Sparklo (SPRK) has yet to hit the market, which means investors are potentially getting in at the bottom.
Buy Presale: https://invest.sparklo.finance
|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. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues.
Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company.
Here’s What Solana Holders May Expect from the SOL Price in the Coming Days!
The crypto market underwent a massive crackdown in recent times that slashed the global market capitalization below $1.8 trillion. Meanwhile, the latest recovery lifted the levels back above $1.2 trillion but also carried the possibility of a retest. Amid the friction among the bulls and the bears, many cryptos, including the Solana price, have been manifesting a tricky situation with the possibility of a bearish pullback very soon.
Solana’s price, after the recent downturn from the interim highs of around $25.91, dropped significantly, but the 200-day MA levels at $20.91 acted as major support and triggered a rebound. However, the rebound has not been validated yet as the levels continue to hover close to the crucial support, displaying weakness among the bulls and also within the rally.
So what’s expected for the SOL price in the coming days?
The SOL price is trading within an ascending triangle and is yet to reach the apex of the consolidation; hence, the current sluggish price movement may prevail for some time. Besides, the RSI displayed a bullish divergence, which may validate a rebound from the lower support of the pattern. However, the rally may maintain a lowered pace as the volume remains largely depleted. Mainly, the ADX is bearish, which signifies the weakening of the rally’s strength.
Therefore, it appears that $19.5 to $26.5 could be a good accumulation zone for long positions, beyond which a fine upswing may be triggered. Once the price breaches beyond $26, a powerful upward momentum may break the downtrend and reach the first target between $42 to $47, which is the upper boundary of the long-term liquidity.
Is Altcoins Bloodbath Coming? Here’s What Traders Can Expect
The crypto market is a complex and interconnected ecosystem, where cash flow occurs between Bitcoin and the altcoin market, particularly when new investments are minimal. As the oldest digital asset, Bitcoin has long dominated the entire crypto market. However, with the emergence of faster, cheaper, and more efficient blockchains, Bitcoin’s dominance has shrunk over the years.
Can Altcoins Yield Better Returns?
As a result, crypto traders have shifted their focus to altcoins, searching for higher returns amid Bitcoin’s diminishing returns due to its high market cap. Among these altcoins, the meme coin industry has gained significant attention from global crypto traders. This industry is characterized by high volatility fueled by speculation, and its popularity has grown rapidly.
Also Read: Crypto Whales Make Millions Profit Through These New Meme Coins: $PEPE, $WOJAK, $AIDOGE – Coinpedia Fintech News
Key Levels to Watch: A Technical Analysis
According to CryptoPatel, a pseudonymous crypto analyst on TradingView, Bitcoin Dominance has key levels to watch. These include a support level of 45%, as well as resistance levels of 48% and 62%. If Bitcoin’s market dominance drops to 45%, the analyst believes that the altcoin season could further materialize. However, a failed breakout on Bitcoin Dominance could lead to a retest to the support level of around 45% before pumping.
Related: This Altcoin Could Soon Outperform The Other Memecoins By 50% Very Soon
A Bloodbath or a Strong Support Level?
CryptoPatel also notes that if Bitcoin Dominance breaks out of the 48% resistance level, it could lead to a bloodbath in altcoins trading in BTC pairs. Additionally, it may also affect altcoins trading in USD pairs if Bitcoin remains stable or dumps. However, if the breakout occurs, the 48% resistance level will convert into a strong support level.
“If Bitcoin Dominance breaks out of the 48% resistance level, it could lead to a bloodbath in altcoins trading in BTC pairs. It may also affect the altcoins trading in USD pairs if Bitcoin remains stable or dumps. However, if the breakout occurs, the 48% resistance level will convert into a strong support level.”
Is Ripple’s XRP Poised For A 180-Degree Turn Hours Before Hearing? Here’s What Ripple Community Can Expect
With only a few hours remaining before the final outcome of Ripple’s (XRP) legal battle with the U.S. Securities and Exchange Commission (SEC), the crypto community is buzzing with excitement about how the XRP token will perform in the aftermath. However, the community weighs in on a massive skyrocketing price trend for XRP as Ripple is predicted to emerge victorious in the lawsuit following intense criticism and allegations made against the SEC chair.
XRP Price Holds Bullish Market Sentiments
In the last 24 hours, XRP’s market capitalization has surged by over $1.3 billion, according to CoinMarketCap data. This increase puts the token’s current total capitalization at approximately $24.88 billion, securing its position as the fourth largest crypto asset, excluding stablecoins. If the data holds true, XRP’s all-time high market capitalization stands at an impressive $127.9 billion.
A crucial element influencing XRP’s future potential is the ongoing lawsuit between the SEC and Ripple, which seeks to establish whether XRP should be classified as a security. The lawsuit, taking place in California, is scheduled for a class certification hearing today at 4:30 p.m. ET.
The hearing will focus on oral arguments regarding the certification issue for the group of XRP holders suing Ripple. Plaintiff Bradley Sostak, who held XRP for a mere two weeks, is requesting to become the lead plaintiff in the class action lawsuit.
Sostak contends that XRP is a security and is urging the court to establish a class composed of all XRP holders who either currently hold XRP or sold it at a loss.
XRP Price Hovers Near $0.5
XRP price has witnessed a steady increase in its trading volume, hinting that traders are initiating transactions due to the anticipation of Ripple’s victory. Bulls have easily managed to hold the XRP price above EMA-20 at $0.46, giving a boost to push the altcoin’s price near $0.48.
XRP’s current consolidation near EMA-100 indicates that buyers are waiting for the final outcome to send the altcoin to the moon, which will mark a new era for the XRP price. The RSI indicator has also formed a bullish divergence with the SMA line, which is boosting bulls’ confidence.
At the time of writing, XRP is trading at $0.47, registering a gain of over 3.12% in the past 24 hours. XRP reached an intraday high of $0.48 and is currently striving to reclaim that level. If Ripple comes out with positive news today, XRP’s price could break through the $0.5 barrier and advance toward its monthly resistance of $0.53. Furthermore, XRP might shatter that price level and continue its upward trajectory to reach new highs in the upcoming hours.
Is XRP A Security Or Not? What to Expect in Today’s Ripple Vs SEC Hearing
Today marks a pivotal hearing in the Zakinov v. Ripple class action lawsuit, which could have significant implications for Ripple and the future of its XRP token. Scheduled for 08:30 PM (UTC) in California’s federal court, the hearing will focus on the class certification for XRP holders suing Ripple. And guess what? Access to the proceedings has been granted to 500 lucky members of the public via an online platform.
Plaintiff Bradley Sostak Leads the Charge
The plaintiff, Bradley Sostak, argues that XRP is a security and seeks to be the lead plaintiff in the case, representing all XRP holders. This includes those who have experienced losses from selling XRP and current investors who still hold the asset. The hearing will cover Ripple’s direct sales, as well as secondary and international sales, extending to countries where XRP is considered a non-security.
Related: “Don’t Sell Your XRP Before Ripple v SEC Lawsuit Concludes”, Warns Expert – Coinpedia Fintech News
Two Sides of the XRP Coin: Ripple Supporters vs. Security Claimants
The XRP community is divided into two distinct groups: those who side with Ripple in its legal battle against the US Securities and Exchange Commission (SEC), and those who have filed a class action lawsuit against the company. The former group supports Ripple’s assertion that XRP is not a security, while the latter group claims otherwise.
Related: Ripple Vs SEC Lawsuit: What’s Holding Up the Judgment? – Coinpedia Fintech News
Both groups of XRP holders are closely monitoring the hearing, as the court’s ruling will likely have a significant impact on the entire community. The lawsuit shares similarities with the SEC’s litigation against Ripple, and the judge’s decision on whether Ripple should be prosecuted for its sales of tokens could influence the XRP price and investor sentiment.
Crypto Market Resurgence: XRP Gains Amid Bullish Trend
As the broader digital currency market experiences a sort of bullish revival, with the combined crypto market cap increasing by 2.66% to $1.19 trillion, XRP has also seen growth.
The token’s value has risen by 3.7% in the past 24 hours, trading at a spot price of $0.471 at the time of writing. While some core metrics, such as trading volume, face challenges, the cryptocurrency may be on track for a more defined growth trajectory moving forward.
Litecoin Halving: What to Expect From the LTC Price in the Next 100 Days!
Litecoin price has displayed immense strength ever since the price dropped heavily after the Terra collapse. The price was also impacted due to the FTX fallout, but soon rebounded and recovered losses before the end of the year 2022. Presently, the token is heading towards crucial 3-digit resistance and is believed to slice through these levels to trigger a notable bull rally ahead.
With the growing market sentiments, Litecoins price is also gaining huge attention as a social activity, and market activity for the token has risen significantly. The price recently bounced from the horizontal support, which also collided with the 200 EMA, while the next resistance lies above $100. Hence, a breakout above these levels would be bullish, which may signal a continuation of the trend ahead.
The LTC price is trading within a rising parallel channel, which appears to be bullish. The price rebounded from the average levels of the channel, displaying its potential to reach the upper resistance of the channel. Hence, a steep upswing may lead to a v-shape recovery that may surge beyond the major resistance at $102 in the coming days. Surging beyond these levels may validate the diminished bearish interference, which may trigger a fine upswing ahead.
While the price is gaining momentum, traders still do not appear to have shifted their focus on Litecoin. The daily active addresses, which determine the popularity and demand of the platform, have dropped severely. This indicates lowered activity on the platform as market participants remain aloof.
The daily address count, which records all the addresses that have performed either a buy, a sell, or a swap trade, is recorded only once per day. The raised levels indicate the growing demand for crypto, which may further impact the price in a positive way. Unfortunately, the levels have dropped, indicating less participation by market participants, which may not be good for a healthy rally.
Bitcoin May Continue to Trade Flat While Altcoins Could Bleed! Here’s What to Expect Until the Weekend!
The crypto market appears to be recovering from the losses incurred in the past couple of days as the star crypto somehow managed to jump above $28,000. With a reasonable jump of nearly 4%, the BTC price has prevented the entire crypto space from incurring hefty losses by maintaining a firm bearish trend. However, the question remains whether the bulls have strengthened their position or if this is just a passing fad.
The recent price bounce resulted in a drastic rise in Bitcoin’s social dominance, while its dominance over the market continued to drop. Besides, major altcoins continued to drop, which raised many concerns.
Generally, high dominance happens during market euphoria, but in this case, it appears to be out of fear. The chart above shows the rising social dominance of BTC, meaning the traders appear to have become more disoriented and are constantly searching for information about the crypto and its next plan of action. Hence, a rebound appears to be imminent.
Also Read : Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Mark New High’s In The Coming Days?
Now that the sentiments have turned somewhat bearish, these sentiments may impact the price negatively. Moreover, the upcoming FOMC meeting may also induce significant volatility within the space. Therefore, the chances of Bitcoin’s (BTC) price maintaining a consolidated descending trend appear to be pretty high.
Bitcoin’s Correction Has Begun; When Can We Expect a Bullish Rebound?
Bitcoin’s price continues to slide down as it loses crucial support at around $28,500 as the bears appear to have regained control. Moreover, the descending trend may continue as it appears to be heading toward the following support levels. Besides, the possibility of a bullish breakout also appears to be quite low as the bulls remain calm.
So, when can we expect a bullish rebound?
Presently, Bitcoin’s price is sitting on a trend line support at around $28,000. While the bulls are trying to hold the price above this level, the bears are poised to drag the price lower. Therefore, in such a scenario, the price may even break down from these levels, and the chances of testing $25,550 to $26,000 emerge.
The BTC price is following a parabolic curve and is expected to touch the curve before triggering a rebound. The price, after bouncing off the curve, had previously surged by more than 40% in a week. Therefore, a similar price action may be expected, but before that, the BTC price may face another 10% drop.
The BTC price is believed to plunge heavily to test the levels on the parabolic curve in the next few days. Further, a fine rebound may light up as the price touches the parabolic curve, which may begin a fine upswing soon. Additionally, the price is following the upper trend line as core resistance levels, and hence a breakout from these levels is mandatory. Following the pattern, the Bitcoin (BTC) price may soon reach beyond $35,000 in the next few weeks.
Bitcoin Halving Just 12 Months Away-Here’s What Can You Expect From the BTC Price This Month
The Bitcoin halving, one of the most bullish events for the BTC price, is just 12 months away. The event where the rewards are slashed in half is expected to induce huge bullish momentum with the star crypto. Hence, a fine upswing is set to begin just before the halving, which is further expected to transform into a bull run that may elevate the price to new highs.
However, presently, the BTC price appears to be in trouble as large institutions, or whales, have been selling constantly and trying to mount selling pressure over the token. As the prices are driving toward the south, the bearish action is expected to continue as the massive spot selling has been recorded.
The analyst, Daan Crypto Traders, says that there has been aggressive spot selling while significant amounts of BTC have been added to circulation as well. This is happening either because the entities are extracting their profit or because the insiders know something. In the latter case, the BTC price witnessed a sharp fallout that was followed by a new FUD within days.
The markets appear to have not yet digested the initial drop, and hence the absorption may require more time. In the meantime, the markets require some eager buyers who can bid the price up again at some point that has not yet been seen. Therefore, bearish flags continue to flutter around the crypto space as the Bitcoin (BTC) price appears to be poised to test the lower support until the weekend.
Cardano (ADA) and Polygon (MATIC) face stern competition from this token, experts expect 20x more profits
Cardano (ADA) and Polygon (MATIC) are two of the top cryptocurrencies that have gained significant attention in the crypto market in recent times. However, there is a new player in town that experts believe could give these cryptocurrencies stiff competition and bring 20x more profits to investors.
In this article, we will look closer at this token and its potential to overtake ADA and MATIC.
Introduction to the Competing Token
The token that is expected to challenge Cardano and Polygon is RenQ Finance (RENQ), a multi-chain decentralized finance (DeFi) platform. RenQ is a DeFi project built on the Ethereum blockchain that is designed to provide investors with an easy and secure way to invest in various DeFi projects, earn high yields on their investments, and participate in governance activities.
RenQ Finance has gained significant attention in the crypto market due to its unique features and benefits. The platform offers investors access to high-yield liquidity pools, yield optimizers, and lending protocols that enable them to earn passive income on their investments. Moreover, RenQ Finance is designed to be user-friendly, making it easy for even novice investors to navigate the platform and invest in DeFi projects with ease.
RenQ Finance has been gaining attention since its launch in Q1 of 2023. Its first three stages sold out faster than expected and the fourth stage, which is currently selling at $0.035, is already 93% full. Experts predict that this stage will fill up even faster than the previous ones, with the potential to provide investors with 100% price gains.
Overview of Cardano (ADA) and Polygon (MATIC)
Cardano is a third-generation blockchain platform that was created by the co-founder of Ethereum, Charles Hoskinson. It is a decentralized platform that aims to provide a more efficient and secure way of executing smart contracts and building decentralized applications (DApps).
The Cardano network has its native cryptocurrency, ADA. ADA can be used for payments, staking, and as a means of exchange. It is currently ranked among the top 10 cryptocurrencies by market capitalization.
Polygon is a Layer 2 scaling solution for Ethereum. It was previously known as Matic Network before undergoing a rebranding in February 2021. The platform is designed to address the scalability issues of Ethereum by allowing for faster and cheaper transactions.
The Polygon network has its native cryptocurrency, MATIC. MATIC is used for paying transaction fees and as a means of exchange. It is also currently ranked among the top 10 cryptocurrencies by market capitalization.
Experts Predict RenQ Finance Will Outperform ADA and MATIC
RenQ Finance’s unique features and benefits have attracted the attention of experts in the crypto industry, who predict that the platform will outperform ADA and MATIC in terms of profitability and market dominance. One of the main reasons for this is that RenQ Finance is built on a multi-chain architecture, which means it can be integrated with various blockchain networks, giving investors more options to invest in and diversify their portfolios.
Another reason RenQ Finance is expected to outperform ADA and MATIC is its innovative yield optimizer, which automatically invests and reinvests deposited funds to achieve high levels of compound interest. The yield optimizer is designed to save investors thousands of transactions with their associated gas costs, and precious personal time. This means that investors can earn passive income on their investments without spending hours manually harvesting and selling rewards, buying more tokens, and reinvesting continuously.
Moreover, RenQ Finance’s lending protocol allows users to deposit assets and borrow assets from another blockchain without the risk of entrusting funds to centralized intermediaries. This feature ensures transparency and reduces the risk of speculative activities, providing a secure and reliable investment platform for investors.
RenQ Finance is a promising DeFi project that has gained significant attention in the crypto market due to its unique features and benefits. Experts predict that the platform will outperform Cardano and Polygon in terms of profitability and market dominance, thanks to its multi-chain architecture, innovative yield optimizer, and lending protocol.
As the crypto market continues to evolve, it will be interesting to see how RenQ Finance performs and whether it can fulfil its potential to challenge the dominance of ADA and MATIC.
Click Here to Buy RenQ Finance (RENQ) Tokens.
Visit the links below for more information about RenQ Finance (RENQ):
|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 research before taking any actions related to the company.
The image used in the article is been obtained from a third party and is used for informational purposes only. Coinpedia should not be held responsible for image copyright issues. Please contact us immediately if you have any issues or concerns.
Ethereum Shanghai Upgrade Scheduled For Today – Here’s What Crypto Traders Can Expect
After months of meticulous preparations, the Ethereum validators can take a moment of relief as their staked Ethers will be available for withdrawal from today. The Ethereum Shapella or Shanghai upgrade will take place at epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023.
The Ethereum Shapella upgrade combines changes to the execution layer (Shanghai), consensus layer (Capella), and the Engine API. Among the expected changes with the hard fork include EIP-3651 on the Warm COINBASE, EIP-3855 that focuses on PUSH0 instruction, EIP-3860 pertaining to the Limit and meter initcode, EIP-4895 that entails the Beacon chain push withdrawals as operations, and EIP-6049 that works on Deprecate SELFDESTRUCT.
As a result, Ethereum validators and node operators are requested to work in collaboration to enable a smooth transition.
Economic Changes in Ethereum Ecosystem
With the Shapella upgrade, over $34 billion worth of ether will be made available for withdrawal and liquidatable on the secondary market. However, Ethereum withdrawals are expected to be enabled in two ways including partial and full withdrawals. In the partial, Ethereum validators will access anything above the 32 ETH staked including rewards and excess balance payments.
With about 563k Ethereum validators, the total amount of partial withdrawals are expected at around $2 billion and will happen in the next five days. As a result, the selling pressure on the second-largest digital asset will not be enormous to strain the market.
On the other hand, a full withdrawal will enable the validators to access the 32-staked ETH. Depending on the number of validators that are staking ETH, the number of withdrawals varies over time. Basically, the more withdrawal requests on staked eth, the fewer ethers will be processed by the network. Notably, analysts estimate a total of 500 days for the entire staked ETH to be withdrawn.
MATIC Price May Intensify Selling Pressure If Fails To Test This Resistance! Here’s What Traders Can Expect
The recent sharp decline in the value of Polygon (MATIC) has caused a new wave of volatility in the crypto market, leaving investors uncertain of its future price trends. Although the token has recovered slightly, MATIC investors are still scrambling to find a safe haven amidst the market’s uncertainty. Latin America’s biggest investment bank launched a stablecoin on Polygon (MATIC); however, it is yet to be seen if this will aid the struggling coin.
Whales Deposit Over $100 Million MATIC Tokens
Whales were prompted to heavily accumulate MATIC tokens as the price dipped to its weekly support level recently. Recent blockchain data indicates that over the past few hours, approximately $109 million worth of Polygon ($MATIC) has been transferred to wallets owned by major cryptocurrency exchange Binance. This suggests that the cryptocurrency’s price may face significant selling pressure.
A transfer of 40 million MATIC tokens, valued at approximately $43.7 million at the time of the transfer, was the first to occur. Given the significant amount involved, it is likely that a whale entity may have initiated it. Moreover, many assume that the whale is selling holdings since the funds were transferred from self-custody to an exchange.
Following the first transfer, a second transfer took place, involving 30 million MATIC tokens valued at $32.8 million, further signalling a significant sell-off. Additionally, a third transfer of the exact same amount of MATIC was moved to the exchange, but with no address overlap between the previous transfers, indicating the involvement of distinct whale entities or funds serving various purposes.
MATIC Price May Drop Despite Strong Developments
Despite Polygon’s zkEVM beta version and BTG Pactual’s launch of stablecoin on the Polygon network, the MATIC token continues to experience decreased investor interest.
Bitcoin’s recent breakout above $30K has sparked fresh excitement in the altcoin market, pushing MATIC price to the North. Despite attempts by sellers to push Polygon’s MATIC below the support line of $1.08, the bulls managed to maintain their position, indicating potential buying opportunities at lower levels.
The MATIC bulls will aim to surpass the 20-day EMA at $1.11, which may lead to a surge in the token’s price toward the symmetrical triangle’s resistance line. A successful break and close above the triangle may indicate the bulls’ dominance over the bears, paving the way for a potential rally towards $1.35.
As of writing, MATIC’s price trades at $1.12, gaining over 2% in the last 24 hours. Analyzing the daily price chart, MATIC’s price may soon witness a downward correction. If MATIC fails to test its resistance at $1.14, it may decline below the 23.6% Fib level and take support at $1.1.
Bitcoin (BTC) Price To Hit $34K Soon! Here’s What To Expect Next
Bitcoin price has signaled the onset of a macro bullish trend after hitting a ten-month high of around $30,399. Having registered gains of over 80 percent YTD, most crypto analysts agree the 2022 bear bottom was already hit back in November, fueled by the FTX collapse. As a result, long-term crypto investors have increased their rate of dollar cost averaging (DCA).
Santiment, a market intelligence platform, has identified several transactions associated with Bitcoin whales in the past 24 hours.
Bitcoin Enrute to $34k
Bitcoin’s surge toward $30k has significantly rejuvenated hopes of a parabolic run in the next few weeks. Moreover, the Bitcoin price is about to cross a major resistance-support level that could initiate a short squeeze. According to a popular Twitter crypto chartist @ali_charts, Bitcoin price has respected a bullish megaphone chart pattern on the higher time frame. As a result, the top digital asset by market capitalization is headed to $34k in the coming days with minimal resistance.
Notably, the analyst identified the chart pattern two weeks ago when the Bitcoin price consolidated around $28k. A similar sentiment has been shared by other crypto enthusiasts who believe the time is running out before a parabolic move materializes in the Bitcoin market.
Nevertheless, the analysts unanimously agree that a correction will immediately follow as profit-taking intensifies.
Having outperformed all other investment vehicles in the first quarter, worldwide investors are expected to proliferate into the Bitcoin market before the next halving. However, mainstream adoption of Bitcoin and other digital assets may never materialize until there is regulatory clarity in leading global markets. Furthermore, the crypto market capitalization is just 10 percent of Gold’s valuation.
Will Bitcoin (BTC) Price Hold Above $30K For a Long Time? Here’s What Traders Can Expect
Bitcoin’s price hit a yearly high of around $30,399 earlier today, up by almost 7%, per market data from Binance-backed Coinmarketcap. This price surge comes after three weeks of consolidation in a double top-like formation, leading most crypto traders to expect a dip before continuing with the uptrend.
However, the opposite happened, and over 89% of Bitcoin short traders were liquidated in the past 24 hours, leading to losses worth approximately $106 million, according to market data provided by Coinglass.
Bitcoin Dominance and Whales
Following this breakout, Bitcoin’s dominance in the crypto market increased to approximately 48.43%, standing at around $579,769,425,230 on Tuesday. Santiment, a market intelligence platform, also cited several Bitcoin whales who increased their on-chain activities in the past 24 hours.
Bull Market Continues
Macro analyst trader Jason Pizzino believes that Bitcoin price is in the last stages of this year’s bull market, but the bears may not push it below $18k again in this cycle.
He noted that the entire market, including stock indexes like the S&P 500, is showing bullish momentum in the higher time frame.
Elliott Wave Theory and Weekly Golden Cross
In terms of technical analysis, Bitcoin price is approaching its last cycle in the Elliott wave theory. The fifth wave is typically the largest if the third wave did not outperform the first wave.
Related: Is This The Start of Bitcoin Bull Run? CryptoQuant Predicts BTC Price For 2024 – Coinpedia Fintech News
With the recent breakout, it is only a matter of time before a weekly golden cross happens between the 50 and 200 MAs.
Don’t miss out on the latest news and updates on Bitcoin’s price movements. Watch this space for more!
Balaji Srinivasan Believes a 3,300% Bitcoin Explosion is Coming – Here’s What BTC Traders Can Expect
Former Coinbase Chief Technical Officer Balaji Srinivasan is doubling down on his bold prediction that Bitcoin (BTC) will explode over 3,300% from current levels within 90 days.
Srinivasan suggests that the US banking system’s troubles will drive people towards Bitcoin as a safe haven asset. He believes that the speed of digital bank runs makes it likely that BTC will hit $1 million within three months.
The former Coinbase executive contends that Bitcoin is an alternative to the US dollar’s centralized planning that is better suited to the free market. He says that the instability caused by the Federal Reserve could trigger an exodus from the traditional banking system, leading to people seeking refuge in Bitcoin. Srinivasan frames the situation as an election between the USD and BTC.
Bitcoin’s Current Status
As of writing, Bitcoin is trading at $28,053, with a 24-hour trading volume of $10.8 billion. Bitcoin has experienced a decline of 0.74% over the past 24 hours, but it remains the leading cryptocurrency with a live market cap of $539 billion.
Technical analysis suggests that Bitcoin is displaying a bearish bias, with resistance expected at the $28,350 level. However, if Bitcoin surpasses this resistance level, its value may increase to $28,900 or even $29,400. In the event of a bearish trend, significant support is expected at levels around $26,500 and $25,500.
Srinivasan’s prediction may seem unrealistic, but Bitcoin has shown incredible resilience in the past, with many industry experts predicting bullish trends this year. It’s often difficult to forecast future cryptocurrency price movements, so it’s unclear if Srinivasan’s prediction will come true or not.