While there has been little news surrounding Ethereum Name Service (ENS) and Ethereum Classic (ETC), by leveraging the power of Avorak Trade, investors can unlock the potential of these digital assets and capitalize on their growth.
Ethereum Name Service
Ethereum Name Service (ENS) is a decentralized domain name system built on the Ethereum blockchain. It allows users to register and manage human-readable domain names for Ethereum and other cryptocurrency addresses, content hashes, and metadata. ENS provides a user-friendly and easily recognizable naming system that eliminates the need for long and complex addresses.
Ethereum Classic Price Prediction
Ethereum Classic (ETC) is a blockchain platform that emerged as a result of a hard fork in the original Ethereum network. The fork occurred in 2016 following the infamous DAO (Decentralized Autonomous Organization) hack, where a significant amount of Ether (ETH) was stolen. While the majority of the Ethereum community decided to implement a hard fork to recover the stolen funds, a portion of the community opposed this action, arguing that the immutability of the blockchain should be preserved. This group continued to support the original Ethereum chain, which became known as Ethereum Classic. ETC retains the same underlying technology as Ethereum (ETH), including smart contract functionality, but it operates independently with its own development roadmap and community. However, Ethereum (ETH) is the more widely recognized and adopted version, and the ETC price has been on an overall decline for the past 90 days. Nonetheless, some analysts are bullish on the future of ETC.
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Avorak’s AI trading bot can make automated trades on different exchanges and assets. Avorak AI has ensured ease of use by developing a non-code-based command-line input for the trading bot. Investors can benefit from its ability to execute trades with high accuracy and speed. Avorak Trade’s algorithms can quickly identify favourable entry and exit points, maximizing profit potential and minimizing risks. The AI can adapt to changing market conditions, allowing investors to stay ahead of market trends and capitalize on emerging opportunities.
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The crypto markets are trading at par currently, with no major recovery triggered or any significant bearish actions. The Bitcoin price underwent a notable upswing but continues to consolidate along one of the major resistance levels, close to $27,800. However, one of the popular analysts, Lark Davis, shared 6 major reasons that determine the strength of the Bitcoin price and the possibility of it surging high in the coming days.
Internet vs Crypto Adoption
The internet and the crypto adoption graph appear to have been going hand-in-hand. If the levels maintain a similar trend, as many as 700 million users may enter the crypto space between now and 2025, which is assumed to be the peak of the next bull run. This may be a huge bullish signal for BTC, as the majority of them will surely buy Bitcoin, increasing the volatility and volume and impacting the price positively.
Bitcoin Halving vs BTC Price
The Bitcoin blockchain is due for its fourth halving, which is anticipated to occur less than a year from now, in April or May 2024. Hence, based on the 4-year cycle theory, BTC is currently in the pre-halving accumulation period. If history repeats itself, then the BTC price may kick-start a gigantic rally that could see prices as high as $150,000 in early 2025.
Bitcoin Wholecoiners Mark New Highs
Ever since the BTC price began its sluggish trend, small traders have been constantly accumulating the token. This is the reason that the wholesalers or the addresses with one whole bitcoin have marked new highs. Over 1 million addresses now hold 1 BTC or more, which has grown from 150K.
Dormant BTC Holding Continues to Thrive
Dormant addresses are those that have not made a move for quite a while, which determines the ‘holding’ mindset of the bulls and the traders. Therefore, the supply of Bitcoin, which has not moved in the past year, has reached an all-time high of 68.3%. Nearly 7 in 10 BTC tokens are held by these long-term holders, who have remained unaffected by the recent market turmoil.
Bitcoin Exchange Balance Drying Up
The above chart displays the balance of the exchanges after each halving event in 2016 and 2020, while the green line indicates the current levels. After the 2016 and 2020 halvings, the supply on the exchanges continued to soar. However, the current levels are constantly dropping, indicating that market participants are extremely bullish on BTC in the long run.
Apart from this, Lark Davis also shared a chart from Raoul Pal that displays the global liquidity levels which are soaring. Interestingly, Bitcoin is also going up with it! Therefore, despite the prevailing bearish influence, the BTC price continues to flash bullish signals, and hence analyst believes Bitcoin is becoming stronger every day.
Top Analyst Projects a Bearish Target for Bitcoin (BTC) but is Extremely Bullish on Dogecoin (DOGE) Price
Following the recent drop, the bears appear to have been exhausted to some extent, as the major cryptos have been trading more or less flat. Besides, the bulls continue to remain uncertain as a slight upswing is attracting the bears, who tend to extract their profit and slash the prices hard. However, one of the popular analysts, MMBTtrader is extremely bullish on Dogecoin while believing the Bitcoin (BTC) price may remain under the bearish influence
Bitcoin (BTC) Price Analysis
Bitcoin price after marking the local top at around $31,000, is facing extreme bearish pressure, which has dragged the price lower toward the trend line. It has been following the trend line since the beginning of the year and has also sliced through these levels to mark the lows. Therefore, a similar price action is speculated at the moment, as the bears appear to be in a good position at the moment.
The BTC price, presently, has broken down from the resistance and is speculated to do more in the coming days. The newly formed daily support level is initially at $26,000, and later the major Fibonacci support levels are around $23,500.
Meanwhile, the trend reversal zone is around $29,200, wherein the current parallel rising channel may undergo a retest of a breakout. However, the major daily resistance is around $31,000. One small, weak resistance is encountered at $27,000, breaking which the price may easily fall to $26,000.
Dogecoin (DOGE) Price Analysis
Dogecoin’s price recently lost one of the pivotal resistance levels but appears to be poised to rebound fairly in the coming days. The price is hovering along the newly formed support levels, accumulating strength to trigger the next bullish wave ahead. However, the price is presently trading under a bearish influence, which may fade in a short while.
The DOGE price is trading above the daily support level of around $0.07, beyond which $0.06 is acting as the last line of defense. After reaching these levels, the analyst believes a fine upswing may be triggered that may help the price soar high to reach the required resistance at around $0.1.
Bitcoin is currently rising high slowly and steadily, trying to nullify the bearish influence brick by brick. Despite the bears continuing with their aggression, the price appears to be self-assured of maintaining an upward trajectory until the weekend. Besides, the volume also maintains decent levels due to which, the BTC price continues to maintain its strength.
However, the upcoming week is expected to create huge volatility as the colossal events may mark up which resulted in huge bearish divergence in the recent past.
Despite manifesting enough strength, the BTC price still appears to be fenced in within the FTX fiasco. Therefore, the star crypto is unable to make any larger moves in either of the directions which is expected to change depending on the upcoming events, this week.
The United States Consumer Price Index(CPI) report is all set to create violent changes within the crypto space along with Bitcoin price, regardless of direction. The report is scheduled to be released on December 13 2022 and the FOMC meeting is set to take place on December 14 to discuss the possible interest rates.
These outcomes have had a massive impact on the Bitcoin price in the recent past and hence a specified amount of pressure is expected to mount over the asset soon.
Alongside, the FED has slowed down its action over the interest rates which may not have a larger impact on the crypto space either. Bitcoin price which is currently trading above $17,000 continues to show some strength and hence a firm upswing could be expected until this weekend.
Ever since the FED released the fresh CPI rates, the crypto market continues to remain heavily consolidated. Bitcoin price slumped close to $19,000, while Ethereum price was below $1300. At the same time, the popular crypto Cardano which was assumed to mark lows below $0.3, now displays a minor bullish divergence. However, the confirmation of a rebound may still remain misty until the ADA price is raised beyond $0.4.
The Cardano price continues to display significant volatility as it continues to trade at around $0.3469 with a slight increase of +1.80% in the past 24 hrs. Meanwhile, the bears continue to mount significant pressure on the asset. However, the relative position has tangled down heavily and sits around the lowest position since January 2019. On the contrary, the ADA price continues to manifest the possibility to go long as the MVRV-Z smashed one of the crucial levels.
The MVRV-Z score is the difference between the market capitalization & realized value. Presently, the z-score is dropping hard and reached levels around -1.35 for the first time in the past 45 months. This signifies that the asset is highly undervalued as the realized value has raised above the current market cap.
Meanwhile, the NFT activity over the Cardano network has significantly risen which offers a tough condition for Solana. Additionally, the developers have planned to launch an additional update called ‘Hydra’ that intends to increase the blockchain’s transaction capacity from 250 to 1,000,000 per second.
Hence, considering the above reasons, Cardano’s price may explode in the coming days as the trading volume remained within a very impressive region amid the current bear market. Therefore, in the next bull run, the beat DeFi & NFT trading platform could be Cardano which may impact the ADA price to a large extent.
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September has proved bearish yet again as the crypto spaces lost more than 5% of their global market capitalization by plunging below $950 billion. Major crypto assets like Bitcoin, Ethereum, Ripple, Cardano, etc witnessed a significant negative impact, a few hours ago. Moreover, the assets are expected to possess extreme volatility in the upcoming couple of days, which may impact the entire crypto space.
The BTC price, the previous day swept the lows by hitting $18,500 and currently trying hard to regain the levels close to $19,000. However, the time approaching ahead may reverse the conditions within the crypto space. Therefore, in the coming 48 hours, major changes may probably give a direction for the markets until the end of 2022.
Below are the important factors that could turn the tables on the market.
- The crypto space may be somewhat normalized if the Bitcoin price reclaims the $19,300 levels in the next 48 hours
- With the surging inflation in the UK & the USA, the European Central Bank is poised to rise the interest rates. Moreover, Fed Chair Jerome Powell is also set to be vocal
- The strength of the US Dollar is raising and has surged above $110 in recent times, which has to under a significant correction in the upcoming times
Any of the three factors may impact the Bitcoin price to a larger extent that may in turn influence the other assets within the market. On the other hand, in the long-term, the star crypto appears to have reached the bottom and is closer to pulling a massive leg up.
The Bitcoin price has now tested the lower bottom for the second consecutive time and a rebound from here may accomplish a double-bottom pattern. However, the neckline still remains pretty distinct, beyond $25,500 which appears to be a tedious job for the asset to reach.
Collectively, the price is expected to remain consolidated further and before the close of the yearly trade, Bitcoin(BTC) price may make large moves to record a bullish close.