PayPal Expands Beyond PAYUSD Stablecoin: Layer-2s and NFTs on the Horizon
NFTs and Layer-2s are hotcakes and the market size is also increasing day by day. Since many big institutions are hailing for the blockchain ecosystem. We have seen the frenzy of how Marvel’s Stan Lee and Donald Trump’s NFTs were sold out within hours of launch. But despite that NFT market is facing challenges and PayPal’s patent move is a fresh start to boost NFT trading. Let’s delve into PayPal’s Patent theory.
Why PayPal’s Patent Application Is Stirring a Debate on NFTs?
PayPal, the payment giant, has recently filed a patent application detailing a system to streamline the exchange and trading of non-fungible tokens (NFTs) within its network. This move aligns with the growing popularity of NFTs, which are being used by artists and creators to sell digital assets like art and music across the world.
By entering the NFT market, PayPal aims to simplify the process for both buyers and sellers. However, they also offer environmental, legal, and market risks. Like all other risk assets, there is no clarity on NFT trading though the US government has tried to sort out some of the issues a link to financial regulations still needs some more clarity.
Whereas the newly disclosed application, filed in March 2022, delves into the validator or miner selection process for adding transactions to the blockchain. It introduces techniques that could potentially direct blockchain requests to a specific group of miners or validators.
Paypal’s 3 Unique Key Targets
Additionally, PayPal unveiled three more patent applications on September 21, also originating from March 2022. The first patent outlines methods for enabling off-chain transactions using NFT marketplaces. The second introduces the concept of an “omniverse,” a product spanning multiple metaverses, featuring an online transaction processor providing tailored recommendations for digital asset purchases. The third patent aims to optimize payments between users and merchants operating on different network layers.
Paypal’s Crypto Hangover?
PayPal stepped into the crypto arena with Bitcoin trading in September 2020. Since then, the company has been gradually expanding its crypto services, allowing global users to send and receive BTC. Recently, PayPal announced its own USD-pegged stablecoin, PYUSD, marking a significant entry into the stablecoin market and putting it in competition with issuers like Tether.
Notably, PYUSD, an Ethereum-based stablecoin, supports external wallets, streamlining funding for purchases, services, and conversions with PayPal’s supported cryptocurrencies. It will be a piece of news if Elon Musk’s X platform integrates PYUSD, hold on it’s not official yet.
Paypal has broader aspirations, and getting NFTs around is a warmup to raise PAYUSD into the mainstream.
Is Crypto Market Crash On Horizon? FTX To Liquidate $3.4 Billion in Cryptocurrencies
The crypto market is going through a rocky phase, with many people bracing for a big drop linked to FTX, a major crypto exchange. In recent hours, lots of people have placed bets that the coins FTX plans to sell will lose value. This crucial decision will happen on September 13th, the same day when the Consumer Price Index (CPI) data is released.
Whale Analysis wrote on X, “The altcoin market is going down as people are anticipating a huge upcoming dump from the FTX. A lot of shorts have been piled up in the past few hours, especially in those coins that #FTX will liquidate.”
FTX is waiting for court permission to sell off $3.4 billion in cryptocurrencies. This has got altcoins like Solana and FTT on edge, as they might be affected. FTX is also trying to get back money it paid to famous sports figures and LayerZero through legal means as part of its plan to fix its money problems.
Experts at IntoTheBlock say that the FTX liquidation could slow down the recent progress of Ethereum and Solana. “Despite positive news about Visa and a potential spot ETH ETF, FTX’s impending $3B liquidation could be dictating market movement.”
FTX will make a formal request to the courts seeking permission to liquidate their remaining cryptocurrency assets. These assets comprise a diverse range of cryptocurrencies, including approximately $685 million worth of SOL (currently locked), $529 million in FTT, $268 million in BTC, $90 million in ETH, $67 million in APT, $42 million in DOGE, $39 million in MATIC, $31 million in TON, and $29 million in XRP.
The uncertainty surrounding Solana has led to a 8.1% drop in its price over the last day, with SOL currently valued at around $17.99. This is quite different from many other assets, which have mostly remained stable or seen small declines.
FTX had earlier suggested on August 24th that Mike Novogratz’s Galaxy Digital Capital Management oversee the sale of recovered crypto assets. According to the plan, FTX can sell up to $100 million in tokens per week, with the possibility to increase it to $200 million for specific tokens.
Shiba Inu Market Signals: What’s on the Horizon for SHIB Price?
In a surprising turn of events, the hype surrounding Shibarium may have faded, but the Shiba Inu coin’s burn rate has skyrocketed by an impressive 270% within the last 24 hours. This remarkable surge in the burn rate translates to a significant reduction in the total supply of Shiba Inu coins, potentially paving the way for increased demand. Many in the crypto community are seeing this as the catalyst and breakthrough moment that Shiba Inu needs.
TVL Trends and Short-Term Fluctuations: Signs of a Shiba Inu Momentum Shift?
While tokens within the Shiba Inu ecosystem, including SHIB, Bone, and LEASH, have experienced losses in line with broader crypto market trends, experts are suggesting that these short-term fluctuations could signal an upcoming shift in momentum. SHIB, for example, has seen a 6.85% decline in its seven-day performance, and LEASH and BONE have faced substantial losses, with the latter dropping over 22%. Despite these setbacks, there’s optimism in the air.
At present, SHIB is priced at $0.00000767, with a slight 0.1% dip in the last 24 hours and a 5.4% decrease over the past seven days. Meanwhile, ShibaSwap, the DeFi platform where SHIB, LEASH, and BONE are traded, boasts approximately $23.4 million in Total Value Locked (TVL). Over the past 24 hours, TVL has increased by 0.51%, although it has decreased by 10.95% over the week.
Why Analysts Believe SHIB’s Bear Cycle is Nearing Its End
Analysts examining the graphs and trajectories in the Shiba Inu community believe this trend may signify the end of the bear phase. Lucie, a content specialist, acknowledged the challenges of enduring losses but emphasized the team’s active efforts to enhance the ecosystem’s value. She highlighted the importance of Shibarium’s decentralized structure as a significant driver for growth and confirmed the team’s patient approach to project launches, prioritizing fairness and community well-being.
Trading Strategies: Long-Term Holding and DCA-Recommended
Regarding trading volumes, Lucie encourages long-term holding and Dollar-Cost Averaging (DCA). She referenced a chart illustrating Bitcoin’s historical pattern and suggested that bearish days could be coming to a close. Lucie also emphasized the positive correlation between Shiba Inu and Bitcoin.
Preparing for a Potential Bull Season
In conclusion, Lucie’s chart analysis urges the Shiba Inu community to prepare for a potential 33 to 35-month bull season following a 14-month bear market cycle, a pattern observed since 2014. The key takeaways for investors and traders are to closely monitor Shiba Inu’s trade volume and burn rate, as these indicators could signal a market shift. These insights are invaluable for both short-term traders and long-term investors alike.
Are Chainlink Sharks Gearing Up for a Major Move? LINK Price Breakout on the Horizon?
Chainlink (LINK) price action has been a challenging puzzle for crypto analysts as it continues its horizontal consolidation. Despite predictions of a breakout, the sideways movement that began in May last year persists. As per the latest crypto market data from Coingecko and Tradingview, Chainlink (LINK) has seen a 7.04 percent increase since September 5th, trading at approximately $6.38 during the early Asian session on Thursday.
Additionally, Chainlink has witnessed a substantial 33 percent spike in its average daily traded volume, reaching about $187 million. Meanwhile, the Chainlink network boasts a fully diluted valuation (FDV) of approximately $6.36 billion and a market capitalization of roughly $3.42 billion.
Santiment’s Chainlink Shark Accumulation Report
Market intelligence platform Santiment has conducted an on-chain analysis of Chainlink (LINK), revealing intriguing insights into accumulation patterns. According to Santiment, accounts holding between 10,000 and 100,000 LINK tokens have been actively accumulating. Notably, there are now 3,127 Chainlink accounts in this category, marking the highest level since December 3, 2022.
Santiment’s analysis also shows that Chainlink sharks, referring to larger holders, have added LINK tokens worth $9.6 million in the past three days. Consequently, Chainlink sharks collectively hold 0.154 percent of the entire circulating supply. Moreover, there has been an increase of 98 new Chainlink wallets holding between 10,000 and 100,000 LINK tokens since September 3rd, representing a growth of approximately 3.2 percent.
Is Criminal Prosecution on the Horizon for Binance? Ripple Attorney Reveals
After the US SEC sued Binance in June 2023 for violating securities laws, rumors have swirled about a possible DOJ indictment. In the midst of this, the XRP lawsuit ruled that retail XRP sales aren’t securities, which might impact the SEC’s case against Binance.
Now, John Deaton, a prominent figure in the cryptocurrency community, has raised suspicions regarding the actions taken by major financial players Mastercard (MC) and Visa. Deaton’s concerns center around a potential impending criminal prosecution, hinting at the possibility of significant legal actions on the horizon.
He points to the ongoing speculation and predictions that a DOJ indictment could be the aftermath of recent filings by the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC).
Deaton wrote on Twitter, “I have to admit that this distancing by MC & Visa make me suspect that something might be on the horizon related to a criminal prosecution. I was one of the people who said it was likely based on everything we were witnessing. I admit that expected it by now, however.”
Furthermore, a circulating rumor has suggested that government apprehensions surround the potential indictment of Binance, one of the world’s leading cryptocurrency exchanges, and its CEO Changpeng Zhao (CZ).
Cointelegraph reported, “According to an Aug. 2 Semafor report citing people familiar with the matter, Justice Department officials are concerned about an indictment against Binance causing a run on the exchange similar to what happened with FTX in November 2022.”
A report from Semafor on August 2 states that the Justice Department is worried that charging Binance could lead to a rush on the exchange, similar to what happened with FTX in November 2022. They might opt for fines or non-prosecution agreements instead to lessen the impact on users.
SHIB Price Analysis: Shiba Inu Correction Likely Over With a 200% Jump On Horizon
Despite the high crypto volatility YTD, the second largest meme coin by market capitalization and daily traded volume, Shiba Inu (SHIB), has undeniably oscillated between the same price it opened the year. According to the latest crypto market data provided by Coingecko and TradingView, Shiba Inu’s price has dropped approximately 4 percent year to date to trade around $0.00000831 on Wednesday.
The hype surrounding the Shibarium layer two scaling solution has had a significant impact on the Shiba Inu price action, more so in the past few weeks. Notably, Shiba Inu price rallied before lead developer Shytoshi Kusama announced the official launch of Shibarium. However, the meme coin has since retraced following the general crypto bearish outlook and the chaotic Shibarium launch.
Shiba Inu Price Analysis
According to a popular crypto analyst on TradingView with over 120k followers, Alan Santana, Shiba Inu’s price is well positioned for another 200 percent rally in the coming months. Arguably, the analyst noted that Shiba Inu’s price has already bottomed out and is more likely to continue in an Elliott wave principle.
“The interesting part here and what constitutes a reversal signal is the fact that the 17-Aug. the candle closed above 0.618 Fib., as mentioned above, and the candle that followed five days later, 22-Aug., ended as a Doji with a long lower wick and closing green. This Doji reversed before hitting the 0.618 support,” Alan Santana noted.
The analyst further supported Shiba Inu’s bullish stance from the fact that the meme coin’s volume has remained high despite the August 17 dip. As a result, Alan Santana highlighted that the Shiba Inu correction is over and the bulls are in control.
BNB Price Analysis: With Altcoins Crashing, BNB Falls To $230- Is A Reversal At Horizon?
With altcoins marking a third bearish day this week, the BNB coin price faces extensive selling from its investors. Breaking below a bullish pattern, Binance coin price succumbs to bearish market conditions, leading to a 5.78% drop in the last 8 days.
Failing to rise above the 50-day EMA and $250, the BNB coin price falls drastically, leading to a rising channel fallout. With buyers struggling to avoid a third consecutive bearish candle, the daily candle shows lower price rejection.
Binance coin price shows a 3.62% drop in the last two days, with a rise in trading volume highlighting solid selling pressure. With an intraday loss of 0.33% and a long tail formation, buyers struggle to avoid the third red candle.
The rising channel fallout rally currently rests at the crucial support zone of $230. By providing multiple reversal spots before, the possibility of a reversal from this support zone is relatively high. Moreover, as the sellers get exhausted, it may lead to a retest.
The increased bearish sentiments in the BNB chart are evident in the technical indicators. With MACD indicators showing intense bearish histograms after the negative crossover. Moreover, the RSI line falls to the oversold boundary.
Considering the buyers can absorb the supply pressure, $230 provides an excellent bounce pad and an entry spot. In a bullish case, the BNB price can reach the $250 mark to rechallenge the overhead supply.
On the flip side, a downfall closing below the support zone will mark an intense correction phase for the Binance coin. The fallout rally can prolong to $200 in such a case.
Bitcoin’s Fate Hangs in the Balance: Another Significant BTC Price Crash on the Horizon?
In a stunning development that has set the cryptocurrency world abuzz, Bitcoin, the cornerstone of the digital asset realm, has experienced a significant crash, plummeting below the $26,000 mark for the first time in two months.
This might be a shock to many, but the token has always managed to bounce its way back up to the top. Is this time going to be any different?
Bitcoin’s Plunge Sparks Concerns
Bitcoin has closed below its crucial 200-day moving average (MA), a trend line that holds significance in determining the digital asset’s long-term trajectory.
Joe Carlasare, one of the crypto enthusiasts took his observation to Twitter stating that;
“Every time that Bitcoin has closed under the 200-day MA (like we did yesterday) since 2016, we have continued to fall an average of 20% lower.
As of the latest data, Bitcoin’s trading price stands at $25,859.30, having briefly touched an intraday low of $25,619, according to Coinpedia News.
Initially, the recent sharp decline was attributed to a number of factors that have compounded this downfall, including China’s Evergrande Group filing for bankruptcy, misleading news about Elon Musk’s SpaceX offloading its Bitcoin holdings worth $373 million, and a frenzied wave of liquidation
Read More: Evergrande’s Bankruptcy Filing Causes Bitcoin to Crash by 7%!
It’s Best to Be Cautious
Providing further insight into Bitcoin’s current state, Jurrien Timmer, a market analyst associated with Fidelity, asserts that Bitcoin has been hovering around the $30,000 threshold for some time.
This observation raises questions about whether the cryptocurrency’s valuation has outpaced its fundamental worth, which is typically gauged by considering real rates and network growth metrics.
While, Timmer’s observations point toward the importance of considering the term premium for bonds, which continues to remain in the negative territory.
This Might Interest You: SpaceX’s Dumps Bitcoin Worth $373 Million!
As the cryptocurrency community holds its collective breath, the delicate balance between Bitcoin’s historical patterns, external influences, and the potential for regulatory shifts underscores the need for vigilance among investors.
Bitcoin’s Price Outlook: Recovery on the Horizon, Altcoins Await Dominance Shift
After a period of three months marked by hopeful anticipation and cautious preparation for worst-case scenarios, the Bitcoin market concluded its bear market rally with an unexpected dip, accompanied by substantial liquidations reminiscent of the FTX implosion. However, amidst this backdrop, the majority of crypto investors maintain an optimistic outlook, foreseeing a forthcoming recovery in the next few months.
This optimism is fueled by the accelerating mainstream adoption of digital assets and the notable progress in establishing clear regulatory frameworks for cryptocurrencies across various jurisdictions, a significant advancement compared to the state of affairs during the 2019 bear market.
Furthermore, a notable development is the increased interest from institutional investors, spearheaded by hedge funds, who are seeking refuge from the inflationary pressures affecting global fiat currencies. Their growing demand for digital assets underscores the expanding recognition of cryptocurrencies as a hedge against currency devaluation.
Bitcoin Price Trends
Renowned analyst Captain Faibik shares insights into the trajectory of Bitcoin’s price action. Foremost, he suggests that the likelihood of Bitcoin plummeting below last year’s low is considerably reduced, especially given the approximate 233-day countdown to the fourth halving event.
In light of these factors, Captain Faibik envisions a phase of horizontal price movement for Bitcoin over the forthcoming quarters, setting the stage for an eventual breakout above the $32,000 mark.
Impressively, Captain Faibik presents a substantial Bitcoin price target of around $100,000, emphasizing the favorable odds of an upward surge. Despite these positive projections, Captain Faibik advises his followers to remain steadfast and not be swayed by potential market turbulence in the ensuing months.
Altcoin Prospects and BTC Dominance
Turning attention to the realm of altcoins, Captain Faibik directs attention to their potential bullish prospects, contingent upon the continuation of a decline in Bitcoin dominance. He posits that if Bitcoin’s dominance continues to decrease in the coming weeks and potentially breaches the lower threshold of a rising channel, it could signal a favorable environment for altcoins to experience a bullish upswing.
Binance vs SEC: Could Compromise be on Horizon? Ex-SEC Official’s Take on Judge Jackson’s Approach
Binance has submitted a ‘protective order’ against the U.S. Securities and Exchange Commission (SEC). While predicting the exact outcome is challenging, it’s likely that a compromise will be reached, with Binance complying with most of the SEC’s demands, according to ex-SEC official John Reed Stark. The SEC has filed a lawsuit against Binance, citing 13 charges that have allegations of inflating trading volumes and diverting customer funds.
According to Stark, one of Binance’s primary contentions is that it has already shown enough evidence to assure the SEC of the security of its customers’ assets. However, the SEC is stubborn in making what Binance describes as overly broad and burdensome discovery requests.
Stark wrote on Twitter, “Among a slew of accusations, Binance claims it has produced plenty of evidence to assure the SEC that its customer assets are safe and secure, but the SEC nonetheless continues to serve “stunningly overbroad and unduly burdensome” discovery requests on the defendants.”
Binance has expressed its frustration, decrying the SEC’s actions as an “inappropriate fishing expedition” unrelated to the actual merits of the case. The court overseeing this clash, headed by D.C. District Court Judge Amy Berman Jackson, operates under a unique paradigm marked by a Consent Order, which includes provisions for “expedited discovery.”
According to Stark, Judge Jackson will punt the case to an experienced and trusted D.C. magistrate judge and may also set a few deadlines and hearing dates to stay on course.
He added, “Judge Jackson will order Binance to give the SEC most of what the SEC requests, but will eliminate some of the more duplicative or obviously overly burdensome/broad requests. Along the way, Binance may achieve a few minor wins, which Binance will undoubtedly tout as colossal victories.”
However, the ongoing saga could take an unforeseen twist with the potential unsealing of a U.S. Department of Justice (DOJ) indictment related to Binance. This move could introduce chaos into the civil proceedings between Binance and the SEC.
LINK & BNB Price Closer for a Bullish Breakout-Here’s Why a Huge AltSeason is on the Horizon!
The crypto space appears to have benefited from the FED’s recent 25 basis point hike in interest rates. The bitcoin price has attracted significant gains since the early trading hours as it trades close to one of the major resistance levels at $29,500. While the weekly close approaches, followed by the monthly close, volatility may rise, pushing the price above the critical resistance level of $29,800.
Besides, the dominance of Bitcoin continues to drop, which coincides with the sluggish trend of the star crypto. Hence, the expectation of an altseason rises, which suggests it may be a good time to buy alts. The price of Bitcoin remains stuck within a rising wedge, which suggests a higher probability of the price going down, which certainly has plenty of time. In the meantime, top altcoins, BinanceCoin (BNB) and Chainlink (LINK) appear to be on the edge of a massive explosion.
Binance Coin (BNB)
Binance’s coin price is testing an area that proved to be extremely strong in several cases. Every time the price tested the $225 region, it was followed by bullish price action. Therefore, if a similar price action follows at the moment, then the next target could be mapped at around $325 to $335, with a nearly 40% to 50% jump. Therefore, the long trade could be placed around $232.5, with the first target at $258.3, followed by the higher targets as mapped on the chart.
Chainlink (LINK)
Over the last year, LINK has been trading very steadily between $5.5 and $9. With the price currently trading around $8, the major question is whether the price can break above the resistance this time, after multiple failed attempts. Therefore, a daily close above $10 could confirm a bullish breakout. Considering the LINK price, which has been trading sideways for nearly a year, an explosive move could be on the horizon.
Is the Altcoin Season on the Horizon? The Popular Analyst Examines Market Scenario
The cryptocurrency market has been a wild ride, with Bitcoin as the longtime leader. But as the market grows, altcoins are gaining traction and catching investors’ eyes. Altcoin season, also known as alt season, is a hot topic of discussion among crypto experts, with varying opinions on when it will make its comeback in the markets.
Bitcoin, as the pioneer of cryptocurrencies, has historically had a major influence on the market. However, the altcoin space, led by Ethereum (ETH), faces more challenges. The altcoin space, represented by coins like XRP, Binance Coin (BNB), Cardano (ADA), and Polygon (MATIC), is experiencing mixed performances. While some coins have shown signs of recovery, they are struggling to maintain their gains.
Nicholas Merten, in a new YouTube video has shed light on the current market scenario for the altcoin. According to him, Ethereum has displayed some resilience, with higher lows, but it has been encountering resistance at the $2,000 range, which previously acted as rock-bottom support leading to significant price gains.
He said, “I got to be honest with you guys, all DeFi ecosystems are bleeding right now. It’s not an attack on Cardano, it’s not an attack on XRP or Arbitrum or Optimism. It doesn’t matter if you like these networks, guys, at the end of the day, you want to look at the fundamentals. The fundamentals are terrible right now.”
According to him, one of the factors contributing to the lackluster performance of altcoins is the current state of decentralized finance (DeFi) ecosystems. While DeFi has been hailed as a revolutionary application of blockchain technology, the market is not witnessing significant innovation and adoption.
As per the alt season index, the altcoins officially initiated the alt season in July 2023, registering a score of 88 on a scale of 0 to 100. A value greater than 75 on this index indicates that it is an altcoin month, signaling a period of potential outperformance for altcoins compared to Bitcoin.
Bitcoin Surpasses $31K: Is a Bullish Rally on the Horizon for BTC Price?
Bitcoin continues to reign supreme as it recently surpassed the significant $31,000 mark, sparking a wave of bullish sentiment among investors and analysts. Bitcoin’s value surged beyond $31,000 on Monday following a tumultuous week of trading. This was influenced by news regarding applications for spot ETF funds and conjecture about their potential approval by the U.S. Securities and Exchange Commission.
Bitcoin’s Open Interest Surges Suddenly
Bitcoin’s price has once again surpassed the $31,000 mark, spurred by a sudden surge in open interest. Open interest, which represents the total number of unsettled futures contracts, experienced a leap of over $300 million within a mere two hours.
Market analysts attribute the intense price fluctuation to market suppression. The theory suggests that the longer and more forcefully a price is restrained, the more explosive the response is when it finally breaks loose.
Bitcoin experienced a dip on Friday due to concerns following a report that the SEC found several initial ETF filings to be incomplete. However, the Cboe exchange promptly resubmitted the forms later that evening. Despite apprehensions about potential negative news impacting the market, Ivo Georgiev, CEO of Ambire Wallet, believes that the momentum towards a $40,000 Bitcoin price should be relatively straightforward to achieve.
CoinShares, an investment company, reported on Monday that institutional investors persist in investing in digital asset products, with a total of $125 million being injected over the previous week. The firm further noted that the majority of these investments are concentrated on Bitcoin.
Keeping the current sentiments in mind, Bitcoin may soon reach the $40K mark. Katie Stockton, founder and managing partner of Fairlead Strategies, predicts that Bitcoin could escalate to $36,000 from its present trading price. This audacious forecast was made on CNBC’s “Squawk Box,” even in light of Bitcoin’s modest increase over the past week.
Will BTC Price Be Able To Break Above Upcoming Hurdles?
Bitcoin remains trading close to the significant resistance level of $31,000, indicating that investors are not rushing to realize profits as they expect a further upward movement. As of writing, BTC price trades at $31,032, surging over 1.8% in the last 24 hours.
Typically, a tight consolidation near a key resistance tends to break out on the upside. The rising 20-day exponential moving average at $30,647 and the relative strength index (RSI) in the positive zone suggest that Bitcoin is poised to continue its uptrend.
If the bulls manage to drive and maintain the price above $31,000, it’s likely that the BTC price will initiate the next phase of the uptrend. The bullish momentum could potentially push the price beyond the immediate resistance at $32,400. If this occurs, the pair may continue its upward trajectory toward $40,000.
For the bears to regain control, they would need to pull and keep the price below the 20-day EMA. This could lead the price to slide toward the support of $29.5K.
Ripple News – Crypto Analyst Predicts Major Breakout For XRP Price: $1.4 On The Horizon?
The post Ripple News – Crypto Analyst Predicts Major Breakout For XRP Price: $1.4 On The Horizon? appeared first on Coinpedia Fintech News
The XRP market has significantly outperformed the top digital assets in the past month with a jump of about 24 percent. Other digital assets in the same class as XRP including Cardano (ADA), and Solana (SOL) among others have dropped double percentage points in the past month.
XRP’s Resilient Performance
The XRP market has strongly held its position in the past two years even with the heightened negativity from the SEC vs Ripple case. Now that other top altcoins including BNB, Ethereum (ETH), and Polygon (MATIC) are under the SEC’s radar, the XRP community has more support to fight against the agency.
XRP Price Analysis by Captain Faibik
According to a popular crypto analyst on Twitter called Captain Faibik (@CryptoFaibik), XRP investors should patiently wait for the macro breakout to materialize in the near term. Furthermore, the analyst noted that the XRP price on the macro time frame is retesting the logarithmic downtrend resistance but as a support level. Captain Faibik noted that a breakout towards $1.4 is imminent based on the symmetrical triangle price action.
Strategic Partnerships
XRP is best described as a utility-based digital asset that is intended to solve the cross-border payments jigsaw. Ripple has made strategic partnerships with financial institutions around the world and purchased several Web3 startups to ensure the XRP mission is successful. However, Ripple has been blamed for flooding the market with more XRP coins every month instead of allowing the community to mine through staking programs.
Bitcoin Facing Bearish Action-While Long-Term Projections Hint $40,000 May Be on Horizon
The crypto market, specifically the Bitcoin price is undergoing a roller coaster ride for the past few weeks. The value of the token managed underwent massive price actions that marked the highs above $27,000 and also found the bottoms below $25,500. While the market sentiments appear to have become extremely uncertain, the long-term chart displays the possibility of a bullish breakout.
A couple of months ago, Bitcoin price movement was found in line with the Wyckoff method which is a technical pattern suggesting the good time to buy or sell the token. There are basically four phases of the market cycle according to the Wyckoff method; accumulation, markup, distribution, and markdown.
As per the chart shared by one of the popular analysts, Moustache, the BTC price has just accomplished the accumulation phase and may soon enter the markup.
The markup phase is an indication of a new trend wherein pullbacks to new support usually offer new buying opportunities. Steeper pullbacks or corrections may also be possible and hence unless new highs are not generated, the markup and accumulation phases are believed to continue. Later the distribution and markdown follow which generate higher highs with the beginning of a fresh bullish cycle.
Therefore, the analyst believes that the price could soon trigger a fine upswing and mark the highs at around $40,000 soon.
“ Bitcoin and The Wyckoff Method.
Amazing how things are still going according to plan.
()….$40,000 for one BTC next”
Bitcoin (BTC) To Witness Rare Golden Cross: Is A Bull Run On The Horizon?
Bitcoin (BTC), the world’s largest cryptocurrency, has captured the attention of market analysts with a captivating pattern in its price performance. Referred to as a “Golden Cross,” this occurrence holds significant importance as an indicator of market sentiment.
Notably, according to pseudonymous cryptocurrency analyst @CryptoJelleNL, this is the first time Bitcoin has experienced a Golden Cross using the specific 13-day MA and 200-day MA indicators. This adds to the significance of the pattern and heightens expectations for a potential major rally in the near future.
#Bitcoin printed the famous golden cross pattern, for the first time in its history! 👀
🎓 The golden cross pattern indicates the potential for a major rally. pic.twitter.com/HvZE9Jm1Im
— Jelle (@CryptoJelleNL) June 3, 2023
While the current Golden Cross is significant, @CryptoJelleNL also speculates that more cross formations could occur in the coming days. This implies that Bitcoin’s price trajectory might continue to experience positive momentum. However, it is important to note that the impact of smaller crosses should be considered cautiously, as they may not hold the same weight as the classic Golden Cross involving the 50-day MA and 200-day MA.
Bitcoin Market Analysis & Future Outlook
At present, Bitcoin is trading at approximately $27,183, reflecting a modest increase of 0.83% in the past 24 hours. The Fear and Greed Index, an alternative market sentiment indicator, currently sits in the “Neutral” zone with a score of 53 out of 100. These indicators suggest that market conditions are cautiously optimistic, creating an environment of anticipation and intrigue.
It appears that the Bitcoin bulls are charged up and ready to go! We’re excited- are you?
Altcoin Rally on Horizon – Maps Buy Levels For BNB, MATIC, SOL, LINK & AVAX Price
A prominent cryptocurrency analyst who goes by the handle Milkybull Crypto has turned to Twitter to discuss the potential for an upcoming altcoin rally in the event of a breakout.
https://twitter.com/MikybullCrypto/status/1663821237938708484
According to the analyst, if the ETHBTC ALTS indicators break out, there could be a possible altcoin rally. He also laid out his analysis of a few altcoins and requested that the community comment on which altcoins he should analyze.
The crypto analyst points out the possibility of an altcoin rally
Milkybull tweeted out his analysis of AVAX, BNB, LINK, NKN, SOL, RNDR, and MATIC. Speaking about AVAX, the analyst stated that AVAX is trying to find support at the highlighted level and is likely to be on an upward rally. BNB analysis reveals that there is an ascending triangle pattern forming on the daily, which could potentially see a breakout to $400.
According to the analyst, the current trading range for LINK is between $5.5 and $9.5. However, it’s worth noting that LINK is currently trading below the midrange. Milkybull has mentioned that NKN is showing bullish signs after experiencing a rebound within the demand zone at $0.17. On the other hand, MATIC is currently undergoing a pullback after reaching the supply level. The analyst suggests that this pullback presents a favorable opportunity to start buying.
The cryptocurrency market has gone plummeting, with the global market cap down by 2.46% in the last 24 hours. The global crypto market stands at $1.14 trillion. Bitcoin and Ethereum have lost 2.94% and 2.30%, respectively, in the last 24 hours, according to CoinMarketCap data. BTC is trading in the $27,000 range after breaching $28,000 for a short time in the last 24 hours.
ETH is not trading differently, as it dropped from the 24-hour high of $1,914 to a low of $1,860 before sliding up to the current price. Other altcoins don’t seem different, as most of them, including PEPE, are down by over 10% in the last 24 hours.
Bitcoin Bull Run On Horizon : Analyst Points At Bullish Signals
May proved to be a month of fluctuation for Bitcoin (BTC), with rapidly shifting market sentiments. However, amidst the volatility, one seasoned analyst, DonAlt, emerged as a standout figure with his accurate predictions and astute observations.
Despite encountering resistance at $30,000, Bitcoin surprised market observers with its resilience during the ongoing consolidation period. DonAlt highlights the lack of follow-through from bearish forces, emphasizing that their failure to drive prices down further is an encouraging sign for Bitcoin bulls. This sustained consolidation near $30,000 indicates a different narrative this time.
Also Read: Bitcoin (BTC) Price Might Surge 40% In Coming Weeks – Here’s Why
A Pause, Not a Bearish Trend
Drawing from previous market cycles, DonAlt presents an intriguing pattern. Major price tops often exhibit large fluctuations and swift moves. In the current scenario, where Bitcoin entered a consolidation period after a breakdown, DonAlt views it as a potentially optimistic indication. Instead of a clear-cut bearish trend, this phase of consolidation may imply a little pause.
DonAlt’s evolving perspective on Bitcoin’s trajectory stems from his meticulous analysis of market dynamics. He believes that each passing week without a substantial downturn strengthens the case for a bullish outlook. This growing conviction leads him to consider transitioning fully into a bullish stance if Bitcoin’s price demonstrates upward momentum. The longer the consolidation persists without a definitive breakdown, the weaker the argument for a sustained bearish trend.
Potential Upward Momentum
While cautiously treading the bullish waters, DonAlt expresses his intention to begin accumulating Bitcoin at the first signs of strength. He acknowledges that market movements might take time to align with the anticipated direction but firmly believes that the longer the consolidation phase endures, the less likely a breakdown becomes.
DonAlt’s meticulous approach positions him to capitalize on potential upward momentum when it manifests.
XRP Price Soars by 10% Following New Upgrades Over Ripple vs. SEC Lawsuit; Is the Bull Run on the Horizon?
The latest update from the court dismissing the plea of the SEC to seal Hinman’s speech documents has boosted the XRP price, which was stuck within a very narrow range till now. The price soared by nearly 10% to mark the intraday high at $0.4616. However, it is witnessing some bearish action at the moment, which is believed to be eliminated in a short while, paving the way to resume a fine upswing soon.
The XRP price has been manifesting acute strength ever since the possibility of a final ruling emerged at the end of Q1 2023. The price soared high to reach $0.58 but quickly fell into a deep bearish trend as the ruling differed further. However, the recent updates on the lawsuit have eventually induced confidence within the XRP army, which appears to be extremely confident in the XRP price rally ahead.
Hence, a massive increase in the daily active addresses was witnessed immediately after the judge turned down the SEC’s request.
The address count, which was hovering around 30,000 to 35,000, quickly spiked to levels above 85,000 active addresses during the previous trading day. The massive rise in the levels indicates the shift in focus of the traders over XRP, and hence they are closely monitoring the advancements of the lawsuit. Alongside this, it also reflects the confidence of the traders, as they believe in a positive outcome of the lawsuit in the near future.
Also Read : Pro-XRP lawyer Explains What Will Happen to Coinbase if Ripple lost the Case Against the SEC
But will the XRP price reach $1 by the end of H1 2023?
The XRP price before the start of the year 2023 has been trading within a rising parallel channel. The recent bounce prevented it from reaching the lower support of the channel below $0.4 by triggering a rebound from $0.4233. The recent upswing, fueled by bullish market sentiments, is expected to initially raise price levels close to the upper resistance of the channel before testing one of the major resistance levels near $0.5.
Also Read : XRP Price Prediction 2023: Expert Predicts Potential High & Low Levels
Once these levels are cleared, the price may encounter another level of resistance at $0.6, which is also considered a trend reversal zone. If the XRPArmy is able to push the price beyond these crucial levels, then the price may maintain a decent upswing and surge beyond $1 before the end of 2023.
XRP Price Crash on Horizon: Analyst Maps Potential Low Levels
Renowned cryptocurrency expert, Egrag Crypto, has issued a cautionary prediction for the embattled digital currency XRP, suggesting a potential short-term decline to as low as $0.31. Despite this worrying forecast, Egrag Crypto remains optimistic about the future, assuring the XRP community that the grand scheme is still intact.
Understanding the Descending Channel Pattern
Egrag Crypto believes that XRP might be caught in a bearish descending channel pattern, characterized by a series of lower highs and lower lows. The expert identifies breakout points at $0.55 on the upside and $0.313 on the downside. However, even in light of this bearish outlook, Egrag Crypto remains confident, stating that XRP is “programmed to pump” and that an upward trend is imminent.
Related: XRP Price Prediction 2023, 2024, and 2030: Here’s What Analyst Predicts – Coinpedia Fintech News
The Importance of Dollar-Cost Averaging (DCA)
In order to weather the storm, Egrag Crypto encourages XRP supporters to stay steady and employ dollar-cost averaging (DCA), a popular investment strategy. The expert asserts that in the future, they will look back and wish they had accumulated more of this digital asset.
Market Activity and Sentiment Analysis
As of the time of writing, XRP is trading at $0.42, registering a 17.20% increase in trading volume, amounting to $1,338,555,131 in the last 24 hours. This recent uptick in market activity is notable, even though the coin remains in the red. Interestingly, data from CoinGecko reveals that sentiment surrounding XRP is currently 70% bullish.
Reassurance for the XRPArmy
Despite the challenging short-term predictions, Egrag Crypto emphasizes that the overall long-term plan for XRP remains intact. This reassurance serves as a beacon of hope for the XRPArmy, who have been witnessing the coin’s struggles amidst ongoing legal battles with the U.S. Securities and Exchange Commission (SEC).
Also Read: When Will Ripple Vs SEC Lawsuit End? Top XRP Lawyer Gives The TimeLine – Coinpedia Fintech News
Massive Gains on the Horizon for Uwerx (WERX)
The cryptocurrency market offers investors an exhilarating chance to profit handsomely from crypto investments. However, it might be challenging to know where to invest your money. Fortunately, the solution is relatively easy for everyone speculating which cryptocurrency to buy.
With its tremendous presale, Uwerx looks to create a lot of enthusiasm and now poses an exciting rivalry with crypto giants like Polkadot (DOT). Let’s review why Uwerx will make a difference and generate more profits when it officially launches.
Polkadot (DOT) Price Prediction
Polkadot (DOT) is one of the most cutting-edge cryptocurrency projects now available. The platform overcomes one of the most significant problems facing the sector. The project aims to build a blockchain architecture that may expand indefinitely in response to demand. Polkadot (DOT) and its token DOT offer unparalleled interoperability for blockchain businesses. This project has a strong market position in the cryptocurrency space and is just becoming more well-known.
Polkadot (DOT) trades at $5.74, with a 24-hour trading volume of $108,739,060. Its price prediction always looks bullish, which is why several investors admire the project. Polkadot (DOT) has impacted the market mainly because of its pricing and response to price fluctuations.
Uwerx (WERX)- Unlocking a New Level for Freelancing
The current freelancing industry is highly prohibitive as freelancers have to go through the hassle of paying exorbitant fees, security problems, and several other problems. Over the years, traditional freelancing like Upwork and Fiverr have generated millions in revenue without providing the best services to clients and freelancers. The primary reason for these discrepancies is that they have not faced any real competition.
The development of Uwerx will change these concerns and give freelancers and clients the best experience while working and outsourcing, respectively. With blockchain technology, freelancers don’t have to worry about intermediaries because it’ll reduce fraud and eliminate record manipulation.
Uwerx has also undergone security audits by SolidProof and InterFi Network before commencing its presale. Also, to give investors a sense of security, the Uwerx team decided they will renounce contract ownership, and the WERX tokens will be on a liquidity lock for 25 years, starting after its presale.
How Uwerx (WERX) Stands Out
Uwerx promises to be so many things that platforms like Upwork and Fiverr have yet to be. Its outstanding features will make freelancers happier to work, mainly because working from home has become a norm.
Some of these features include:
- Transaction fees are as low as 1% as opposed to the regular 20% charged by Upwork and Fiverr
- Protected Intellectual property rights
- Improved trust and security
- Verifiable stored records
- Elimination of middlemen
- Incentives for freelancers and clients
- Built-in collaboration tools
- Built-in dispute resolution process
These features and several others will help Uwerx to achieve its goal of revolutionizing the freelancing industry by providing never seen features. Uwerx will allow freelancers to get the worth of their services without facing difficulties.
Uwerx (WERX) Presale is Gaining Momentum
Crypto presales allow you to explore a token before it’s officially launched. Uwerx plans to offer many benefits and will make waves on the market.
Uwerx is running its presale priced at $0.00995 for the fourth phase and the price is due to increase on Saturday to $0.012. The token’s presale has gained traction within a short period and the launch of an Alpha version of the platform is imminent. So, make sure to take advantage of all the fantastic offers.
Use the links below to access more information on Uwerx and benefit from a 20% purchase bonus.
Presale: invest.uwerx.network
Telegram: https://t.me/uwerx_network
Twitter: https://twitter.com/uwerx_network
Website: https://www.uwerx.network
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Bitcoin Price Tumbles To Near $28K Ahead Of FOMC Meeting! Is Massive Correction On The Horizon?
The Bitcoin market has recently experienced a heart-stopping tumble, with its price flirting dangerously close to the $28,000 mark. The nosedive from $30K has already sent shockwaves through the market, triggering fears of a massive correction. As the Federal Open Market Committee (FOMC) meeting approaches, investors are holding their breath, waiting to see how the Fed’s decision will impact the already volatile cryptocurrency market.
Upcoming FOMC Meeting Is Set To Shake Up BTC Price
The US Federal Reserve is anticipated to increase interest rates by 25 basis points, reaching a range of 5% to 5.25%, the highest level seen since 2007. The crucial FOMC meeting is scheduled for May 2-3, with Fed Chairman Powell set to make the announcement on May 3.
As the week commenced, Asian markets experienced a potential volatility trigger when the U.S. government sold First Republic Bank to JPMorgan Chase. Concerns about the legitimacy of the transaction led to First Republic becoming the second-largest bank failure in U.S. history.
Contrary to its response to the beginning of the banking crisis in March, Bitcoin displayed minimal interest in emulating this situation. Instead, it continued to trend downward, despite cautionary signals that another financial institution could already be facing difficulties.
Numerous analysts are predicting a short-lived upward correction in Bitcoin’s price ahead of the meeting, followed by a sharp decline in the aftermath of the interest rate announcement. This decline is expected to result from the US dollar’s increased strength. With Bitcoin investors and traders on high alert, the upcoming FOMC meeting will surely be a nail-biting event.
Expert Outlines BTC Price’s Next Move
The extended bearish candle on Bitcoin’s price chart indicates that sellers are vigorously defending the $30,000 resistance level. Though the price dropped dramatically, a small positive aspect is that buyers are tenaciously safeguarding the $28K support level. This implies that the Bitcoin price might oscillate between $27.5K and $30K for some time.
Typically, a period of narrow-range trading is followed by a range expansion. If the price continues to decline and falls below $28K, the price could drop to the critical support at $26.5K.
Conversely, if the range expands above $30,000, the BTC price will likely climb to $31,000 and then to $32,200. A breakthrough above this level would signal an increase in momentum.
As of writing, Bitcoin price trades at $28.2K, declining over 5% in the last 24 hours. A prominent crypto analyst, Michael Van De Poppe, predicted that Bitcoin might go into a correction during the FOMC meeting. According to him, Bitcoin might take support at $27.8K and then jump above its 38.6% Fib level at $29K after the FOMC meeting.
Altcoin Markets in Jeopardy With Regulatory Crackdowns on the Horizon
As cryptocurrencies continue to attract mainstream attention, concerns are mounting about the future of the altcoin markets. Renowned macroeconomic analyst Lyn Alden is issuing a warning to investors, highlighting the potential risks posed by regulatory enforcement actions and excessive leverage.
In a recent interview on the Hedgeye podcast, Alden explains why these factors could trigger a downturn in the altcoin markets, leaving investors vulnerable to significant losses. Continue reading for more details
Bitcoin Might Not be Affected by Regulatory Action
Alden points out that Bitcoin (BTC) might not be affected and explains Bitcoin should be distinguished from the rest of the crypto space due to the high noise-to-signal ratio that characterizes the broader crypto landscape.
According to Alden, there is still a lot of froth that needs to subside in the market. Moreover, the space is experiencing increasing regulatory action aimed at defining which assets and companies have violated security laws by selling such assets to the public. As a result, investing in the broader crypto space entails a lot of risks. She, therefore, recommends caution when investing significant capital in this area.
Bitcoin will remain relatively unaffected by regulatory enforcement because it is recognized as a digital commodity rather than a security, making it less susceptible to regulation. This is because it does not meet the conditions of the Howey test, she comments.
Alden further notes that Bitcoin’s decentralization fundamentals are stronger than those of other cryptocurrencies and that a lot of the speculative activity in the Bitcoin market has already been corrected through a recent bear market, which has discouraged many “tourist” investors.
In conclusion, the potential for regulatory enforcement actions and excessive leverage could lead to a decline in the altcoin markets. However, Bitcoin’s status as a digital commodity and its stronger decentralization fundamentals could insulate it from the worst effects of such regulatory measures.
Mini Altcoin Season On Horizon – Predicts Glassnode Co-Founder
The price of Bitcoin has fluctuated over the last few years and the price hit a three-month low of $18.9k on June 18, 2022, after Bitcoin experienced a more than 50% decline from its all-time high of over $69k in November 2021.
After that, it briefly recovered to $45k before continuing to decline. Since then, the price has been unable to rise above the $20k–$30k level, and market mood has remained uncoordinated.
Yesterday, BTC fell around $29K in a matter of minutes. Many people expected a speedy recovery, but that hasn’t happened yet. The market sentiment has changed, however, and the price is currently trading below an important level.
Nevertheless, the cryptocurrency is unable to recoup the $28K, and it is clear that the bulls are fighting to recover the upper hand. It dropped roughly 9% during the past week.
Twitter user Negentropic, the co-founder of Glassnode highlighted certain indicators which signaled that the current bearish trend will continue.
According to him, the recent decline in the price of bitcoin was a move that was predicted to test the price action, which was seen on the chart.
The recent long squeeze from $30,000 to the lower $29,000 range, which triggered the liquidation of loan positions valued at $260 million in the prior days, is also discussed.
“Risk Signal > 0 This usually leads to unstable/bearish price action if it doesn’t revert back to 0. Last time it led to a short alt season (Feb – March 2023).”
With the recent volatility, the Bitcoin Risk Signal is more than 0, looking a little wobbly in the short term and suggesting that there might be a panic selling. The Fear and Greed Index moved back into a neutral position at 52 points after retreating from the greed zone.
Crypto Market Shift on the Horizon: Expert Warns Of Upcoming Bitcoin Correction
As the crypto market remains volatile, a major correction for Bitcoin could be looming in the near future. Renowned trading expert, Tone Vays, has issued a warning to his followers regarding an impending market shift. According to Vays’ technical analysis, a bearish signal on the momentum reversal indicator (MRI) indicates an imminent drop in the value of the world’s largest cryptocurrency. In his latest YouTube video analysis, Vays has revealed his predictions about the upcoming correction and the potential impact on the crypto market.
If you’re invested in Bitcoin or other cryptocurrencies, you don’t want to miss this critical update. Read on!
A Brief Rally Followed by a Correction
The MRI is a sophisticated technical analysis metric that forecasts trend life cycles based on an asset’s momentum. Vays suggests that Bitcoin might experience a short-lived rally within the next 24 hours before losing some of its gains. He anticipates a slight increase in value until Monday, possibly reaching $31,500, followed by a one to four-candle correction that could potentially lead to a deeper decline.
Also, the expert believes that a drop to the $29,000 level would be a reasonable correction, which might take longer than four days if the BTC price decreases from around $31,500 or $32,000. If the correction takes more than four days, the MRI top could turn into an MRI bottom, followed by a subsequent rally.
Also Read: Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Mark New High’s In The Coming Days?
Short-term Retracement Sets Stage for a Rally
According to Vays, the short-term retracement in Bitcoin’s value to the $29,000 level is his “bullish pessimistic scenario.” He also predicts that this temporary decline in Bitcoin’s value will likely pave the way for a rally toward $34,000. In his optimistic scenario, he envisions Bitcoin only correcting down to the $30,000 price area before resuming its upward trend.
Analysts’ expectations of a short-term support retest have come true as the biggest cryptocurrency begins the week below the $30,000 barrier. At the time of writing, one bitcoin was valued around $29,922. In an otherwise quiet week for macro data releases, the price of the king of cryptocurrencies is likely to decide on a critical support zone.
Altcoins Under Scrutiny
With Bitcoin’s retracement now in effect, traders are eager to see if altcoins can maintain their higher levels. The previous week provided an opportunity to reevaluate altcoins as Bitcoin’s upside cooled.
Despite the current price performance, Bitcoin’s network fundamentals, which are already at or near all-time highs, show no definitive signs of a decline this week. It may be too early to determine the impact of price performance on HODLers, but the temptation to sell at ten-month highs is undoubtedly strong, as an impressive 75% of the overall BTC supply is now in profit.
Tone Vays is predicting a correction on the horizon. Will this prompt you to change the way you’re investing in Bitcoin right now?
Bitcoin Breakout Rally On The Horizon: Tone Vays Predicts Two Scenarios
Bitcoin investors are eagerly awaiting the leading cryptocurrency’s next move, as it currently experiences a period of low-volatility consolidation. Veteran trader and crypto analyst Tone Vays believes that Bitcoin’s current phase may be “boring,” but it’s showing signs that indicate an upcoming breakout rally to the upside.
Key Moving Averages on the Weekly Chart
Vays points to key moving averages (MAs) on the weekly chart, which are now acting as support for Bitcoin. He notes that the 50-week MA continues to drop while the 200-week MA is slowly rising, indicating that the cryptocurrency is likely to break out of its consolidation phase within two weeks.
A golden cross on the weekly chart, where the 20-week moving average crosses above the 50-week moving average, could indicate that Bitcoin is in an uptrend. Vays believes that BTC’s Lucid SARs, a directional trend indicator, also looks good and reinforces his bullish outlook.
Bitcoin’s consolidation phase since March 17th has taken the form of an ascending triangle, with higher lows and equal highs connected via trend lines. This technical formation forecasts a 7.6% upswing, obtained by adding the distance between the first swing high and swing low to the breakout point.
Possible Scenarios for the Bitcoin Price
There are two possible scenarios for the Bitcoin price spike, according to the author’s analysis. The first scenario is if BTC flips the $28,520 hurdle into a support floor, triggering a move to $30,707.
The second scenario is if Bitcoin’s price sweeps the triangle’s hypotenuse at $27,660 to collect the sell-stop liquidity. After such a liquidity run, the king coin is likely to head higher and flip the $28,520 resistance level. BTC was worth $28,343 at the time of writing this article.
Which of the two possible scenarios do you believe is more likely to occur?
Altcoin Season on Horizon – Crypto Market Poised To Surge 60% In Coming Months
Bitcoin has been the leading digital currency in the market, paving the way for other cryptocurrencies to follow. However, according to crypto analyst Ran Neuner of Crypto Banter, right now Bitcoin needs backup to break through critical levels and bring in more big money.
Total Market Cap Holds the Key
The crypto total market cap is a crucial chart that determines the influx of support for not just Bitcoin, but other cryptocurrencies as well. Currently, Bitcoin is the warrior, fighting a huge battle to get to higher levels without any backup or support. However, the total market cap is hovering below the levels of Bitcoin, which means that support is yet to come in.
Neuner believes that the total market cap is crucial for the big rally to happen, and two major gaps in the chart need to be filled. If the first gap is broken, there could be a 60% growth in the total market cap, which would bring in much-needed support for Bitcoin and the others.
A Two-Legged Wave
Neuner sees a two-legged wave in Bitcoin’s future, with the first leg going up to the range of $29,000 to $33,000. Once Bitcoin slows down in this range, the altcoins and the total market cap will catch up. This catch-up will push Ethereum to levels of $2,200 to $2,400, and the alts will follow suit.
The second leg will take Bitcoin to higher levels, possibly to the $34,000 range, and this is when the whole market will run. The total market cap needs altcoins to support it, and the rally from the first leg to the second leg will require a rally of $200 billion to $500 billion, respectively. At least that’s what Neuner thinks.
Bitcoin Dominance
Bitcoin dominance is another crucial factor in the cryptocurrency market, and Neuner sees a double-legged wave here as well. Bitcoin dominance has broken the high and is going higher, indicating that Bitcoin’s rally is not over yet. However, the rally will come to a temporary stop in the range of $30,000, causing a wick down in the dominance and the market.
This wick-down will cause a catch-up in the total market cap, and the altcoins will pump, pushing the total market cap to break critical levels. The dominance will grow again, and Bitcoin will move up to higher levels. Bitcoin was worth $27,849 at the time this article was being written.
Cardano Massive Upswing On Horizon – ADA Price To Surge Above $0.75 In Coming Weeks
The seventh largest digital asset by market capitalization, Cardano (ADA), is on the cusp of massive returns if the momentum sustains in the coming days. With cryptocurrency traders anticipating the altcoin season to materialize in the coming weeks, analysts forecast Cardano could more than double in price soon.
Nonetheless, the Cardano bullish stance could take a long since the asset had several stopovers during its last year’s downtrend channel. As a result, forced liquidations could increase in the coming weeks amid heightened volatility. Moreover, over $1.2 million was liquidated in the Cardano (ADA) market in the past 24 hours.
As per the analyst, after a key trendline fakeout, ADA Price may be poised for the continuation of growth. Analysts are recommending investors set their stop loss at sub $0.331 to protect against any potential losses.
The analyst is expecting ADA Price to hit $0.75 in the coming week with potential targets of $1-1.50 in the future.
Cardano (ADA) Market Outlook
The Cardano ecosystem has significantly grown with the launch of its smart contract compatibility. Moreover, the Cardano network hosts several Web3 projects, including Djed stablecoins. Additionally, the AI-focused SingularityNET (AGIX) mentioned the possibility of launching on the Cardano blockchain.
Meanwhile, a report by market intelligence platform Santiment indicates ADA whales have increased their on-chain activity. As a result, Santiment forecasted that Cardano is on the cusp of decoupling from the rest of the market.
Interestingly, Santiment shared ADA on-chain details that show whales collectively own more than 32 billion units. Notably, Cardano has a current circulating supply of 35,045,020,830 with a total supply of 45 billion, thus making whales the majority network shareholder.