Bitcoin (BTC) Price Analysis for Today: Here are the Price Actions for the Next 24 Hours
As expected, no change has been witnessed in the Bitcoin price action in the past 24 hours as it continues to trade within the same range. Besides, no specific change in market sentiment is seen as the volume remains drained along with the price moving sideways. In short, the BTC price is facing sluggish behaviour that may have annoyed the traders, who are now looking at other options to invest in.
Although the price does not display any major movement, it carries the possibility of a short-term bounce that the traders need to keep a note of. As mentioned in the previous composition, the September month is expected to be a major setback for the BTC price. Hence, the traders may be expecting a huge plunge before the end. However, one of the prominent analysts, Altcoin Sherpa, cautions his 196,200 followers not to trade actively at the moment.
The analyst refers to the above chart and says that nothing has changed in the past few days as the trend remains relatively low. However, the upcoming price action may determine the next course of action. The price is trading in a lower-low pattern, while the next higher high is most anticipated and is also unlikely considering the current trade setup.
“Nothing has happened the last few days; I’m still waiting to see where this next high goes. This was actually a lower low on many other exchanges and that wicked down. HTF market structure still seems v. shaky at best. Dont trade this actively IMO,”
Bitcoin Price Live Today-Here are the Crucial Levels to Monitor for the Next 48 Hours!
Bitcoin closed the previous weekly trade below the bull market support band for the first time since early January. This could be the beginning of a fresh bearish wave, as the bulls are expected to remain passive. Further uncertainty over the impending price movement may prevail. However, a bullish rebound could be expected if the BTC price manages to hold firmly above the major support zone.
Is Bitcoin preparing for a massive bull run? Or does the 2022 bear market seem to remain in action, with the bottoms yet to be reached?
The recent pullback dropped the price below the crucial support levels that it had held since the beginning of the year. Presently, it has dropped below its bull market support band (BMSB), which plays a crucial role in determining the future trend. The time coincides with the pre-halving phase, which begins in August–September and includes a drop in SPX.
While some believe the BTC price may have left its pre-halving path, in reality, pre-halving years get both bulls and bears rekt.
After remaining below the 200-day MA levels throughout 2022, the price surged above these levels in the first few weeks of 2023. Unfortunately, the price plunged hard below these levels after the recent drop, dragging the RSI within the oversold range. In the past, whenever the BTC price has dropped below the 200-day MA levels, it has hit its realized price, which is around $20,600 at the moment.
Will BTC’s price begin with a fresh bearish wave now?
To determine the next price action, Bollinger bands play a significant role. The bands, after the recent drop, have witnessed excess expansion. This usually happens in the case of a bullish breakout or bearish breakdown. The price follows a healthy accumulation at the gains or along the newly reached lows for some time.
Therefore, the Bitcoin (BTC) price is believed to maintain a healthy accumulation between $25,800 to $26,200 for a while before triggering the next price action.
Here’s What Happened to the Crypto Space in the Past 24 Hours!
It was another bad day for the crypto space! The bears continued to strengthen their presence regardless of the dominance shared by the bulls. This was further cherished by the recent drop that slashed the markets notably.
What went wrong suddenly? Why did the Bitcoin price drop? Below are a few possible reasons and a small recap of the events that probably caused this drop.
Two Most Negative News Around This Moment
China’s real estate giant, Evergrande, filed for Chapter 15 bankruptcy in a New York court. The company had previously defaulted on its huge debts in 2021, which has sent massive shockwaves across the global financial markets. This had also impacted the crypto space to a large extent. In the filing, Evergrande seeks to restructure talks underway in Hong Kong, the Cayman Islands, and the British Virgin Islands.
Secondly, Elon Musk-owned Tesla and SpaceX have reportedly sold their BTC holdings, triggering billions of dollars in liquidations. SpaceX has owned nearly $373 million worth of BTC while Tesla holds 30K. According to Tesla’s Q2 2023 report, the company had sold all but $184 million worth of BTC, roughly 75% of its original holdings.
SEC Set to Greenlight ETH Futures ETF
Just a few moments after the crash, another round of news circulated in the crypto space. As per some sources, the SEC is all set to approve the Ethereum futures ETF. This is anticipated to be a positive move within the crypto space, but only after it gets approved. However, the crash had dragged the ETH price relatively low, close to $1570.
The ETH price has been following a descending trend ever since the price faced a rejection from the yearly highs above $2000. However, the rounds of the SEC approving the ETH futures ETF have not relatively impacted the price. Now that the markets continue to remain stuck under the bearish trend, the price continues to maintain a notable descending trend.
Along With Massive Liquidations, Open Interest Nuked to June Levels
The Bitcoin drop triggered huge liquidations worth more than a billion dollars in just a few hours. This caused a huge drop in open interest, which plunged close to June levels. Open interest is the total number of outstanding derivative contracts that have to be settled. A drop in these levels suggests the trades have been closed as the market participants are not optimistic about the price anymore.
Source: Twitter
Collectively, the crypto space is currently under an acute bearish trend which is said to amplify in the next few days. Following this a minor relief may be expected, completely depending on the strength of the bulls.
Stellar (XLM) Records 300% Spike In 24 Hours: Is This The Next Big Thing In Crypto?
The Stellar (XLM) market recorded a sharp uptick in daily traded volume on Wednesday amid the macro crypto downturns. The veteran crypto asset gained more than 30 percent in the past two weeks to trade around $0.102 on Wednesday. To a greater extent, the recent XLM price breakout is largely attributed to the increased traded volume and open interest.
According to market data provided by Coinglass, XLM’s open interest spiked to a three-month high of about $40 million. Additionally, XLM daily traded volume increased by a whopping 321 percent in the past 24 hours to a hover of around $213 million.
Stellar XLM Price Analysis
The Stellar lumens turned bullish after rebounding from the March low and now seem rejuvenated to revisit this year’s ATH around 11 cents. If the XLM price rallies beyond the prior highs, a macro bullish outlook will be opened towards $0.17, where the next major resistance level will be found.
Notably, XLM price has in the past followed the XRP price actions but the correlation has significantly reduced in the recent past. Moreover, the XRP price is heavily weighed down by the ongoing SEC vs Ripple lawsuit, while XLM is making crucial fundamental progress.
The $5 billion valued XLM market has significantly benefited from the smart contract development being made by Stellar Foundation. Furthermore, the Stellar organization has made significant gains in the stablecoins and CBDC market, which is expected to control a huge portion of the digital market.
AI Chatbot ChatGPT Predicts Tradecurve Price Shiba Inu Burn Rate Surges 1500% In 24 hours
The cryptocurrency market is full of surprises and rapid fluctuations. Today, we explore the contrasting developments in the last 24 hours. While ChatGPT, an artificial intelligence (AI) chatbot, provides insights into the price prediction for Tradecurve (TCRV), a significant surge in the burn rate of Shiba Inu (SHIB) was witnessed within a short span of 24 hours. Let’s dive into the details and uncover the potential implications for these two projects.
Summary
- Shiba Inu (SHIB) sees a price rise after burn rate surge
- ChatGPT claims Tradecurve (TCRV) could boom soon
- Tradecurve’s ICO expected to see a 100x increase
Shiba Inu (SHIB) experiences a burn rate increase
Shiba Inu (SHIB), another meme coin based on the same dog breed as Dogecoin (DOGE), emerged as a rival in the cryptocurrency market shortly after Dogecoin’s breakthrough. The massive and devoted Shiba Inu army of users has once more shown impressive results in the burning sector.
In the previous 24 hours, they have taken approximately 225,049,340 SHIB coins out of circulation. According to the information given by the Shibburn tracking platform, these efforts have increased the Shiba Inu burn rate by about 1,500%.
This increase in burn rate has caused the Shiba Inu token value to see a slight rally as it trades hands at $0.000008839 with a market cap of $5.2B, which is a rise of 1.36% in the last day alone. Experts remain bullish for Shiba Inu, predicting it reaches $0.000009098 by December 2023
Tradecurve (TCRV) to see fantastic price growth as per ChatGPT
While Shiba Inu is still having difficulty seeing any major price movements, with many holders slowly losing their confidence, Tradecurve (TCRV) has already experienced a 50% rise from its starting price of $0.01. This Stage 3 presale has become a point of discussion for both market experts and investors, as it could disrupt the online trading industry.
By creating a borderless, hybrid trading exchange where users may trade all derivatives on one account while remaining completely anonymous, Tradecurve has the potential and ambitions to leave traditional trading platforms such as OKX and Robinhood in the dust.
Moreover, traders can utilize their cryptocurrency assets as collateral and for payments, something rarely seen in the current trading market. Users may just create an account using their email, link a crypto wallet to it and begin trading – eliminating the need for sign-up KYC checks and offering a fully private trading environment for all traders.
Those who are just beginning their trading journey can utilize AI algorithmic trading bots or copy trades from other veteran traders by subscribing to them. If anyone wishes to learn new strategies, they can also enrol in the metaverse trading academy that Tradecurve will launch soon.
Currently, the Tradecurve utility token, TCRV, is in Stage 3 of its presale and has a value of just $0.015. Only 40% of the 1.8B token supply is available during its presale, and demand is high. With millions of tokens already sold, experts predict that a 50x increase will be in store for TCRV as the presale advances. Although ChatGPT cannot predict future valuation, it did point the finger at the markets that Tradecurve will tap into. Take the forex market, for example; it was valued at $753.2B in 2022 – just capitalizing off of 1% of it may generate millions.
Because of this, a 100x increase for the TCRV token may not be out of the question when the token launches since a major Tier-1 CEX or Unsiwap listing is expected.
For more information about the Tradecurve presale:
Website | Buy TCRV Presale Tokens | Twitter | Join Community on Telegram
Here is the Bitcoin Breakout Plan-Watch Out for These Levels in the Next Few Hours!
The price movement of the star crypto Bitcoin has been bearish for the past few days, ever since the time when it faced rejection from the yearly highs. Soon after the bears took back control at $31,000, the price began to drop. After the recent rebound, the BTC price appears to be quite confident on the next move, as it may further clear some crucial levels, triggering a fine upswing.
The BTC price has been trading within a short-term channel-down pattern since April’s high. The latest rebound that was made on the MA-100 acted as a strong base and triggered a fine rebound from the lows. Technically, this level can alter the current pattern dynamics as it falls into the category of macro support levels.
Now that the BTC price is testing crucial resistance levels, a daily close may have a larger impact in the coming days. A daily close below may be considered bearish and may drag the price toward the -1.0 Fibonacci extension. In such a case, the target could be the red line, which represents the MA-200 levels at $23,000. Else, if the daily close is above $29,850, then a bullish break-out may raise the price towards the 2.0 FIB levels towards the target at the green line at $33,000, which is the MA-100 level.
Anything within the two resistance or support levels is short-lived with high volatility, but the range within the daily MA-200 and 4H MA 200 represented by the orange line can be scalped using 4H MA–50 (blue line) as Pivot. Although the short-term trend flashes the possibility of a bearish breakdown below $25,000, in the larger time frames, BTC price continues to remain largely bullish.
Bitcoin Price Prediction: Here are the BTC Price Targets for the Next 24 Hours!
The long-term forecast has always been done by comparing the previous rallies, which appear too similar to trigger a healthy breakout. Besides, in the short term, Bitcoin and the entire crypto space have remained stuck under bearish influence. Moreover, ever since the launch of the third largest meme coin, PEPE, most of the liquidity within the markets has flown into the meme-coin, drying up the reserves of the major tokens.
Bitcoin is witnessing dreadful days as the price is about to close the 7th consecutive red candle for the first time in 2023. Meanwhile, the volume continues to remain at the lower end, which indicates that traders are liquidating the token to jump into the ‘Memecoin Mania’. As per the data from Coinglass, the total liquidation in the past 24 hours stands at around $144.71 million, with the single largest swap being BTC to USDT at $2.61 million.
Besides, BTC options traders were also deeply impacted by the $50 million liquidation breach in the past 24 hours, while $42.83 (84.7%) worth of long positions just got liquidated amid the recent drop. So what’s next for the BTC price?
The BTC price, after the recent rejection from the highs, dropped towards the lower support, accomplishing the double top pattern. While the fresh plunge accomplished the breakout from the neckline, which may lead the rally toward the lower support. Therefore, the BTC price, as shown in the above chart, is speculated to reach below $25,000 during the coming weekend if it fails to hold the interim support at $26,000.
Collectively, the BTC price continues to hover under extreme bearish influence as the selling pressure mounts extensively. This is not due to the enhanced selling activity but majorly due to absence of the bullish activity within the markets. Hence, the bulls are required to gear up and prevent the Bitcoin price to foresee lower targets.
Hot New Crypto AiDoge Raises $100k in 24 Hours By Combining AI-tech and Memecoins to Create Revolutionary Meme Rewards Platform.
Dogecoin and Shiba Inu need to step aside because a new revolutionary memecoin is hitting the market, which has managed to raise over $100,000 in its first 24 hours. AiDoge is a groundbreaking AI-powered meme generation platform that lets users generate viral memes without any experience to earn rewards. The project describes itself as the greatest meme generation platform and is the first cryptocurrency project that uses AI technology specifically for meme generation.
The presale just started and is already gaining traction because of its unique approach to providing utility to its holders. The ecosystem offers an innovative meme generation solution that uses advanced AI technology, user-friendly prompts, and a token-based credit system to revolutionize the future methods of meme creation. Keep reading to discover why this project is attracting investors from both the memecoin and AI space.
AiDoge: The Most Powerful Ai-Powered Meme Generator
The AiDoge train is officially starting to roll away from the station after raising a total of $120,000 in its first 24 hours since going live. The presale for the fundraising aims to raise $14.9 million and is expected to sell out well ahead of schedule as it combines two of the hottest trends in the cryptocurrency space; AI and memes.
The project has managed to create an ecosystem that combines a meme generator, a social media meme platform, and an $Ai reward token to allow users to harness the power of AI technology to create timely memes and receive rewards in $Ai tokens.
The presale is currently in its first stage, selling the $Ai token for a price of $0.00002600, and has already raised over $120,000. Once the fundraising crosses the $650,000 milestone, the price for the $Ai token will increase to $0.0000264 – meaning those that invest earlier will leave with higher unrealized gains.
Create Viral Memes With Just Text-Based Prompts
The entire idea behind AiDoge is to open up the meme creation niche to a broader audience in the crypto community, allowing users to create the hottest memes regardless of their artistic or technical experience. There’s no need for fancy tools like Photoshop here because the latest cutting-edge Artificial Intelligence technology is the artist; users just have to give it the ideas to generate memes.
The platform boasts a user-friendly interface that allows users to create viral memes using text-based prompts. The text-based prompts are descriptions inputted by the user to direct the Artificial intelligence through meme creation. Users will write short descriptions of the type of meme they hope to see, and then the AI will use the information to generate the image. The more descriptive the prompt, the more accurate the resulting meme the AI will produce.
The best part about the platform is that it only takes a few seconds to go from ideation to creating a ready-to-publish meme that can spread across the internet if it catches people’s attention.
The team has specifically trained the AiDoge algorithm with a large dataset of the internet’s hottest memes and crypto news, meaning that the AI knows the topics surrounding the memes that users will ask it to create. Furthermore, the data will be updated to ensure that the memes it generates are up-to-date with the latest crypto trends.
The AiDoge project is heavily community-orientated to create a social media platform to vote on the hottest memes created by users. All memes created using the platform go straight to the Public Wall, a virtual space where users share memes to upvote and downvote. The regularly upvoted memes will receive rewards in $Ai tokens each month – a strategy that incentivizes engagement on the platform to promote longevity. Furthermore, as the AiDoge community grows, so do the monthly rewards provided to top creators on the platform.
The Public Wall allows users to filter through the memes through sorting options, allowing viewers to browse memes based on specific criteria such as popularity, recency, or specific crypto themes.
In addition to the rewards system, AiDoge also allows its users to stake their native tokens on the platform to provide them with a regular yield and grant them access to new and exclusive features in the meme generation ecosystem. In addition, the act of staking also grants users the right to participate in governance votes, allowing them to shape the future direction of the ecosystem.
$Ai Token Provides Utility and Earlier Investors Benefit the Most
With the AiDoge presale already starting to attract significant investment in its first 24 hours, it’s important to note that the presale’s increasing price strategy benefits earlier investors the most. With the first stage of the presale selling the token for $0.0000264, this provides the highest return for early investors. The team intends to launch the token on exchanges at a price of $0.00003360, so early adopters can leave the fundraising with paper gains close to 30% before trading pushes the returns higher.
In addition, investors will be happy to learn that $Ai provides a wealth of utility beyond being a staking and rewards token. The meme generation product utilizes a credit system, requiring users to purchase credits to use the AI generator to create memes. Users must purchase these credits using $Ai tokens, which will help to secure ongoing development and sustainability for the project.
Overall, AiDoge is already setting the foundations for an explosive presale, which is expected to last less time than the team scheduled as it’s likely to sell out well before the anticipated duration.
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.
Bitcoin Price Breaks $29K – Will BTC Surge Above $30K In Next 24 Hours?
As shares of First Republic Bank fell 50%, concerns about a fresh banking crisis in the United States led to Bitcoin reaching highs around $29,000 on Wednesday morning. According to analyst Crypto World on YouTube, the bullish trend for Bitcoin is not yet confirmed. At the time of writing, Bitcoin is slightly trading above the $29k level.
He said that the price is entering a significant area of resistance on the daily time frame between $28,000 and $29,500. They also highlighted that over the last one and a half weeks, Bitcoin has seen short-term bearish momentum.
He said, “We have not yet confirmed the continuation of that bullish Trend as in we haven’t confirmed the next significant upside so we’re still currently within this cool-off phase until we see a little more confirmation here on the daily time frame such as a break back Above This resistance in the price action or a bullish cross here in the MACD.”
The analyst said that we’re likely to go towards this price target, which is set at about $28.4k if Bitcoin sees a break above $27.8k. This area of resistance, which is the next significant one in the short term, is located between $28.7k and $29k and added that the market is in a larger bullish trend.
Talking about the outlook for the short-term, he said, “But on the smaller time frames I am currently leaning more bullish than bearish because we simply have multiple bullish confirmations signals here on the four-hour time frame and speaking of bullish confirmation signals taking a look at the funding rates for Bitcoin, Ethereum and all of these other coins because right now the funding rates across most exchanges for most of these coins are currently sitting in the negative.”
Why Crypto Market is Down Today? What Caused $250 Million Liquidations In 24 Hours?
The crypto market experienced a widespread selloff on April 19, resulting in over $160 million in assets being liquidated within an hour and a total of $250 million liquidated over the past day. Bitcoin’s price dipped 2.4% to $29,000, while Ethereum saw a sharp decline below the $2,000 mark, dropping over 5.8% in 24 hours.
This has left traders alarmed and has sent shockwaves throughout the industry. What next? Read on.
Altcoins Follow Suit
Prominent altcoins, such as Binance Coin (BNB), XRP, Cardano, Dogecoin, Polygon (MATIC), and Solana, also experienced a nearly 5% drop, contributing to the 3% decline in the global crypto market cap, which now stands at $1.23 trillion.
Data from Coinglass highlights over $175 million in longs liquidated on April 19, with almost 75,000 traders affected within the last day. The largest single liquidation was a $3.02 million order on Binance’s BTCUSDT pair. As the market struggles, bulls are striving to protect pivotal levels for Bitcoin and Ethereum. The majority of liquidations were longs, possibly indicating a long squeeze.
Ethereum-Bitcoin Pair Outlook
Crypto analyst Smart Contracter says he is monitoring the Ethereum-Bitcoin (ETH/BTC) pair closely. He believes the pair has likely reached its 2023 low at 0.062 BTC ($1,879) and is poised for a sustained uptrend in the coming months. He predicts that the pair will trade well over 0.10 ($3,032) by year-end, signaling Ethereum’s value is rising faster than Bitcoin. Currently, the ETH/BTC pair trades at 0.069 BTC or $2,092.
Smart Contracter also highlights that Ethereum has broken through a key resistance level on its weekly chart that has stifled its growth for almost a year. He suggests that it’s time to “overcome the PTSD (post-traumatic stress disorder) and get back into the mindset of the good old days.” As of press time, Bitcoin’s value stands at $29,212, while Ethereum is trading at $1,981.
XRP Price is Poised to Hit $0.6 in the Next 24 Hours; When Will It Hit $1?
The post XRP Price is Poised to Hit $0.6 in the Next 24 Hours; When Will It Hit $1? appeared first on Coinpedia Fintech News
With the rounds of the final ruling of the Ripple vs SEC lawsuit approaching very soon, the XRP price has begun to explode. In the latest update, Ripple appeared extremely strong and its legal team files a response to the SEC’s letter of supplemental authority, challenging the fair notice argument and its reliance on the Howey precedent.
The outcome of the lawsuit is widely expected to be favorable to the company, which may aid the price rally that has only recently begun. After breaking the initial resistance zone, the XRP price is now looking ahead to test the higher resistance at $0.57 initially which may lay down the path toward $0.6.
A popular analyst, Dark Defender, shares his predictions for the XRP price and believes that the price may maintain a fine upswing ahead. However, he also marks the crucial resistance line to be cleared so that a jump toward $0.65 may be triggered. The price after clearing the major obstacles is believed to reach $0.89 very soon which may further trigger the upswing toward $1.
“ XRP has broken the initial resistance & will proceed towards $0.57 as the incoming target!
Breaking $0.57 & even $0.59 is still crucial for $0.89 first.
We are slowly getting there,”
Top 3 Major Events That Could Have a Big Impact on the Crypto Space in the Next 24 Hours
The crypto space is undergoing a roller coaster ride nowadays. The prices of the majority of the cryptos have been varying to a large extent without letting out any confirmations. However, a couple of events are lined up to maintain the volatility within the markets and eventually, compel the traders to hold their breadth tight.
The US CPI rates are set to be released at 6:00 p.m. IST, pondering the netizens as to whether the inflation rates will rise or drop. This is believed to have a large impact on the economy and specifically on the crypto space.
Besides, the FOMC minutes are also set to roll out at 11:30 EST, which is expected to reveal the FED’s stance on interest rates and monetary policy. Lastly and most importantly, the Ethereum Shanghai upgrade, which is only a few moments away, is believed to have a major impact on the crypto space.
The Bitcoin price has been impacted after the release of fresh inflation rates. Whenever the inflation rates soared, the BTC price also received a bullish push. Besides, lowered CPI rates resulted in an extended period of consolidation.
Now when the fresh CPI forecast is slightly slowdown as a drop to 5.2% is expected from the current 6%, the extended consolidation is expected to prevail for a long. Or else, if the bears intensify their actions, a drop below $27,00 may also be possible in the short term. Meanwhile, the long-term forecast continues to remain largely bullish.
Collectively, the next 24 hours can be considered more important for the entire crypto space, which may witness massive deviations. However, the bulls may continue to hold the Bitcoin (BTC) price above the major support levels in case of bearish interference and continue to propel high toward the higher targets.
RenQ Finance (RENQ) raised $200k in the last 24 Hours, called Cardano (ADA) killer for a reason
What’s more? Some have even dubbed RenQ Finance the “Cardano (ADA) Killer.” In this article, we’ll take a closer look at RenQ Finance and explore why it’s generating so much excitement.
Introduction to RenQ Finance (RENQ)
RenQ Finance (RENQ) is a DeFi protocol that enables seamless trading and liquidity provision for multiple chains. Its unique architecture is designed to be modular, allowing for greater flexibility and scalability.
With RenQ Finance, users can trade and provide liquidity for various assets, including cryptocurrencies, commodities, and even non-financial instruments.
RenQ Finance’s fundraising success
RenQ Finance’s recent fundraising success is a clear indication of the growing interest in the platform. RenQ Finance has demonstrated its potential with the ongoing presale stage four, where it has reached $5 million dollars by selling at $0.035. In the past 24 hours, the project has raised $200k, further emphasizing its capability to attract investors.
This successful fundraising round will allow the RenQ Finance team to continue developing and expanding the platform’s features.
Why RenQ Finance is dubbed the “Cardano (ADA) Killer”
RenQ Finance has been called the “Cardano (ADA) Killer” by some due to its impressive features and potential to disrupt the DeFi landscape. Here are some reasons why RenQ Finance is generating so much excitement:
High Scalability and Low Transaction Fees
One of the biggest advantages of RenQ Finance is its high scalability and low transaction fees. Unlike Cardano (ADA), which is struggling with scalability issues, RenQ Finance can handle a high volume of transactions without compromising on speed or cost. This scalability advantage will allow RenQ Finance to attract more users and projects looking for a reliable and cost-effective DeFi solution.
Cross-Chain Support
RenQ Finance supports multiple chains, allowing users to trade and provide liquidity for assets across different blockchains. This cross-chain support is crucial for the DeFi industry as it enables greater interoperability and liquidity provision. It also allows projects to tap into the growing user base of different blockchains, making RenQ Finance a highly attractive platform for developers and users alike.
Liquidity Provision
RenQ Finance’s liquidity provision is one of its key features. It enables users to earn rewards by providing liquidity to the platform. This feature is crucial for the DeFi industry as it allows for more efficient price discovery and reduces the risk of market manipulation. With RenQ Finance’s liquidity provision, users can earn rewards while helping to maintain the stability and efficiency of the platform.
Yield Farming
RenQ Finance also offers yield farming, a feature that allows users to earn rewards by staking their tokens. This feature is highly attractive to users looking to earn passive income and has been a significant driver of growth for the DeFi industry. With RenQ Finance’s yield farming, users can earn rewards while contributing to the growth and stability of the platform.
Conclusion
RenQ Finance’s recent fundraising success and potential to disrupt the DeFi industry have made it a highly attractive platform for developers and users alike.
With its high scalability, low transaction fees, cross-chain support, liquidity provision, and yield farming, RenQ Finance is well-positioned to become a major player in the DeFi landscape. Its recent fundraising success is a clear indication of the growing interest in the platform, and we can expect to see more significant developments from RenQ Finance in the near future.
Click Here to Buy RenQ Finance (RENQ) Tokens.
Visit the links below for more information about RenQ Finance (RENQ):
Website: https://renq.io
Whitepaper: https://renq.io/whitepaper.pdf
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XRP Price is Exploding! May Reach $0.7 in the Next 48 Hours!
The post XRP Price is Exploding! May Reach $0.7 in the Next 48 Hours! appeared first on Coinpedia Fintech News
The crypto markets are undergoing a roller coaster ride since the beginning of the week as the volatility of the tokens has intensified to a large extent. The price earlier broke above the decisive pattern that it carried from the times when the price marked the highs in 2021. The bullish breakout signals a significant price action may be incoming for the asset, while the final ruling over the Ripple vs SEC case may be the major catalyst.
The XRP price rallied more than 10% during the last trading day extending the total gains to more than 40% in the current month. The token emerged as the top performer while the broader market also witnessed a strong rally this month. While the price has kick-started a giant upswing with the presumption of Ripple winning the case, a monstrous rally may begin, soaring the price beyond $1 when the judgment is produced.
The XRP price rebounded from the major support levels at $0.41 and after a minor consolidation, the price soared high to beyond $0.51 and presently trading around $0.544. The RSI has touched the overbought levels and hence the possibility of a minor pullback looms.
Meanwhile, the ADX which determines the strength of the rally is surging high, indicating the price to withstand a minor bearish action and quickly rise high to reach the major resistance at $0.6541.
The recent price surge shot up the trade profit-taking ratio. As per the popular on-chain analytical platform, Santiment, the ratio spike to the highs previously recorded in August 2021. The major catalyst for the beginning of the XRP bull run is the judgment of the Ripple vs SEC case.
$4.14M Profit In 48 Hours: On-Chain Data Unveils Shiba Inu (SHIB) Trader’s Lucrative Moves!
USDC, the fifth most popular cryptocurrency coin, and trusted stablecoin, lost its peg to the US dollar on Saturday, March 11, 2023. The coin’s value decreased from $1 to a low of $0.887. The majority of cryptocurrency investors are shocked by this because it hasn’t happened since the first introduction of USDC in 2018. After a 15% loss, the token’s market capitalization fell below $40 billion.
The crypto whales have reported significant losses as a result of these incidents and seem to have started a series of capital flights to safeguard assets. It is reported that the losses amounted to over a billion dollars in stock and deposits.
However, it seems like not everyone took a loss and some have actually profited from it. Here’s how.
Lookonchain Reveals a Smart Address That Made $4.14M Amid USDC Depeg
Lookonchain, an on-chain analyzer, in a recent series of tweets has revealed the specifics of a smart address that profited $4.14 million by trading Ethereum during the USDC de-pegging.
Lookonchain highlighted how smart the user is by pointing out how they sold their ETH before LUNA crashed and how they bought Shiba Inu early and sold it at its peak in May and October 2021. Also, it was noted by the on-chain researchers that the address currently has over $71.72 million.
Lookonchain determined that the 15 addresses that purchased 47,670 ETH for 67.58 million USDC at $1,418 on March 10 were likely owned by the same person. This is due to on-chain data showing that on April 21, 2021, a sizable sum of SHIB was sent to these addresses from the same address. Later, the user sold 47,688 ETH for $1,505 for a total of 71.72 million USD. At a 6% ROI, the user made $4.14 million in just two days.
Some clever SHIB trades were also mentioned. On-chain data indicates that the user was an early Shiba Inu investor and purchased 5.5 trillion at 180 ETH ($400k) before its price increase in May 2021. As the price of SHIB reached its all-time high in May and October 2021, the smart address sold all of the SHIB for 35k ETH.
Prior to the demise of LUNA, the user exchanged ETH for USDC. At the time of publication, the majority of the user’s funds were split among 15 addresses and were in USDT. The price of USDC has increased by 3.47% during the past 24 hours to $0.9892.
To conclude,
At times of uncertainty and upheaval, the user appears to have made some incredibly smart decisions. Profits would result from being able to capitalize on unpredictable moments like these.
Bitcoin Breaks Below Crucial Levels; Top Predictions for the Next 24 Hours!
Bitcoin price is plunging!
Global market cap is approaching $900 billion!
The start of the fresh trading day was marked by bloodshed within Satoshi’s Street! The US president, Joe Biden, proposed a new tax regime to control mining activities and slaughtered the markets, igniting a fresh bearish wave. The impact does not appear to have reduced at the moment as the BTC price continues to drop and may approach crucial support very soon.
The BTC price has dropped by more than 8% since the early trading hours, which has not been followed by a decent rebound and is restricted to very minute levels. The bulls are constantly failing to induce the required pressure, and hence the bearish action may prevail for a long time ahead.
What bottoms may be tested by the BTC price amid the current descending trend?
Bitcoin’s price is melting down as it is dropping below the immediate resistance levels as the bears continue to mount enough selling pressure. After the initial breakout, in the first few days of March, the token was compelled to drop below the February lows of $21,500 with expanding volumes. At this pace, every high will be a liquidation opportunity for aggressive traders eyeing a bottom at $19,700 or lower.
The recent price action has driven the token towards the lower Bollinger Bands, which suggests a strong selling momentum. Moreover, yesterday’s bar was a bearish engulfing, slicing through $21,000. In the coming days, the traders are expected to witness more losses in the short term, while the long-term pattern is yet to be validated.
Ripple Price Prediction- XRP Price May hit $0.4 within the Next 24 hours
The crypto space today is painted in green as it appears that most of the tokens have jumped significantly. But having a closer look, it is quite evident that the prices have dropped heavily during the previous day’s close which has recovered slightly. As the XRP price continues to trade around $0.3825 with a jump of 1.45%. However, XRP appears to chase the resistance in a short while from now which may trigger a fine upswing in the coming days.
The XRP price has been displaying immense strength for quite a long time and presently trading in an ascending order to reach the required resistance in a short while from now. Meanwhile, the bears have failed to restrict the price in the past few days and hence the upward trajectory may fuel the prices to secure levels beyond $0.4 very soon.
Coinpedia had earlier reported that the price is due to experience a significant plunge as the RSI is dropping towards the south. However, the recent price action, flipped the trend to a large extent as a significant bullish divergence is seen with the RSI and hence the price is not expected to test the resistance of the decisive symmetrical triangle. The price may continue to hover along the resistance of the triangle until it reaches the apex of the consolidation.
However, surging beyond $0.39 may induce significant momentum within the rally that may propel the price beyond $0.4. On the contrary, if the Ripple vs SEC effect impacts the XRP price then a possibility of huge price volatility may be expected. Moreover, if the lawsuit is settled, then the price may receive a larger boost and propel high triggering a minor bull run.
Top Reasons Why Bitcoin is Surging Today and Could Break Through $25K in the Next 48 Hours
The crypto markets are surging heavily as the global market capitalization is saved from dropping below $1 trillion, marking a rebound beyond $1.12 trillion. Bitcoin’s price has soared by more than 10% since the early trading hours, reaching levels beyond $24,600 for the first time since August 2022. The iconic rally was caused by a number of factors, some of which are listed below.
The hash rate, the network’s processing power to process transactions to create new tokens, is referred to as “mining” and is heading towards ATH. The rise in the hash rate indicates more nodes are competing among themselves to validate the transactions. As a result, the network becomes more decentralized, with less risk of a security breach.
Bitcoin shorts have been active in recent days, successfully preventing the price from rising above $22,000. However, a massive upswing was recorded, and one of the primary reasons could be large short liquidations of more than $78 million from the previous trading day, which increased the BTC price by more than 12% in just a few hours.
The DXY Index measures the value of the US dollar. The levels peaked in early February when the Bitcoin price remained heavily consolidated below $22,000. As the index faced rejection from an interim high of $104, the Bitcoin price accelerated and surpassed $24,900.
Collectively, Bitcoin prices will mark new highs in 2024 and also possess the possibility of reaching $25,000 at any moment from now. The price is closer to slicing through the crucial 200-day weekly MA and after a successful chase, Bitcoin is believed to resume a firm upswing seeking higher targets.
Binance in Deep Waters- Billions of Outflows in Cryptos Recorded in the Past 24 Hours
The SEC has locked horns over the entire crypto space with the recent crackdown on Paxos which is a fully regulated entity, with a license from the New York State Department of Financial Services (NYSDFS). Soon after this, huge FUD outspread within the space, and addressing the issue, the CEO of Binance, in a series of tweets clarified that BUSD is completely owed and issued by Paxos, but Binance may continue to support BUSD.
In the meantime, massive outflows were recorded in the past 24 hours of billions of dollars in cryptos. The outflows surpassed the levels recorded during the FTX bankruptcy and December 2022 FUD. As per data from Dune Analytics, nearly $1 billion in cryptos was withdrawn from Binance in just 22 hours.
An acute stress test appears to have knocked the Binance platform as they are facing constant withdrawals following an event. Along with this, Binance is getting hit from multiple sides as Circle’s regulatory complaint against the platform in terms of mismanaging the reserves back in 2022 has also surfaced. It said that Binance did not store enough crypto in reserve to support the tokens it had issued.
Collectively, Binance continues to be in dire straits as the trader’s confidence shaken’s after every such event. After the recent FTX fiasco, the market participants have been in extreme fear and tend to fall into the smallest FUD as the market bulls have not gained complete dominance yet.
Therefore, with the recent event, it appears that the crypto space continues to be in hot waters and hence the possibility of marking the bottom of the 2022 bear market continues to hold high.
Bearish Divergence Confirmed-Here’s Where Cardano Price May Land in the Next 24 to 48 Hours
The crypto markets are shrinking slowly with the top tokens maintaining a consolidated descending trend. This has severely impacted the top 8th crypto, Cardano which had just surged beyond the crucial resistance of $0.38.However, failing to rise beyond $0.4 may lead to the price dropping hard, testing the lower crucial levels around $0.32 in the coming days.
Considering the ADA’s last 6 months’ price trend, it soared extremely high, flashing the possibility of a bearish reversal soon. The price maintained a constant higher high formation but the momentum indicator, RSI produced lower highs. This determines that the rally is not backed and hence a trend reversal may be imminent.
As mentioned in the above chart, the price maintained a climbing high, while the RSI quickly fell into a bearish divergence. Moreover, the selling volume is slowly mounting and hence a slight uptick in the selling volume may carnage the trade set-up laid out to reach the higher targets at $0.46, surpassing $0.4 levels.
Hence a daily close beyond $0.4 may save the rally from falling into a deep bearish well that may invalidate the bearish thesis. Else, failing to secure levels beyond $0.42 may thrash the patience of the investors who may take off their profit. In this case, the higher possibility of a bearish reversal towards $0.32 may be quite possible.
DOGE Price Rally – Will Dogecoin Hit $0.1 in the Next 48 Hours?
While most top digital assets faced declines over the past two days, Dogecoin (DOGE) bucked the trend with a 6% increase in the past 24 hours. The meme-inspired cryptocurrency experienced a surge in the daily traded volume of over 173%, reaching $1.28 billion on Tuesday, indicating strong demand.
However, high liquidation levels, with $4.01 million recorded in the past 24 hours, suggest caution for intraday DOGE traders as sudden price drops due to stop hunts may occur. It’s worth noting that the performance of most altcoins is closely tied to that of Bitcoin.
Dogecoin Price Predictions
The Dogecoin market appears to have emerged from the 2022 bear market, fueled by Elon Musk’s Twitter announcement which triggered a relief rally in late 2022. The bullish sentiment is expected to drive the DOGE price towards a retest of its December 2022 high at $0.11, followed by a correction and a possible rally to $0.155.
However, the ongoing consolidation period suggests that a parabolic rise in price discovery is unlikely. Therefore, a near-term price correction could cause DOGE to revisit lower levels, possibly below $0.9 by the end of 2023.
The Dogecoin community believes that DOGE’s upward price trend will persist as long as Elon Musk continues to support the cryptocurrency. With Twitter reported to have applied for payment licenses in the US, the Dogecoin community eagerly awaits Musk’s integration of the meme-inspired cryptocurrency as a form of payment.
Musk has demonstrated his support for Dogecoin in his other ventures and is advocating for McDonald’s to accept it as payment.
Top Analysts Say Bitcoin May Rise to $25,500 in the Next 48 Hours
Bitcoin prices have been displaying bullish momentum which appears to have intensified in the past few days. The price which was stuck around $22,500 and $22,900, broke out of the narrow consolidation to mark interim highs around $23,960. In the meantime, the token appears to have formed one of the rare patterns that may rise the price levels by another 10% soon.
A popular analyst and a veteran commodity trader, Petter Brandt say that the star crypto has formed a ‘double-walled’ fulcrum pattern which is largely considered as bullish. The analyst also predicts the BTC price to rise by 2x to reach above $25K soon.
The Fulcrum pattern which was developed by the analyst himself is basically a reversal pattern similar to the double top or double bottom pattern whenever the chart is pushing the price upwards or downwards. It also indicates the potential turning point due to the exhaustion of either the bears or the bulls.
The analyst believes that Bitcoin has to reach the desired target very quickly else severe testing of the fulcrum could occur. Well, the analyst has been bullish on Bitcoin for quiet a long time and also maintains his $25,000 BTC price prediction until now.
Woefully, the ATR, or the Average True Range that displays the volatility of the asset has been trading flat while the ADX or the Average Directional Index that indicates the strength of the rally is forming constant lower highs and lows. Therefore, with the continued trend, even if the prices rise beyond $25,500, it may face a notable rejection ahead.
Bitcoin Price Surge Is Mostly During US Hours!
Bitcoin is strongly holding on to its $23,000 range and is leading the crypto bull market. The flagship currency which had reached $15,000 area after FTX collapsed, is now maintaining its $23K range and is pushing hard to move beyond this level.
At the time of writing, Bitcoin is selling at $23,012 with a gain of 0.16% over the last 24hrs.
While the Bitcoin attempts to move towards its next target, industry experts speculate for a correction ahead. Among them is Michael van de Poppe who claims that traders are no longer showing interest in going long for Bitcoin. This is because he believes that BTC will face a rejection at $23,600 area. He is of the opinion that BTC will face lower price levels in the days to come.
US Investors Drive Bitcoin Price Hike
When we look at the reasons for the current crypto market rise, the majority of the claim will be towards the upcoming CPI report and the decreasing inflation rate. However, Matrixport, a crypto service platform claims that the recent Bitcoin price hike is led by US institutional investors. As per the report, since the start of 2023, Bitcoin has gained more than 40% and amongst this 35% of the gain was during US trading hours. Hence, the platform claims that the majority of the bull run is due to US investors.
Further the report briefs that if any asset, especially the one that trades for 24hrs, is seeing a massive gain during the US hours it just means that institutional investors are the one who are purchasing. On the other hand if the gain is during Asian hours, it means that it’s the Asian investors who are making the purchase.
Crypto Market Analysis: This is What You Can Expect From Bitcoin (BTC) Price in the Next 48 hours!
As the majority of altcoins have risen above critical resistance, the crypto space is thought to have risen significantly above the bearish influence. While some believe the BTC price has yet to reach the bottom of the 2022 bear cycle, others believe the bottoms have already been reached and a significant recovery phase has begun. Both hypotheses, however, cannot be dismissed because they are partially correct.
The bulls appear to have drained heavily at the moment, but the bear does not appear to be confident in their moves. As a result, the Bitcoin price is consolidating within narrow ranges as bulls accumulate gains in preparation for the next leg up. Despite the uncertainty surrounding the BTC price rally, a popular analyst predicts bullish targets for the star cryptocurrency in 2023.
Lark Davis tells his 1 million followers that the Bitcoin price will skyrocket in the coming days, reaching highs near $50,000 in 2023. However, after reaching highs close to $48,000 the analyst believe a notable drop may kick in to retest the price zone around $30,000. The patterns formed are strikingly similar to those seen during the 2019 bear market rally, suggesting that the trend may be repeated soon.
Therefore, the price action for Bitcoin in the coming days is pretty simple. Those who bought when the BTC price was bullish, may not sell soon. And those who were bearish on Bitcoin may have missed the boat and hence waiting for the perfect time to enter.
If the BTC price continues to range high, then they may have nothing to sell other than shorts. Therefore, the shorts may pile up which may be squeezed further resulting in a Bitcoin (BTC) price explosion soon.
Why did GALA Price Rose by More than 100% in the Past 48 hours?
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The Gala price received a huge bullish momentum in the past couple of days due to which the value of the token surged by more than 110%
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The recent partnerships and collaborations appear to have highly impacted the crypto price which has now risen above the bearish captivity
Gala price had been trading within bearish captivity for quite a long time, though out the year 2022. The token quickly gained bullish momentum and broke the crucial $0.28 levels in the past few hours. Presently, the price is heading towards the next crucial level which is at a distance of 35% from the current levels.
Why GALA Price is Rising? Will the Token Eliminate a Zero From Its Value?
The Gala developers recently revealed a significant partnership with The Rock and also introduced a change in its business model which enabled the price to undergo a major comeback. The price rose massively soon after the founder of Zynga, a blockchain gaming business founded by Gala games announced the partnership.
The price received enough bullish momentum as the developers revealed a new development. Two of the biggest personalities in the entertainment business, The Rock & Mark Wahlberg are believed to develop two movies. The people who wish to purchase the movie tickets may scan the QR code and win a digital prize.
As the number of mobile users has been constantly increasing, the possibility of downloading the game rises high. The GALA price after a gigantic rise appears to be undergoing a minor correction but the bulls seemed to be poised to keep up the bullish trend. However, the buying volume appears to have been rising high which may overcome the bearish action.
Will XRP Price Hit $0.36 In the Next 24 Hours?
In the last 24 hours, XRP has made a minuscule increase, moving closer to the $0.35 threshold. At the time of this writing, one token is worth $0.3452, representing a 2% increase over the course of the last twenty-four hours.
The little uptick takes place after the token’s price saw a severe drop earlier in the day. The price fell from $0.3394 to $0.2998 in less than half an hour, which means that XRP saw a decline of an astounding 12% over that time period.
After recovering a significant portion of the unexpected price drop, XRP is now up against a price barrier of around $0.3444, which has not been broken through as of yet. The release of one billion XRP from Ripple’s escrow account, which took place yesterday, Sunday, is one event that often attracts the attention of XRP investors on the first of the month.
It seems quite doubtful that this was the reason for the dramatic drop in price, given the circumstances. Although the community has been aware of the activity for many years, there was still an element of surprise when it occurred this time.
In a related development, on the first day of the new year, WhaleAlert published a report stating that a total of one billion Ripple (XRP) tokens were freed from escrow accounts. Instead of being released straight from Ripple’s escrow accounts, the tokens were released from unidentified accounts. This is an anomaly.
The coins that were previously frozen are reportedly being stored at addresses that are controlled by Ripple. This information comes from Bithomp. The tokens have not been transferred to any exchanges or other on-demand liquidity (ODL) platforms; they are still stored in the wallets that were previously mentioned.
If XRP’s price rises steadily, the next barrier to look out for is around $0.3664, which is the second big resistance level. It may find support around $0.3333 if it can’t break over $0.3454. It seems unlikely that the price of Ripple’s token will drop below $0.3250 without a substantial decline in value.
However, the aforementioned support and resistance levels may change depending on the outcome of the SEC’s legal lawsuit against Ripple. However, the court’s decision might render these thresholds irrelevant or cause them to change. Let’s see what happens next!
Cardano(ADA) Price is Closer to a 40% Mega-Rally! These are the Targets for the Next 48 Hours!
Cardano’s price has been relatively stagnant ever since the asset witnessed a magnificent drop from levels above $0.42. The market crash dragged the token below the crucial levels, which were supposed to be held firmly to mark new lows just above $0.3. Meanwhile, a minor upswing enabled the price to rise above $0.33, where it appeared to be stuck for the past few days.
The price, along with many other altcoins, has been displaying acute weakness as the BTC price remained largely stagnant. Meanwhile, market participants are quite bullish on the ADA price and the entire crypto space, regardless of the current market situation.
The ADA price is trading within a descending pennant since the beginning of the month. Meanwhile, a minor attempt is underway to break above the bearish pattern which may rise the price beyond $0.34, initially. On the other hand, if the bullish attempt ceases, the price may eventually drop back and test the levels close to the support at $0.31 and rebound firmly.
The RSI or the Relative Strength Index is incremental as it is following the lower trend line. Considering the RSI movement, it suggests that a minor pullback is imminent to lay down a significant upswing in the coming days. The MACD is also on the verge of flashing a bullish signal in the long term which may lay down a significant upswing towards $0.4 in the next 7 to 10 days.
Crypto Price Analysis for the Weekend-What to Expect from BTC, ETH, XRP, and ADA in the Next 48 Hours!
After the FTX collapse, the markets took up the prevailing situation and underwent a notable recovery during the previous day’s trade. The crypto market cap also almost reached the $900 billion mark and in the time when a breakout was close to being accomplished, the rounds of FTX being hacked circulated within the space.
The majority of the asset dropped down creating a huge FUD within the space, expelling the FTT price out of the top 100 assets as per the market cap. Meanwhile, the speculation of the hack carried out by the insiders emerged which created a hassle within the markets. However, the upcoming weekend appears to be pretty crucial for the crypto space as it may impact the upcoming price movements.
Bitcoin(BTC)
Bitcoin price has dropped below $17,000 amid the fresh selling pressure being induced during the early trading hours. The token is expected to rise and close the weekly trade above $17,200 to set up a bullish trade for the coming week. Else, if it fails to do so, the price may again drop below $16,500, which may trigger the bears, who may further attempt a steep descending trend below $16,000.
Ethereum (ETH)
Ethereum’s price maintained its strength, notably amid the recent market crash. The second largest crypto sustained above $1000 & quickly regained levels above $1200. A weekly close above $1280 appears to be mandatory to set up a bullish start for the coming week. Else, a drop may compel the price to drop below the immediate support at $1240 to plunge below $1200 for a while.
Ripple (XRP)
Ripple price is also displaying a similar price action after it faced rejection at $0.4 in the past few days. Meanwhile, the XRP price drained notably by nearly 8% flashing some bearish signals to prevail over the weekend. In such a case, the price may test the immediate support at $0.35 and ignite a rebound, or else flip from the current levels at $0.37 to reclaim $0.4 at the earliest.
Cardano (ADA)
Cardano’s price has been adversely impacted by the current market trend as investors flee from crypto. The asset has been facing huge criticism due to its stagnant trend as the price volatility has been dropping significantly. Even if the price ignites a rebound, it may be restricted below $0.4 as the absence of bulls may compel the price to remain within a consolidated range for a long time.
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XRP Price Broke Down from Crucial Levels, What to Expect in the Next 24 hours?
Ripple prices have been adversely impacted by the current market conditions, which have turned largely bearish in the past couple of days. Ever since the Binance & FTX brawl began, the markets have remained highly consolidated, enabling the bears to take over the rally.
On the other hand, the Ripple vs SEC lawsuit is also gaining huge momentum as the market participants are agonizing over the recent developments. Hence, the XRP price has been negatively impacted and is testing the lower crucial support levels at the moment. Moreover, the asset is also flashing huge bearish signals, due to which the token may mark new monthly lows very soon.
As mentioned in the chart, the XRP price has reached its lowest levels in the past 30 days and may drop hard below those levels very soon. As the RSI is heading towards lower support, which may compel the price to plunge hard below $0.4 very soon. Meanwhile, the possibility of a rebound appears pretty low as the current market sentiment is largely bearish. Therefore, the price may remain within the consolidated range for a long time.
However, the market participants may expect a notable bounce as the funding rate is back within the positive ranges. The MVRV ratio has picked up good momentum as it surged from its lows.
Therefore, the positive funding rate may cause the XRP price to be placed within bullish levels, and a notable rebound could be set in place.