Bitcoin is ‘Stuck’ With Choppy Price Action – Will it Head to the $30k Mark?
As soon as it found support around the $16K price level, Bitcoin started an incredible rise. Since then, the 100-day and 200-day moving averages of BTC have been surpassed, respectively, at $18K and $19.6K. Over the past few days, a profit-taking pullback has allowed the price of bitcoin to rebound to the $23,000 price range. Analysts have begun charting the course of Bitcoin as the market cools.
According to analyst CrediBULL Crypto, Bitcoin has taken the first set of highs. However, he found a lot of choppiness in Bitcoin’s current trading range.
He said, “Lots of choppiness in this range, looks like rather than a flat we are forming some other more complex structure. Will post another chart shortly with some key levels to watch.”
Another analyst by the name Daan Crypto Trades on Twitter had the same opinion and said that nothing has changed much for Bitcoin. He said that Bitcoin ‘is still stuck between these levels with a lot of choppy price action.’ He marked the resistance levels for Bitcoin at $22,750 and $22,900. According to him, the support levels are at $22,600 and $22,400.
Kaleo also took to his Twitter handle and said :
“Slowly but surely Bitcoin is squeezing back to the highs making late shorts pay.” The analyst also wrote, “I once again am here to remind you that Bitcoin heads straight to $30K from here.”
On Wednesday, cryptocurrency prices were moving sideways as a result of profit-taking following a decent gain in recent days. Ahead of this week’s important inflation statistics, the volatile movement in the other riskier assets put cryptocurrency traders on edge. At the time of writing, Bitcoin is trading at $22,590 and has decreased by more than one percent in the last 24 hours.
Bearish Clouds Haunt the BTC Price Rally, Will Bitcoin Be Stuck Under Miners’ Capitulation?
Bitcoin price again slumped below $17,000 after holding upright for some time during the previous trading day. Meanwhile, the Bitcoin (BTC) hash rate has also dropped as the miner continue to struggle as the price is undergoing a massive correction phase. Moreover, the BTC mining difficulty is expected to witness a huge adjustment.
As per the new update released by a popular on-chain data provider, Glassnode, the Bitcoin network has decreased the difficulty by more than 7% which is the largest in the past 12 months.
“The Bitcoin protocol has just decreased mining difficulty by -7.3%, the largest downwards adjustment since July 2021,”
“Given depressed coin prices, rising energy costs, and debt burdens, the mining industry is under extreme stress,”
On the other hand, the Bitcoin hash-ribbon indicator also suggests that the crypto is due for yet another massive downfall.
As seen in the above image, the hash ribbon is closer to getting inverted. Previously, when the hash-ribbons were inverted, the Bitcoin (BTC) price underwent significant price correction. Hence a similar action is speculated presently as the difficulty adjustment appears to be in response to the falling BTC hash rate.
“The difficulty adjustment is in response to falling Bitcoin hash-rate.
This has resulted in yet another inversion of the Hash-ribbons, as the 30DMA dives below the 60DMA.
The last hash-ribbon inversion occurred in early June 2022,”
Moreover, Bitcoin price is displaying a significant variation climbing in and out of the levels at $17,000. Hence the Bitcoin realised cap which shows the net sum of capital inflows and outflows has declined heavily. The capital inflows since May 2021 have been flushed out, signalling a capital reset is underway.
Bearish Clouds Haunt the BTC Price Rally, Will Bitcoin Be Stuck Under Miners’ Capitulation?
Bitcoin price again slumped below $17,000 after holding upright for some time during the previous trading day. Meanwhile, the Bitcoin (BTC) hash rate has also dropped as the miner continue to struggle as the price is undergoing a massive correction phase. Moreover, the BTC mining difficulty is expected to witness a huge adjustment.
As per the new update released by a popular on-chain data provider, Glassnode, the Bitcoin network has decreased the difficulty by more than 7% which is the largest in the past 12 months.
“The Bitcoin protocol has just decreased mining difficulty by -7.3%, the largest downwards adjustment since July 2021,”
“Given depressed coin prices, rising energy costs, and debt burdens, the mining industry is under extreme stress,”
On the other hand, the Bitcoin hash-ribbon indicator also suggests that the crypto is due for yet another massive downfall.
As seen in the above image, the hash ribbon is closer to getting inverted. Previously, when the hash-ribbons were inverted, the Bitcoin (BTC) price underwent significant price correction. Hence a similar action is speculated presently as the difficulty adjustment appears to be in response to the falling BTC hash rate.
“The difficulty adjustment is in response to falling Bitcoin hash-rate.
This has resulted in yet another inversion of the Hash-ribbons, as the 30DMA dives below the 60DMA.
The last hash-ribbon inversion occurred in early June 2022,”
Moreover, Bitcoin price is displaying a significant variation climbing in and out of the levels at $17,000. Hence the Bitcoin realised cap which shows the net sum of capital inflows and outflows has declined heavily. The capital inflows since May 2021 have been flushed out, signalling a capital reset is underway.
Snowfall Protocol And ChainLink Bringing Change To The Blockchain Industry! Ripple Remains Stuck In Court Battle!
Snowfall Protocol and ChainLink are two major players in the blockchain industry pushing for change. Snowfall Protocol (SNW) is a cross-chain bridge that enables users to swap assets between different blockchains, while ChainLink provides a secure way for smart contracts to interact with external data. Both projects are aiming to make blockchain technology more accessible and usable. Meanwhile, Ripple is still embroiled in a court battle with the US Securities and Exchange Commission, with the outcome of the case yet to be determined.
About Snowfall blockchain, ChainLink, and Ripple
The blockchain industry is constantly evolving, with new technologies and protocols emerging in order to make the sector more efficient. One such protocol is Snowfall Protocol (SNW), and another is ChainLink. Meanwhile, Ripple, a major player in the blockchain sector, is stuck in a court battle. In this blog, we’ll take a look at what Snowfall Protocol (SNW) and ChainLink are, how they work together, and the court battle that Ripple is involved in.
What Is Snowfall Protocol?
Snowfall Protocol (SNW) is the world’s most efficient cross-chain bridge. It is designed to enable users to transfer assets across the most widely used EVM and non-EVM compatible chains. Snowfall Protocol (SNW) simplifies the process of communication between blockchains, removing technical barriers and allowing every user the same ability to engage within their favorite projects.
What Is ChainLink?
ChainLink is a decentralized oracle network that provides blockchain smart contracts with access to off-chain data, such as market prices and currency exchange rates. This allows smart contracts to interact with external resources, such as web APIs and payment systems, in a secure and reliable manner.
What Is Ripple?
Ripple is a major player in the blockchain industry. It is a global payment network that enables banks and financial institutions to send money around the world quickly and securely.
Snowfall Protocol and ChainLink
Snowfall Protocol (SNW) and ChainLink together bring more efficient and secure cross-chain asset transfers. By combining the two protocols, users are able to securely transfer assets between different blockchains. This allows users to take advantage of the benefits of both protocols and create a seamless connection between multiple blockchains.
The combination of ChainLink and Snowfall Protocol (SNW) provides users with a number of advantages. First, it enables users to securely transfer assets across different blockchains. This removes the need for users to manually transfer assets between blockchains, saving time and effort. Second, it ensures that the data used in the transfer is secure and reliable. Finally, it allows users to take advantage of the benefits of both protocols, such as speed and security.
Ripple Court Battle
What Is The Court Battle About?
Ripple is currently involved in a court battle with the Securities and Exchange Commission (SEC). The SEC is accusing Ripple of selling unregistered securities in the form of XRP, the digital currency used on the Ripple network. Ripple denies these allegations, arguing that XRP is not a security.
What Are The Outcomes?
The outcome of the court battle is still uncertain, as the case is ongoing. However, if Ripple is found guilty, it could face hefty fines and the possibility of having to register XRP as a security. This could have a major impact on the Ripple network, the price of XRP, and the wider blockchain industry.
What We Can Expect in the Future
The outcome of the court battle between Ripple and the SEC is still uncertain. However, one thing is for sure: Snowfall Protocol (SNW) and ChainLink are bringing much-needed change to the blockchain industry. These two protocols are simplifying the process of communication between blockchains and provide users with more efficient and secure asset transfers. As the blockchain industry continues to grow, we can expect Snowfall Protocol (SNW) and ChainLink to play an important role in the future.
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Tether And USD Coin Stuck In Bearish Winds, As Snowfall Protocol (SNW) Races To The Top!
With crypto investors increasingly looking to minimize risk while combating inflation, stablecoins have emerged as one of the most popular choices. Stablecoins are cryptocurrencies pegged to the value of an external asset.
Both USD Coin and Tether are pegged to the U.S. dollar and issued on multiple blockchains, such as Ethereum (ETH) and Solana (SOL). But Tether and USD Coin are not perfect substitutes for the U.S. dollar since they can’t be deposited into a bank account and are largely not accepted by businesses.
In the current bear market, USD Coin and Tether are stuck while Snowfall Protocol (SNW) is soaring. Why is Snowfall Protocol (SNW) leaving behind stablecoins like USD Coin and Tether? Let’s find out.
The Lagging USD Coin
USD Coin (USDC) has a total market capitalization of $65 billion and a 24-hour trading volume of $8.14 billion as of May 2022. While USD Coin (USDC) is catching up to Tether in terms of market capitalization, it still lags well behind it in terms of trading volume. It’s currently the 2nd biggest stablecoin and 4th biggest cryptocurrency by market capitalization. However, USD Coin (USDC) has been suffering from high volatility.
USDC coin’s (USDC) value depends upon the performance of the Ethereum network. So depending on the current state of the Ethereum network, transaction fees can be high, and fees for withdrawing USD Coin (USDC) from exchanges can also be high. All these operational issues have worsened its drop in the bearish market.
Lack of Clarity From Tether
According to Tether, whenever it issues new Tether tokens, it allocates the same amount of USD to its reserves, thus ensuring that Tether is fully backed by cash and cash equivalents. However, over the years, there have been several controversies regarding the validity of Tether’s claims about their USD reserves. It has led to significant disruptions in Tether’s price, which went down to as low as $0.88.
Many investors have raised concerns that Tether’s reserves have never been fully audited by an independent third party. Tether has been the target of a lot of FUD due to its murky balance sheet and lack of a public audit. Tether has repeatedly been fined for misleading statements around the state of its books. After Tether released the first breakdown of its balances, it came under even more scrutiny from regulators over its claims that all issued stablecoins are fully backed by dollar reserves. Even though a report supposedly cleared Tether from any allegations of wrongdoing, doubts remain. The company has been in repeated spats over its business practices.
There are accusations that Tether (USDT) has been used to manipulate the price of Bitcoin (BTC). Tether (USDT) is not divisible, which limits its functionality.
Snowfall’s Race to the Top
Snowfall Protocol (SNW) is an ecosystem for cross-chain token transfers. It strives to make multi-chain compatibility a reality by developing a compatibility bridge. Snowfall Protocol (SNW) differentiates itself from its competitors by speeding up and simplifying token swaps, staking, yielding, and cross-chain asset transfers for Snowfall users. The recent presale campaign of Snowfall Protocol (SNW) created waves in the cryptocurrency world. The presale was completed within seconds of its launch. The current price of Snowfall Protocol (SNW) is around $0.060, up massively from its presale price of $0.005.
Due to its cross-chain token transferability, Snowfall Protocol (SNW) is whipping past other cryptocurrencies in terms of market cap and daily trade volume, leaving behind stablecoins like USD coin (USDC) and Tether (USDT).
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Bitcoin (BTC) Price Stuck in Rut: Here’s What Traders Can Expect This Weekend
The bankruptcy filing by the crypto exchange giant FTX has created a black hole in the crypto space as the market has lost billions of dollars due to the FTX crash. However, it may mark the birth of a fresh bullish start for the crypto market by Q1 of 2023 as it sets a new goal for leading assets to bounce back to unexpected price levels. As the macro conditions of the traditional market improve, Bitcoin tends to fade its bottom levels by skyrocketing to a bullish territory.
Bitcoin To Ignore Its Consolidated Zone Soon!
The crypto sector, which once promised the community and investors decentralization and trust, now has turned out to be a joke, ending up with authoritarianism after FTX’s demise. However, Bitcoin seems to continue its legacy and lead the market to the North as it aims to initiate an upward rally by next week.
A well-known crypto analyst, Matthew Dixon, the CEO of Evai, predicts that Bitcoin may extend its current consolidation trend for the next few days. According to him, Bitcoin may break its ongoing consolidated price range if it exceeds the price level of $17K.
He further predicts that BTC may form an upward triangle pattern in the price chart with two tops between the price range of $17.6K and $17.4K. Bitcoin may project itself with a smooth run to $19.5K if it surpasses its resistance at $17.6K by the next week.
What Lies Ahead For Bitcoin?
The FTX’s downfall is similar to previous bearish events like Mt Gox in 2014, and it may raise concerns about centralization and centralized exchanges. Hence, Bitcoin has a high chance of standing out as it works in a decentralized nature, forcing users to trust self-custodian wallets rather than centralized exchanges.
Looking at the daily price chart, the Bitcoin market has reached a short-term consolidation range as the BTC price has been hovering around the $16K-$17K range from the last week. Bitcoin currently trades at $16.5K after it faced rejection again at $17K today.
The RSI-14 indicator has no sign of improvement as it continues to trend in an overselling zone of the 36-level. However, the MACD line seems to change its mood as it starts trading parallelly with the current trend without dropping further below its signal line.
Bitcoin price is currently building a short-term momentum which may test an immediate support level at $16,350. If BTC fails to hold its price near $16K, it can soon aim for a breakout below its 23.6% Fib retracement, plunging hard to $14.5K.
However, an upward retracement is expected if BTC makes a bullish reversal after testing the $16,350 support level. A breakout above its Bollinger band’s upper limit, which is near the EMA-20 trend line at $17.9K, may spark fresh surges in the price chart, and Bitcoin can next make an attempt to break its strong resistance at $20K.
Huge Bitcoin Transaction Stuck in an Unconfirmed State on Monday, Know Why?
The post Huge Bitcoin Transaction Stuck in an Unconfirmed State on Monday, Know Why? appeared first on Coinpedia Fintech News
On Monday, it took almost an hour to mine a block of bitcoin (BTC), which prevented thousands of transactions from being completed. According to on-chain data from several block explorers, the time between the two most recent blocks mined by Foundry USA and Luxor was 85 minutes.
According to Mempool, over 13,000 transactions were pending before the latest block was mined. However, It is currently unclear why the latest block confirmation was delayed.
Here’s Why Cardano Is Stuck In Rut – Will ADA Price Surge Above $0.6 in October?
Despite having lost 86.2% of its previous peak of $3.09, Cardano is still the eighth-largest cryptocurrency by market capitalization. The $1 trading price is still a major obstacle for Cardano.
Even after upgrades and developments, the price of Cardano continues to be low and does not appear to be doing much to support its growth. At the time of writing, ADA is trading at $0.43 and is up by more than one percent.
The technical chart of ADA/USDT sheds more light on Cardano’s price movement, which shows a cyclical pattern.
The asset’s price has been responding to a descending triangle pattern on the daily time frame for the past four months.
What Next For ADA Price?
It appears that the $0.417 support level, which has already been tried three times, is important for ADA since failing to reach it would result in a sharp decline in the asset’s trading price.
A second pattern that the observed triangle contains and that the price of Cardano reacts to is a descending wedge pattern. This appears to be the cause of the cryptocurrency’s current price of $0.42.
This wedge formation may suggest a slight uptick in ADA’s price of 9%, which would be positive for the altcoin. Cardano is expected to experience downward pressure if it breaches the extended support level of $0.418 and falls to a much lower support level of $0.3675.
In contrast, if the contrary occurs, ADA might appreciate in value to a trading price of $0.4850, and if demand rises, this level will be surpassed and the asset’s price would soar all the way up to $0.5835.
Currently, Cardano’s main hurdle is to reach the $1 level, which is lower than its all-time high of $3.09, which was reached on September 2 of last year.
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Uniglo (GLO) Sees Upswing While Polygon (MATIC), Solana (SOL) And Ethereum Classic (ETC) Stuck At Major Resistances
The market saw some ups and downs this week, with some digital assets seeing significant gains while others remained stagnant. Uniglo is an up-and-coming cryptocurrency that has seen an uptick in recent weeks while Polygon, Solana and Ethereum Classic have all been stuck at major resistances.
Polygon (MATIC), Solana (SOL), and Ethereum Classic (ETC)
In gearing up its recovery efforts, Polygon’s MATIC most recent bull run propelled a bullish flip on the 4-hour EMA ribbons. However, the $0.87-$0.88 range induced a selling resurgence to cause a compression near the brink of the ribbons.
On the other hand, Solana’s price has bullish momentum behind it after a near 10% move upward from the lows of 2 September. At the time of writing, SOL stood at $30.5.
Both the $34 region and the $34.34 Fibonacci retracement level provided significant resistance for Solana bulls. If Bitcoin can break through the $20.2k and $20.8k resistance levels in the coming days, a bullish scenario for SOL could emerge.
Lastly, let’s take a look at Ethereum Classic.
As the date for The Merge approaches, Ethereum Classic is already seeing significant traction in the form of buying pressure. In recent times, the price of ETC has risen dramatically, providing new hope for a market that has been plagued by a bearish atmosphere at unprecedented levels. In less than two months, the price of ETC has more than doubled.
ETC rose from just above $15 in mid-July to a high of $41.60 on Tuesday. According to price tracking platform CoinMarketCap, ETC is currently trading at $33.65, down 16.33% in the last 24 hours.
Uniglo (GLO)
Uniglo has already seen a 25% price increase in the first presale, indicating that investors are rushing to secure a large number of $GLOs as soon as possible. As the project is still in its early stages, early investors are offered bonuses and referral programs.
Uniglo is a new project based on the Ethereum blockchain that aims to be a hedge against volatility, which means that its value will not fluctuate as much as other cryptocurrencies. Uniglo is backed by digital money, valuable NFTs, digital gold, and other physical commodities that have been converted to digital form.
This suggests that, like virtual currencies, the GLO token has the potential to grow quickly, but also has the resilience to withstand the risks associated with price volatility and market swings.
Learn more here:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
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