Snowfall Protocol (SNW) Looks More Promising as Solana (SOL) and Bitcoin (BTC) Maintain a Bullish Trend
As 2023 gets underway, now is the time to decide on which crypto project to invest in. While Solana and Bitcoin seem like good investments, a new performer is in the game, Snowfall Protocol. Market experts say the Snowfall Protocol looks more promising than Solana (SOL) and Bitcoin (BTC).
Why Solana (SOL) and Bitcoin (BTC) are promising investments in 2023
The Solana (SOL) network is one of the world’s fastest and most cost-effective Layer-1 networks. Many people believe that Solana (SOL) has reached its lowest, even though the token has sustained significant damage due to the fall of FTX. In the big picture, things are turning around for Solana (SOL).
Once Firedancer is implemented, it is anticipated that its already great rates of 65,000 transactions per second (TPS) will see a further rise. Firedancer is a brand new validator client that Jump Crypto developed. It has been demonstrated in testing that it is capable of speeds of up to 600,000 TPS. This year, Solana (SOL) will also release its Saga smartphone, which is one of the first mobile devices in the world that is compatible with Web3.
Similarly, Bitcoin is undisputedly the most popular cryptocurrency, which has given it an edge over other coins in the market. After the hit suffered by the crypto giant during the FTX crash, it is gradually rising again, just like it has always done. This makes investors believe more in it.
Both Solana (SOL) and Bitcoin are compartmentalized inside their respective silos (BTC). Despite having a lot of potential, Solana (SOL) and Bitcoin (BTC) both have limitations as we move closer to a future with several chains.
Why Snowfall is a more promising investment in 2023
Snowfall Protocol (SNW), which allows users to transfer data from one blockchain to another, is revolutionizing how things work in the crypto industry. It is an interoperability solution that aims to make transfers between EVM and non-EVM chains as easy as possible.
Since there are numerous smart contract-enabled chains, Snowfall Protocol (SNW) saw a need for a simple bridge that let users transfer their digital assets without problems. Now, they can transfer data from one blockchain to another whenever required. As such, continue using their preferred chain to reap the primary benefits of other blockchains if they use the Snowfall Protocol (SNW). This is unlike the existing interoperability solutions, which are constrained in the tokens they support and have poor accessibility.
Snowfall Protocol (SNW) has successfully raised more than $3 million after investors had completely purchased each step of its presale. Throughout this process, the cost of Snowfall Protocol’s native token has skyrocketed dramatically, increasing from $0.005 in the first phase of the presale to $0.191 in the phase currently taking place. That is already a 3450% increase, looking very promising.
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The altcoin market has been on a solid uptrend, and Aptos looks to build a significant user base by surging to an all-time high. The latest support from the community has pushed the APT token to be one of the top-performing digital assets, as it has spiked nearly 250% since the beginning of the new year. Aptos, which is also known as the ‘Solana Killer,’ has caught the attention of market traders since its launch in October 2022. However, the unexpected surge in the APT price chart brings risks regarding price manipulation and a potential bull’s trap.
Is APT Price Pump Too Good To Be True?
Aptos became one of the emerging crypto projects in the Q4 of 2022 for being majorly focused on reducing gas fees in the network. Further development in achieving its goals may provide a positive impact on the token’s price.
However, the token’s price experienced a sudden spike which was brought about by crypto exchange Binance when its Liquid Swap service announced the news of expanding APT pairs with different markets, including BTC and USDT. The massive explosion in the APT price chart attracted analysts’ attention as it has raised questions about the integrity of the market and the motives behind the surge.
On-chain data provider, CoinGlass, indicated a significant selloff worth $129 million just before the surge. However, the Aptos token witnessed a notable spike in buying pressure just after the opening of short positions, weighing on price manipulation from whale investors.
What Next APT Price?
After a prolonged consolidation near the bottom range, the Aptos price made higher highs and lows and formed an ascending channel in the price chart. As Aptos is pulling itself out of the bearish mud with a solid recovery rally and trades at a favorable price point, it creates more hype among traders with its future potential.
As of writing, the Aptos token trades with high volatility above the $13 mark with an uptrend of nearly 10%. However, the surge may soon come to an end with a cooldown as the APT price is preparing for a pullback to the downside. A well-known crypto analyst, Smarter Trades, predicts that short positions will soon make profits as APT will pick up the throttle if the market takes a flip.
According to the analyst, the APT token has not gained much support in its recent price spike and has formed a crucial support level at $11.5, below which the token may trigger an intense bearish bloodbath. The analyst further predicted that a breakout below $11 may slump the token to trade near the bottom range of $8.6.
However, the overwhelming bullish trend from the Aptos network may be the beginning of an Altcoin season for which the entire crypto market has been waiting since the turmoil. Hence, we can say that the eyes of the market are now on APT’s upcoming movement, and investors are eagerly waiting for an astronomical high that Aptos will achieve ahead.
Dogecoin’s price has been on a rising trajectory since Elon Musk acquired Twitter Inc. for $44 billion late last year. From a daily and weekly chart, the Dogecoin price has formed a falling wedge, which usually signals that the trend will resume later on. As such, market analysts believe the meme lord could rally beyond its October highs of about $0.159 soon.
The rising narrative is backed by the 200W MA, which has supported the price in the past two days. Moreover, the Dogecoin price already broke out of the multi-week falling trend and is now retesting the trend line as a support level.
However, the narrative could be invalidated should the Dogecoin price fall below the trend line support, which would then act as a resistance level once again.
According to our latest crypto price oracles, Dogecoin has gained approximately 18 percent in the past 14 days to trade around $0.084497. The ninth-largest digital asset takes pride in a market capitalization of approximately $11,649,383,387 and a 24-hour trading volume of about $526,969,058. Notably, Dogecoin has recorded total liquidation of approximately $1.61 million in the past 24 hours according to aggregate data provided by Coinglass.
According to several crypto analysts, the next probable trend in Dogecoin is a multi-week consolidation before the next bull market takes place. Furthermore, in the past two bear markets that Dogecoin has existed, first between 2014-2017 and second between 2018-2020, consolidation has taken place in multi-quarter before going parabolic.
As the second largest proof-of-work (PoW) digital asset, Dogecoin has attracted investors from all over the world. According to on-chain data from Tokenview, Dogecoin has about 5,173,869 holders and a total hash rate of approximately 630.95 (TH/s).
The overall cryptocurrency market is showing signs of growth, even as the global cryptocurrency market struggles to regain its $1 trillion market capitalization.
Currently, the global crypto market cap has gained 1.55% in the past 24 hours and is trading at $819.85. This price rally is led by Bitcoin, the largest cryptocurrency by market cap, which is currently valued at $16,864 after a 0.77% increase in the past 24 hours. Resistance for Bitcoin is at $16,900, while support is at $16,850.
Crypto analyst Kevin Svenson has expressed a bullish outlook on Bitcoin. In a tweet to his 118,900 followers, Svenson mentioned that Bitcoin’s relative strength index (RSI) is about to move beyond its diagonal resistance, potentially marking the end of its two-year downward trend.
The RSI is an indicator that measures the currency’s movements.
In addition to his tweet, Kevin Svenson has also released a strategic video explaining the potential of the upcoming RSI breakout for Bitcoin.
According to the analyst, this movement is crucial for cryptocurrency. Svenson believes that the breakout, which he expects to occur within the next two weeks, will bring about a shift in Bitcoin’s trading pattern. He cites a similar weekly RSI breakout at the end of the 2018 bear market for Bitcoin.
If the RSI follows Svenson’s prediction, he claims that Bitcoin’s price could reach a target of $21,000. At its current trading value, Bitcoin would need a 25% increase to hit this target.
The Dogecoin price has fallen by nearly 30% since the start of the month, with the token facing strong downward pressure from an ongoing downtrend. This has led to the possibility of a bearish close. However, there is also a chance that the bearish outlook may be invalidated.
Currently, DOGE is trading around $0.072, with the upper bands of the descending parallel channel acting as strong resistance on multiple occasions. The recent decline of nearly 20% is the largest move yet, with the DOGE price dropping below the 50-day, 100-day, and 200-day moving average levels, indicating a bearish outlook for the popular meme coin.
The DOGE price has been trading along the lower trend line for an extended period, leading some to believe that it is in a bullish trade setup despite bearish predictions of a significant drop. However, a new bearish move is expected to cause the price to fall by nearly 20%, potentially reaching the 2021 low of around $0.57 after failing to defend the trade at the $0.061 support zone.
After being rejected from the lower trend line, the price is likely to remain consolidated just above the lower support zone and continue to build strength. While a strong upswing may not be expected in the first half of 2023, the bearish action may also be prevented. In the second half of 2023, it is believed that the Dogecoin price may begin a recovery phase that could help it trade within an ascending, consolidating phase.
Bitcoin price has been fascinating throughout the year 2022 as it underwent multiple halving events with respect to price. The price continues to find new lows with the revival of a fresh bearish trend. Meanwhile, popular analysts believe that the star crypto can make a comeback and trigger a bull run very soon.
Kaleo, a well-known analyst, in his latest video update, says that the Bitcoin bull run has begun with the price crossing the 200-day MA levels. Therefore, says that once the BTC price raises above $20,370, it may slice through the bearish captivity and fly high.
“I think one of the things, really, looking forward as far as watching for big pivots, any type of shits from where we are, is a reclaim of that 200-day simple moving average as well. So as far as getting exuberantly and a shift for ‘Okay, we’re in the clear for a little while to go,’ that’s one thing I am looking for.
I know it’s incredibly simple but it is something that has been a signature for every single bottom that we’ve seen on this chart over the course of the past few cycles. So I think that it’s something that is simple and easy to keep an eye on….Until that happens, just remaining patient is important,”
Bitcoin in recent times is heading strongly towards crucial resistance close to $17,000. Therefore, if the price is required to slice through the $16,900 then only, the bullish continuation may be confirmed. With a brief upswing, the possibility of a bullish close beyond $17,300 could be quite possible.
With a slight ease in the market conditions, Bitcoin price raised significantly marking new highs. Besides, the altcoins are also following the popular crypto and managed to surge to some extent. While, the market participants believe this could be the resurgence of a bullish trend, the fear of a bull trap emerges.
A well-known analyst, il Capo of Crypto still believes that the crypto markets are prone to get ‘hammered’ as it reaches some specific targets. The analyst had earlier predicted correctly the recent crash when the BTC price dropped after reaching the crucial resistance at $21,800. He says that the crypto space continues to remain under bearish pressure, regardless of the ongoing market upswings!
“CPI is better than expected but still very high. Price is testing a massive resistance zone here and forming a lower high. I’m still 100% out of the market,”
November’s CPI came up to be a surprise with a decent drop of more than 0.5% which was more than the expected drop of 0.2%. However, Capo believes that the CPI rate is still pretty high and hence the possibility of rejection to the lower support of $12,000 while the current price levels are very close to $18,000.
Moving ahead, Capo still believes that the Ethereum price may also drop towards the lower support between $600 to $650, while most of the altcoins are believed to undergo a potential drop of 50% to 70% soon.
Mentioning about world’s top 3rd crypto asset, Binance Coin(BNB), the analyst says the token could continue with a bearish trend even though it is trading within a bearish trend. Hence the price target could be somewhere around $40 to $45 from the current levels of around $273.
However, if the BNB price breaks down from these levels, then the price target is believed to reach single digits too.
Overall, the market trend continues to remain pretty bearish despite the prices having jumped considerably in the past 24 hours. Therefore, setting up the possibility of a bull trap for the bitcoin bulls emerges high.
Since reaching a multi-year high in April of last year, the price of XRP has been steadily dropping. The market-wide sell-offs and the general market sentiment helped the sellers hasten the bearish trend.
However, over the past few days and weeks, XRP’s price has fluctuated wildly, with investors sending the once-troubled token rocketing and breaking above the historically stable trading range between $0.20 and $0.30. Despite XRP failing to gather enough momentum to break above $0.60, investors seemed to be invested in the coin.
Looking at the technical indicators and on-chain data, the number of users interacting with the token and the network continues to be very strong. The constant increase in XRP trade volumes indicated that retailers were up to something. The volume increase could have increased consumer-induced volatility for the price of XRP.
According to Santiment, the daily active addresses (DAA) for XRP saw a significant increase of almost 200% along with higher trade volumes. Since November 30, XRP DAA has been rising, rising from 51,161 on December 4 to 161,000 as of this writing.
XRP vs SEC
Brad Garlinghouse, CEO of Ripple, recently expressed confidence in a positive outcome in the near future. Even as the case against the U.S. Securities and Exchange Commission draws to a close, lawyer John Deaton, the founder of Crypto Law and a supporter of Ripple, has identified what he believes to be the largest threat to Ripple in the ongoing case.
The XRP token itself is not a security, and secondary market sales of the token are not an unregistered security offering, according to Judge Torres, who could rule that Ripple “offered” unregistered security at some point.
“[This] is the biggest danger to Ripple IMO. The application of the law doesn’t focus only on sales. In fact, a sale or transfer of the underlying asset doesn’t have to occur for a company to be liable. If there’s an oral argument, I bet you hear the SEC lawyer focus a lot on the ‘offering.’”
Ripple’s XRP price is trending in uncharted markets as the global macroeconomic aspects fall into play. At the top list, the XRP international online community fear that the Ripple vs SEC case May go the same route as LBRY Inc’s story. Nonetheless, the entire cryptocurrency market has been trending downwards for the better part of Tuesday.
According to the latest crypto market data, XRP price is exchanging at around $0.43, down approximately 7 per cent in the past 24 hours. The fuel in the recent price volatility encompasses technical, fundamental, and speculative aspects.
Source: TradingView on XRP/USD
As one of the oldest yet performing digital assets, XRP has many traders worried about its future growth prospects. Moreover, its rival blockchains, including Stellar Lumens, have been making tremendous gains in global market share through confidence in regulatory approvals.
XRP Price From a Bear Market Scope
The cryptocurrency bear market has ravaged several projects that were performing well during the 2021 bull cycle. To a greater extent, market strategists have attributed the ongoing crypto bear market to overall global regulations. For instance, the United States recently banned Tornado Cash from operating in its jurisdictions.
Nevertheless, global geopolitical differences have helped stamp the long-term growth prospects of digital assets.
Furthermore, digital assets have proved helpful to countries sanctioned by military superpowers and individuals marginalised through political imbalances.
However, in the case of XRP, its custodian company Ripple has been tied up with unfavourable court cases. In the past two years, the company’s legal team has been fighting with the SEC over XRP’s programmatic sales.
According to high-profile lawyer James Filan, District Judge Torres will decide both the Expert Motions and the Summary Judgment motions simultaneously – on or before March 31, 2023. The predictions have reverberated throughout the XRP global community, with fears of possible market dive on adverse outcomes.
From a technical standpoint, XRP price seems to follow similar trends in the first few years of its existence. However, the recent trends have been exaggerated in the longer timeframe.
Source: TradingView on XRPUSD Bitstamp derivatives.
As such, there is a high chance that the XRP price will moon after the Ripple vs SEC case. Moreover, the instrument made minimal gains during the 2021 crypto bull market that saw most of the digital assets set new ATH. Whereby the XRP price has been trapped in a long-term consolidation mode.
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The crypto industry is at a turning point. Given that the important levels have been identified, the next move will probably set the trend for the coming weeks. The market now trades in the green, extending its recent upswing to recoup the losses.
The price of bitcoin is currently trying to maintain above the $20750 support area. The price of BTC is presently trading at $20785, up 0.39% on the day. The price of Bitcoin is continuing to rise past $20,000. Bulls found it extremely challenging to convert the $20,000 level into an immediate support level.
The largest cryptocurrency increased from over $19,000 earlier in the week, breaking out of the trading range of $19,000 to $20,000 that it had generally maintained since early September and reaching nearly $21,000.
After the $20K milestone was broken, the cryptocurrency market became more upbeat, which led to an increase in altcoin performance this week. Buyers are drawn to the price recovery in anticipation of further upward trends.
Look out for this event!
The Fed’s favored inflation indicator, the core personal consumption expenditures (PCE) index, may act as the next significant driver for risk-sensitive assets. The Federal Reserve is widely anticipated to raise interest rates by a super-sized 75 basis points for the fourth time this year as part of its fight against inflation at the central bank’s meeting next week.
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Several cryptocurrencies, like Bitcoin and other altcoins have crashed hard and given up their gains this year. This is attributed to the macroeconomic turbulence, threat of recession, political struggles as well as the Federal Reserve’s interest rate hikes, which have now reached 9%. Participants have lost faith in the once-stable assets.
Currently, Bitcoin is selling at $19,035 after a fall of 0.63% in the last 24hrs.
While traders and investors eagerly wait for the resurgence of a positive trend, a billionaire investor is pointing towards one factor which might end this ongoing price crunch.
Mike Novogratz, CEO at Galaxy Digital, while in an interview with Bloomberg TV host, talks about what might mark an end to the Bitcoin (BTC) and Ethereum (ETH) bear market. For Bitcoin, he claims that only a positive change in the macroeconomic conditions can improve it. However, for other cryptocurrencies like Ethereum (ETH) and other layer-1 and layer-2 blockchains, it’s the entry of new projects and a few positive macroeconomic events which will end the bear movement.
As per the analyst, there is a large quantity of venture capital that is finding its way into the Crypto world, for example, $5 billion in the last quarter. He claims that the major contribution is from firms like JP Morgan, Bank of New York, and BlackRock, among others.
Novogratz believes that digital money will find its stability soon. He says the settlement of unfavourable macroeconomic events is the first step towards crypto market stability.
Before he winds up his interview, he states that the day when the market starts to rise is the day when investors will find their sweet spot in cryptocurrencies.
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Recently, Bitcoin (BTC) slipped below its 20-day MA and has been struggling to hold onto the $19,000 stable mark as well. Hence, the bearish movement seems very likely as the momentum indicators are also pointing to added negative pressure.
A popular crypto strategist and trader, Kaleo, has put forward a theory saying Bitcoin (BTC) is prepping for a rally that may shrug away many traders towards the sidelines.
It is very common for traders to look at the inverted chart of an asset to check on their bias from a different perspective. Similarly, Kaleo informs his 535,200 Twitter followers that he’s been doing the same for Bitcoin.
According to Kaleo’s assessment, a new Bitcoin trend is making its way as the leading crypto asset is gearing up for a massive move up.
Kaleo mentioned, “I’m seeing more 2018 bear market fractal comparisons being used for this range, and I’m really not a fan of the idea at all. In my opinion, we’ve already seen that major breakdown. We’re in the accumulation phase. The markup will catch everyone off guard.”
The analyst’s chart hints that Bitcoin is setting the pace for a rally that can propel BTC to around $40,000, which is more than a 100% surge from the current prices.
The crypto strategist is also noting the performance of the Grayscale Bitcoin Trust (GBTC), a financial instrument designed for institutional investors to gain exposure to Bitcoin without holding the underlying asset.
As per his analysis, GBTC’s recent price action is a close copy of its performance during the latter stages of the 2018 bear market. This might indicate that the asset is bottoming out and preparing for a recovery rally.
“Here’s another high timeframe fractal on the GBTC chart to support my bullish bias,” Kaleo says.
Kaleo predicts a Bitcoin rally to $20,000 for the short term. He says, “squeeze it back above $20,000.”
Can Bitcoin Surpass $19,000?
The disappointing trading pattern with respect to crypto assets is partly due to the general risk-off mood that has hit stocks and other risk assets since mid-August. With investors betting on a more hawkish Federal Reserve, a softer-than-expected CPI reading could spark a relief rally for Bitcoin and other crypto assets too. If this doesn’t happen, it will become difficult for Bitcoin to breach the current range of $19,000 anytime soon.
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Bitcoin price continues to trade within a pre-determined range that it began to trade a month ago. The constant failure to surpass & sustain above $20,000 has discouraged the market participants, who may soon switch to other altcoins within the crypto space.
Ripple price is witnessing significant growth since the beginning of the month and the recent push uplifted the price beyond $0.5. As the selling pressure remains slightly far-off, it appears that the bulls could have entered the platform. On the other hand, as the market sentiments continue to remain shaky, the bulls fear uplifting the price beyond the upper resistance. Therefore, until the market conditions settle, the XRP price may trade between $0.57 to $0.6.
BinanceCoin price ever since dropped below $300 has been trying very hard to regain the bullish momentum, but failing to do so. The recent rejection has dragged the price close to the lower support where-in the bulls are trying very hard to defend. Therefore, it is pretty clear that the bears may not drag the price towards new lows as the bulls continue to stand along the lower crucial levels.
Solana is among the altcoins that have witnessed a drastic fall since the beginning of 2022 as it dropped heavily from levels above $200 to below $30. The price is attempting very hard to keep up the bullish momentum, but due to the bearish action being extended every day, the price remains restricted below $35. However, a continuation of a sideways trend is expected for some more time before a breakout that may be expected at the end of October.
TerraClasic is slowly gaining the base that was much required to rise within an ascending trend. To prevent steep plunges or pullbacks, the bulls are rising high slowly yet steadily. Therefore, the initial target remains around $0.000035, after which a notable upswing may make its way out to regain the highs.
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The crypto market turmoil has affected several blockchain projects, crypto-based firms, and potential investors, leading to layoffs, resignation, and stopping further expansion. This crypto winter is the fifth historic crypto bear market which began in November 2020 and pushed all cryptocurrencies to the bottom line in the price graph.
The crypto market has been trading sideways due to the impact of some macro factors. However, the last 24-hour price charts of leading crypto projects have brought a ray of hope to investors, but it may sustain for a short span of time.
A Positive Move In The Last 24 Hour
Top leading crypto projects have gained positive momentum in the last 24-hour price graph. Bitcoin has crossed its crucial price level of $20K and gained over 0.75% uptrend. According to CoinMarketCap, Bitcoin is currently trading near $20.3K with an intraday high of $20,456.
It seems that the bullish rally has spread over several coins, including Ethereum, as ETH has surpassed its $1,350 level and is currently trading near $1,371 with an uptrend of 1.61% in the last 24-hour. Popular meme coin DOGE has witnessed a tremendous uptrend as it rose to $0.065 from $0.059 in the last three days, indicating a strong bullish momentum in the crypto market.
Furthermore, Ripple’s native token XRP has bounced back to the North as it is trading at $0.5 with a positive gain of nearly 2% in the last 24 hours.
Crypto Market Stability Is In Fear!
Despite the positive price action in the crypto market, crypto strategists and analysts predict a price bottom soon as the upward momentum is unstable and can quickly fall to the ground.
Michael van de Poppe, CEO of Eight Global and a prominent crypto analyst, predicts that the crypto market may soon have a downturn following the US dollar rally. Moreover, the data on US unemployment will be published on Friday, and Poppe thinks any negative data can create a bearish sentiment in the market. According to him, these are macro factors that will have a significant impact on the crypto market.
Following the bear market, it is clear that even microeconomic factors play a leading role in the price action of the crypto market, establishing a correlation between the world economy and the crypto sphere. The US Fed’s interest rate hike, inflation data, and regulations create fear in the stability of the crypto market.
However, it is anticipated that the crypto market will moon soon following the positive sentiments as it has become mainstream in the era of digitalization. Despite the crypto winter in 2018, the crypto market recovered and gained over 2500% in market capitalization.
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The Ethereum Classic price has been highly bearish since the beginning of September, but it quickly recovered and stabilized at $38.00 for a few days. The conflict between the bulls and bears persisted, the bears quickly took charge, and the ETC price dropped to $27.72.
The prices quickly increased to equal highs set at $30.91, where they remained steady for more than a week before falling to $27.72. The bears dominated and pushed the prices below $27.72. The bulls made an attempt to rebound driving the price to $27.72 but are facing it difficult to surge the price above that level.
Prices for Ethereum Classic are currently sitting around $27.72 and are aiming to go higher. Investors must be prepared for a probable reversal that will lead the Ethereum Classic price to decrease because it is a probability that it will rise.
A 5% decline is expected soon, followed by a quick recovery. Ethereum Classic’s price might rise 17% to $30.91 at this time due to the current uptick in positive momentum. Traders can profit from the buy-stop above these highs by pushing the ETC prices to cross this level.
In contrast, if the Ethereum Classic price keeps piercing through the $22.88 to $26.30 demand zone without responding to it, it will be a sign of an extreme increase in the selling pressure. In order to refute the bullish case, ETC may produce a daily candlestick below the demand zone if the trend persists. This could prompt a retest of the $20 psychological price barrier for the asset.
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The two largest cryptocurrencies by market cap, Bitcoin and Ethereum, both have surged nearly 4%. Yet both the currencies are still below their key resistance level of $20,000 and $1,400 respectively.
At the time of publication, Bitcoin is selling at $19,519 after a surge of 4.22% over the last 24hrs and Ethereum is trading at $1,341 with a jump of 4.55% in the last 24hrs.
Meanwhile, one of the popular crypto strategists and traders is considering Bitcoin’s previous price action and claims that the currency will have a bullish price action for October.
The analyst who is anonymously known as kaleo kaleo co-founder at LedgArt Kaleo EntrepreneurInvestorMarket Analyst Followers : 0 View profile , informs his 535,900 admirers over Twitter that Bitcoin is about to enter the much-needed bull run soon. He says that the month of September has been one of the worst, but he believes October to be a silver lining for BTC.
As per most market experts, September month has always been a bearish month for Bitcoin. However, Kaleo feels that the upcoming month will attract some positive gains.
The main reason for a positive October will be the increased Bitcoin adoption and high growth.
Bitcoin Price Down By 75% From ATH
When Bitcoin’s all-time high of $69,000 is considered which was hit in November 2021, Bitcoin has dropped nearly 75% of its value. The strategist also tries to give a yearly decline rate chart starting from 2011-12 where Bitcoin dropped 94% and ends it with 2021 and present as BTC plunged by 75%.
However, the analyst also warns that Bitcoin’s lower levels might be just around the corner, but the currency with the highest market cap might not see much of a downward trend.
Kaleo wraps up his analysis with a statement that it’s not advisable to rely much on the previous price trends as it doesn’t guarantee future price action.
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Shiba Inu’s Trend Reversal To Shock Investors – Here’s the Reason Behind it – Coinpedia – Fintech & Cryptocurreny News Media
Investors were taken aback by one of the most popular meme tokens in the market when it had a significant 8% gain and returned to a price we have not seen in nearly two weeks. Shiba Inu sank to the nearby trendline support before the massive reversal.
The four-hour chart indicates that SHIB’s price movement may not have been unexpected. The Bollinger Bands (BB) showed some stability around its volatility as of August 30. SHIB nonetheless managed to break out up to $0.00001304 but ran into a crucial resistance level when attempting to test $0.00001341.
As a result, on September 7th, the price dropped to $0.00001175. The BB indicated that volatility was currently at its greatest point in the previous seven days. Therefore, keeping an eye out for a sudden turnabout from the recent ascending triangle should not be out of place.
According to CoinMarketCap, SHIB’s volume grew by 167%. 11% during the previous 24 hours. However, at 68.22, the RSI was very close to an overbought area. So, it might be best to ease off on the “purchase pedal.”
Regarding the Moving Average Convergence Divergence (MACD), the short-term SHIB momentum may continue to be bullish. SHIB’s 5% increase can climb more with the buyer over the seller position. But if the optimistic indications were to come true, it would also be important to take Bitcoin [BTCmovement ]’s into account.
SHIBA INU Ecosystem Grows
In addition to SHIB’s stellar performance, the burn rate indicates that more transactions are occurring within its ecosystem. Shib burn reports that the amount of SHIB tokens burned from the previous day has increased by 279.98%. The total SHIB consumed since the beginning is now 410,380,159,432,847.
Another update to its Metaverse voyage has also occurred. SHIB stunned its community by presenting the artwork for its We’re All Gonna Make It (WAGMI) temple after previously exposing its roadmap.
Many people are hopeful that Shiba Inu’s metaverse will experience actual growth. By utilizing the native token’s actual utility, it initiates the removal of the meme tag. The WAGMI temple illustration gave the metaverse dream new life.
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It’s been a while since the global crypto market cap is positioned below $1 trillion as the major cryptocurrencies have lost their key trading levels. However, though Ethereum’s native currency Eth is facing a pullback, the network is gaining huge traction from investors. And it’s not just Ethereum, but also Ethereum Classic (ETC) that is being affected.
Today, September 6, Ethereum and Ethereum Classic have turned out to be one of the most trending cryptocurrencies in the last seven days.
Ethereum Classic Surge Too
Along with Ethereum, also Ethereum Classic popped up as the fifth trending cryptocurrency after there was a spike of 9.18% in the last seven days and 12.02% in the last 24hrs.
The second largest cryptocurrency is seeing a bull run amidst the overall crypto market correction. This spike in trading could be due to the Merge upgradation that is fueling the bullish momentum.
It should be noted that the upgrade that will convert the blockchain to a Proof-of-Stake (PoS) system also aims to turn Ethereum into a deflationary investment. It’s important to keep in mind that a portion of the market thinks Ethereum can only maintain its profits if the upgrade is effective.
After September 15, all the public testnets will be completed and the Ethereum mainnet will be ready. Ethereum miners won’t require many upgrades to start mining ETC. This is followed by Vitalik Buterin’s invitation for miners to switch to the ETC chain and his declaration that it is “a completely fine chain” for PoW.
When the wider picture is considered, Ethereum Classic has depicted consistent trading in terms of bull run with the hope of Ethereum’s successful upgrade.
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The world’s first cryptocurrency, Bitcoin has regained its $20,000 price levels, but the currency is still on a bearish trend. Amidst this volatility, a well-known crypto market analyst is predicting future days of Bitcoin and other cryptocurrencies.
The analyst, Michael van de Poppe in a new video advises his followers over Youtube that traders should also track US dollar along with Euro that is rising against the dollar.
The analyst claims that Bitcoin’s DXY index is pointing towards a trend reversal soon where the price level is about to hit the range that’s not seen since February 2015, which was Bitcoin bottom. He also says that though the weekly candle is indicating a reversal, it all depends on DXY dipping below 108.6 points.
Bitcoin Price To Recover?
Additionally, Van de Poppe asserts that Euro/USD should also find its recovery entry and regain the 1.01 level. If this happens it will push other currencies like Bitcoin.
At the time of publication, the US Dollar Index (DXY) is positioned at 109.64 and Bitcoin is trading at $19,920.
The significance of the DXY to the upcoming price movements of cryptocurrency has been noted by many analysts, including Van de Poppe. Renowned trader Justin Bennett informs his 107,300 Followers on twitter that for cryptocurrency to rise, the dollar should “cool down.”
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The top 2 crypto assets Bitcoin & Ethereum have been reckless for more than a couple of months. The current trend is flashing a notable upswing closely approaching, but the technicals point to a diverse trend ahead. Amidst the swelling market sentiments, some of the altcoins may undergo a significant trend reversal soon.
Solana’s price is cemented along the support levels around $30 for nearly a week now. Hence extreme pressure on either of the sides may further enable the price to break out of the consolidation, regardless of the direction.
The SOL price is closely trading around $30 but the technicals suggest a notable drop may be fast approaching that may land up the price around the mid-20s. After reaching the last point of defense above $20, the price may rebound back above $30. Else a continued bearish trend may drive the price below $20.
Polkadot price in the near times has been pretty bearish, moreover, after the May crash, the asset is failing to inculcate a significant bullish momentum. Currently, the DOT price is consolidating within a very narrow range which points toward an interim bounce in the short-term ahead.
After the rejection of close to $10, the asset dropped heavily below $7 for the consecutive time forming a double-bottom pattern. Therefore, the plunge is expected to hit the lower bottom below $5 at around $4.5, and look out for a bounce. Further, a notable upswing above $10 may enable the price to hover in a bullish region or the neckline of the pattern.
This may further enable the price to inculcate a significant bullish momentum to pull a massive leg up above $15 very soon.
Near Protocol is displaying a slightly more diverse trend than Polkadot. The asset appears to have been preparing for a parabolic recovery to reach beyond $6 initially. Further, the bulls are expected to uplift the price above the crucial resistance at $7.5.
Currently, the NEAR price is trading at the resistance and after a brief consolidation is expected to slice through the resistance and spike high to reach the target close to $5. On the contrary, if the bullish trajectory invalidates, it may again test the lower support to accomplish the double bottom pattern.