The Bitcoin price gained over 3.5% in value last week, resulting in the industry leveling out its losses from the price plunge it had experienced recently, further indicating stability in the market. Ethereum, despite being the top altcoin, has gained less than 2% and continues its struggle to hold the price as the bulls are constantly failing to gain momentum.
Since the start of September, ETH’s price has repeatedly failed to cross the resistance level of $1,660. It is constantly trading in a consolidated range of $1,624.3 to $1,639.39, indicating a possibility of massive price action in the coming days.
Following the massive price volatility, the price plunged to a low of $1,532.43, breaking down its crucial support level for a short period of time, after which the bulls regained power and leveled the losses from the drop, indicating a price fakeout in the market.
The bulls struggle hard to push the price above its resistance range but fail to do so. The price had recently broken out of the resistance range. Still, due to the instability in the market, the price has displayed a double top in its chart, indicating the possibility of a bearish price action in the coming days.
The RSI recently fell below the mid-point and continues to decline, indicating weak buying and selling pressure for the top altcoin. On the other hand, MACD displays constant flatlines, with its averages declining towards the neutral line, indicating the price to further fall before retesting its resistance level.
Will ETH Price Go Back Up?
A bullish moment could initiate if the Bulls gain power, cross the consolidated range, and break out of the resistance level of $1,660. Further, if the market manages to hold the price above the level, it will prepare itself to test the upper resistance level of $1,695.09 by the end of the month.
On the contrary, if the market experiences a fresh breeze of a bearish wave as the price has displayed a double top in its charts, the price will test its support level of $1,619.22. Further, if the price fails to hold the level and falls, it will prepare to test its next support level of $1,576.01 by next week.
In the times when the crypto markets have remained quiet, floating around the market capitalization of $1.05 trillion, Maker (MKR) has successfully held the gains that the other altcoins lost in the recent plunges. This has also made the token one of the leading performers of the year and among the strongest contenders for the token with the most potential to maintain the bullish streak until the end of the year.
In a recent update, the SEC delayed the spot ETF decision, which pushed the markets into a state of uncertainty. The bitcoin price dropped and appears to have settled around $26,000, while the MKR price recorded huge growth. The rally occurred amid strengthening fundamentals after the MakerDAO raised its spending on incentives by nearly 8%.
The MKR price has been trading under extreme bearish conditions ever since it marked highs beyond $6000 during the 2021 bull run. However, after the recent rebound from the lows close to $500, the token triggered a huge upswing, due to which the price surged beyond $1000. However, the bears extracted some profits that dragged the token slightly lower. After recording a couple of bearish closes, the MKR price is set to print a bullish weekly candle, which may lay the foundation for a huge upswing soon.
On the other hand, the whales and sharks continue to accumulate MKR, which they have been doing for over a couple of years. As per the data from Santiment, these whales and sharks hold MKR tokens worth $11.6K to $11.6M, which comes to about 61.5K tokens.
Collectively, Maker has been displaying its strength for over a couple of months, while the trend of the other tokens was pretty uncertain. With the speculation of a rise in their holdings in the near future, the possibility of an extended bullish trend also emerges. Therefore, the MKR price displays the potential to reclaim its highs in the upcoming bullish cycle and also achieve the 5-digit milestone very soon.
Shiba Inu’s Bullish Trend Weakens As Holders Seek Selling Opportunities! Here’s SHIB Price’s Next Crucial Level
Known as the “Dogecoin Killer,” Shiba Inu meme coin has had notable ups and downs over the last few days following news of Shibarium. Recently, the Shiba Inu community was filled with bullish news over the relaunch of Shibarium, its Layer 2 scaling solution. However, despite the hype, SHIB’s price has remained under bearish dominance. Moreover, its declining on-chain activity has sparked fears of intensifying selling pressure in the coming days.
SHIB’s Exchange Withdrawing Transaction Touches 2-Year Low
The Shibarium launch failed to meet holders’ expectations as it experienced setbacks. As a result, SHIB, the flagship token of the Shiba Inu ecosystem, failed to respond positively. However, with the relaunch of the Shibarium, the scenario has changed slightly as SHIB’s price recorded minor gains on the price chart from the robust support region.
However, the surge in bullish activity could be fleeting, as declining on-chain indicators point to a growing sell-off sentiment among investors. According to data sourced from CryptoQuant, there has been a significant downturn in SHIB’s exchange withdrawal transactions.
This metric has been on a downward trajectory for several years and has now reached its lowest point in two years. Currently, SHIB’s exchange withdrawal transactions stand at approximately 604, a level not seen since May 2021.
High levels of withdrawal typically indicate strong investor confidence, as they prefer to hold their assets long-term rather than trade them. Conversely, low levels suggest that investors are keeping their assets on exchanges, possibly preparing to sell.
When more tokens are kept on exchanges, it usually means that investors are ready to sell at a moment’s notice. This creates selling pressure, which can trigger a downward price spiral.
What’s Next For SHIB’s Price?
Shiba Inu has been oscillating between the robust resistance level at $0.0000087 and the support of $0.0000077 for several days now. However, following the relaunch of Shibarium, there has been a spike in buying activity near the support zone, with buyers aiming for a skyrocketing trend ahead. As of writing, SHIB price trades at $0.00000835, surging over 3.3% from yesterday’s rate.
Currently, SHIB bulls are attempting to break the consolidation by surging above $0.0000088. To initiate a solid uptrend, they must swiftly send the price above the 38.2% Fib channel. Achieving this could set the stage for a rally towards the crucial mark of $0.00001043. However, sellers will likely trigger a strong fight near this level.
However, the EMA lines are still on a downward trend, and the price might soon face a sharp correction near its immediate resistance line. If this happens, bears will aim to push the price below the $0.0000078 mark to solidify their control and initiate a consolidation.
The crypto markets have again fallen into a bearish trap as the majority of the tokens witnessed a huge drop in their prices after undergoing a slight upswing. The global crypto market cap sticks around $1.05 trillion, indicating a huge drop in market volatility. While Bitcoin sustains around $26,000, the popular altcoins also face some bearish pullbacks. Polygon’s price also displays a huge possibility of a bullish reversal, provided the upcoming weekly close records a massive green candle.
The MATIC price has been displaying acute weakness ever since the price broke down from the sideways accumulation around $0.7. The descent dragged the price from these levels below $0.55, around which the trade is materializing at the moment. However, the volatility has marginally spiked up, which suggests the price may also witness a decent breakout soon.
Ever since the Bitcoin market experienced a massive crash in recent times, the MATIC price has begun a huge correction process. However, the token is holding strong compared to the other cryptos in the market, as the price did not create a new low as many altcoins did. The levels are around $0.528, which has been proven to be a strong support area. As the price is still in a correction process, both possibilities are still valid for bullish and bearish movements.
As the MATIC price continues to trade within a multi-month falling wedge, the possibility of a bullish reversal emerges. Besides, considering the current market conditions, there are huge probabilities of continuing with the bearish trend, which may drag the price below $0.35; otherwise, the higher targets could be above $0.9.
The price of bitcoin (BTC) faced a challenging start on Wednesday as it struggled to retain the $29,000 level, highlighting the impact of the ongoing summer lull in trading activity on the digital asset market. The largest cryptocurrency by market capitalization witnessed a drop to as low as $29,028, marking its weakest level since August 7.
This decline of approximately 1.3% from the previous day’s value of $29,400 has prompted market observers to closely monitor the direction in which Bitcoin’s price will move. As of press time, bitcoin’s price slightly recovered to just above $29,100.
Ether Joins the Downward Trend, While Bullish Predictions Emerge
In tandem with Bitcoin’s bearish movement, Ether (ETH) also experienced a slump, trading around $1,820 and registering a 0.8% loss over the past 24 hours. The overall crypto market displayed a decline of 1.7%, reflecting the challenges faced by digital assets across the board. Amidst this downturn, notable cryptocurrency figure Tom Lee of Fundstrat Global Advisors shared an optimistic forecast on CNBC.
Lee suggested that the approval of a spot bitcoin exchange-traded fund (ETF) could potentially trigger a more than five-fold surge in the bitcoin price from its current levels. He stated that the demand for Bitcoin might outpace its daily supply, projecting a potential clearing price exceeding $150,000 and possibly reaching $180,000.
Altcoins Witness Sharp Declines
While the overall cryptocurrency market experienced a decline of 1.7%, according to the CMI, major alternative cryptocurrencies (altcoins) faced even more significant losses. Solana’s SOL, Dogecoin (DOGE), and Polygon’s MATIC were among the hardest hit, with each coin suffering declines between 5% and 7% over the past 24 hours.
Ripple’s XRP, the fifth largest digital asset by market capitalization, also saw its value drop below 60 cents for the first time since its mid-July rally prompted by a court ruling. XRP has endured a 4.7% decline over the past 24 hours and a 19% drop in the last month.
The cryptocurrency market’s current state underscores the complex interplay between market sentiment, regulatory developments, and technical factors, influencing the price trajectories of various digital assets.
Litecoin Shows Bullish On-chain Metrics Amid Bearish Post-Halving Trend! Will LTC Price Skyrocket Soon?
After the halving event, Litecoin’s value experienced significant volatility, quickly dropping below key support levels. While many anticipated a bullish turnaround for LTC from these bottom positions, it lacked the necessary purchasing momentum. Yet, current on-chain metrics hint at whale players silently making their move, possibly in anticipation of a robust bullish surge in the upcoming weeks.
Litecoin’s Large Transaction Volume Continues To Pump
Recently, Litecoin (LTC) has been making waves with its steadily increasing transaction volume, suggesting a renewed interest among traders. According to IntoTheBlock data, Litecoin’s large transaction volume has been increasing over the last 7 days. The volume has surged from $1.74 billion to $1.84, hinting that whale players are investing in the LTC market near the current dip.
A consistent increase in volume often precedes a bullish trend, as it indicates strong demand and positive sentiment among traders and investors. Moreover, it can trigger a heavy short-liquidation if the LTC price makes an upward surge due to buying pressure.
In addition to the existing positive indicator, there’s another factor that might boost the bullish momentum for Litecoin: the recent behavior of its miners. Data suggests a significant shift in miners’ actions, particularly regarding their selling habits.
Over the past fortnight, there’s been a marked reduction in the outflow from Litecoin miners. Specifically, the metric, which measures the amount of Litecoin being moved out of miners’ wallets, has seen a substantial decline. It plummeted from a peak of $28 million to a much lower $13.7 million.
With fewer Litecoins being sold by miners, there’s a potential tightening of the coin’s supply in the market. A reduced supply, coupled with steady or increasing demand, can exert upward pressure on the price. It’s worth mentioning that the total supply cap for LTC is 84 million, with 73 million Litecoins already in circulation.
What’s Next For LTC Price?
Litecoin faces challenges in initiating a rebound from the robust support level of $80, indicating a lack of buying pressure near higher levels of $85.
The declining 20-day EMA at $82.8 on the 4-hour price chart, coupled with the RSI below the midline suggest that the bears currently dominate. If the LTC price slides and fails to hold above $80, it would hint at a solid downward correction. The next support levels to monitor are $74 followed by $65.
On the flip side, the primary resistance to observe on the upward trajectory is $85, which is the upper hand of the consolidation zone. If the price is driven above $88 by buyers, it could indicate the onset of a more substantial recovery, potentially reaching $97. However, this price point might witness intensified selling pressure.
Past performance suggests hope for bulls. After the 2019 Litecoin halving, LTC surged to $400 in 2021, despite dropping from $66 to $35 in December 2019.
With a double top at the $0.16 mark, the XLM price trend ends and starts the correction phase. Leading to a 15% drop in late July and early August, the Stellar coin price dropped below the crucial level of $0.014.
Following the breakdown, the XLM prices retest broken range with a 4.85% recovery, teasing a potential post-retest reversal.
With an intraday fall of 1.70%, the Stellar coin price starts the post-retest downtrend. Currently, the XLM coin price action completes an evening star pattern with a spike in volume, reflecting a rise in bearish sentiment.
With the downtrend ready to test the bullish confidence at the confluence of the 50-day EMA and the 23.60 Fibonacci level, the downtrend gains momentum.
The technical indicators also maintain a slightly bearish standpoint with the declining MACD and RSI trends. The 50 and 200-day EMA sustain a positive trend, but the rising selling pressure flatlines both.
With the growth in the selling spree, the XLM price will soon challenge the 50-day EMA at $0.129. In case of a bearish outcome, the downtrend will extend to the 50% Fibonacci level at $0.119, accounting for a drop of almost 15%.
On the flip side, a positive recovery with lower price rejection can keep the Stellar coin price floating above $0.14. It can help the XLM price trend bounce back to $0.16 for a new bullish breakout attempt.
Coinbase Global Inc. has made headlines once again. This time, the world’s leading crypto exchange is making waves with its intention to buy back a portion of its junk bonds. The move comes as Bitcoin, the reigning monarch of cryptocurrencies, flirts with its highest valuation for 2023.
Understanding the Numbers
Bitcoin, with its heart-thumping volatility, recently touched a notable price of $31,386 in July, a commendable ascent from its previous year. At the close of trading on Monday, the crypto giant was valued at $29,204. Amid this optimistic backdrop, Coinbase is eyeing a redemption of its 3.625% notes due October 2031. Investors holding these bonds could find themselves pocketing between $615 and $645 for every $1,000 of the principal amount.
The bond market has responded favorably to this turn of events. The debt in focus has rallied to 62 cents on the dollar, showcasing a resilient recovery from its all-time low of 52 cents back in November.
Why Are Companies Buying Back Debt?
It’s not just Coinbase in the buyback arena. Rising interest rates are nudging corporate entities to repurchase debt, especially since refinancing is becoming an increasingly costly affair. Recent moves by Warner Bros Discovery Inc. and Verizon Communications Inc. underscore the growing trend. The former plans to reclaim bonds worth $2.7 billion maturing between December 2023 and June 2024. Meanwhile, Verizon is gearing up for a staggering $1.5 billion bond buyback, stretching the maturity dates between 2024 and 2036.
The Bigger Picture: Speculation & The Role of SEC
The market is rife with speculation on the real motives behind the SEC’s critical stance towards crypto giants like Binance and Coinbase. Some argue that the heart of the matter may revolve around liquidity. With the U.S. government rolling out an impressive $170 billion in bond offerings this week and more in the pipeline, questions arise. Is the liquidity crunch pushing the government’s hand to get these exchanges to invest in junk bonds?
Maker (MKR) Price Tumbles At Higher Levels – Will Bulls Fuel Another Skyrocketing Trend For MKR Price?
As the crypto market swiftly turned bearish from yesterday’s scarcely bullish outlook, top coins have found new support zones. Interestingly, amidst this downturn, MakerDao’s MKR stands strong as it recorded massive gains. Today, MKR soared higher with massive gains, adding nearly 20% to its value. Despite this impressive rally, MKR’s price has recently experienced a dip at higher levels as holders booked their profit.
Here’s Why Maker Token Skyrocketed Today
This abrupt surge has caught the attention of two significant entities in the crypto market: the venture capital firm Andreessen Horowitz (a16z) and digital asset fund CMS Holdings. This observation comes from Lookonchain, a leading analyst of whale transactions and activities.
a16z has been spotted transferring massive amounts of MKR to the crypto exchange Coinbase. The firm has reportedly moved a total of 12,864 MKR, which is approximately worth $12.6 million. This activity has sparked speculation that a16z could be preparing to offload a portion of its MKR holdings.
Moreover, a16z transferred another 6,900 MKR (valued around $8 million) to a fresh address today. This move has added fuel to the fire of speculation that the firm might be strategizing to deposit these funds into exchanges for a potential sell-off. Currently, a16z’s remaining MKR holdings are at 12,396 MKR, estimated to be worth around $14.4 million.
In the meantime, CMS Holdings has been active in the MKR market as well. The firm deposited 525 MKR (around $614K) into Binance. Additionally, CMS Holdings withdrew 1,325 MKR (valued at $1.54 million) from Binance and Bitget at an average price of $793. The firm’s current MKR holdings are at 800 MKR, estimated to be worth approximately $936K.
Will MKR Price Surge To $1,600?
The significant change in MKR holdings by key players like a16z and CMS Holdings likely spurred the token’s price surge. Their trading activity has spotlighted Maker, attracting new buyers and further driving up the price.
However, after peaking near $1,300, the price entered a period of consolidation due to profit-taking. Despite a bearish attempt to push the token below $1,170, bulls maintained momentum and pushed it above the 23.6% Fibonacci channel. At the time of writing, MKR is trading at $1,160, marking a 19.1% increase in the last 24 hours.
If the bulls manage to send the price above $1,300, it could bolster their confidence and push the price toward the next resistance level at $1,379. A breakout above this level could signal another soaring trend toward $1,645.
On the other hand, sellers are poised to take control near the $1,300 mark. A bearish reversal at this point could send the asset below multiple Fibonacci channels and lead to a consolidation around $1,050.
As the Bitcoin price continued to soar beyond the major resistance of around $28,800, the altcoins remained largely inactive, recording minor swings. Further, these altcoins began displaying big moves ever since the star crypto remained stuck at $30,000. Currently, Bitcoin’s sluggish behaviour is expected to persist for as long as the altcoins are closer to undertaking a giant price action in the coming days.
Ever since the altcoin market capitalization rebounded from its lows close to $1.01 trillion, it has been rising following an ascending trend. Despite this, the levels are failing to exceed $1.2 trillion as the volume has plummeted by more than $10 billion compared to the first few weeks of 2023. The stagnant trend of the altcoin market cap has compelled most tokens to maintain a sideways trend.
However, the trend is expected to continue as the altcoins are closer to experiencing a major breakout.
The altcoin market cap, excluding BTC & ETH, has been trading significantly more bearishly than the total market cap, including all the tokens. Besides, BTC dominance is soaring, which may not be good for the altcoins, which aim to propel high. However, the altcoin market cap has formed an inverse head & shoulder pattern, which is believed to be a trend reversal pattern, that has yet to be validated.
To do so, the levels are required to break through the top resistance, and a decent case can be expected. With the confirmation of the pattern, the lows of the bearish trend could also be identified. Therefore, if the altcoin market cap maintains a notable upswing, the possibility of triggering a notable upswing may further transform into a bull cycle testing higher targets.
Amid intense volatility in the crypto market, Bitcoin has been a beacon of intrigue, its recent recovery trend painting a picture of resilience amidst a storm of regulatory scrutiny. Bitcoin was trapped in a bearish region for a while because of the SEC’s intensified gaze on the crypto market. The situation was further exacerbated by the Federal Open Market Committee’s (FOMC) decision to pause further interest rate hikes, triggering a heavy sell-off that sent ripples across the crypto landscape.
However, like the proverbial phoenix, Bitcoin rose from these ashes, fueled by an unexpected catalyst – Blackrock’s Bitcoin ETF filing. This move ignited an intense bullish rally, catapulting Bitcoin’s price above the psychological level of $26K. As we delve deeper into this analysis, we will unravel the intricacies of this recovery trend, exploring whether it is a calm before an impending storm or a commitment to Bitcoin’s enduring potential.
Bitcoin Shifts Up Gear
In the face of a tumultuous week, Bitcoin has emerged triumphant, boasting a remarkable rally of over 8%. In this analysis, we’ll dive into the in-depth metrics of Bitcoin’s performance, which seems to be accelerating its pace, propelling itself out of the depths of bear market territory.
The crypto market experienced a notable surge on June 17, with its capitalization expanding by over 2% to reach $1.05 trillion. This marked a significant 7.5% increase from the low of $975.25 billion observed just two days prior.
Bitcoin, which currently accounts for nearly half of the crypto market, saw an 8.5% rebound from its June 15 low of $24,750. Concurrently, Ether, the second-largest cryptocurrency, has risen over 9% in the past two days. This market resurgence is primarily attributed to growing anticipation surrounding the potential approval of the first Bitcoin ETF in the U.S.
In a significant development, BlackRock, an investment firm overseeing $9.5 trillion in assets, submitted an application for a Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC) on July 16. Historically, the firm has applied for 576 ETFs, with only one application being rejected.
Bitcoin STH Holders Are In Profit
The Bitcoin MVRV (Market-Value-to-Realized-Value) metric, a key indicator for short-term holders, has surpassed the pivotal 1 level. Concurrently, the realized price has ascended to $20.1K, with Bitcoin’s current market price much higher than this.
As the MVRV metric approaches one, it often signifies that the cryptocurrency is trading at a fair price, reflecting the recent transactions of buyers and sellers.
The present realized price of Bitcoin for short-term holders suggests that the majority of short-term holders are still reaping profits at a higher rate compared to previous weeks.
This state of affairs among short-term holders could signal a level of market uncertainty. However, it’s noteworthy that most investors are still experiencing positive returns on their Bitcoin investments, despite negative market sentiment.
This could be an indication that faith in Bitcoin as a valuable asset remains intact, even in the face of market corrections and SEC pressures.
Exchange Outflow Meets Sharp Decline: Altcoin Holders Seek Safety
Bitcoin’s exchange outflow has declined by 70% over the last 24 hours, signifying that investors are currently not in the mood to sell off their holdings. The metric currently trades at 9881 BTC, showing less interest in selling activities among traders after the BTC price broke above $26K.
The recent decrease in Bitcoin outflows from exchanges, coinciding with Bitcoin’s surge above $26K, could be seen as a tactical maneuver by altcoin holders. This move is likely aimed at risk mitigation and value preservation.
This theory is bolstered by the fact that Bitcoin’s market capitalization dominance is inching closer to the 50% threshold. It’s plausible that altcoin holders are opting to convert their assets into Bitcoin, a cryptocurrency with a more established reputation and broader acceptance, in an effort to shield their investments from potential altcoin market volatility.
Furthermore, in a revised bankruptcy filing, crypto lending platform Celsius declared its intention to transform all customers’ altcoin assets into Bitcoin and Ethereum. This move has ignited a surge of renewed confidence among Bitcoin holders.
The growing dominance of Bitcoin in the cryptocurrency market could indicate a shift of funds from altcoins to Bitcoin. This strategic realignment suggests that investors are adopting a more conservative approach, consolidating their investments into Bitcoin, often viewed as a more stable and robust asset within the crypto sphere.
A Spike In Network Activity
Bitcoin’s transaction count metric has experienced a significant surge. This key indicator, which measures the number of transactions processed on the Bitcoin network, serves as a barometer of network activity and user adoption. A spike in this metric typically signifies heightened activity and increased usage of the Bitcoin network.
The metric is currently at 475K, and since April, there has been a notable spike compared to the last few years. This uptick in Bitcoin’s transaction count could be attributed to a variety of factors. It may reflect increased trading activity, possibly driven by recent market developments, or it could be a result of more users turning to Bitcoin for transactions and transfers.
Whatever the underlying cause, this surge in transaction count underscores Bitcoin’s resilience and adaptability. Despite market fluctuations and regulatory scrutiny, the Bitcoin network continues to see robust usage, reinforcing its position as a leading cryptocurrency.
The recent developments in the Bitcoin market present a smooth recovery. Despite facing regulatory scrutiny from the SEC and experiencing market fluctuations due to decisions like the FOMC’s pause on interest rate hikes, Bitcoin has demonstrated its enduring potential by making a positive gain this week. The strategic shift of altcoin holders towards Bitcoin, as evidenced by the decrease in Bitcoin outflows from exchanges, further underscores the trust in the crypto king.
In the dynamic world of cryptocurrency trading, MATIC, a native token of the Polygon network, has encountered a significant hurdle as it faces rejection at a crucial trend line.
This development has sparked a cautious sentiment among traders prompting them to explore short positions on lower time frames to capitalize on potential market movements.
Read on to know whether the crisis would lead to the collapse of MATIC!
The trend line, serving as a technical indicator, has become a focal point for many traders analyzing the price action of MATIC against USDT (Tether).
As of the present moment, the token’s upward momentum appears to have been temporarily halted, leading to a growing interest in short-selling strategies.
Renewed Focus on Lower Time Frames: Explained
The rejection at the trend line has instigated a renewed focus on lower time frames, where traders believe they can identify short-term market trends and capitalize on potential price declines.
By closely monitoring these shorter time frames, traders aim to take advantage of potential fluctuations in the market to maximize their profitability.
— cryptoworld02 (@cryptoworld0222) May 29, 2023
Is MATIC heading toward a collapse?
While the rejection of the trend line may indicate a short-term obstacle for MATIC, it is essential to consider the broader context surrounding the token’s performance.
Generally, price movements in the cryptocurrency market are influenced by a myriad of factors, including market sentiment, fundamental developments, and external events that can impact the token’s value.
Polygon’s current price is $0.9069635 per MATIC/USD, with a market cap of $8.42 billion USD. Over the past 24 hours, it has seen a trading volume of $285.25 million USD. Polygon has experienced a -2.56% change during this period. Its circulating supply amounts to 9.28 billion USD.
Stay tuned to Coinpedia for all the latest updates in the crypto industry.
As Bitcoin displays some upward price action, the altcoins tend to follow and procure some easy gains. On the flip side, once the star crypto loses its grip over the ascending trend, the altcoins are also badly impacted as they lose the maximum of their gains. However, XRP being slightly away from the crowd is displaying the possibility of a bullish breakout, both in the XRP/USDT and XRP/BTC pairs.
The XRP/USDT pair, after marking consecutive bullish candles, is now closer to breaching the ascending parallel channel. Once the upper resistance of the parallel channel is cleared, the price is believed to trigger yet another bullish wave towards the higher targets. The price is finding support at $0.48 and the 50-day MA levels, which may help the rally remain elevated.
Besides, XRP is also showing immense strength against Bitcoin, as the pair is about to validate a bullish breakout. With the recent upswing, the pair has made a fair move towards the upper resistance, or trend line, of the descending triangle. A break from the bearish pattern may also enable the bulls to take over the rally. And as long as the Bitcoin price remains sluggish, XRP/BTC is believed to maintain an elevated trend.
Presently, XRP/USDT is trading at $0.5003, with a jump of 4.39% since the daily start, while the XRP/BTC pair is trading at 0.00001797. Both pairs are flashing acute bullish signals and have huge possibilities to mark new highs in the coming days.
TMS Network Continues To Be The Talk Of The Town, While Binance Shows a Bearish Trend, And Kucoin Is On An Uptick
The ever-evolving and rapidly changing crypto space has new updates and news to offer every other day. Binance (BNB) witnessed a surge in price due to the latest update on the platform, giving hope to investors. Kucoin (KCS) has also witnessed some bullish momentum due to the meme coin listing. TMS Network (TMSN) continues to send waves through the crypto world with magnificent growth in its presale.
Binance (BNB) announces updated trading bots
Binance (BNB) has been showcasing a persistent bearish trend. Relating to the false alarm of the US government selling its Binance holdings, the BNB price has taken a record plunge. Binance (BNB) faced its biggest drop in nearly two months, falling to $301. However, on the daily chart, Binance (BNB) has been showing a slight recovery with high volatility. In the past 24 hours, Binance (BNB) has risen by 1.6%. Currently, Binance (BNB) is exchanging hands at $312.97. Binance (BNB) took to Twitter recently to introduce updated trading bots. This feature allows for automated trading on Binance (BNB) with the help of various strategies such as spot grid, futures grid, auto-invest, etc. This news helped Binance (BNB) get back on its feet as on-chain activity shot up.
Kucoin (KCS) lists Pepe Coin, leading to a surge
KCS has been gaining attention after the Kucoin exchange listed Pepe (PEPE) coin. Thus, KCS, the native coin of Kucoin project, has witnessed a surge in prices. According to Coinmarketcap, Kucoin (KCS) has risen by 1.41% in the past 7 days. This listing is paving the way for the upcoming meme coin revolution. Kucoin (KCS) also took to Twitter to announce its plan to list other meme coins that include AIDOGE, WOJACK, MONG, etc.
Kucoin (KCS) is currently trading at $7.6. With a market cap of $741,102,867, Kucoin (KCS) has been on the rise. However, in the past 24 hours, Kucoin (KCS) has witnessed a downturn and has experienced a drop of 0.8%.
Whales flock towards TMS Network (TMSN)
TMS Network (TMSN) has been thriving with investor attention as the crypto world rushes to grab its share. With impressive and explosive first and second stages of the presale, TMS Network (TMSN) has managed to leave its peers and other established projects behind and top the charts. Being the first of its kind, TMS Network (TMSN) has some very unique features to offer, such as allowing users to trade multiple derivatives on a single platform. Other features include trading tools such as a social network, an on-chain analytics strategy builder, etc. that allow both experienced and amateur traders to utilize the platform to make profitable trades.
TMS Network (TMSN) also focuses on investor awareness by providing educational content on the platform. Another key aspect is that the TMS Network (TMSN) enables users to earn commissions on every trade. This commission is a percentage of trade volumes and is distributed to TMS Network (TMSN) token holders through smart contracts. The spectacular 2800% growth shown by TMS Network (TMSN) is truly commendable. Currently, TMS Network (TMSN) is available for $0.093.
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In a fascinating twist of fate, a seasoned crypto trader who made waves by selling Bitcoin (BTC) at an astounding $30,000 is now revealing his plan to re-enter the market.
Crypto analyst DonAlt in his new video update, is cautiously assessing the current state of affairs. Here’s his plan:
Drawing Parallels: BTC Action Resembles March’s Bear Trap
Reflecting on past events, DonAlt draws intriguing parallels between Bitcoin’s recent price action and its behavior in early March. He recalls a monumental bear trap on March 9th, where BTC broke below the critical support level of $21,000, only to reclaim it a few days later and surge toward the $30,000 mark.
Drawing inspiration from this historical event, DonAlt suggests that a similar opportunity may be emerging. BTC recently broke support at $27,200, hitting a low of $26,270 last week. However, DonAlt advises vigilance, awaiting signs of support reclamation before considering re-entry into the market.
While bullish sentiments persist, DonAlt warns that Bitcoin remains in a bearish state until it successfully trades above the $27,200 level. For him, a breakdown represents a bearish scenario, and he advocates exercising caution until the market demonstrates strength by reclaiming the critical level.
At the time of writing, Bitcoin is trading at $27,202, highlighting the delicate balance of the crypto market’s current landscape. The road to reaccumulation is fraught with uncertainty, but DonAlt’s seasoned approach and astute observations continue to captivate traders and investors alike.
Renowned trader and analyst Peter Brandt have issued a warning to Bitcoin (BTC) investors about a potential trend reversal. Brandt highlighted a head and shoulders pattern on the daily chart of BTC, urging traders not to disregard its confirmation. Read his latest analysis.
Bitcoin’s Upsurge and Potential Trend Reversal
So what is this ominous-sounding H&S pattern, you ask? Well, it’s a technical formation that often indicates a shift from a bullish trend to a bearish one. The pattern consists of three peaks, with the middle peak forming the “head” and the other two peaks forming the “shoulders.” These peaks are typically of decreasing height. The pattern is confirmed when the price breaks below the neckline, connecting the lows of the shoulders.
Brandt shared a chart illustrating the head and shoulders pattern in a recent tweet. According to the chart, the left shoulder was formed when BTC broke out from $20,000 in February and reached a range of $26,000 to $28,000 in March. The head was formed in April when BTC hit a high of $31,000. The right shoulder came into existence as BTC recovered from a dip between April 19 and 24.
End of BTC Bull Run?
But wait, there’s more! Bitcoin has been on an upward trend since the start of the year, reaching its peak in mid-April. Despite experiencing some corrections since then, it has still gained 65% this year. So, if the H&S pattern proves to be true, it could spell the end of the rally.
However, before you start panicking, it’s important to note that not all H&S patterns result in accurate predictions. False breakouts and whipsaws can occur, so additional confirmations are needed for informed trading decisions. At present, BTC is trading at $27,384, experiencing a 1% decline in the last 24 hours and a 5.92% decrease over the past week.
In conclusion, while the head and shoulders pattern is cause for concern, it’s not necessarily a death sentence for Bitcoin. Traders and investors must stay vigilant and keep a close eye on Bitcoin’s price action to make informed decisions. Whether the cryptocurrency continues its upward trajectory or experiences a trend reversal, one thing is for sure: the Bitcoin market is never dull.
Bitcoin price has been surging ever since the beginning of 2023, and despite a couple of bearish pullbacks, it has maintained its strength. The recent upswing displayed the bull’s confidence and self-assured of elevating the price beyond the crucial resistance. Now that the price has landed in one of the crucial zones, a significant drop may also make its way out.
Each time, the BTC price visited these zones, it faced a decent rejection, dragging the price down by nearly $1000. Therefore, it is now believed that the price may rise again towards the same resistance and encounter crucial levels, which may turn out to be pretty decisive.
The BTC price has again been stuck in the parallel channel and accumulated heavily before entering the crucial resistance area. Moreover, before, breaking out of the previous highs, one can expect to witness sharp red candlesticks pointing towards the south. if we witness a correction at these levels, then a steep downfall toward the $24,000 area could be more feasible.
Therefore, it is more important now to keep a close watch on the resistance area as Bitcoin volatility is expected to spike heavily within these regions. If in case, the bulls fail to hold their strength, then a massive downpour could be imminent which may extend the narrow consolidation for some more time ahead.
The popular crypto, Polygon, came under fresh attack from the bears as the price has experienced a massive sell-off since the early trading hours. While the traders appear to have switched to panic mode, the trend may get more impulsive, slashing the price harder below the major support levels. Moreover, now that the whales also appear to have become uncertain about the next price action, the MATIC price is believed to trigger a fresh bearish action in the coming days.
In an eye-catching development, massive whale transfers have been recorded in the past 24 hours. More surprisingly, huge amounts of MATIC have been transferred from Polygon staking and also from unknown wallets to Binance, raising speculation of a massive sell-off. As the rise in the exchange balance occurs only when the traders wish to sell or swap their crypto, a huge selling pressure appears to be fast approaching.
One of the popular analysts lists the huge transfers made in the past few hours. Nearly 60 million MATIC worth $60.8 million were transferred from an unknown wallet to Binance, and 80 million MATIC worth $78.2 million were transferred from Polygon Staking again to Binance. While the source of the wallet is still unknown, the withdrawal of staked MATIC may surely impact the price in the long run.
So What’s Next? How Low Will the MATIC Price Drop?
The MATIC price was trading within a massively expanding rising channel, which is largely considered bearish. Hence, a bearish pullback was largely imminent, but a rebound from the lower support was expected as the market was slowly turning bullish. However, the fresh breakdown that was triggered during the past weekend, dragged the price extremely low.
The MATIC price has now plunged below one of the major support levels of $1.05, attempting to prevent an excessive pullback. Meanwhile, the RSI has dropped below 40, indicating the strength of the bears, which may not be good for a healthy price rally. Therefore, a plunge to $0.95 may be expected but a rebound could also be pre-programmed as the ADX that represents the strength of the rally has displayed a bullish divergence.
While the crypto markets are chopping around, the whales have now become active after remaining dormant for a pretty long time. Now that the Bitcoin price is facing acute bearish pressure, the whale movements may hinder the progress of the crypto markets to a large extent. In the most bearish cases, massive selling pressure may also be created within the space, which may trigger yet another bearish wave.
WhaleChart which tracks interesting and huge token movements in the markets revealed that a whale has woken up after remaining passive for over a decade now.
The whale appears to be from the Satoshi era holding 6.071 BTC worth more than $180 million at the moment which was just $3 million then. Besides, Ethereum whales also appear to follow the suit as nearly $300 million worth of ETH has been moved after remaining still for over 5 years.
As per the popular on-chain platform, Santiment, a pair of Ethereum addresses have moved 150K tokens worth $297 million after holding these coins for more than 5 years. These have aided in creating one of the largest dormant circulation spikes in the past year. The past dormant circulation was recorded a couple of months ago, which dragged the ETH price from $1750 to $1480 levels. However, the number of tokens moved had surpassed 500K by then.
Presently, 348K in ETH has been moved, which has dropped the price from $2141 to levels below $2000. If the current market conditions are slowly turning bearish, they carry the possibility of extending the descending trend for a while.
AI crypto is the latest crypto trend. Many crypto analysts and experienced investors predict that AI crypto projects might witness significant surges this year. Unfortunately, several top DeFi analysts suggest that many investors are likely to miss out on this trend, despite its potential for huge profits.
Since the inception of Bitcoin, the blockchain has seen tremendous growth and development. What started as a niche technology with few users has now exploded into a network with thousands of cryptocurrencies available, and users all over the world. To that end, there have been several advancements in crypto, each creating a wave within the blockchain. Some of the most notable crypto trends include meme coins, blockchain gaming, DeFi, and the recent AI crypto.
AI Crypto is the convergence of artificial intelligence (AI) and cryptocurrency. This integration presents a unique opportunity for investors to capitalize on the potential of these two transformative technologies. One of the primary advantages of investing in AI crypto is that it offers exposure to AI without requiring investors to have an in-depth understanding of the technology’s complex algorithms and programming.
Additionally, AI crypto has the potential to generate higher returns than traditional investments due to its utilization of cryptocurrencies. However, as with any investment, AI crypto comes with its own set of risks and challenges. The novelty of the technology means that it is not yet as established as other forms of investing, leading to higher levels of volatility and unpredictability. Furthermore, investors must possess a certain level of technical knowledge to navigate the complexities of AI crypto successfully.
What is DeFi?
Decentralized Finance (DeFi) refers to a system of financial applications that allow users to access financial services such as lending, borrowing, and trading via the blockchain without the need for intermediaries like banks. According to several top DeFi analysts, many investors are likely to miss out on AI crypto. They suggest that many investors may be put off by the perceived complexity of the technology, or may not have the resources to fully explore the opportunities it presents. However, some interested parties are pointing to Avorak AI, arguing that it has the potential to lead AI crypto and change the narrative once it’s launched.
Avorak AI: The latest AI crypto
The Avorak AI initial coin offering (ICO) event started on 1st March, and since then, it has been a hot topic. New YouTube videos are popping up every day as crypto watchers highlight the advantages of Avorak AI and its potential for significant growth.
Avorak AI combines artificial intelligence with the blockchain’s capabilities to offer users a transparent, secure, and efficient way of conducting transactions while also giving them access to advanced and first-to-market AI solutions. These AI solutions include Avorak Write and Avorak Create, which can greatly streamline content creation. Avorak Create is Avorak’s image creator, which uses a pure language-to-image system to create unique images that align with every requirement of its user. Avorak Write, Avorak’s text-generating AI, writes, detects plagiarism, autocorrects and edits texts to ensure a clean and plagiarism-free AI text-generating experience.
Avorak AI is designed specifically with non-tech-savvy users in mind. The platform includes detailed tutorials and step-by-step guidance throughout all areas and includes unique features aimed at enhancing usability. For example, Avorak’s trading bot doesn’t require code inputs from its users. Avorak AI is developing a fully customizable command line algorithmic trading bot that is programmable with a standard script.
Avorak AI has the potential to revolutionize many industries and its price is likely to see a significant surge once the project goes live in July. The Avorak AI (AVRK) token is currently selling at $0.180 in phase 4 of Avorak’s ICO. This is a 200% increase from its initial price, and it is expected to go higher with the rise and adoption of AI crypto. Also, with Avorak’s various ICO benefits, such as on-top bonuses (currently at 7%), it makes sense to buy AVRK tokens through the ICO.
The bottom line
Investors still have a chance to join the rapidly expanding AI crypto space in a simple and unique AI crypto project, at a relatively cheap price, through Avorak’s ICO. However, as an investor, it’s important to do your own research before making any investment.
To get more information on Avorak AI:
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Ethereum Price May Experience ‘Sell The News’ Trend Ahead Of Shanghai Upgrade! Here’s What On-Chain Data Says
The crypto market is excited as Ethereum, the second-largest cryptocurrency by market cap, gears up for its highly anticipated Shanghai upgrade. However, as the date for the upgrade approaches, some investors are concerned that the Ethereum price may experience a “sell the news” event. As the hype around the upgrade builds, many investors are buying Ethereum, hoping to cash in on the potential price increase. Some experts warn that the market may be overvaluing Ethereum ahead of the upgrade and that a “sell the news” event may be in the cards.
Ethereum Whales May Play Pump-And-Dump Game
With the Shanghai and Capella upgrades, also called Shapella, scheduled for launch on April 12, the ETH holder community is eagerly anticipating the event. However, despite the recent rally of the altcoin in the lead-up to the upgrade, some experts predict that the Shanghai hard fork may result in a “sell-the-news” scenario for crypto market participants.
According to Santiment, a crypto intelligence tracker, the balances of the largest Ethereum addresses are moving in opposite directions when split into exchange and non-exchange categories. The top ten exchange addresses are seeing an all-time low in Ethereum balances, while non-exchange addresses continue to climb.
This behavior indicates a decrease in selling pressure on crypto exchange platforms. This is a positive sign for the altcoin’s price and indicates a potentially bullish trend. Nonetheless, Ethereum’s price trajectory could mimic the pattern seen during last year’s Merge event, where the asset experienced a substantial surge before encountering a significant increase in selling pressure, resulting in a sharp decline in the token’s value.
What Lies Ahead For Ethereum?
The price of Ethereum surged past the $1,860 resistance zone, outpacing Bitcoin and breaking through the $1,900 resistance zone. However, the price hit a peak of around $1,942 before starting to experience a downward correction.
The $1,900 support zone was breached, leading to a drop in Ethereum’s price. It also fell below the 50% Fib retracement level from the $1,850 swing low to the $1,925 high. Despite this, the bulls came into action and prevented further decline by supporting the price above the $1,853 level.
As of writing, ETH price trades at $1,874, a decline of over 1% in the last 24 hours. Analyzing the hourly price chart, Ethereum is poised for a bearish reversal soon as it may face strong resistance above $1,900. Ethereum may begin a downward correction to the $1.8K level in the next few days. However, a rebound from that price level is expected, and ETH price may surge to $2K ahead of the Shanghai upgrade.
The Bitcoin price again began to consolidate along the same levels around $28,000, while the market participants remained misty about the incoming price action. The second largest altcoin, Ethereum, has sustained strongly above $1800 with a slight pullback of only 0.76% compared to the previous trading day, displaying the mounting strength among the other altcoins.
These Are the Major Altcoins That Are Displaying
Ripple price has been the talk of the town for quite a long time as it underwent a sudden price movement. The last week of Q1 2023, carried the possibility of producing the final ruling in the Ripple vs SEC lawsuit which filled massive bullish momentum within the XRP price. However, as time elapsed with no such event occurring, the XRPArmy appeared to be slightly unhappy.
The XRP price was moving along the lower trend line for a long time. However, the recent upswing elevated the price beyond the interim resistance at $0.53 but failed to hold at these levels. Although the bearish influence has intensified, the price continues to trade close to $0.5, manifesting itself as being self-assured to revive a steep bullish trend in the days ahead. With a breakout, the price may initially reach $0.6 and later head toward the next target.
Cardano’s price has undergone a v-shaped recovery to reach the interim resistance at $0.385 from the lows around $0.308. However, the fresh consolidation has compelled the price to remain stuck at the gained levels while the buying pressure has waned to a large extent. However, the interim pullback that appears to be very short-lived could attract more liquidity, which may lift the price very soon.
The ADA price is trading within an ascending triangle and just faced rejection from the resistance. The trend currently has shifted in favor of bears, and a significant drop may be expected. However, the bulls who are passive currently are believed to resume rising soon, which may lift prices enough to hit the resistance. The trend may continue until it reaches the apex of the consolidation, after which a breakout may be expected.
Litecoin’s price is maintaining its strength and continuing to trade within an ascending, rising channel. The price presently aims to clinch the much-needed 3-digit resistance at $100, which may further trigger a notable upswing if bulls break down the bears at these levels.
Presently, the momentum appears to be bullish despite the fact that the price has dropped from the average levels of the channel. Besides the ADX, which determines the strength of the rally, the chart is trying to undergo a bullish divergence, which may trigger a notable upswing ahead. With a breakout, the price may further hit $100 initially and maintain a fine upswing to reach $118 major resistance.
Attention Traders: Bitcoin Price May Display a Diverse Trend in the Next 10 Days-Here’s the Potential Target
The whole world is watching the American banking condition with fear while the crypto markets continue to stand strong and thrive. The recent bank to join the ripple of fallouts is the First Republic bank. The banking giants like JP Morgan, Bank of America, CitiGroup, etc are making uninsured deposits and trying to save the bank from collapse.
Besides, Bitcoin made a surprising move above $27,000 as the banks continue to collapse. The wave of fallouts has benefited the crypto space massively as the recent report of First Republic Bank facing issues, raised the BTC price above crucial levels. However, the upswing may be halted for a while as the possibilities of a minor downswing emerge.
The market is currently at a stage where there is a certain dissonance between the news background and price movements. The BTC price is displaying a giant price movement which may be subjected to massive correction sooner or later. The price still carries the potential to rise beyond $28,500 and reach the target of $30,000 but only after a certain correction phase is triggered.
As seen in the above chart, the price is trading forming a wave pattern, which displays the prospects of the crypto market in the coming days. The Bitcoin (BTC) price is expected to rapidly drop from $21,000 to $21,500 where-in the traders are expected to accumulate heavily. This may trigger a strong rebound that may rise the price levels close to $30,000 in the next couple of weeks.
Therefore, the upcoming couple of weeks may be very important for Bitcoin and the entire crypto space as a significant plunge is expected to induce a catapult action over the crypto.
Henrik Zeberg, a macro expert, has given a detailed analysis of the current state of Bitcoin (BTC) and the cryptocurrency market as a whole. Zeberg is known for his negative take on cryptocurrencies, but for the time being, he maintains a constructive outlook on the state of the industry.
The economist predicted that the price of Bitcoin and other cryptocurrencies will climb as long as the economy is not in a recession. According to Zeberg, this is a result of a return of liquidity to the system, and the Swissblock indicators, which the analyst mentioned about, also show the bullish nature of the current cryptocurrency market.
While the analyst has now given a positive outlook for the market, he previously cited the striking similarities between the economic growth of the present and that of the years 2007 to 2008. At the time, the recession also began with a fall in property market activity (blue line), which was followed by a sharp increase in unemployment (orange line). He asserts that there is a chance that our crash will be worse than the one from 2007 to 2009 and that it could be even worse than the crash of 1929.
The issues at institutions like Silvergate Bank and Silicon Valley Bank, which were no longer able to keep their heads above water due to the increased interest rates set by the Federal Reserve, are already the first indications of what the expert is trying to say.
What all of the current events will ultimately mean for Bitcoin is still uncertain. It’s difficult to say because it would be the first time in the history of Bitcoin that the asset had experienced a worldwide economic crisis. In the most likely scenario, all risk assets will see a significant decline first, and Bitcoin will be no different.
The year 2023 for the cryptocurrency industry started off brightly, as top cryptocurrencies like Bitcoin saw large price increases. The recent bullish trend, though, has not yet fully reflected a rebound.
As noted by the anonymous cryptocurrency expert Stockmoney Lizards, Bitcoin has been showing a consistent pattern of ideal periods for choosing between the buy, hodl, and sell.
According to these new developments, the current bearish phase appears to be a good opportunity to buy Bitcoin before its price begins another upward bullish movement. The findings highlight how this is the best course of action to hoard and then sell at the price peak, as shown on the chart that dates back to 2013.
Bitcoin’s current price, according to cryptocurrency analyst Ali Martinez, fell below a crucial support range between $23,050 and $23,730, where 1.63 million addresses bought more than 910,000 BTC. He said that if Bitcoin was unable to take back this area as support, it might lead to a sell-off that would drive the price of BTC as low as $19,300 or as high as $20,700.
A bottom is more likely to develop when more traders exit their positions at a loss, according to data from the cryptocurrency intelligence platform Santiment.
“Bitcoin & Ethereum are both having more traders sell at a loss than at a profit this week, the first such week so far in 2023. Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form.” Santiment noted in a tweet.
Despite the fact that it has been difficult for it to gain traction near the $22K barrier over the previous several months, the price of bitcoin has been fairly constant over the past few weeks. Prior to the start of February, Bitcoin had been trading at around $23,500 throughout the previous week.
The cryptocurrency market has been making headlines due to several financial crises and SEC’s scrutiny going through the space with unpredictable fluctuations. It seems that the upcoming week will be no exception as the market will likely remain volatile ahead of major macro events. With several key macro events on the horizon, investors and analysts are closely watching the market’s next moves. From the Federal Reserve’s meeting to Bitcoin’s difficulty adjustment, each of these events has the potential to significantly impact the cryptocurrency industry’s trends and direction next week.
What Can Market Traders Expect Next Week?
This week the crypto market met intense volatility with a sharp decline on Friday. The cryptocurrency market is always filled with surprises, and this week was no different. Several events rocked the market, including the SEC’s investigation into Binance and the financial crisis at crypto bank Silvergate. Following the FUD situation, leading assets like Bitcoin and Ethereum dropped over 5% and now aim to break below their crucial support levels, which may soon lead to another correction in the market.
Moreover, there are several critical macro events that are going to keep the same pressure on the crypto market next week as investors are yet to gain enough confidence to buy in the dip.
Purchasing Managers’ Index (PMI) data is an important economic indicator that can provide valuable insights into the health of various industries, including the cryptocurrency market. The S&P Global Asia Sector PMI and S&P Global Dubai PMI are scheduled for the 6th and 9th of March, respectively.
PMI data can provide a graph of the health of the cryptocurrency market, including the level of institutional adoption, innovation and development, and regulatory uncertainty. As a result, positive data will significantly boost the market’s bullish potential next week.
Federal Reserve Meeting
Though the Fed meeting is set to take place on 22 March, it may build up bearish pressure in the market as the US Federal Reserve’s recent release of the minutes from its February 1st meeting suggests that more interest rate hikes are on the horizon. This could pose a significant challenge for the cryptocurrency market in the medium term.
More hikes in the interest rate in March will create a downturn for the crypto market, and Bitcoin may plunge below the $19K level, forcing several assets to drop significantly.
Bitcoin Difficulty Adjustment
The Bitcoin network undergoes a process called “hashrate adjustment” every two weeks, which helps maintain the network’s stability and security. This event could have an impact on the cryptocurrency market, as changes in the hashrate can affect the difficulty of mining and the overall supply and demand for Bitcoin.
As Bitcoin is currently experiencing a plunge, the increase in mining difficulty from 43.05T to 44.01T on 10 March will create a bearish scenario for Bitcoin, which will eventually reduce miners’ profitability and plunge multiple assets to their bottom levels.
The next week will be important for the cryptocurrency market, as several macro events are set to take place. As a result, investors should stay informed and remain vigilant about potential risks and opportunities in the market. With volatility expected to continue, it’s more important than ever to have a well-diversified portfolio and a long-term investment strategy.
As the monthly close ushers in a new week of market movement, Bitcoin continued to strive for a bullish conclusion to February. As the second month of 2023 came to an end, the largest cryptocurrency held onto its gains, sustaining the optimism of bulls. It might be decision time for a crucial region of Bitcoin price activity around $25,000 in the upcoming week.
Recently, the value of bitcoin has increased, and the mood of the market is improving. A crucial group in the bitcoin market, the miners, haven’t yet demonstrated any bullish behavior, though.
The miner reserve statistic, which gauges how much bitcoin miners have in their wallets, is shown in the chart below. If this pattern holds, the market may become oversupplied due to the selling pressure, which would result in another drop in price.
Amid the ongoing price predictions for Bitcoin, it was reported that BTC miners are moving their reserves to exchanges. Up to the next recalculation, mining profitability rises when the price of bitcoin rises. Profitability is uncertain because it depends on the asset’s price.
It was earlier observed that miners have demonstrated a high faith in operational effectiveness and a future rise in the price of bitcoin. But data suggests otherwise. According to the statistics, Bitcoin miners have started to decrease their reserves in the wake of the recent price increase. 400 Bitcoin or so have lately been sent to exchanges by miners.
According to the data, from February 24, 2023, total miner reserves have decreased by 1400 Bitcoin. The whales are awaiting a sell-off in this area. Exchange Whale Ratio (72 hours) is above 0.85 according to on-chain data. While the daily exchange Whale Ratio is more than 0.6.
As reported by Glassnode, there are now 2,005 addresses holding more than 1,000 Bitcoin, a three-year low. Addresses with more than 100 Bitcoin have recently fallen to a 1-month low of 16,043. The BTC percentage supply, however, attained an ATH of 28.28% after being inactive for more than 5 years.
Cardano network made itself at the top of the league with continuous developments last week. However, despite gaining much traction with its Valentine’s upgrade, ADA price is now struggling even to hold its support level. Moreover, the latest downward move by Cardano has left investors worried as a bearish trap has formed, leaving ADA price vulnerable to new lows.
Cardano Takes An Unexpected Turn Amid Major Upgrades!
Input Output, the developing team behind Cardano, has recently released its weekly report on the development of the ecosystem. This update follows the Valentine’s Day release and precedes a significant milestone on Cardano’s roadmap: the journey to the Voltaire era.
The roadmap states that the Voltaire era is the fifth and final phase of Cardano’s development. This transition is of particular significance, as Cardano’s founder, Charles Hoskinson, has previously said that it will demonstrate the process of implementing decentralized governance in the crypto industry.
According to reports, the development team has been making ongoing efforts to address technical backlogs, enhance testing infrastructure, and improve documentation related to the formal CIP-1694 specification, which outlines a proposal to transition into the Voltaire era.
Though the Cardano network is putting all efforts toward improving users’ experience, the ADA token has made a significant price plunge in the last few days and seems to form a bearish trap ahead with a solid divergence pattern.
What’s Next For ADA Price?
For the last two days, the bulls were successful in maintaining Cardano’s ADA token above the critical support level of $0.35. However, they were unable to maintain the rebound above the EMA-20 trend line at $0.38, indicating that the bears are selling during small rallies.
As of writing, ADA price trades at $0.36, with a decline of 4.41% in the last 24 hours. Looking at the daily price chart, bulls are now defending the weekly support level of $0.35, as a breakout may slump the token to $0.28.
However, a prominent crypto analyst, MMBtrader, predicts that ADA price is now preparing for a reversal as it has reached the buyers’ zone for initiating long positions. As seen in January, ADA may continue its bearish trend to $0.32 and make a bullish comeback which will push the token’s price to the critical resistance of $0.42. A trade above EMA-200 will take the token to the level of $0.5 by the beginning of March.