Top Altcoins To Watch Next Week: Will Blur (BLUR), Uniswap (UNI) And Bonk (BONK) Prices Hold Momentum?
The previous week proved to be bullish for the market due to a significant uptick in derivatives activity and options trading. Bitcoin’s price reached a new high for 2023, surpassing the $38,000 mark, which in turn sent leading altcoins into a revived zone of buyer interest. Consequently, altcoins such as Blur, Uniswap, and Bonk recorded considerable price gains. This upswing questions whether these altcoins can maintain their momentum in the upcoming week.
Legal Actions Positively Made The Market Greed
This week in crypto, the SEC sued Kraken for operating as an unregistered exchange and the DOJ reached a settlement with Binance, where CEO ChangPeng Zhao stepped down and the exchange paid over $4 billion in fines. These regulatory actions positively impacted prices, reflecting investor approval.
As a result, the market is currently displaying a sentiment of greed, as an increasing number of buyers are accumulating assets at current levels. The Fear and Greed Index stands at 73, indicating strong buyer interest. However, there’s growing concern about a potential trend reversal, as investors might start selling their holdings, potentially leading to a correction in the upcoming week.
Blur Price Analysis
Blur experienced a surge, reaching over $0.68 recently, but struggled to surpass the 23.6% Fib channel from that high, hinting at a shift in control towards bears. The 20-day EMA’s balanced trend and the RSI’s decline below the overbought region slightly favor the bears. A break and close below the key $0.54 support level could signal a negative short-term trend and open the way for a decline towards $0.46.
To avoid this downward movement, bulls need to drive and maintain Blur’s price above $0.68. In such a scenario, the price might continue to surge and reach $0.83.
Uniswap Price Analysis
Uniswap saw significant increases, breaking through various resistance levels, but it’s now encountering some selling pressure near the $6.8 high. As a result, the price is preparing for a decline below the EMA20 trend line.
However, bulls have been maintaining their position above the trend line, indicating strong buying sentiment. They might soon try to overcome the $6.8 resistance, aiming for $7.8. However, this might come with a correction next week.
Bonk Price Analysis
Bonk has recently been sustaining itself around the 20-day Exponential Moving Average (EMA), with a value of $0.0000043, over the last couple of days. However, the price is heading toward a breakout momentum next week.
If the Bonk price breaks above the channel’s downward trend line, it might surpass its launch price and touch a high of $0.0000065. However, this bullish analysis might face a correction if the price witnesses a rejection at $0.0000045. In such a case, we might see BONK price retesting the channel’s support line.
The cryptocurrency market is witnessing a sustained influx of investments, with major assets like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Ripple’s XRP experiencing significant inflows for the eighth week in a row. A new report highlights this trend, noting a remarkable $176 million inflow into crypto asset investment products.
Exploring the Inflows
This consistent inflow marks a notable shift in trading volumes, which have significantly increased from the historical average of 3.4% to an average of 11%.
Bitcoin’s Price Movements
Bitcoin, in particular, has shown interesting price dynamics. Recently, it reentered an ascending channel pattern, leading to a mix of bullish and bearish sentiments. The BTC/USDT pair is currently at a critical juncture, with potential resistance and support levels at $38,000 and the $32,400–$31,000 zone, respectively.
XRP’s Whale Transactions
In the case of Ripple’s XRP, Whale Alert has reported significant transactions, indicating substantial movement in the market. Two major transactions involving tens of millions of XRP from a Ripple Labs-activated wallet were noted, reflecting strategic transfers to exchanges.
Statistical Insights into the Inflows
The continuous inflows over the past eight weeks have brought the year-to-date total to US$1.32 billion. However, this figure still lags behind the inflows seen in 2020 and 2021, which were US$6.6 billion and US$10.7 billion, respectively.
Regionally, the trends vary. The United States saw withdrawals from futures-based products, while Canada, Germany, and Switzerland continued to report robust inflows, highlighting diverse investor sentiments across different geographies.
Over the past week, the market experienced volatility. Liquidations around key resistance and support levels caused this not only to Bitcoin but also across the altcoin market. This volatility led to a situation where the resistance levels became a point of a notable pullback, pushing the leading altcoins into a downturn. However, altcoins such as Render, Dogecoin, and Solana prices showed promising sentiment. Analysis suggests that these coins could potentially see renewed gains in the coming week.
Market Remains In A Stable Region
Several spot Bitcoin ETF submissions, along with recent applications by BlackRock and Fidelity for a spot Ethereum ETF, have maintained market stability due to the possibility of their approval.
Every time Bitcoin’s price struggles to rise above $38,000, there’s a noticeable increase in altcoin activity. Notably, the altcoin season index has recently experienced a significant rise, with its metric climbing from a low of 27 to 49. This indicates a growing market preference for altcoins over the past week.
Render (RNDR) Price Analysis
After 1.5 years, the price of RNDR broke through the $3.3 resistance level. However, it’s currently encountering slight resistance; however, it has rebounded from EMA20.
As buying pressure intensifies, buyers are aiming to reach the next resistance level. If they successfully counteract any profit-taking tendencies at $3.3, the RNDR price may potentially rise toward $4.3 next week.
Conversely, if bears succeed in pushing the price below the EMA 20 trend line at $2.9, the next critical support level could be near $2.
Dogecoin (DOGE) Price Analysis
Investors might be in an accumulation mode as the DOGE price makes a dip. Dogecoin was unable to maintain its position above $0.085, leading to a decline towards the 20-day EMA trend line.
The price dipped below the 20-day EMA due to bearish pressure, yet the presence of a long wick on the day’s candlestick indicates strong buying interest at lower levels. The bulls are expected to make another attempt to drive the price back up to $0.085, and a breakout above the upper trend line will send the price above $0.1.
Solana (SOL) Price Analysis
The $50 level is crucial for Solana in the coming week as bears aim for a steep decline. However, a rebound from that level might trigger a bullish comeback.
The buying momentum might soon emerge as bulls are preparing to defend the $50 level. A successful bounce will push the SOL price on a short-term rally next week, sending its price to $70. However, this level might witness a selloff, mirroring the previous trends.
If bulls fail to defend $50, sellers might plunge the SOL price and consolidate it within $40. This indicates that the current momentum is crucial for both buyers and sellers as it determines a crucial trend in the coming week.
The Bitcoin market experienced a setback in its upward trend following the Securities and Exchange Commission’s (SEC) postponement of decisions regarding spot Exchange-Traded Funds (ETFs). This sparked a wave of profit-taking, with investors buying at lower prices and selling at peaks for gains. Current analysis predicts that without positive news, Bitcoin may face challenges in surpassing the $38,000 mark in the upcoming week as the profit-taking sentiment continues.
Bitcoin’s On-Chain Activity Jumps
The anticipation of an approval for a spot Bitcoin exchange-traded fund (ETF) in the United States has increased interest in the Bitcoin price. This increased demand has consequently led to a rise in on-chain activities.
The Bitcoin blockchain recorded $11.6 million in transaction fees, as reported by CryptoFees. Current data from YCharts indicates that the average fee per transaction is now $17, following a high of $18.69. This represents a significant increase of 746% compared to the same period last year.
Moreover, Bitcoin’s transaction volume has seen a notable increase recently, reaching a two-month peak at 572.8K. This trend indicates increased activity on the Bitcoin network, even as its trading value hovers just below $38,000. This uptick in network activity suggests the potential for further price growth in the upcoming week.
IntoTheBlock has highlighted that addresses holding over 1,000 BTC have now accumulated the largest total in 2023. These large entities have been consistently growing their Bitcoin holdings since the start of the year, with their current holdings amounting to 7.67 million BTC, valued at approximately $275 billion.
This analysis suggests that this accumulation signifies robust demand and a solid standing for major Bitcoin institutions. Additionally, the quantity of Bitcoin held by long-term investors has also reached new all-time highs recently.
However, despite bullish on-chain metrics, Bitcoin price might remain under $38K due to the ongoing profit-based surge.
What’s Next For BTC Price?
Bitcoin re-entered its upward trend channel after witnessing accumulation near the low of $35.5K. However, the current rally seems short-term as investors are set to exit again near the $38K high. As of writing, BTC price trades at $36,760, surging over 1.8% from yesterday’s rate.
The subsequent rebound from the support of the $35K line indicates continuous buying demand at lower prices. Bulls are now attempting to drive the BTC price past the channel’s resistance line of $38K; however, it can trigger new short positions. With positive news, the BTC price might break $38K and soar toward the $40,000 level.
A downward price turn and break below the channel would signal a rush of traders exiting the market, potentially dragging the price below the EMA100 trend line. A break below $35K will force the price to test $33,300. At these lower levels, aggressive purchasing by bulls is anticipated.
The cryptocurrency market is enthusiastic as the United States Securities and Exchange Commission (SEC) nears a decision on 12 spot Bitcoin ETF applications. At the heart of these developments is James Seyffart, an analyst from Bloomberg ETF, whose insights shed light on the future of these applications.
Key Deadlines and Predictions:
As we approach the critical dates, Seyffart has delved into the approaching deadlines for three spot Bitcoin ETF applications. Despite the likelihood of delayed orders from the SEC, Seyffart’s analysis remains optimistic. He humorously suggests a “90% probability for 19b-4 approval by January 10, 2024,” highlighting his confidence in the eventual positive outcome.
When pressed for a more immediate forecast, Seyffart refrained from providing a specific numerical percentage, citing the subjective nature of such predictions and the tendency of crypto publications to overemphasize these statements. His stance was cautiously optimistic, suggesting a probability “less than 50 and greater than zero.”
Implications of SEC’s Decision:
The decision on these ETFs is more than just a regulatory hurdle; it’s a potential turning point for the cryptocurrency market. Approval could signal a new era of mainstream acceptance and investment in Bitcoin, while denial or delay could perpetuate uncertainty.
The cryptocurrency community remains tentative as we edge closer to the SEC’s decision. Seyffart’s insights offer a glimpse into the possible outcomes, but the true impact of these decisions will only be understood in time. What do you think the approval of Bitcoin ETFs will mean for the future of cryptocurrency?
The meme coin market continues to see increased capital inflows, with the Sponge token (SPONGE) price exploding over 340% in the past week.
Capitalizing on the meme coin trend, this ERC-20 token aims to honor the beloved SpongeBob SquarePants character hilariously.
But can this cartoon-inspired token sustain its enormous growth, or will profit-taking bring SPONGE back down to earth?
SPONGE Price Explodes as Investor Hype Ramps Up
SPONGE is now trading around the $0.00051 level, up almost 400% over the previous 30 days.
Meanwhile, the token’s market cap has grown to $10.9 million, accompanied by a significant trading volume of $1.5 million in SPONGE transactions over the past 24 hours.
According to data from Etherscan.io, the number of unique wallet addresses holding SPONGE has also soared, reaching 11,900.
The buzz extends to social media platforms like Twitter, where traders are actively discussing SPONGE’s potential – with some even likening it to “the new PEPE.”
However, such vertical growth is rarely sustainable, and questions are being raised about whether SPONGE can retain its gains and continue.
Regardless, the recent hype highlights the ongoing interest in SPONGE, suggesting that the token’s lifecycle may have more developments in store.
Token Airdrop Fuels Buzz & Kickstarts Trading Activity
Sponge token’s incredible rise has been fueled mainly by the hype surrounding a recent airdrop for SPONGE holders.
On November 7, the SPONGE team announced that an airdrop of 833 million tokens, worth around $100,000 at the time, had been distributed to 747 lucky winners.
The team tweeted a thank you to all who participated and said, “Here’s to absorbing more gains together!”
This free token giveaway generated substantial buzz and speculation around SPONGE, which had been trading sideways since mid-June.
Word of the SPONGE airdrop spread rapidly across social media, helping kickstart trading activity and liquidity.
Thus, by leveraging this airdrop initiative, SPONGE was able to harness the power of its community and bring the token back into the mainstream consciousness.
This airdrop also helped bring attention to SPONGE’s staking protocol, which currently offers yields of over 330% per year.
More than 256 million SPONGE tokens have been pledged to the staking pool – representing approximately 1% of the circulating supply.
SPONGE Price Prediction – Can the Meme Coin Sustain Its Rally?
Coming off the heels of its incredible rally, speculation is running rampant regarding where SPONGE’s price could be headed next.
Many believe the token could see additional near-term gains if the hype is sustained.
Some optimistic traders project SPONGE could ride the current momentum and reach the pivotal $0.0010 level.
SPONGE hasn’t traded at this level since May 9, yet given its psychological importance, token holders believe that price could be drawn to it.
Should SPONGE reach this area, or even higher, there could be scope for the token to be picked up by Tier-1 centralized exchanges (CEXs) like Binance or Coinbase.
Both of these exchanges recently listed Memecoin (MEME) after it surged following its “firesale” – and SPONGE holders will be hoping that a similar pattern emerges here.
However, given SPONGE’s sharp rise, there’s also the risk of profit-taking, which could prompt the token to retrace.
This scenario isn’t uncommon in the meme coin space – yet it can sometimes offer a second buying opportunity for those who missed the initial pump.
Time will tell where SPONGE token could end up in the days and weeks ahead, but investors will be watching closely as the token navigates this critical point in its hype cycle.
This week is a very important one for the financial markets, including cryptocurrencies, as key economic data and political developments loom.
With the release of the Consumer Price Index (CPI) and Producer Price Index (PPI) for October, alongside the impending expiration of the U.S. government’s emergency appropriation bill, the crypto community is closely watching for potential impacts.
Economic Indicators and Crypto’s Response
Currently, the crypto market is showing strong signs of bullish sentiment, with all top 20 cryptocurrencies experiencing growth. Bitcoin stayed above the $37,000 mark throughout the weekend, Ethereum is over $2,000, XRP is above $0.60, Solana is past $58, and Cardano is above $0.38.
The release of the United States CPI and PPI data could influence investor sentiment and market dynamics, as it tends to. These indices are crucial indicators of inflationary trends, which often impact investment strategies in all kinds of digital assets.
The Looming Shutdown and Its Effects
The potential U.S. government shutdown is another critical factor. With neither the Senate nor the House having passed a bill to extend government funding beyond November 17, the risk of a shutdown looms large.
A shutdown could lead to significant economic ramifications: unpaid government employees, closed federal facilities, and potential slowdowns in sectors like air travel. Such a scenario could spark uncertainty in the financial markets, influencing crypto trading patterns as investors look for safe havens or hedge against traditional market volatility.
Crypto at a Crossroads
Given the current bullish trend in the crypto market, experts are keenly observing how these external economic and political factors might sway the trajectory. A government shutdown or negative economic data might fuel risk aversion, potentially dampening the current bullish sentiment. Conversely, positive data or a resolution to the funding deadlock could further bolster the highly-anticipated ongoing bull run.
However, it is of our opinion that the market wouldn’t be affected negatively. After all, this is not the first storm it has weathered in recent weeks. This is no different than the others.
Regardless, investors and traders in the crypto space are advised to closely monitor these developments.
Bitcoin Price Forecast For Next Week: Bitcoin Might Struggle Above $40,000 As Profit-Making Holders Surge
The current trends in Bitcoin price indicate declines during recent climbs, yet the trajectory points to reaching the $40,000 mark in the coming week. Support levels have been increasingly robust, suggesting that the asset is building a solid foundation for growth. Nevertheless, Bitcoin’s progress may be impacted by investor behavior, which shows a pattern of accumulation when prices dip, followed by a selloff when prices peak. This could potentially influence Bitcoin’s ability to maintain its rally at or around the $40,000 level, as profit-taking may cause fluctuations.
Nearly 41 Million Addresses Are Now In Profit
In the past few weeks, Bitcoin’s open interest has been on an upward trajectory, touching $16 billion amid whale accumulation. However, there’s a threat for long-position holders as the BTC price might witness a notable selloff near the $40K mark. So far, in the last two days, over $150 million worth of short-positions have been liquidated.
According to insights from IntoTheBlock, close to 82% of Bitcoin holders have now become profitable as BTC slowly heads toward the $40K dream due to ETF hype. This sentiment is bullish, with expectations of a price uptick in anticipation of an upcoming ETF launch. Nevertheless, there is a rising concern over the chances of a considerable liquidation that may still be on the edge.
Around the $37K-$43K zone, 2.2 million addresses are in loss, and a significant portion will become profitable if the BTC price hits the $40K level next week. As a result, there will be a high chance of a shift in sentiment toward selling in profit as BTC touches an 18-month high.
Should Bitcoin experience a pullback of $700-$800 upon nearing the $40K threshold, it may trigger an increase in short positions. This could pressure short-term whale holders to sell their positions profitably, potentially leading to a price drop and a reevaluation of the $35K support level.
What’s Next For BTC Price?
Bitcoin recently surged past its ascending channel pattern. However, a subsequent wave of profit-taking was seen as BTC’s price failed to hold momentum above $38K. As of writing, Bitcoin’s price is trading at $37,182, surging over 0.25% from yesterday’s rate.
The Relative Strength Index (RSI) continues to hover around the overbought zone, suggesting that buyers have been aggressively supporting the market. A continued push could see efforts to drive the BTC price above $38K. A success in this will set Bitcoin’s next target at $40,000 in the coming week.
Conversely, a fallback into a bearish channel would signal a market rejection of the recent highs, potentially dragging the price toward the 20-day exponential moving average. A profit-taking sentiment among holders will continue to halt surges. In a bearish case, Bitcoin will once again test buyers’ patience near the $34K-$35K zone.
As Bitcoin resurfaces above $35K again, the altcoins market gets increased momentum and results in a new bullish surge. Riding on the market recovery trend, the SOL coin price trend shows the channel breakout rally bouncing above the $40 mark.
Increasing the likelihood of a price jump to the $50 mark, the Solana price prediction maintains a bullish end result for 2023.
With a rounding bottom reversal from $17.76, the SOL price maintains a bullish journey. Following the channel breakout, as the overall market recovery gains momentum, the Ethereum rival continues to grow.
Crossing the 1.618 Fibonacci level at the $40 mark, the bullish trend in Solana shows a successful post-retest reversal. Accounting for a 346% year-to-date jump makes SOL tokens a high-performance investment in 2023.
Currently, the SOL price trades at $43.18 as the bounce back from $40 continues to form higher highs. Following the overnight jump of 1.87%, the intraday candle teases a Doji candle formation.
RSI: The daily RSI line sustains a sideways trend in the overbought zone but warns of declining buying pressure.
MACD indicator: The MACD and signal lines struggle to maintain a bullish gap teasing a crossover event. Moreover, the declining trend in positive histograms reflects a decline in trend momentum.
Will the SOL Price Cross $50?
With a boost in trading volume, the uptrend in SOL price teases jump to the $50 mark. However, the higher price rejections in the recent candles and the lack of momentum warn of a reversal.
Considering the uptrend regains momentum, the bullish trend can surpass the 2.272 Fibonacci level at the psychological mark of $50. In such a case, the Solana market value can reach the $58.90 mark.
On the flip side, a downside reversal under the $40 mark can result in a drop to $35.
October was another record-setting month for cryptocurrencies as Bitcoin (BTC) surpassed its previous all-time highs, and the overall crypto market topped the $2.6 trillion mark for the first time.
WLD Coin & SEI Token
The week starts with the WLD Open AI conference, a platform for discussions on the latest in artificial intelligence.
Additionally, on November 6th, SEI Token is set to showcase its innovative technology on demo day, potentially attracting interest from the crypto community.
NEAR, HFT, and GRT
On November 7th, the NEAR conference provides insights into the NEAR Protocol and its future developments. On the same day, High-Frequency Trading (HFT) experienced a substantial ~46% total supply unlock, equivalent to $42.7 million, which could influence market dynamics. Furthermore, a significant announcement from “The Graph (GRT)” is expected to capture the crypto community’s attention.
XRP Swell Conference, Binance Blockchain Week, and Powell’s Speech
Later on November 8th, Ripple’s XRP Swell conference is expected to bring discussions about the Ripple network and XRP’s role. Simultaneously, Binance hosts its Blockchain Week, which will likely introduce innovations and projects. On the same day, Federal Reserve Chairman Jerome Powell’s speech at 14:15 GMT could have implications for the broader financial market.
XRP Lawsuit Briefing
November 9th holds significant importance for investors as the crypto community eagerly awaits the XRP lawsuit briefing for any developments in the ongoing legal battle.
On November 12th, there’s a 2.48% total supply unlock for APT, which amounts to $171 million. This event may contribute to market volatility.
This week offers a variety of events and announcements that could impact the altcoin market. Investors and traders are keenly watching these events while exploring the possibilities of altcoins amid Bitcoin’s stability.
The SURF Reward (SURF) project and its presale are really kicking off in the crypto market, as investors are flocking to the sale of the token. This groundbreaking initiative allows you to earn while browsing the internet, simply by compensating you for permitting and viewing advertisements.
The presale is also set to enter its next stage in just under a week, so it’s imperative that those who are interested enter the presale now. To help, we talk about the Surf Reward ecosystem and the browser extension, the presale, and how it’s poised to revolutionize online earnings. There’s plenty to explore, so let’s jump right in.
SURF Reward Has A Unique Earning Mechanism
Surf Reward has piqued considerable interest for its inventive approach to generating income, a development unsurprising given the perpetual quest among crypto enthusiasts for fresh and engaging earning avenues. It holds significant promise in this regard, especially in light of the growing focus on video platforms extending their advertisements.
Hailing from Düsseldorf, Germany, Abelius Capital AG, established in 2019, is the driving force behind the creation of SURF Reward. This foray into decentralized technology marks a new chapter for the company.
The project’s ingenious concept has the potential to bring substantial benefits to the broader internet landscape. While blockchain-based advertising modifications have been explored before, SURF Reward offers a more comprehensive and realized solution. The SURF Reward browser extension seamlessly integrates with all major browsers, ensuring a remarkably straightforward setup process. As described by the project, this extension “eliminates a significant portion of internet advertising and replaces individual ad spaces with its own advertising partners. Henceforth, the profits accrue to you, not the webmaster!”
The overwhelming presence of online advertisements is a persistent issue. Users often resort to ad-blockers, leading to diminished effectiveness for advertisers. Alternatively, they may endure a barrage of ads that disrupt the online experience. It’s a vexing problem that has only escalated over the years, with no solution in sight—except for SURF Reward, that is.
SURF Reward brings benefits to all parties involved. It incentivizes users to interact with ads, while advertisers can execute more precise and cost-effective campaigns. The use of blockchain technology ensures complete transparency and trust in the entire process.
Users receive rewards in the form of SURF tokens. On that note, it’s imperative to delve into how this token functions and provide details about the upcoming presale. The presale has recently commenced, presenting an opportunity to get involved from the ground up!
Next Presale Stage of The SURF Token In About 6 Days
The SURF presale has successfully gathered over $192,000 in funds, currently priced at $0.0265 per token. In approximately one week’s time, the price will experience an increase as the next stage arrives, ultimately reaching the listing price of $0.05. The set fundraising cap stands at $1.1 million. There are about a6 days left in the current presale stage.
Moreover, there are enticing bonus opportunities tied to referrals and reward boosters. Notably, the reward booster system offers presale participants the potential to earn up to 250% in rewards, structured on a tiered system where higher investment leads to greater reward boosts.
For the presale phase, 20% of the total token supply has been allocated, while 39% is earmarked for project rewards, 35% for liquidity and marketing endeavors, 8% for development, and 6% for the team. Partners and advisors will receive 2%. The overall token supply amounts to 1 billion, with 200 million designated for the presale. The hard cap is set at $5 million, with a soft cap of $1.5 million.
Looking forward, the SURF Reward team has outlined a robust roadmap. In the immediate future, their priority lies in implementing staking, providing users an additional avenue for earning, and fostering ecosystem growth. Post-presale, the team will shift their focus towards exchange listings and conduct beta testing for the SURF Reward extension. Concurrently, they will be concentrating on launching the self-service advertising platform.
Surf Reward is really shaping up to be one of the most unique projects to hit the market.. Its distinctive use case has the potential to redefine how we perceive earning while engaging in activities we enjoy. We strongly recommend taking a look at the project, engaging with its social channels, and participating in the SURF presale before the next stage arrives.
Top Altcoins To Watch Next Week: Binance Coin (BNB), Solana (SOL) And Arbitrum (ARB) Prices Hit Resistance
In the last week, the altcoin market has been attempting to recover the resistance level it achieved in October while Bitcoin tried to climb past the $36,000 mark. However, Bitcoin’s inability to sustain an upward momentum led to a downturn in the altcoin market. Nevertheless, investors were quick to capitalize on the price declines of prominent altcoins. As a result, it’s expected that the values of top altcoins such as Binance Coin, Solana, and Arbitrum will experience an upswing in the coming week.
Bitcoin’s Continuous Rejection Pushes Altcoins
Despite the flow of investment into the altcoin market following Bitcoin’s setbacks, the altcoin season index still lags far from its peak. Consequently, Short-Term Holders (STHs) are seizing each market move as a chance to profit.
At present, the altcoin season index remains close to its lowest point, failing to trade with the Bitcoin season index’s performance. This pattern indicates a divided market response, with traders offloading their Bitcoin in response to declines to purchase altcoins at lower prices.
Binance Coin (BNB) Price Analysis
BNB rebounded from the $225 breakout point recently, showing that bulls are aggressively protecting this level. As a result, BNB’s price is now in high buying demand.
Though buyers are attempting a push beyond the $235 resistance mark, bears continue to defend the surging buying pressure. This movement hints that the BNB price might consolidate within the $225 to $235 range for a while.
With the 20-day EMA climbing and the RSI level surging exponentially, indicators point to an easier rise than a fall in price. Should the bulls send the price past $235, we could see a climb to $248 and possibly up to $261. However, if the bears manage to pull the price down and keep it below $225, the trend could tilt in their favor.
Solana (SOL) Price Analysis
Solana’s price has been pumping hard over the last few days as buyers defend dips. However, Solana faces bearish pressure in surging above $46, creating a consolidation near a bullish region.
Solana’s rebound from $38 faces turmoil to hold the peak levels, implying that each price surge is facing sell-offs. Bears might capitalize on this momentum to push the SOL price below the $38 threshold.
A successful push below $38 could trigger a slide towards the 100-day EMA at $33, signaling a potential short-term reversal of the uptrend and possibly leading to a period of consolidation.
To retain control, bulls must uphold the support at $38. A surge above $48 will send the price to test its resistance at $59 next week.
Arbitrum (ARB) Price Analysis
ARB price is struggling to pass the immediate resistance of $1.08, but the bulls are holding their ground. They are aiming to surge above 23.6% Fib, and if successful, we may see a climb towards $1.2 and potentially $1.36. The bullish trend is supported by a rising 20-day EMA and an overbought RSI.
Conversely, bears need to push the price under EMA20 to gain the upper hand, which could lead to a fall towards $0.85.
Top Crypto Events To Watch Next Week: Ripple’s Discussion With SEC, Bitcoin’s $40K Goal Grab Attention
In the past week, the market has been impacted by significant events such as the Federal Open Market Committee (FOMC) meeting, the decision to maintain current interest rates, and the conviction of Sam Bankman-Fried (SBF) on fraud charges. During these developments, Bitcoin (BTC) managed to reach the $36,000 mark, raising chances for further increases. Consequently, traders are hopeful for a rally to $40,000 in the coming week, coinciding with Ripple’s ongoing legal negotiations with the Securities and Exchange Commission (SEC).
Crucial Developments To Watch Next Week
The upcoming week seems less eventful due to a lighter schedule of activities. Nonetheless, the market could still experience some volatility as traders anticipate significant developments from Ripple’s upcoming meeting with the SEC.
Ripple’s Meeting With The SEC
The crypto community is preparing for DC Fintech Week, kicking off on November 6, featuring Ripple CEO Brad Garlinghouse and SEC Chair Gary Gensler as marquee speakers.
This development has sparked excitement and expectation for the stimulating exchanges and dialogues anticipated at the 2023 DC Fintech Week. Given Ripple’s ongoing lawsuit with the SEC regarding the classification of XRP as a security, supporters are looking forward to potentially intense debates and insider insights next week, impacting XRP price.
The announcement that Ripple CEO Brad Garlinghouse and SEC Chair Gary Gensler will be headline speakers might lead the two figures to engage over the contentious issue. Additionally, per the court order issued on October 24, 2023, the SEC and Ripple are required to suggest a timeline for briefings on the associated allegations in the SEC v. Ripple litigation by November 9, 2023.
Following the court decision on Programmatic Sales, the issue concerning the institutional sales of XRP still stands. A settlement in the SEC-Ripple talks could lead to the SEC revisiting prior XRP sale judgments. Ripple may pay a fine to validate existing rulings following the SEC’s failed bid to conceal key documents, impacting further discussions.
Bitcoin’s $40K Dream
Over the next week, the market will be closely watching Bitcoin’s movement as the price has long been attempting to surge above the crucial $36.7K mark. Bitcoin delivered an exceptional performance, recording its best monthly closure in October with a 30% uptick.
As November is carrying the Uptober trend, the chances of a Bitcoin ETF have boosted the market’s hopes. Although Bitcoin is currently consolidating, several analysts predict that the rally isn’t over yet.
Additionally, Bitcoin is experiencing a negative Netflow, indicating that investors are accumulating the cryptocurrency and withdrawing it from exchanges—thus reducing exchange reserves—the likelihood of a drastic sell-off declines. A breach of the pivotal $36,700 mark next week could quickly send Bitcoin’s value to the $40,000 threshold.
As November commenced, there was a notable surge in Bitcoin and altcoins, as their value approached the resistance peaks observed in October. However, popular memecoins such as Shiba Inu and Dogecoin struggled to attract buyers at these higher resistance marks, resulting in a slight pullback. Currently, the on-chain data for Shiba Inu presents a bearish outlook with a constant decrease in active wallet addresses, signaling a downward concern.
Shiba Inu Loses Traders’ Confidence
The price of SHIB is struggling to maintain its October’s gain amid growing bearish pressure at resistance points. This is leading to a marked decrease in the initiation of new futures contracts as ongoing volatility declines.
According to recent figures from Coinglass, there’s been a significant decrease in Open Interest (OI) over the past several days. The OI metric has fallen from a peak of $14.8 million to its present figure of $13.1 million, indicating a low trading sentiment for the memecoin.
A decrease in Open Interest alongside a downtrend in price suggests reduced volatility, which typically deters traders from initiating new positions. This leads to a growing inclination to sell and shift attention to other trending projects. Such a trend could potentially lead to a situation where the price of SHIB falls through its support levels.
Furthermore, insights from IntoTheBlock indicate increasing worries within the SHIB community. There’s been a noticeable downward trajectory in the number of active addresses, which have dropped from 4,700 to 3,700, representing an 18% reduction. This downturn may be due to the limited utility and SHIB’s inability to meet its bullish goals, potentially leading to a declined influx of capital in the SHIB marketplace.
What’s Next For SHIB Price?
Shiba Inu price experienced a surge past $0.000008 recently, and there were efforts to extend these gains. However, the sellers had different intentions, preventing the rally to surge further and aiming to keep the price below the EMA20 trend line. As of writing, SHIB price trades at $0.0000078, declining over 0.69% from yesterday’s rate.
Should bears bring the price further down, the SHIB price could slide toward $0.0000066-$0.000007. This level is crucial for the bulls to hold because a breakdown could send the price to a new low of $0.0000054.
Typically, during an uptrend, the bulls robustly guard the 100-day EMA. If this support holds strong, it would suggest that the upward trend is still intact. The bulls are likely to attempt another push toward the $0.0000082 level. If the price breaks above the level, we can see a surge toward $0.0000087.
The crypto industry has started the month of November on a positive note, as the market has experienced another price jump, with the total Marketcap increasing by over 2.5% within the past day. The price of the AAVE token displayed a jump of nearly 20% in the early trading hours today.
The AAVE token recorded this jump following the news of FTX depositing significant value in this asset. Alameda has reportedly bought over 500K worth of AAVE tokens in recent times.
The Aave price was seen trading in a closed range between $61.61 and $65.34 for more than a week, following which the coin gained momentum and broke out of the resistance level at $65.34.
The price continued to gain value by breaking multiple resistance levels at $69.90 and $77.12, after which the price was rejected at $85.57. The coin was trading in a consolidated range of $77.12 and $85.57 for a while. During this time, the 50-day EMA acted as a dynamic support for this crypto, following which the price regained momentum and broke out of its crucial resistance level of $85.57.
The price managed to record a yearly high of $102.61 before the bears pulled back the price below $100. AAVE price is presently hovering close to its upper level and is predicted to retest it soon, of which the outcome is uncertain.
Will Aave Price Record New Yearly High This Month?
The RSI averages have been constantly trading above the mid-point for over a week, indicating a massive buying and selling power for the coin. Further, the average recently showed a significant spike, resulting in the price breaking out of the overbought range, suggesting an increase in the token demand.
If the bulls break out of their resistance level at $99, the AAVE price will regain momentum and make a run to test its upper resistance level of $105 soon. Further, if the market continues to gain momentum, it will rise and test its resistance level of $110 in the coming days.
On the contrary, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level at $91.13. Moreover, if the bears continue to dominate the market, it will experience a massive price plunge and continue falling and test its important support level of $85.57 this month.
The cryptocurrency community is excited as Bitcoin and other digital assets continue their impressive ascent, fueled by optimism and the Fear of Missing Out (FOMO). All eyes are on major events unfolding this week, hoping for further price surges.
Upcoming Federal Reserve Decision
One of the pivotal events on the horizon is the meeting of the U.S. Federal Open Market Committee (FOMC) scheduled for October 31 and November 1. The committee faces a critical decision: whether to maintain the current interest rates, indicating a ‘pause,’ or if another increase is necessary.
Recent Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) data suggest a moderation of inflationary pressures. The CME FedWatch Tool indicates a staggering 96.2% chance that the Federal Reserve will keep interest rates steady, as the annual Core PCE, a crucial inflation measure for the Fed, has dropped to 3.7%.
Bitcoin’s Current Status
Shifting our focus to Bitcoin, we observe a positive trajectory as it surpasses the $34,400 resistance level, setting its sights on the $35,000 resistance area. However, momentum appears to be waning slightly. The cryptocurrency reached a peak of $35,008 but could not sustain the upward trend, experiencing a minor pullback.
Looking ahead, Bitcoin faces immediate resistance around the $34,700 mark. A successful breakthrough could lead to the next significant resistance at $35,100 or the upper trend line of the current channel. The critical $35,000 zone remains the ultimate challenge for a more substantial rally.
If Bitcoin encounters difficulties in surpassing the $34,700 resistance zone, a downward correction could ensue. As traders and investors closely monitor these critical levels, the forthcoming FOMC meeting will undoubtedly play a pivotal role in shaping Bitcoin’s next moves.
As of the time of writing, Bitcoin (BTC) is valued at $34,482.
Bitcoin Price Forecast For Next Week: Bitcoin Set To Surge Above $35K As November Continues ‘Uptober’ Trend
As ‘Uptober’ concludes its chapter, November is set to carry the trend, continuing Bitcoin’s impressive upward trajectory. Over the past month, Bitcoin has recorded gains exceeding 30% due to notable developments such as Grayscale’s triumph and the listing of BlackRock’s ETF on the DTCC site. Analysts are now looking forward to the potential launch of ETFs as the year draws to a close, with growing confidence that Bitcoin will maintain its bullish rally, possibly sending its price beyond $35,000 next week.
Bitcoin’s Record $16 Billion Open Interest Sets The Price
Traders are actively opening positions on Bitcoin price, driven by its increased volatility. As a result, the Open Interest metric touched this year’s record high of $16.35 billion. The majority of these traders entered the market during Bitcoin’s strong rally from October 16 to October 24. However, the price of BTC appears to be slowing down now, possibly influenced by declining ETF hype. Nevertheless, the on-chain metrics for Bitcoin remain robust for November.
In the past, the fourth quarter has typically shown a bullish rally in the market. November has often maintained a neutral position, carrying forward the momentum from October, except for the FTX crash incident that occurred last year. On average, we can expect another 10% surge in November, pushing Bitcoin price toward $37,500.
Data from IntoTheBlock shows that Bitcoin has experienced a continuous negative netflow for the last week. Interestingly, this trend suggests a positive outlook for the market, as a negative netflow points to declining reserves on exchanges due to an increase in outflows.
This signals ongoing accumulation by investors, predicting a potential uptick in prices, which could mean a bullish sentiment for Bitcoin in November. At the moment, the netflow is recorded at -820 BTC, strengthening investors’ interest.
What’s Next For BTC Price?
After facing a rejection recently, Bitcoin price has rebounded from $33,400, suggesting high buying demand near low prices. However, sellers continue to put pressure near the high of $34,500, suggesting an intense battle on the price.
Nonetheless, there’s a bullish hope as the relative strength index (RSI) continues to surge above the midline, suggesting that the market is favoring buyers. A breakout above $35,300 will trigger more purchases and massive short-liquidation. In this case, BTC’s price might surge exponentially and head toward its target of $36,600.
Any further surge will skyrocket the price toward $40K. However, surpassing the $35.3K level could be troublesome as sellers will attempt a trend reversal.
If sellers successfully shift the sentiment near the resistance, BTC price will likely trap buyers, making a sharp drop toward $32,400. If buyers fail to defend this support level, we might see a drop toward $29K.
The crypto industry has displayed a massive turn of events as the crypto market has added over 180 Billion in its market cap within just one week. Top cryptocurrencies have managed to break out of their respective key resistance levels, indicating a strong bullish move in the market.
The XRP price has displayed a green trading day for the sixth consecutive day as the price has experienced a jump of over 13% within the last week. The token started gaining momentum after the SEC dropped charges against Ripple Labs top two executives, resulting in the price jump.
The Ripple’s XRP coin had started the month on a positive note, but following the Death Cross, the price lost momentum and dipped below its crucial support zone at $0.5035 and continued to fall and broke down its lower support level at $0.4913.
XRP token then started trading in a closed range between $0.4810 and $0.4913 for a brief period. After that, the market gained momentum, and the Ripple price leveled all its losses from the dip and started trading in a closed range of $0.5082 and $0.5233 for a short duration.
Following the Golden Cross, XRP price experienced another jump in its value and broke out of its key resistance level at $0.5488 and continued to rise but was rejected at $0.5604.
After multiple attempts at that level, the price lost momentum and experienced a drop in its value, resulting in the pricing breaking down its support level at $0.5488.
The MACD displays a constant green histogram in its chart, indicating a bullpower in the market. Further, the histogram shows a continuous decline in its bars and a change of a bearish convergence, suggesting the possibility of a price correction in the coming days.
Will XRP Price Regain Value?
If the XRP bulls continue to gain power and break out of their resistance level at $0.5604, the price will regain momentum and prepare itself to test its next major resistance at $0.5703.5 by the weekend.
Further, if the market continues to gain power, the XRP price will make a run to test its important resistance level at $0.60 in the coming time.
Conversely, if the bears overpower the bulls, the price will drop below its support level of $0.5488, lose momentum, and test its lower support level at $0.5337 soon. Moreover, if the bears dominate the market, the XRP price will continue to dip and prepare to test its crucial support zone at $0.5035 in the coming days.
Digital asset investment products have seen inflows for the fourth consecutive week, totaling $66 million. The total assets under management (AuM) have risen to $33 billion, a 15% increase since early September. However, investors are showing more caution than they did following Blackrock’s announcement in June, as the most recent inflows, while likely linked to a potential spot bitcoin ETF launch in the US, are relatively low compared to those in June. Bitcoin investment products received 84% of the inflows. Short-sellers’ confidence reportedly waned for Bitcoin last week, with net inflows of just $1.7 million. Meanwhile, Solana saw further inflows, totaling $15.5 million last week, representing 47% of total AuM. Read More
This week saw Bitcoin hitting $30,000, a level unseen since August, suggesting that the much-anticipated ETF could soon receive SEC approval as buyers step up their game. Additionally, with the halving event approaching, Bitcoin’s price is witnessing a significant surge in on-chain metrics. In the coming week, there’s potential for Bitcoin to not only sustain over the $30,000 threshold but also to reach new peaks.
Bitcoin Eyes $30K As 72% Holders Become Profitable
Bitcoin’s value successfully surged above the $30,000 threshold on Friday, following a week of steady support around the $28,300 mark. Encouragingly, on-chain statistics indicate that the surge has brought most BTC holders into a phase of profitability.
IntoTheBlock’s ‘Historical In/Out of Money’ analysis categorizes existing Bitcoin investors based on the prices at which they entered the market. This method contrasts their initial investment costs against present market valuations of BTC, revealing the proportion of investors who are currently experiencing gains or losses (termed as ‘In/Out of Money’).
The displayed chart indicates that, of the 48.4 million active Bitcoin addresses, 35.2 million, representing 72.72%, are currently enjoying a profitable status. Additionally, a marginal 3.7% of addresses are at a break-even point, whereas 23.5% are facing losses at present.
As more holders are now in profit, there’s a decreased chance of a selloff from buyers as they aim for big surges ahead by purchasing more Bitcoin. As a result, this can act as a catalyst in pushing the BTC price above $30K.
Furthermore, Bitcoin’s volatility has experienced a notable increase, climbing from a low of 18% to a high of 28%. This increase is appealing to traders, and with intensified buying activity from investors, it could potentially trigger more impactful price fluctuations for Bitcoin in the upcoming week, creating new opportunities and risks.
What’s Next For BTC Price?
Bitcoin managed to break through and climb above the resistance level of $30,000 recently, with the bears attempting to prevent this surge. However, buyers’ continuous purchases will hold Bitcoin’s momentum above $30K. As of writing, BTC price trades at $29,905, increasing over 1.4% from yesterday’s rate.
The 20-day exponential moving average (EMA) now sits at $27,988 is on an upward trajectory, while the relative strength index (RSI) has reached the overbought territory, signaling a bullish dominance. The purchasing side will aim to keep the price north of $30,000, gearing up to tackle the crucial resistance area that lies between $30,300 and $31,839. It is anticipated that sellers will defend this region strenuously.
The window of opportunity for the bears is narrowing. To thwart the potential rise, they must act quickly to pull the price back under $28K. Success in this, the BTC price might take a sharp dive below the 200-day exponential moving average (EMA), testing buyers’ patience at $25,500.
Top Altcoins To Watch Next Week: Loom Network (LOOM), Bancor (BNT) And Solana (SOL) Prices Might Register More Gains
The market underwent a correction this week, influenced by rising inflation and interest rates. Bitcoin’s price stabilized in a balanced zone below $27K, sparking a shift in market sentiment. While leading altcoins struggled to deliver strong performances, numerous emerging projects captured attention this week, satisfying investors with their achievement of short-term price goals. Nonetheless, traders are wondering if LOOM, BNT, and SOL prices can register additional gains in the upcoming week.
Investors Switch Focus To New Altcoins
As Bitcoin’s dream for a bullish surge fades, it forces investors to significantly adjust their portfolios. Furthermore, Glassnode indicates a net position change among HODLers in recent weeks, with Bitcoin’s low volatility and pressure from short-term holders contributing to a lazy market sentiment.
As a result, emerging altcoins like Loom Network and Bancor Network are dominating social discussions, both logging massive gains over the past week. Therefore, the excitement surrounding these altcoins is rising, and a soaring trend might be witnessed in the upcoming week.
Loom Network (LOOM) Price Analysis
Loom price has recently touched the 20-day EMA trend line at $0.248, but bears failed to drive the price further below. Currently, bulls are now preparing for an escape to trigger a robust breakout next week.
Bears may attempt to drive the price down to a crucial support at $0.24, a level where robust purchasing by bulls is anticipated. Should the price decline from this level, LOOM price might head toward its breakout point at $0.19.
In recent hours, buyers are making aggressive purchases, creating a breakout moment from its consolidation. A surge above $0.3 might validate a 3x gain and LOOM price might reach a high of $0.9.
Bancor Network (BNT) Price Analysis
In the last seven days, BNT price registered a gain of nearly 30%. Though the BNT price lost 50% of its gained value in the last three days, traders are preparing for another surge next week.
Recently, the price attempted to drop below the EMA50 trend line at $0.449. However, buyers are now holding the momentum, creating buying pressure near dip. If the price surges above the pattern’s upward line, BNT price might attempt a surge above $0.61. Successful in this will push the BNT price above $0.7.
However, a drop below $0.48 will validate a bearish path toward the breakout zone of $0.4-$0.42.
Solana (SOL) Price Analysis
Solana price recently dropped below the 200-day EMA following selling pressure from STHs. However, the SOL price has successfully rebounded from $21 and is now registering solid gains.
The stable EMA lines and surging RSI line suggest an advantage for bulls. If SOL price surges above $22.5, bulls will try to take the price beyond $25 to strengthen their positions.
Conversely, should the price drop below $21, it would skew the short-term advantage towards the buyers. Subsequently, the price might consolidate around $18.
Bitcoin Price Forecast For Next Week: Here’s Why BTC Will Continue To Struggle For An ‘Uptober’ Trend Revival
As we reach mid-October, Bitcoin’s price has yet to showcase its anticipated ‘Uptober’ potential, having only registered a $3.5K increase since September. Furthermore, Bitcoin’s surge is currently encountering short-term selling pressure, plunging the bullish hope of reaching a $30K milestone. Consequently, the upcoming week may witness continued low volatility as buyer confidence in Bitcoin declines.
Bitcoin Faces Low Holding Confidence
In the 2023 price cycle, Bitcoin has hit a historical low in short-term holdings, notably due to bearish performance in Q2 and Q3. Despite a decrease in supply from short-term holders, selling pressure from long-term holders hasn’t eased.
Unlike previous cycles, the reduced supply among short-term holders and declined confidence from new investors have not brought a wealth transfer to them or encouraged longer-term holding behaviors. As a result, there’s increasing pressure from STHs during price rallies as investors don’t want to hold Bitcoin for a longer period.
However, some analysts have suggested that the recent price activity in the Bitcoin markets is neither particularly bullish nor bearish, indicating a balance between buyers and sellers instead. Hence, Bitcoin will continue to face this range-bound trading next week until some big news happens.
However, Bitcoin’s long-term momentum appears positive as a U.S. Bitcoin ETF becomes increasingly plausible. Recently, the US SEC said it won’t contest a court’s reversal of its decision against allowing Grayscale to convert its bitcoin trust into an ETF, potentially paving the way for the U.S.’s first Bitcoin ETF.
Traders are keenly anticipating the U.S. approval of a spot Bitcoin ETF, foreseeing that its introduction could unleash wider institutional demand and attract a surge of fresh capital. With the potential introduction of Bitcoin ETFs by January 2024 and the BTC halving event just six months away, big momentum for Bitcoin is on the horizon.
What’s Next For BTC Price?
Bitcoin price recently broke past $27K and surged above 20-day EMA; however, it failed to defend increasing selling pressure near that level. As a result, the price is now back at its balanced zone near $26.8K. As of writing, BTC price is trading at $26,927, surging over 0.9% from yesterday’s rate.
While bulls are defending a drop below $26,500, sellers are also preventing a surge above $28K, creating a consolidation for BTC price. Bears might aim to eliminate bullish hope by plunging the price toward the monthly support of $26K. However, bulls will strongly make aggressive purchases near this level.
A surge above the 50-day EMA would signal initial strength, potentially sending the price toward the critical resistance at $28,600. A closure above this level might indicate the commencement of a short-term upward movement toward $30K.
The lite version of Bitcoin, Litecoin, has been consolidating below $70 ever since the price experienced a huge rejection from $80. Moreover, after multiple bearish attempts to surpass $70, the bulls appear to have drained, resulting in a fresh bearish reversal below $64. Now that the buying pressure has been squeezed heavily by the bearish action, the fear of plunging below $60 also escalates.
Just before the halving in August, the Litecoin price received a massive flight and surged hard to hit its yearly highs at $115. However, the price began to drop heavily while the halving failed to induce the required momentum. As a result, the price maintained a steep bearish trend and is currently settling within pre-determined resistance and support levels.
Amid the expectations of a bullish breakout, the fear of breaking down the lower support haunts the rally. If this trade plays out well, then the LTC price could end up plunging below $60.
The Litecoin price has been trading within a parallel channel for over a couple of months. With the fresh bearish action, the probability of the token visiting the lower support emerges. The bearish narrative is supported by the DMI, which suggests the prices are on the verge of falling hard. The ADX is plunging, suggesting a drop in the strength of the rally; besides, the -DI line goes over the +DI line, signalling a fall in prices.
Alongside, the RSI is also plunging, which substantiates the bearish claim. In the coming days, the LTC price is expected to test the lower support, piercing through the lower support. Therefore, bearish clouds hover over the Litecoin price, suggesting the token to enter the liquidity zone in the coming days.
In a sudden move, Solana (SOL), one of the most talked-about altcoins currently in the market, has encountered a significant resistance that has halted its upward journey. Interestingly, the current bearish rally is echoing the turbulence of March 2022 as this week saw the largest inflow for Solana since 2022. This was mainly due to declining buying pressure near resistance levels, triggering a surge in exchange reserves.
Solana Added $24 Million In Inflow
Investment products managed by prominent asset managers, including CoinShares, Grayscale, 21Shares, Bitwise, and ProShares, have witnessed a surge in inflows for the second successive week, marking the most significant influx since July, with an addition of $78 million. This influx has been spearheaded by funds focused on Solana and Bitcoin.
Notably, Solana investment products have seen a remarkable uptick, registering their highest inflows since March 2022 by accumulating an additional $24 million, as per the most recent report from CoinShares.
James Butterfill, the Head of Research, penned that Solana is “persistently establishing itself as the preferred altcoin,” especially in light of the recent debut of Ether futures ETF products. Remarkably, Solana funds have noted inflows in 28 weeks of this year, countered by a mere four weeks of outflows in 2023. Notably, SOL price witnessed its solid decline in March of 2022, dropping from $140 to just $25.
The uptick in inflows implies that holders were actively transferring SOL to exchanges last week after the altcoin reached a high. This movement suggests an intent to secure their profits, subsequently exerting a downward pressure on the altcoin.
Last week’s debut of six ether futures ETFs in the U.S. attracted just under $10 million, showcasing a “tepid appetite,” according to James Butterfill. This pales in comparison to the $1 billion seen by bitcoin futures ETFs in their initial 2021 week, albeit in a distinct market environment.
What’s Next For SOL Price?
Solana has been navigating through a bearish range after declining steeply from $23.5. Recent price actions have brought concerns of a massive drop in the coming hours. As of writing, SOL price is trading at $22.2, declining over 5% from yesterday’s rate.
As bulls are attempting to prevent a decline below $21, the price might see a minor rebound. Should the price ascend and escape its bearish territory, the SOL price might seek to rally to $25, and potentially aim for a target at $32.
On the flip side, the declining 20-day EMA at $23 and the falling RSI line toward the oversold region, indicate a rising bearish sentiment. A slide below the support of $21 could indicate a surrender by the bulls, potentially paving the way for a bearish consolidation with $17-$18.
Going sideways below the $28K mark puts a jam on the Bitcoin October express rally. With bullish anticipations from Bitcoin price prediction of crossing the $30K mark, the first week for BTC price turns out to be Dickensian. Following the almost 4% on 1st October, the prices take a lateral move due to the overhead supply at the $28K level.
Nevertheless, Bitcoin avoids any serious correction despite the setback and maintains a positive outlook for the first week.
With the bullish reversal sustaining in the upper range of $27K, the possibility of a bullish reversal increases. Therefore, the BTC price may soon continue the positive trend to reclaim higher levels.
In the 4-hour Bitcoin chart it forms a triangle pattern with a multi-contact support trendline supporting the uptrend possibility. Moreover, the 50-day EMA also adds extra cushion to limit the range of negative cycles.
With such bullish actions in play, the probability of an upside breakout to fuel market-wide recovery is higher.
Currently, the BTC price trades at $27,881 with an intraday move of -0.19%, reflecting the lack of momentum in the uptrend. Additionally, sentiment is extremely high, with the SEC’s decision on a Bitcoin spot ETF drawing near.
DMI: With trend momentum rising on the daily chart, the triangle pattern limits the trend movement in a shorter timeframe. However, the DI lines remain positive on the bigger timeframe and reflect a recovery in action.
EMA: The BTC price jump helps avoid a death cross in the daily chart and adds a bullish gap within the 50 and 200-day EMAs.
Where is the Bitcoin (BTC) Price Heading?
With October being positive for Bitcoin most of the time, the chances of BTC price skyrocketing are palpable. However, the positive trend is expected to take breaks at certain points to refuel the bullish rally.
The triangle breakout will signal an uptrend continuation and help Bitcoin reach the $30K mark by the end of this week.
Conversely, a reversal to $26,274 can plunge the BTC price to $25,600 or $24,900 in a worst-case situation.
Top Altcoins To Watch Next Week: Litecoin (LTC), Solana (SOL), and Polygon (MATIC) May Lead An ‘Uptober’ Revival
October began bullish for the crypto market, with Bitcoin price tapping the $28K level. However, just as ‘Uptober’ was getting started, it experienced a halt as large and long-term holders began booking their profits. Although this momentarily faded the revival of the ‘Uptober’ trend, the market has since rebounded significantly due to increased buying demand near dips. As a result, several altcoins, including Litecoin (LTC), Solana (SOL), and Polygon (MATIC), are set to record further gains in the coming week.
Investors Remain Confused Between Bitcoin And Altcoins
As Bitcoin exhibits volatility around the $28K mark, a surge in FOMO (Fear of Missing Out) emerges among investors. However, its rejection near resistance levels prompts the market to redirect funds towards altcoins. Subsequently, when BTC prices experience a dip, presenting a more affordable buying opportunity, it lures investors to shift their capital from altcoins back to Bitcoin for long-term holding. This has brought a mixed response within the market.
Furthermore, the altcoin season index has experienced a rise, moving from 33 to 41. While this level is still notably distant from the altcoin season index’s entry of 75, it indicates that the market is gradually tilting towards altcoins to ignite the ‘Uptober’ trend truly.
Litecoin (LTC) Price Analysis
Litecoin price is attempting to break through its confined zone to trigger a fresh surge, but sellers are making moves to suppress a sudden surge.
If bulls break the resistance zone of $68-$70, the next goal will be to break past the resistance at $85 next week. Achieving this could indicate the beginning of a fresh uptrend, potentially taking the LTC price above $100 a few days later.
On the bearish side, if the price declines from EMA lines and drops below the confined zone, it may imply that bulls are taking their profits. This could result in the LTC price testing the support of $58.
Solana (SOL) Price Analysis
SOL price is attempting to surge above $25, but the long tail on the chart shows bearish attempts to dominate the surge.
Solana might ascend and surpass its neckline next week. If this happens, the price might aim for a surge to $27 and potentially further to a target of $32.
A critical support level to monitor is the 50-day EMA, priced at $22. Should the price fall below this mark, it would indicate a weakening bullish momentum. This could pave the way for a potential decline to $20.
Polygon (MATIC) Price Analysis
Bulls are validating a clear move for the MATIC price, but sellers are strengthening the resistance. The bulls aim to continue the surge and push the price beyond the immediate resistance at $0.6. Should they succeed, MATIC’s price might reach the $0.7 level.
However, if the price drops below the 100-day EMA ($0.54), it will signal bearish activity at higher prices. MATIC could revisit the vital support of $0.49, where bullish buying is anticipated.
Bitcoin has recently grabbed headlines with its fluctuating price of around $28K. While Bitcoin’s price is trying to accelerate buyer confidence, sellers are increasingly active near resistance levels. Consequently, the psychological $30K threshold seems unlikely to be reached by Bitcoin next week. This sentiment is further supported by various on-chain metrics, particularly the rising NVT signal.
HODLers Get Low Confidence In Bitcoin
While Bitcoin initially upheld the ‘Uptober’ trend, it couldn’t sustain the momentum due to a profit-booking sentiment among long-term holders (LTH) or ‘Hodlers.’ Consequently, BTC’s price is indicating bearish on-chain metrics for the upcoming week.
Glassnode data highlights a significant rise in Bitcoin’s NVT signal (network value to transaction ratio), soaring to a high of 1,779 – a level not witnessed in the past five years. Even though Bitcoin’s current value is under half of its 2022 peak, the network volume has plummeted so drastically that a $28,000 valuation might be pushing the limits of sustainability.
A rise in Bitcoin’s NVT suggests that the network’s valuation is outpacing its transaction value. This can indicate either strong growth and investor enthusiasm or a precarious price bubble hovering around the brink of bursting.
Moreover, LTHs are taking profits after the BTC price surged above $28,000. The BTC Hodlers’ net position recently hit a 1-month low of 51,845. Historically, the Hodler Net Position Change has been a trustworthy gauge of Bitcoin market sentiment.
A decrease often signifies long-term holders are selling, potentially intensifying market selling pressure and triggering a downtrend. The departure of long-term holders could enhance volatility as short-term players gain dominance, triggering other investors to reconsider their market strategies. As a result, BTC’s price is now far behind, reaching the $30K mark next week.
Bitcoin’s Next Week Trend
Bitcoin is attempting to hold a trend above $28K, but a pronounced wick on the candlestick indicates strong selling by the bears at this high. Though bears attempted to capitalize on a recent decline, bulls defended the $27,000 level strongly. As of writing, BTC price is trading at $27,976, surging over 0.3% from yesterday’s rate.
The rising 20-day exponential moving average at $27.8K and a positive territory RSI above 60 suggest that the bulls are currently dominating. Buyers are likely to challenge the resistance at $28,500 once more.
Should they close above this, it will confirm a short-term double-bottom pattern with a target of $30K. However, it might not be within reach next week due to robust selling pressure and strong bearish metrics.
If the price retreats from this resistance and dips below the 20-day EMA, it might drop to $27,100. If the price fails to meet buyers’ demand near this level, then the BTC price might trigger a bearish consolidation of around $26,400.
The market has experienced a jump in its value by over 1.5% within a day. The jump shows relief in the market as cryptocurrencies stabilize their value. Solana has turned out to be the best performer of the top 10 coins, gaining over 5% from the past day.
The Solana coin has been trading below the resistance zone for over a month and failed multiple breakout attempts. The coin had recently made another attempt, but the bulls and bears are fighting hard to gain power.
Following the massive price volatility the coin experienced this month, SOL price has managed to level its price and continue to trade around the month’s start levels.
The RSI average was trading below the mid-point for over a week, following which the price has displayed a sharp rise in its value recently, indicating a significant buying and selling power. Further, the averages were rejected on the overbought range, indicating a price uncertainty.
On the other hand, the MACD levels display a rising histogram in its charts, indicating a massive price action for the coin. Moreover, the charts display a bullish convergence, indicating that the price will increase further in the coming days.
If the market gains momentum and the Solana price manages to break out of the resistance zone, then the coin will gain bullish movement, and the price will continue to rise. If the bulls hold the price above $20.58, then the Solana coin will continue to rise and test its resistance level of $22 by the weekend.
On the contrary, if the bears come into power, then the SOL coin will lose its momentum and experience a dip in its value. Moreover, if the coin fails to hold the support level of $19.61, then the price is bound to test its lower support level of $18.65 soon.