Why Is Cardano The Worst Performer? Is The Hype Around ADA Price Dead?
With Bitcoin’s astronomical surge, the crypto market has witnessed an overall bullish trend, touching a new mark in the global market cap. However, with each passing day, investors are witnessing several altcoins rise and fall, and one such cryptocurrency that has been caught under intense bearish domination lately is Cardano. Despite bringing many developments to the platform, including DJED stablecoin and Valentine upgrade, the token has failed to join the market’s bull run and is currently underperforming.
Why Is Cardano Underperforming?
Despite its promising technology and a growing community of supporters, Cardano has been underperforming in the crypto market. There are several reasons why Cardano has been underperforming in recent months.
Firstly, Cardano has been facing tough competition from other cryptocurrencies. Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have been experiencing significant growth, and other cryptocurrencies like Binance Coin and MATIC have been outperforming Cardano.
Secondly, Cardano has been facing criticism for its slow pace of development. The platform has been developing since 2015 but still hasn’t deployed all of its promised features. This has caused some investors to lose faith in the project and switch to other cryptocurrencies for a better yield during the bull run.
Thirdly, Cardano has been criticized for its lack of real-world use cases. While the platform promises to be more efficient and secure than other blockchain platforms, it still hasn’t been widely adopted by businesses and governments, making it a less preferable investment option in the crypto market.
As a result, Cardano investors seem to be experiencing a significant amount of bad luck within the crypto market for a few weeks. Despite reaching a high of $3, the digital asset is now even struggling to reach $0.5 as it has repeatedly dropped below weekly lows. Consequently, this has resulted in a decline in profitability, causing many investors to find themselves in a loss-making position.
ADA Price Fails to Hold Its Uptrend
As Bitcoin (BTC) approaches the $30,000 mark, altcoins have been struggling to keep up, and Cardano’s price movement has been no exception. Like other altcoins, it has only experienced a modest 12% increase since March 1st and is currently trading at $0.35.
For medium and long-term investors, the established support at $0.25 serves as the downside point of control for Cardano’s price. On the other hand, the point of control at $0.40 is likely to limit ADA’s growth or, if surpassed, may potentially drive the token toward the $1 mark.
Analyzing the daily price chart, Cardano’s ADA (ADA) is currently facing resistance from bears at the 200-day SMA ($0.36), while the bulls are taking advantage of dips and buying at the 20-day EMA ($0.34). If the ADA price falls below $0.32, it may trigger a severe plunge to $0.22.
Crypto Market Crash Might Get Worst In Coming Days – Here’s Why
The recent interest rate hikes by the Federal Reserve are having a negative impact on the cryptocurrency market, which could result in a potential shift in investor sentiment away from cryptocurrencies. According to recent news from Reuters and the Financial Times, the central bank plans to start a tougher rate hike path soon.
Many analysts predict that the impact of the interest rate hikes on cryptocurrencies like Bitcoin could be severe. The higher interest rates will make it more expensive to borrow money, which could lead to a decrease in investment and spending in the economy.
This, in turn, could lead to a decrease in demand for cryptocurrencies, leading to a further drop in their value. With reduced demand, cryptocurrency investors may start to shift their attention toward traditional assets, which may result in decreased liquidity in the crypto market.
Jerome Powell, the US Federal Reserve Chair, has faced criticism from some experts for the decision to increase interest rates. Some are concerned that the move could slow economic recovery, while others worry about its impact on the stock market and the housing sector.
Additionally, some critics argue that the move is premature, as inflation has not yet reached levels that require such action. Furthermore, the rise in interest rates could have a negative impact on emerging economies, as it could lead to an outflow of capital from these countries.
The Federal Reserve’s Interest Rate Hikes May Trigger a Significant Downturn in the Cryptocurrency Market
Nicholas Merten, the host of the YouTube channel DataDash and a well-known cryptocurrency analyst, has warned that the Federal Reserve’s recent decision to raise interest rates and reduce its bond-buying program could result in a significant downturn in the crypto market.
According to Merten, the Fed’s actions could lead to reduced liquidity, increased competition from traditional assets, negative sentiment towards cryptocurrencies, and uncertainty in the market. As a result, investors could be hesitant to invest in cryptocurrencies, leading to a drop in demand and prices.
Merten added that the Fed’s plan to raise interest rates again to combat inflation could do much more harm to the cryptocurrency business. He predicted that the Fed’s new liquidity traps, hinted at in recent testimony by Chairman Jerome Powell, will cause Bitcoin’s price to go below the $20,000 mark very soon.
Merten claims that the Fed has been intentionally fostering an atmosphere of unbridled optimism in order to funnel money from the actual economy into the more liquid financial markets. Such outcomes include a steep drop in cryptocurrency prices that could take a while to recover from.
Although Merten’s forecast has been met with skepticism from industry insiders, he nevertheless recommends that crypto investors be ready for a potential market catastrophe. He said that Bitcoin bulls should be pleased to pick up BTC between $13,000 and $14,000 if it goes that low, as the past weeks have shown how entwined crypto is with traditional markets.
Overall, investors need to keep a careful eye on the situation as it unfolds and take measures to reduce their exposure. Bitcoin is currently trading at $22,095, inside the $22,000 – $22,100 range it has been in for the past few days.
Ripple: Will SEC’s Victory Will Drag the Cryptocurrency Market To Worst Condition?
No official date has been set for a verdict in the high-profile dispute between blockchain company Ripple and the Securities and Exchange Commission (SEC), but it is widely expected that the litigation will conclude this year. Although Ripple has supporters, it is important to consider the possibility of the SEC’s victory. In the event that the SEC prevails, the implications for the cryptocurrency industry could be significant.
The Downside To SEC’s Win In The Lawsuit
Contrary to established precedent in securities law, the SEC argues that the Ripple-issued XRP token is a security.
This case is part of the SEC’s broader goal to bring the cryptocurrency markets under its regulatory authority through enforcement. SEC Chairman Gary Gensler has stated that Bitcoin is the only cryptocurrency he is hesitant to designate as security. Therefore, a victory for the SEC could have negative implications for the broader cryptocurrency markets.
If the SEC were to win, other cryptocurrencies would likely be compelled to register as securities, and crypto exchanges would likely be required to register under the regulations governing securities exchanges. This would bring the cryptocurrency sector under the SEC’s regulatory purview, potentially creating a difficult and uncertain environment for the industry.
In conclusion, a victory for the SEC could have detrimental effects on the cryptocurrency sector which has already been through so much. This would be like removing the last line of protection for the industry.
Who’s Likely To Take The Win?
There is now conjecture about the case’s potential outcome. While some in the sector have suggested that the verdict could be in favor of Ripple, U.S. Attorney Jeremy Hogan, however, believes that Ripple and the SEC have almost equal odds of success in the case.
Meanwhile, a recent Twitter survey by XRP enthusiast and crypto lawyer John Deaton showed that the majority of the community is in favor of resolving the issue. Although the lawyer did emphasize how unlikely a settlement with the SEC is.
Now that the closing arguments have been presented by both sides, we are all anxiously anticipating the court’s decision.
The Crypto BloodBath Has Just Begun, Prepare For The Worst – Warns Popular Economist
The economist who called cryptocurrencies a ‘scam; has predicted the future
At the end of October, the total market capitalization of cryptocurrencies was above $1 trillion; and today, it is just over $800 billion. The king coin, bitcoin, started to rise in October 2022, breaking through the psychological resistance level of $20,000 and even reaching the high of $21,500 at the start of November. However, at the time of writing, bitcoin is trading at $16,950 and there are no signs of recovery.
The impact of the FTX crash on the cryptocurrency prices is being discussed by crypto experts across the sector and on Thursday, economist Nouriel Roubini predicted that the “bloodbath” in the Bitcoin market had just begun. After a string of high-profile bankruptcy filings, Roubini is almost sure that the majority of bitcoin companies are now in danger of going out of business.
The largest cryptocurrency exchange by trading volumes, Binance, was compared to the FTX by a New York University professor last week, who said that Binance was much worse.
He made this assumption because Binance has not yet disclosed where its headquarters are located. Roubini also has a negative outlook on BNB, the native coin of Binance, and called it “scammy vaporware.”
The cryptocurrency market is a ‘scam’
Roubini also said in a different tweet on November 30 that corrupt spending is common among all cryptocurrency ventures operated by gangsters, adding that 97% of initial coin offers were scams that failed.
“Lavish spending is standard in ALL crypto projects. 97% of 20k ICOs were a scam &/or went bust. Billions raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs, “massages” & evade taxes in PR/Caribbean.”
The expert had previously referred to crypto as “the biggest criminal heist in human history.” For many years, Roubini has been an opponent of cryptocurrencies. He referred to the entire cryptocurrency market as “a scam” in 2020.
Kucoin’s Increasing APY, Is this a Glitch or An Indication of Something Worst?
The post Kucoin’s Increasing APY, Is this a Glitch or An Indication of Something Worst? appeared first on Coinpedia Fintech News
The “KuCoin Earn” deposit interest rate on the current platform has reportedly risen, with annualized interest rates of 229% for ETH, 305% for BTC, and 100% for USDT, according to the official website of the cryptocurrency trading platform KuCoin.
Since the FTX crash, numerous platforms with the claim of offering high-interest deposits have closed down one after another, which is curious while cryptocurrency bears continue to slump. Where did the interest rate get so high?
Some investors are using high-interest rates to entice user deposits because they think KuCoin is experiencing a liquidity issue. Many Twitter users advocate for quickly withdrawing deposits. KuCoin representatives, meanwhile, have not responded to any comment.
Top Institutional investors Selling Bitcoin and Ethereum at Nearly 40% Lower price! Is Worst Yet To Come?
The crypto winter – fueled by the FTX collapse – has pushed Bitcoin and Ethereum prices to extreme oversold. According to our latest crypto price oracles, Bitcoin price is trading around $16,800, down 14 per cent in the last 14 days.
On the other hand, Ethereum’s (ETH) price is trading around $1,221, down 20 per cent in the past two weeks. With the top digital assets showing possible signs of dropping further, market strategists fear an induced crypto crash in the coming weeks.
While onchain data suggest that long-term holders may be accumulating at current levels, the possibility of further decline remains at play. Moreover, Bitcoin and Ethereum prices have maintained a falling trend since last year’s November.
As investigations surrounding the FTX saga continue, top institutional investors are reportedly selling at double-digit losses as they flee the volatility and unpredictable markets.
Institutional Investors’ Mixed Reactions to Bitcoin and Ethereum Prices
The insolvency of FTX and Alameda has exposed other crypto institutions, with Genesis Trading reportedly in hot soup.
Notably, Genesis Trading, a crypto lending platform for several central exchanges, including Gemini, has suspended withdrawals of the held digital assets. The firm announced a $175 million FTX exposure, which has left its balance sheet unbalanced.
On Friday, Grayscale’s Bitcoin Trust (GBTC) was trading at $9,562 per unit, 43 percent lower than the underlying value. Similarly, Grayscale’s Ethereum Trust (ETHE) was trading at $718 per unit on Friday, approximately 41 percent lower than the asset’s underlying value.
With the company holding 633.7k Bitcoins worth approximately $10.57 billion and 3.05 million ETH worth around $3.68 billion, increasing selling pressure may indicate more pain ahead in the industry.
Nonetheless, El Salvador president has announced that the country will purchase 1 Bitcoin Per day onwards. Hereby indicating that the country is bullish on the Bitcoin market in the long run.
As such, it is not clear if the worst-case scenario is yet to unfold in the crypto market.
FTX’s Demise Has Pushed Bitcoin Miners To Worst Situations! This Is How BTC Price Will React Next
The crash of the popular crypto exchange FTX has become an embarrassment for the entire crypto space as it failed to build trust among users and provide properly secured infrastructure.
FTX’s demise has undoubtedly thrashed several investors with a loss of billions of dollars and forced miners to give up their mining journey as their profitability has significantly decreased due to the market crash.
It is anticipated that the current crypto winter will have a prolonged effect on the market, extending by several months or even a year, as the remediation will take enough time.
BTC Miners’ Profitability Decreases As The Crypto Winter Intensifies!
Bitcoin miners seem to be in trouble as the crypto winter has not spared them from the impact of FTX’s collapse.
As Bitcoin trades near a vast bearish region of $16K, the mining potential of BTC miners decreases along with reduced profitability.
The margins of Bitcoin miners have been pushed into a compressed area as BTC holdings held by miners have touched a low of 1.826 million BTC, which is worth $30.6 billion.
Moreover, on-chain analyst firm, Glassnode, highlighted that the miner net position change has slipped to 10,972 BTC, the lowest since January 2022.
The firm further noted that Long-Term Holder supply has dropped by 61.5K BTC, registering a non-trivial event.
The BTC hash rate made a sharp decline, forcing miners to liquidate their positions of around 9.5% of the treasury, the steepest fall since 2018.
Another on-chain data provider, CryptoQuant, mentioned that miners exchanged a total of 1300 BTC on 8 November, the day of FTX’s collapse. The FTX’s failure has played a significant role in creating selling pressure in the price chart by BTC miners.
Additionally, Miner Position Index (MPI) has also made a low since May, indicating considerable momentum in BTC outflow by miners with respect to their one-year moving average.
Is It The Final Capitulation For BTC?
The downfall of FTX has become a black eye to the crypto industry as it has barred the market from making green candles in the price chart. The horrific event has trapped the BTC price near its crucial support region with no sign of a reversal.
BTC previously made monthly support at $18K, but a breakout below this has slumped the digital asset hard to the bottom line.
However, BTC tried to recover as it attempted to break its immediate resistance level of $17K following the news of Binance’s introduction of a reserve fund. It failed to hold its price after facing rejection.
Bitcoin price is now at a recovery phase at $16K as it forms a support level and continues to trade above it. Bitcoin is currently trading at $16.5K, which is above the 100-hour simple moving average, and a breakout above its immediate resistance level of $18K may bring a slight hope of a bullish comeback to investors as BTC can aim to trade near its EMA-100 trend line at $20.5K.
However, the RSI-14 still trades at an overselling region of 36-level, which can be a signal of a further downtrend for BTC.
If BTC falls below its Bollinger band’s lower limit of $15.5K, which is a crucial support level for initiating a bearish momentum, BTC price can make a bottom price range of $13K-$14K in the next few weeks.
Here is the Worst Case Scenario for Cardano(ADA) Price
Cardano’s price, in the past couple of hours, broke down from the crucial levels and almost reached the yearly lows. However, the bulls prevented the price from cementing at the lower support, yet the fear of revisiting these levels haunts the ADA price rally. While the scope of recovery or growth is pretty narrow at the moment, a failure at this point may further lead to a massive sell-off, dragging the price below $0.3 very soon.
The ADA price has been trading within a descending triangle for quite a long time, and the recent price action dragged the price below the crucial demand area. Moreover, the asset re-visited the yearly lows at $0.384, which has triggered a bearish trend for a long time. Therefore, the next couple of hours appears to be extremely crucial for the asset
A drop below $0.38 may lead to a plunge close to $0.35. If the bulls fail to hold at these areas, then a massive drop may lead the price to decline below $0.3. The bearish scenario is further substantiated by the whale holdings, which have dropped significantly in the past couple of months. As per the data from Santiment, the whales holding more than 100K ADA coins have dropped notably.
While the number of holders with ADA tokens between 1000 to 100K are rising which may indicate a bullish trend in the near future. However, considering the trade set-up at the monument, the bears seem to have dominated the entire rally. The Sharpe ratio has dropped heavily to -4.47 which indicates that the investment in ADA right now may attract huge losses or that the investment itself is very risky.
Overall, the situation does not seem to be in the bulls’ favour right now because the majority of the metrics are quite negative and point to the emergence of a bearish trend. Market participants shouldn’t be shocked if Cardano’s (ADA) price adds up to zero in value if the bulls persist in staying offshore for an extended period of time.
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Not Buying Uniglo.io (GLO), Cosmos (ATOM) And Quant (QNT) Now Might Be The Worst Decision You Make
Timing the market correctly with crypto investments is important. Sometimes, people invest in tokens when it’s simply too late to make real gains. Like those who bought SHIB after it pumped in price or those who bought BTC when it hit all-time highs. It’s a common mistake in investing, but many people jump onto bandwagons that have already enjoyed most of their successes.
And while BTC might still have the chance to fire back up past all-time highs, there are better investment ROIs out there right now if you think outside the box and get involved in slightly lesser-known tokens. While not every small token will go on to big futures, the ones that do will give you incredible upsides for your portfolio. And with GLO, ATOM, and QNT, experts have picked three credible platforms which they think have huge futures. Here’s why:
Uniglo (GLO)
GLO works by levying a sales tax on transactions to build the innovative GLO vault. This vault is made up of digital assets which protect the platform from wider market volatility or the performance of any one single asset. It gives holders complete peace of mind with a base price they can have faith in and one that isn’t prone to massive price dumps. It also gives holders the opportunity to own slices of assets they might not previously have been able to afford and the ability to join strong and steady growth as GLO becomes a more important part of the future of crypto.
Cosmos (ATOM)
As the internet of blockchains, Cosmos has helped create an incredible fertile ecosystem of interconnected apps and services in order to create a more user-friendly decentralized financial future. Experts think it has a strong range of use cases and could be a highly recommended investment right now if you’re looking for a smaller project that has the potential to rival some of the biggest names in the industry.
Quant (QNT)
Another blockchain platform that experts predict big things for is Quant. It’s helping create real-world solutions that are easy to use and provide real benefits for their users. That’s why it could also be a great investment right now at a price that might not be available for much longer.
Conclusion
QNT, GLO, and ATOM all have strong upsides. And if they continue to grow like experts think they will, current prices might be looked back on as massive discounts. That’s why you should consider investing in them immediately.
Find Out More Here:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Analyst Maps Worst Case Scenario For Bitcoin – BTC Price Might Drop To This Level
While the world’s first cryptocurrency, Bitcoin, is struggling to surge above $19k, one of the renowned analysts is predicting a bullish momentum for BTC amidst a bear market.
The analyst who is anonymously known as Pentoshi informs his 612,300 Twitter admirers that since the time Bitcoin reached its all-time high in November 2021, the macroeconomic environment has changed.
As per the analyst, the Federal Reserve’s terminal rate has widely changed from that of last year which is pointing towards the macro bottom. He claims that the terminal rates for this year will be 4.6% which is more than that of last year. Last year in December 2021, the terminal rates stood at 2.1%. Hence, he says it is difficult to see any upside as there are more possibilities for a downward trend.
Further, he asserts that after Bitcoin broke out from its lows on September 9th, his bearish stance towards the currency reversed. He believes that even Consumer Price Index (CPI) is on a quick pace due to which it’s hard to be bearish any longer.
A Short-Term Rally For Bitcoin (BTC)
At the start of September, the Federal Reserve claimed that it plans to increase the interest rate until it reaches 4.6% which is assumed to hit in 2023. Hence, as the interest rate is crawling closer to Fed’s claim, Pentoshi predicts a short-term rally for the flagship currency.
He claims a $12,000 to $14,000 range for Bitcoin after the currency sees a short-term rally
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Ethereum Price May Hit Worst Case in Q4 – Here’s The Potential Targets
Apart from the general market decline, which held ETH at the cycle lows, there were both positive and negative responses to the buildup to The Merge. About 4.19 million ETH worth $5.32 billion had already been sold by holders prior to the event on September 15.
However, investors started purchasing ETH again immediately after The Merge, and within a week, 1.15 million ETH, totaling $1.46 billion, departed the exchanges.
Unfortunately, the price of ETH started to decline instead of rise, and at the time of writing, it was trading below $1,300. A number of long-term investors (LTHs) were also seen shifting their holdings, erasing more than 1.26 billion days in the process. These days are essentially the quantity of ETH that investors own times the number of days since their previous transfer.
The next targets…
For short-term traders who engage in scalping or intraday trading, the first of these is appropriate. Since the level has been tested numerous times since July for higher lows, $1,426 has been identified as the crucial resistance on the 4-hour chart. By doing so, ETH will also be directly above the downtrend wedge, the second significant barrier.
This downtrend, which has been in place since the last all-time high in November 2021, has previously been tested multiple times and, despite being breached, has not yet turned into support. ETH will therefore be on the way to testing the third and most significant resistance – the 23.6% Fibonacci level – if it succeeds in doing so this time.
This Fib retracement of the slide from $3,520 to $996, which coincides at $1,591, is expected to serve as the starting point for a rebound. As long as there are no bearish signals before the start of the new year in 2023, ETH may be on the road to performing better if it recovers during the following seven days.
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Bitcoin Death Cross – Historical Data Hints BTC Price To See Worst Case Scenario Dropping This Level – Coinpedia – Fintech & Cryptocurreny News Media
Investors anticipate that the Federal Reserve will increase interest rates once again this week, which has caused significant losses for Bitcoin, Ether, and the overall crypto market. Despite a bullish shift in the market a day earlier, it was unable to reverse the trend.
Rekt Capital, a well-known crypto expert, expects that the price of Bitcoin might drop below $13,900 and reach $11,500 in the worst case scenario.
The Bitcoin price is currently failing to break the $20,000 mark on a monthly basis, displaying volatility. The $20,000-$23,350 region will mostly determine bulls and bears in this market.
However, the lackluster price movement in September shows that $20,000 is currently acting as a resistance level. The following support levels for Bitcoin are $17,165 and $13,900 if the price of the cryptocurrency falls below $20,000 by month’s end.
After a Death Cross, historically, the price of Bitcoin (BTC) develops a bottom at or below the 200-weekly moving average (WMA). Retracements following the Death Cross have ranged from -42% to -73%.
What does death-cross say?
Therefore, based on previous post-Death Cross retracements and support levels, it is expected that the price of bitcoin would bottom out at roughly $13,900. In the worst-case scenario, the price of bitcoin would fall to $11,500.
The drop looks most likely because the price of bitcoin has already fallen below the 200-WMA and the psychological milestone of $20,000.
However, compared to prior eras, there is a significant change in the market cap size, liquidity, and institutional and retail use of Bitcoin now.
In 2015, there were 547 days before the Bitcoin halving, while in 2018, there were 517 days. The bottom will therefore happen in Q4 of this year if Bitcoin is going to reach its lowest point 517–547 days prior to the planned April 2024 halving.
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Cryptocurrency liquidations Increase due to Investors Fear – Is Worst Yet to Come? – Coinpedia – Fintech & Cryptocurreny News Media
Despite a few positive developments earlier this month, the cryptocurrency market is currently on a downward trend as Bitcoin (BTC) is once again trading below the $20,000 mark. Even while Ethereum successfully accomplished the transition to proof-of-stake, its price has fallen dramatically as well.
Ethereum had earlier decreased below $1,300, while Bitcoin has plummeted below $19,000. In the previous 24 hours alone, the market capitalization of cryptocurrencies has changed by more than6 percent, dropping below $950 billion. Investors had hoped for more encouraging results, especially after patiently enduring a persistent “crypto winter” in 2022. Investors are becoming more fearful as a result of the correlation between the traditional market and macroeconomic problems.
Investors have moved a significant chunk of their money out over the past 24 hours as market indices printed red indexers. Over 124K dealers liquidated more than $420 million in assets from the cryptocurrency market in the last day, according to Coinglass.
The Bitmex market saw the greatest single liquidation of $10 million. In the meantime, the figures indicate that Ethereum, the second-largest cryptocurrency, has seen liquidation of over $161 million. Over the last 24 hours, ETH has experienced the most liquidation. After the Ethereum merge, this was not expected by the investors.
Liquidations on the rise
Over the past day, ethereum prices have decreased by about 4%. ETH is currently trading at $1,340. In order to trade at $1,289, it continued to decline below the critical $1.3k price level. Its 24-hour trading volume has increased by 101% to $20.6 billion, nevertheless.
The largest cryptocurrency, Bitcoin, has also declined by 3% and at the time of publication, the average price of BTC is $19,099. According to the data, almost $120 million worth of money has been transferred out of Bitcoin over the past 24 hours.
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Shiba Inu Traders To See Worst Days! SHIB Price To Drop Heavily
The overall crypto market has yet again dropped below the $1 trillion mark and is now positioned at $996.5 billion, and several major cryptocurrencies have lost their crucial levels and dipped massively. SHIB Inu is no exception to this.
The ongoing stagnant price action in the assets poses a warning to all the short-term and long-term investors. Shiba Inu’s momentum has held since early September. The four-hour candle from Sept 2-Sept 4 indicates that the currency is trading between $0.00001205 and $0.00001227.
Next, from Sept 7 to Sept 9, Shiba Inu displayed its price action near the same support line as the currency was again selling near the support level of $0.00001222 and $0.00001205 again.
SHIB Price To See Major Downtrend
Meanwhile, the Bollinger Band (BB) of Shiba Inu indicates that SHIB’s volatility has dipped. Despite the currency plunging by 90% since Sept 9, CoinMarketCap reports that SHIB has lost 4.64% in the last 24hrs.
While the meme currency trades in less volatility, the long-term traders will have to reconsider their trading strategy.
As per the 20 EMA and 50 EMA, SHIB should be indicating strong buying action, but that’s not the case as the price is stagnant at the moment. This is because the 50 EMA is approaching close to the 20 EMA- one of the reasons that buyers are moving away.
On the other hand, for short-term traders, the 200 EMA suggests that SHIB will not see a price surge in the days to come. However, SHIB tends to move along with Bitcoin, thus, if BTC sees a surge, there is still hope for the meme coin.
Even the Relative Strength Index (RSI) is indicating that buyers have actually lost their stance after SHIB crashed on 11th September.
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Bitcoin Tumbles With Worst CPI Inflation Report! Where BTC Price is Heading Next?
On September 13, Bitcoin (BTC) quickly fell below $22,000 as US inflation data disappointed forecasts. After the Consumer Price Index (CPI) inflation for August came in at 8.3% year over year, BTC/USD quickly dropped $1,000. The overshoot indicated that inflation was not dropping at the anticipated rate despite the assumption that the most recent figure would be 8.1%.
With the last week’s price surge, the BTC price has entered a ‘sell-zone’ where the bears are just waiting to hammer the price down. At the moment, the BTC price is experiencing a tough brawl between the bulls & bears, and the bears could emerge mildly victorious soon enough.
A well-known analyst, anonymously known as Crypto Capo, believes the price could slash back towards the buy zone, between $14,000- $16,000 over the next couple of weeks.
The analysts have been constantly tracking the BTC price for more than 5 to 6 days, ever since the price rebounded from the lows below $20,000. The analyst had predicted the price rise then, which the asset has been following until now. As speculated by the analyst, the recent target of $22,500 was attained by the asset and hence, he hopes the price would reclaim the $23,000 level very soon too.
Woefully, the BTC price is expected to undergo a massive rejection and plunge heavily to reach the bottom of around $15,000 in the first few days of Q4, 2022. On the bright side of things, the price would rebound finely after facing a slight obstacle at $19,000.
On the whole, the day’s close could play a vital role in determining the upcoming trend of Bitcoin.
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Global Finance Market Might See Worst Case Scenario If Inflation is Not Controlled
The Consumer Price Index (CPIS) has revealed that the inflation rates have kind of cooled down as they have dropped from 9.1% to 8.5%. However, even then, the broader picture states that currently, the inflation rate is high, resulting in decreased trust among market participants in the global economy.
Global economic growth continues to decline, posing a major threat to the crypto sector. If inflation is not controlled by this year’s end, we will likely witness a situation of havoc.
Debt Crisis
In an interview with Kitco news, Michael Gayed, a portfolio manager at Toroso events, spoke about what could have increased the inflation rate and what else could go wrong if inflation is not brought under control. The expert then says that there could be a debt crisis with an increased treasury revenue because the other countries will not repay their loans.
This is because, as per Gayed, while the dollar increases the other currency values plunge and it turns out to be real funding pressure as they don’t have a reserve currency.
Next, the expert says that there is a lot of indifference in the economy while the US dollar rises. Explaining his point, he claims that the global economy might end up at a point where the leverage is very high and the capital gains shall see an end. When this happens, he says, all of us will have to wait for things to settle down on their own.
The portfolio manager further stated that there might be deflationary incidents if the market refuses to pay back its dollar-denominated debt. This will point toward a default crisis.
In a nutshell, the path that inflation will take is still uncertain; thus, traders and investors should be cautious about their next step.
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Decoding the Worst Case Scenario For Bitcoin For This Week! Here’s What BTC Traders Should Know – Coinpedia – Fintech & Cryptocurreny News Media
All crypto assets, and particularly for Bitcoin, the past two weeks have changed significantly. Although the prices on the cryptocurrency market made some upward advances in July, the majority of tokens were unable to continue growing after that.
Recently, there have also been additional losses in the cryptocurrency market, which have upset the market’s mood.
The next potential market bottom may be examined when several price models were examined. A probable bottom is indicated by the delta pricing model to be slightly below $15,000. Given the current price action, this may be the most likely or closest thing to the true bottom. According to Crypto Quant’s findings, the model’s price estimate indicates that a possible bottom might be reached around $14,478.
It is uncertain whether Bitcoin will fall further lower in the foreseeable future. A number of unfavorable macroeconomic circumstances in recent years have caused the cryptocurrency to experience external turbulence never before seen.
BTC is unable to stay above the $20,000 resistance due to the bulls’ inability to maintain momentum. For the BTC bulls, clearing the $20,600 and $21,000 overhead resistance is proving to be quite difficult.
Since the indication in the Bitcoin price analysis gets more negative, the downtrend line rules supreme in the hourly charts.
BTC’s dominance drops
Bitcoin’s market capitalization share as a percentage of all other crypto assets is on the decline. Only 39.59% of the market is currently occupied by Bitcoin, with Ethereum coming in second at about 19%.
Bitcoin’s market share today is less than half of what it was in January 2022, when it was just under 72%. When compared to the share in recent months, the current levels are noticeably lower. BTC continued to hold a 47.49% market share in June 2022.
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Crypto Market Outlook For September 2022! Is Worst Yet to Come? – Coinpedia – Fintech & Cryptocurreny News Media
The history of the crypto markets over the past 12 years is being examined by a well-known analyst to predict how this month’s performance of digital assets is likely to pan out.
Popular cryptocurrency trader Benjamin Cowen informs his 766,000 YouTube subscribers in a new video update that Bitcoin (BTC) has seen bloodshed in nine out of the last twelve September.
As per analyst “If we go back and look at all the prior Septembers, just going back to 2010, you can see in fact that all but three of them have been red and the only ones that were green gave about 2.5% move to the upside, a 6% and a 15% move to the upside.”
In comparison with ETH, Cowen claims that the historical data for Ethereum (ETH), the most popular smart contract platform, also exhibits a similar tendency.
“We could also take a look at other things, like Ethereum, and question whether those are producing the same kind of results, and generally that is correct statistically.”
Cowen predicts a -12% movement for ETH in September. He categorically specified that not all Septembers are red. However, historically speaking, couple of Septembers were in green, but on average, you would expect it to be red.
What September Looks like For Crypto Market?
Looking at the trajectory of the total market capitalization of cryptos, Cowen analysed the prior year’s data and demonstrated the historical September woes of the asset class.
Looking at the data, he said that the only month that has experienced a decline since 2010 is September.
The last time September was positive for the entire asset class was in 2016 and 2015. However, September has not been a terrific month for the last five years.
If you look back to say 2017, the average return in September is approximately 7.5% to the downside. In the past, September has not been a favorable month for cryptocurrency.
Do we absolutely need a red month as a result of this? No, it does not, and the reason for this is that just because something occurs frequently, it does not necessitate that it also occurs frequently.
Although the overall trend in cryptocurrency has been bearish during September, Cowen points out that it’s still feasible for the crypto market to end the month in green.
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Bitcoin Enters Its Worst Month! Here’s How BTC Price Might Perform?
Statistically speaking, September was a poor month for the bitcoin market. Investor returns have been negative for the previous four September. The value of the largest cryptocurrency has dropped 20% since August 1. The technical analysis may point to a further fall in September as the trading session for today comes to a conclusion.
Since 2017, September has generally been a poor month for Bitcoin. In the previous five years, the average monthly decline in the price of bitcoin was 8.5%. Crypto analysts, however, think that this year is different since fundamentals and on-chain activity have increased along with adoption because of the price decline.
A market-wide sell-off caused the price of Bitcoin to fall below $21,000. The price of Bitcoin has been inactive for a while. Due to the low percentage of fees in total block rewards, there is less demand on the Bitcoin network. In the past, the BTC has always been oversold and bearish if the proportion of fees in the block reward falls below 3%. The negative cycle typically ends once the indicator rises above 3%.
Traders ought to hold out until the entire block reward goes over 3% in terms of fees. It will signal rising network demand, pointing to possible market strength. The network demand is still minimal, thus the new bull cycle is still some way off. Investors should therefore watch for a bearish rally to indicate a clear positive trend.
What are the Expert Opinions?
The price of Bitcoin at $19.9k, in the opinion of cryptocurrency analyst Michal van de Poppe, may further decline. A $19.5K sweep is anticipated. Additionally, he favors a break of $20.6k at shorter time frames to signal the end of a bullish trend.
Since the majority of cryptocurrencies are trading below their 20-day SMA, the crypto market is weak and stagnant, claims Crypto Birb. For Bitcoin to succeed, a break above the 200-WMA at $23k is necessary.