Ethereum (ETH) Struggles To Break Past $2,600: Whats Driving ETH Down?

Ethereum (ETH) has been trading within a daily range between $2,300 and $2,800 since the start of August. Over the past three days, the price has struggled to break past the $2,600 mark, raising concerns among analysts and investors.  Related Reading: Ethereum Price Freefalls 20% Following $600 Million ETH Liquidation This performance has led to disappointment, particularly when compared to Bitcoin’s stronger showing this year. Critical data from Farside Investors reveals decreasing interest in Ethereum ETFs, which has added to the cautious sentiment surrounding ETH. This decline in interest may indicate broader concerns about Ethereum’s future performance.  As ETH continues to face resistance at the $2,600 level, the market remains uncertain about its ability to break higher. The next few days will be critical in determining whether Ethereum can regain its momentum or if it will continue to lag behind its peers. The market is closely watching these developments, making this a pivotal moment for ETH. Ethereum ETFs’ Underwhelming Performance  The launch of Ethereum ETFs was anticipated with great excitement, but it quickly became a “sell the news” event. Data from Farside Investors reveals that Ethereum ETFs have flopped in performance since their debut. Both inflows and outflows have gone to virtually zero, reflecting a lack of sustained investor interest. This response contrasts sharply with the enthusiasm that preceded their launch. Moreover, Bloomberg data shared by Galaxy Research highlights that Ethereum ETFs are trading at significantly lower volumes compared to Bitcoin ETFs. This discrepancy is notable, particularly when considering the ETH/BTC trading volumes and market cap ratios on centralized exchanges (CEX). Despite Ethereum’s strong market presence, these ETFs are not capturing the same level of investor attention as their Bitcoin counterparts. The current data suggests that, under prevailing market conditions, investors are more inclined to favor Bitcoin or even explore alternatives like Solana over Ethereum. The lack of enthusiasm for Ethereum ETFs underscores the broader market sentiment, where Bitcoin continues to dominate, leaving Ethereum and its financial products trailing. This development raises questions about the future appeal of Ethereum ETFs and whether they can gain traction in an increasingly competitive market. Related Reading: Solana (SOL) Funding Rate Signals A Decline: Investors Expect $130 ETH Price Action Ethereum (ETH) is currently trading at $2,522, reflecting a period of uncertainty as it remains below the $2,600 mark since last Tuesday. This price point is significant because $2,600 served as a strong support level throughout most of August. The fact that it has now turned into resistance suggests that ETH could be facing further declines in the near term. For bulls to regain control and steer the price upward, breaking past the $2,600 resistance is crucial. Should this level be breached, the next target would be the local high of $2,820, signaling a potential bullish reversal. However, if Ethereum fails to reclaim the $2,600 level, it could lead to a continuation of the current downward trend, with the next key support level around $2,310. Related Reading: Investors Buying Bitcoin (BTC) Over Ethereum (ETH): Key Data Reveals This ongoing battle between support and resistance levels highlights the importance of the $2,600 mark in determining Ethereum’s short-term price direction. Cover image from Dall-E, Chart from Tradingview

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Can XRP Rally 1,000X Despite The Drop Below $0.6?

A crypto analyst predicts that the price of XRP, the native token of the XRP Ledger (XRPL) could witness a 1,000X rally soon. Despite the recent significant decline in the cryptocurrencys price, the analyst remains confident in the future outlook of XRP.   Related Reading: Crypto Analyst Warns That Bitcoin Could Crash To $42,000 If This Happens XRP Gears Up For 1,000X Surge A crypto analyst identified as Mickle on X (formerly Twitter) has shared bullish insights on XRPs future value, emphasizing the cryptocurrencys potential to break out of bearish trends and witness a massive rally to new highs. During his video post, Mickle revealed that XRP could witness a substantial bullish surge of 1,000X soon. This means that the crypto analyst expects XRPs price to rise from its current value of $0.57 to $570 in this bullish cycle.  The analyst has based his ambitious predictions on a positive regulatory change in the United States. According to Mickle, the US is set to witness a massive political shift that could favor the industry by providing clear regulations for cryptocurrencies to prosper. As a result, prominent cryptocurrencies including XRP are poised for a major breakout.  Mickle disclosed that the cryptocurrency community has endured an extremely hostile environment in the US, marked by numerous leading regulatory agencies taking seemingly aggressive enforcement actions against the industry. Despite these challenges, the analyst indicated that the crypto space has shown remarkable resilience and tenacity, emerging stronger after winning multiple court cases and successfully pushing for pro crypto legislation.  Despite the recent decline in the price of XRP, Mickle continues to remain bullish, doubling down on his predictions in his most recent posts. According to the analyst, XRPs price movement is currently in the process of finishing a massive formation similar to a symmetrical triangle pattern seen between 2013 to 2017.  Mickle highlighted that during XRPs triangle formation from 2013 to 2017, the cryptocurrency faced multiple declines and bearish sentiments. However, despite the downtrend, XRP experienced an unexpected surge, reaching new  price levels. Based on this analysis, the crypto analyst suggests that XRP is currently in a similar bearish trend but with a bullish outlook ahead. He believes that if XRP successfully completes this symmetrical triangle pattern, it could potentially witness an exponential breakout to the upside.  XRP Price Plummets Below $0.6  Earlier this week, XRPs price was trading above the $0.6 mark, displaying a strong tendency to break out of bearish trends and continue its upward momentum. However, in the last 24 hours, the cryptocurrency has dipped by a massive 10%,  presently trading at a price of $0.57.  According to CoinMarketCap, XRP has also recorded a sharp decline of 4.2% over the past seven days. This unexpected price dip comes as the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) nears conclusion.  Related Reading: ARB Market Plummets 14%, But New Developments Could Reverse The Trend Nevertheless, market intelligence platform, Santiment has revealed that when prominent cryptocurrencies like XRP, ETH, BTC, and others show low 7-day average trader returns, it suggests an increasing likelihood of a price rebound.  Featured image from Seeking Alpha, chart from TradingView

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Market Expert Predicts When Bitcoin Price Will Reach Its Cycle Highs

Crypto analyst Rekt Capital has provided insights into when the price of Bitcoin will reach its cycle highs. His analysis has provided reassurance that the flagship crypto is still far from a market top despite its recent decline to new lows this week.  Related Reading: Dogecoin Decimated: $5 Million Liquidation Sparks 14% Price Plunge When Will Bitcoin Peak In This Bull Run Rekt Capital mentioned in an X (formerly Twitter) post that Bitcoin could peak in this cycle sometime in mid-September or mid-October 2025 if history were to repeat itself. The analyst noted that Bitcoin peaked 518 days after the halving event during the 2017 bull run and 546 days after the halving event during the 2021 bull run.  Based on this, the analyst predicts that Bitcoins market top in this bull could occur between 518 and 546 days after the halving event, which happened earlier in April. This timeline puts the projected peak for Bitcoin sometime in September or October next year. Meanwhile, Rekt Capital again alluded to the fact that Bitcoin was accelerating in this cycle by 260 days earlier this year.  However, that is no longer the case thanks to the over three-month consolidation period the flagship crypto has experienced since the halving event. Rekt Capital claimed that the rate of acceleration has drastically dropped and is now approximately 150 days. He added that Bitcoin will likely resynchronize with the traditional halving cycle the longer it consolidates.  The crypto analyst has also refused to be deterred by Bitcoins current price action, which some claim suggests that the bull run is over. However, Rekt Capital has repeatedly stated that Bitcoin will retrace deep enough to convince anyone that the bull run is over, and then it will continue its uptrend.   In another X post, Rekt Capital mentioned that Bitcoins downtrend, which began last month, is one to watch for a major trend shift. The analyst remarked that a break of the multi-week downtrend would result in the beginning of at least a multi-week uptrend for the flagship crypto.  Bitcoin is now trading at $56,693. Chart: TradingView ‘This Is Not The Cycle Top Vibes’ Crypto analyst Mikybull Crypto also believes that the cycle top isnt in yet despite Bitcoins recent decline, stating that this price action is not the cycle top vibes. The analyst also said that Bitcoins current sell-off bottom might be closer than everyone thinks and noted that this scenario played out in the third quarter of 2023 when most people thought it was over.  Related Reading: Buy The Dip? XRP Whales Doing Exactly That Is A Price Rally Next? The analyst previously mentioned that the cycle top isnt in yet and simply classified this market downtrend as the final shakeout before Bitcoin reaches its peak in this bull run. Mikybull Crypto also claimed that Bitcoin has a cycle top price target of $171,000, meaning that the flagship crypto will still hit new all-time highs (ATHs) before the bull run was considered as being over.  Featured image from Getty Images, chart from TradingView

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Bear Market Bites: Chainlink Loses 10%, Further Downturn To $6.80 Feared

The cryptocurrency market continues its summer swoon, with major coins like Bitcoin tumbling to four-month lows. Chainlink (LINK), a key player in the decentralized oracle network space, has been especially hard-hit, dropping 25% since the beginning of June. But is this a buying opportunity, or the precipice of a steeper decline? Related Reading: Polkadot Under Fire: 20% Price Drop Follows $87 Million Spending Outrage This Chart Pattern Looms Large Technical analysts are scrutinizing Chainlink’s chart, with a particular focus on the dreaded “Head and Shoulders” pattern. This formation, characterized by a central peak flanked by two smaller ones, often signals a trend reversal from bullish to bearish. Analyst Ali Martinez believes a breach of the neckline, the support level currently hovering around $12.70, could trigger a significant downturn. #Chainlink $LINK faces a potential 45% price correction if it falls below $12.70! pic.twitter.com/8NGwMzEIhR Ali (@ali_charts) July 4, 2024 If LINK falls below $12.70, we could see a cascading sell-off, warns Martinez. This could push the price down to $6.80, a staggering 45% drop. Fibonacci retracement levels, a technical tool used to identify potential support and resistance zones, further bolster this bearish outlook. The 0.786 Fibonacci level aligns perfectly with Martinez’s target of $6.80, lending credence to his prediction. Bearish Sentiment Grips The Market Adding fuel to the fire is the overall bearish sentiment gripping the crypto market. The Fear and Greed Index, a measure of investor sentiment, currently sits at a chilling 26, firmly in “Fear” territory. This fear is reflected in LINK’s trading activity. The price is struggling to stay above the critical $12.70 mark, and any decisive break below could accelerate the sell-off. A Glimmer Of Hope: Oversold Territory And Price Prediction However, a glimmer of hope remains. The Relative Strength Index (RSI), another technical indicator, suggests LINK might be oversold. The RSI is currently at 28, dipping into “oversold” territory. This could signal a potential short-term bounce, as oversold assets often experience temporary price corrections. Interestingly, some analysts contradict the prevailing bearish sentiment. Price for LINK is seen increasing 52.73% by August 5th, pushing the price to a healthy $18.97. While technical analysis paints a bleak picture, this prediction offers a counterpoint, highlighting the inherent uncertainty within the crypto market. Related Reading: Buy The Dip? XRP Whales Doing Exactly That Is A Price Rally Next? The Road Ahead For LINK Ultimately, the future of Chainlink remains shrouded in uncertainty. Technical indicators scream caution, while some analysts maintain a bullish outlook. The coming weeks will be crucial for Chainlink. Will it defy the bearish whispers and stage a comeback, or succumb to the gravitational pull of a deeper correction? Featured image from Coldkeepers, chart from TradingView

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Bitcoin Back On Radar To Hit $80,000, Then New ATH, Analyst Says

The most often used cryptocurrency worldwide, Bitcoin, has had an impressive price rise over the past few weeks, considerably raising trader confidence. The bigger cryptocurrency market still exhibits volatility even with Bitcoin’s recent rallies. Thanks to Ethereum ETFs, which have created conditions perfect for significant price movements, the market is today far more liquid. As [...]

The post Bitcoin Back On Radar To Hit $80,000, Then New ATH, Analyst Says appeared first on Crypto Breaking News.

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Technical Indicators Show Strong Bitcoin Bullishness New ATH On The Horizon?

Bitcoin has definitely performed on the bullish side for the past three weeks. Many investors are now convinced of the full return of bullish price actions, and various technical indicators support this surge in optimism. One such indicator is the hash ribbon, which highlights a positive price momentum for Bitcoin. Related Reading: Solana Set For 900% Rally With Breakout From This Pattern Analyst The hash ribbon provides a compelling view of on-chain activity by tracking the behavior of miners, who are known to have a direct influence on the cryptocurrency’s price. Price Momentum Flips Positive Crypto analyst Ali Martinez highlighted an intriguing phenomenon with the hash ribbon indicator on social media platform X. As noted by the analyst, the hash ribbon is signaling the end of miner capitulation, which suggests that the BTC price momentum has shifted from negative to positive.  The hash ribbon indicator analyzes Bitcoin’s hash rate using the 30-day and 60-day moving averages to gauge miner activity and network health. When the 30-day moving average drops below the 60-day, it indicates miner capitulation; when it crosses back above, it signals recovery and potential bullish price action. As shown by the price chart below, the last miner capitulation began on June 17 after the 30-day moving average crossed below the 60-day moving average. Recent market dynamics have seen the 30-day moving average crossing back up, suggesting that miners are now at a bullish outlook.  Bitcoin miners have faced challenges since the April 2024 halving, which reduced their daily revenue from an average of $70 million pre-halving to $30 million post-halving. This revenue drop forced many miners to sell their BTC holdings to cover operational costs. However, recent data indicates that miner capitulation may be nearing its end, as increased activity on the Bitcoin network pushed daily miner revenue back above $40 million. Positive Bitcoin Comments Reach Highest Level In 16 Months Still in the spirit of bullishness, crypto on-chain intelligence platform Santiment noted Bitcoin’s bullishness among market participants is now at its peak. Santiment’s data reveals that the ratio of positive versus negative comments about BTC on social media has surged to its highest level since March 2023 as investors become increasingly optimistic about a new all-time high. This surge in positive sentiment can be attributed mainly to the favorable mentions of Bitcoin at the recently concluded Bitcoin conference. During the conference, Republican presidential candidate Robert F. Kennedy Jr. reiterated his bullish stance on Bitcoin. Related Reading: Bitcoin Supply Drop Signals Upbeat Price Movement, Analyst Says Additionally, former president and current Republican nominee Donald Trump altered his previous stance on Bitcoin and expressed support for the cryptocurrency. Trump also promised to fire SEC Chairman Gary Gensler, who is known for his very strict approach towards Bitcoin and other cryptocurrencies, if elected president.    The combination of political support and positive sentiment on social media has fueled mentions of Bitcoin reaching a new all-time high in August. At the time of writing, Bitcoin is trading at $67,500. Featured image from Vecteezy, chart from TradingView

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Solana Confirms Upside Breakout With Bullish Pennant Heres The Target

Solana continues to showcase a positive price movement as it outperforms the rest of the market. This recent surge in value allowed Solana to surpass Binance Coin (BNB) in market capitalization rankings last week, marking a significant milestone for the digital asset. Related Reading: MANA Soars As Market Optimism Returns, Next Stop $0.3713 Level Delving deeper into its performance, technical analysis suggests that Solana’s bullish trend is likely to persist into the coming week. Indicators point to sustained momentum, which could see its price continue to climb. Captain Faibik stands out with a particularly bold prediction. The crypto analyst forecasted a substantial rally for Solana, projecting its price could soar to as high as $1,000. Bullish Breakout For Solana Technical analysis shared on social media platform X by renowned crypto analyst Captain Faibik has brought attention to a significant development for Solana’s price. According to his analysis, recent price movements have caused Solana to break out of a bullish pennant formation on the weekly timeframe. Bullish pennant patterns typically emerge after an uptrend and signal the continuation of this upward trend after a period of consolidation. For Solana, the formation of this pattern began with a strong price rally that started in August of last year, culminating in a peak above $200 in April. Following this peak, Solana entered a consolidation phase characterized by progressively higher lows and lower highs, eventually reaching a low of $127. Solana is experiencing renewed bullish sentiment, indicating that the consolidation phase might be ending. The cryptocurrency has recently surged past $185 again, confirming the bullish pennant breakout identified by Captain Faibik.  $SOL Bullish Pennant Upside Breakout has Confirmed on the Weekly timeframe.. Massive Bullish Rally incoming..#Crypto #SOL #Solana pic.twitter.com/9IT2o4Yafs Captain Faibik (@CryptoFaibik) July 27, 2024 Whats Next For Solana? At the time of writing, Solana is trading at $184, marking a 7% increase over the past seven days. Captain Faibik suggested that this breakout could lead to an extended rally for Solana, and he set a price target of $1,000. This represents a 446% increase from the current price level. While this may seem ambitious, other crypto analysts have made similar projections amidst the bullish sentiment. SOL would need to break above various price levels and walk into a new all-time high to hit this price point.  Related Reading: Ethereum Open Interest Rises By $1.5 Billion What This Means In addition to its price performance, Solana has experienced a significant surge in activity since the beginning of July. The number of daily active addresses has soared, reaching a new all-time high. At the time of writing, daily active SOL addresses stand above 2 million, which is a 38% increase from 1.45 million active addresses registered on July 10. This uptick in user activity further shows the growing interest and confidence in Solana within the crypto community. Featured image from Pexels, chart from TradingView

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Analyst Predicts Solana Rise To $1,400 As Similarities With July 2021 Emerge

Crypto analyst Ali Martinez has identified similarities between Solanas current price action and the 2021 bull run. Based on his analysis, Solana (SOL) could rise above $1,000 if it mirrors its move from 2021.  Solana Could Rise To As High As $1,400 Related Reading: Solana Set For 900% Rally With Breakout From This Pattern Analyst Martinez predicted that Solana could rise to as high as $1,400, revealing that Solana is looking a lot like July 2021. July 2021 was when SOL began its parabolic run in the last market cycle, going from about $30 to its current all-time high (ATH) of $260 in November 2021.  Based on the chart Martinez shared, Solana is again at that breakout point where it could enjoy a massive rally and rise by over 700% to $1,400. Interestingly, the analyst predicts SOL could reach this price target by November. However, it is worth mentioning that SOL didnt enjoy its 2021 parabolic rally until the following year after the halving event in that market cycle.  As such, Solana may not enjoy such a run until the latter parts of this bull run. Whatever happens, Martinez is confident that SOL will rise above $1,000. Before now, he stated that early signs of a breakout from a bull pennant suggest a potential 900% rally ahead for Solana as it climbs above $1,000.  More recently, the analyst also alluded to a CoinGecko survey, which revealed that only 10.6% believe Solana can rise above $1,000. Based on his prediction, Martinez mentioned that he would bet the house on Solana reaching this milestone.  Solana undoubtedly boasts a bullish outlook, and it is no surprise that analysts like Martinez are confident that the crypto token could reach such heights. SOL has continued to make its mark in this bull run and even recently flipped BNB to become the fourth-largest crypto token by market cap. It is worth mentioning that Solana is currently outperforming Bitcoin and Ethereum in this market cycle, and crypto analysts like Borovik have raised the possibility of SOL flipping ETH.  Solanas Price Target In The Short Term  Crypto analyst Rekt Capital recently suggested that Solana could rise to $202 soon enough. This follows his recent analysis, in which he noted that SOL looks to have successfully retested the $180 support level. He added that Solana will be able to revisit the $202 resistance level over time if it can continue to hold $180 as its new support.  Rekt Capital previously mentioned that a successful retest of the $180 price level as new support for Solana could enable a trend continuation to the upside. As such, Solana could retest the $202 resistance level and even enjoy a successful breakout from that range, which would put its current ATH in sight.  Related Reading: Bitcoin Supply Drop Signals Upbeat Price Movement, Analyst Says At the time of writing, Solana is trading at around $184, up over 4% in the last 24 hours, according to data from CoinMarketCap.  Featured image from Reddit, chart from TradingView

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Why is Bitcoin price volatile today?

Bitcoin price whipsawed to $66,000 before recovering the top of its intraday range. Analysts explain why BTC is volatile today.

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ORDI Soars 26% On Solid 7-Day Run Can It Climb Higher This Week?

Ordinals are a relatively novel innovation within the crypto space, but ORDI, the cryptocurrency with the Ordinals namesake, is within the grasp of the bears. According to the latest market data provided by CoinCodex, the token is down nearly 5% within the last 24 hours despite Bitcoin making an 11% gain within the past week. Related Reading: Here Are 5 Reasons To Be Bullish On Bitcoin, Analyst Says Up And Down The Rabbit Hole Even though the market seems bullish for Bitcoin and the market as a whole, Ordinals seem to go against the grain. Analysts are hopeful that ORDI is on the path to a potential bullish breakthrough, however, this seems unlikely. Although BRC-20 standard tokens are following the general market trend, ORDI in itself is bland, offering no other utility, unlike others within the same category. But its utility in bringing NFTs to the Bitcoin blockchain might provide some value to the mix. A recent State of the Union-esque done at Christies Art and Tech Summit showed that the NFT markets relationship with the traditional art world is in a transitional stage. “We know that there is a provenance verification opportunity here. We all know it and we all know that the art world is resisting it because it suggests transparency, which we say we want but we don’t really want,” Pace Gallery CEO Marc Glimcher said at the event. If Bitcoin Ordinals keeps attracting developers to its niche, further expanding the codebase on Github, there might be a chance that an increase in development for the open-source platform will lead to overall higher adoption of the BRC-20 standard that will increase investor confidence towards the asset. $50 ORDI Closer Than Expected? Despite volatility being a double-edged sword for the most part, ORDI bulls are in a great position to push the token to its limits; At the time of writing, ORDI sustained a solid 26% rally in the weekly frame. And at $41.33, the price offers little resistance to the overall positive mood of the market, which might lead to a bullish takeover within the next couple of days. ORDI price up in the weekly frame. Source: Coingecko Related Reading: AVAX Brushes Off Bearish Pressure With 11% Rally Details Once this occurs, ORDI has a higher chance of meeting the $50 mark within the next few weeks. But the high volatility also means that this move of accumulation will be a gamble for investors and traders as more and more analysts eye a bigger breakthrough in the long run. This scenario is highly dependent on the general market upswings that might or might not occur these next few weeks. Investors and traders should monitor the market and look for other opportunities before considering a runback to ORDI. Featured image from Pexels, chart from TradingView

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Solana Leads Crypto Rally As Expectations For A Break Above $200 Grow

Solana has recently captured the attention of market participants with a remarkable surge to $175, stunning investors and analysts alike. Solana is currently up 40% from its lowest point of $123 this month. The cryptocurrency’s strong upward momentum has reignited optimism among traders and investors, who are now eagerly anticipating a potential breakthrough above the $200 mark in the coming week. Related Reading: Here Are 5 Reasons To Be Bullish On Bitcoin, Analyst Says Traders have also noted the formation of a bullish pennant formation on the SOL price chart, which reaffirms the expectations for a $200 SOL price. This pattern is typically seen as a continuation signal, suggesting that the current uptrend may persist into the coming week. Growing Speculation Of SOL Breaking Above $200 According to data from Santiment, Solana has experienced an impressive breakout, surging by 33% since the 4th of July. Interestingly, the on-chain tracker observed that despite this significant price increase, there was still a notable amount of negativity surrounding Solana among some traders. This persistent skepticism created a Fear of Missing Out (FOMO) among the majority of investors, which in turn fueled the upward momentum of Solana’s price. The price surge means that Solana faithful, which have held on despite the extended drop last month, have been largely rewarded for their patience.  The Solana faithful have been rewarded for their patience as prices have broken out +33% since the 4th of July. The climb is being fueled by crowd doubt toward SOL. Until FOMO replaces the FUD, $200 SOL is very much reachable soon. pic.twitter.com/hLpf8qZVqb Santiment (@santimentfeed) July 19, 2024 Analysts at Santiment are optimistic about Solana’s future, predicting that the current price surge will continue and potentially push SOL past the $200 mark again. At the time of writing, Solana is trading at $171, which means it would need to experience an additional 17% increase to reach the anticipated $200 level.  Until FOMO replaces the FUD, $200 SOL is very much reachable soon, Santiment said. This projection of continued growth is grounded in recent market trends and the overall bullish sentiment that has been building around Solana. Investors and traders are watching closely to see if Solana can maintain its momentum and reach the $200 target.  SOL Technical Analysis Technical analysis on SOL price also suggests a bullish breakout above $200. According to crypto analyst CryptoBusy, Solana is now forming a pennant formation on the daily candlestick chart. The chart reveals that since March 2024, Solana has exhibited a pattern of lower highs and higher lows, drawing out a tightening range and a squeeze in price corrections. This consolidation phase typically sets the stage for a breakout, with CryptoBusy suggesting a price target of around $210 if Solana breaks to the upside. #Solana $SOL HUGE PENNANT on the 1D chart! Watch out for this price action! https://t.co/GF2BfV0Dtv pic.twitter.com/Hlh73PKHq9 CryptoBusy (@CryptoBusy) July 18, 2024 Related Reading: AVAX Brushes Off Bearish Pressure With 11% Rally Details On the other hand, crypto analyst Ali Marinez believes the pennant flag is setting Solana up for a potential 900% rally up to $1,800. Such a massive surge, while speculative, underscores the bullish sentiment and the current FOMO surrounding Solana within the crypto community. #Solana is eyeing $1,000! Early signs of a breakout from a bull pennant suggest a potential 900% rally ahead. pic.twitter.com/DuFJF4h9dX Ali (@ali_charts) July 20, 2024 Featured image from Mudrex, chart from TradingView

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Filecoin Boom Incoming? Market Optimism Fuels Cryptos Next Breakout Star

Filecoin (FIL) is taking the spotlight in the crypto market, and humming with activity. Both analysts and investors are attentively observing the digital asset; many of them project a rapid increase in the not too distant future. Related Reading: Floki Inu To Build Schools In India, FLOKI Price Seen Hitting $17 A convergence of events drives this hope. One such indicator is the TD Sequential, a technical analysis tool reserved for professional traders; it has just produced a bullish signal for FIL. The number of individuals with a positive outlook for the altcoin has been up. Additionally, the coin’s Relative Strength Index (RSI) has been rising, suggesting that the price may break off of key support levels. The TD Sequential presents a buy signal on the #Filecoin $FIL 3-day chart, anticipating a rebound of one to four candlesticks! pic.twitter.com/DVenXriA24 Ali (@ali_charts) July 10, 2024 Renowned crypto expert Ali Martinez has supported the positive story and forecasts a significant climb for FIL. Other market sentinels that highlight Filecoin’s previous success during optimistic cycles and its endurance during market downturns agree with his points of view. A Potential Digital Storage System Filecoin transcends being a mere digital asset, notwithstanding the positive outcomes of technical analysis. This distributed storage system has the potential to revolutionise data access and storage, addressing the increasing need for safe and efficient data management solutions. The increase in previously unheard-of amounts of data every day makes robust and scalable storage solutions even more crucial. The distributed approach used by Filecoin is a viable remedy for problems like data breaches and censorship that arise with centralised data storage solutions. Price Forecast For Filecoin The Filecoin price is expected to surpass its significant resistance level and potentially reach its upper high of $5.530 in the near future, assuming the market maintains its current momentum. In this month, adverse price action could potentially push the price towards its critical support level of $3.00. Related Reading: Solana Frenzy: Big Buyers Fueling Rally On Top Crypto Exchanges Filecoin is currently trading at $4.01, having experienced a 0.10% increase in the past seven days. Current price prediction by CoinCheckup indicates that the price of FIL will increase by 48% over the next seven days, reaching $5.95. The long-term outlook for Filecoin is optimistic at the $10.69 in the next 12 months, which would represent a 167% increase. As Filecoin reaches important price thresholds in the future, investors should keep a close eye on the cryptocurrency through careful monitoring, given that FIL has set a long-term goal of $14, the cryptocurrency industry is extremely competitive, and the network is on the verge of achieving an optimistic trajectory in this market. As market circumstances continue to shift, the tenacity and ability of Filecoin to create profitable possibilities continue to attract the interest and expectation of crypto fans all around the world. Featured image from Pexels, chart from TradingView

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Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears

Polkadot (DOT), the self-proclaimed “King of Interoperability” and once a darling of 2021’s bull run, is currently trading around $6.42, a far cry from its November 2021 peak of nearly $60. A flicker of optimism about DOT remains despite the general bearish outlook, as technical analysis points to a potential price turnaround in the horizon. Related Reading: Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale? Falling Wedge Hints At Bullish Breakout Technical analysts are a breed known for their fascination with squiggly lines and cryptic patterns. However, for some Polkadot investors, these lines might hold the key to future gains. Enter the “falling wedge,” a bullish reversal pattern identified by prominent analyst WorldOfCharts on DOT’s 12-hour timeframe. $Dot Forming Falling Wedge Incase Of Successful Breakout Expecting Move Towards 11-12$ In Coming Days #crypto #Dot #Polkadot pic.twitter.com/VymXK89QN0 World Of Charts (@WorldOfCharts1) June 12, 2024 This pattern, characterized by converging downward trend lines, suggests a weakening of the downward momentum, potentially leading to a price surge upwards. The point of convergence for these lines acts as a critical juncture, where a successful breakout could propel DOT’s price towards the much-desired $11-12 range. DOT Price At A Glance Polkadot (DOT) currently holds the 14th rank in the cryptocurrency market. With a circulating supply of approximately $10.87 billion DOT and a market cap of 1.44 billion DOT, its value has increased by $0.06 in the past 24 hours. Over the last 7 days, DOT has risen by 16%, reflecting strong upward momentum and potential for investment. In the past month, DOT has seen a 1.83% increase, adding $0.14 to its value, indicating a promising outlook for potential future growth as a stable asset in the cryptocurrency market. Fibonacci Retracement: A Golden Opportunity? Another analyst throws their hat into the bullish ring, identifying a potential trade opportunity for DOT. LongtermX, who is known for their Fibonacci-focused predictions, highlights a possible 44% upswing for DOT, targeting the 0.618 Fibonacci retracement level at roughly $9.50. This level represents a significant resistance point, but if DOT can break free from its current price range, it could signal a significant shift in momentum. Beyond The Charts It’s important to remember that Polkadot’s potential extends beyond the realm of technical indicators and price predictions. As the “King of Interoperability,” Polkadot boasts a unique architecture that allows different blockchains to communicate seamlessly. This interoperability is a game-changer in the fragmented world of blockchain technology, potentially enabling the creation of a truly interconnected Web3 ecosystem. Related Reading: Bitcoin Ownership Trends: Short-Term Spike As ETFs Gain Popularity Report Meanwhile, recent developments within the Polkadot ecosystem further bolster its long-term prospects. The successful implementation of Asynchronous Backing marks a significant step towards Polkadot 2.0, a major upgrade promising increased scalability and security. Additionally, Polkadot’s innovative community-driven sponsorship of IndyCar driver Conor Daly showcases the project’s commitment to unconventional marketing strategies. Featured image from MAYK, chart from TradingView

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Solana Searching For Direction: Will SOL Break Free Or Fall Flat?

Solana (SOL) finds itself stuck in neutral. Once a frontrunner in the 2023 crypto bull run, SOL’s price has been range-bound between $155 and $170 for the past few days, leaving investors cautiously optimistic but undeniably perplexed. Related Reading: Bitcoin Buoyed By Big Money: Whales Gobble More BTC, Signaling Bullish Outlook Technical Tug-of-War: Bulls Vs. Bears Technical indicators paint a conflicting picture for the high-speed blockchain darling. The dreaded “death cross” a bearish signal formed when the 50-day moving average dips below the 200-day average has materialized, suggesting a potential short-term price decline. However, the Relative Strength Index (RSI) remains neutral, hinting at some underlying buying pressure, albeit weak. The social media front isn’t much clearer. Mentions and discussions surrounding Solana have dipped, indicating a decline in public interest. Additionally, trading activity has plummeted by over 50%, mirroring the community’s lukewarm engagement. Whispers Of Opportunity Despite the prevailing uncertainty, there are glimmers of potential for bullish surges. The derivatives market reveals an interesting dynamic. While the overall long/short ratio suggests investor indecision, some major exchanges like Binance and OKX see a more optimistic outlook with higher long positions. Furthermore, recent price spikes have triggered short liquidations, indicating that short-sellers might be getting squeezed out, potentially paving the way for a short-term rally. This phenomenon highlights the inherent volatility of the crypto market, where sudden bursts of bullish momentum can catch bears off guard. Solana Price Projection Looking ahead, analysts offer a mixed bag of predictions. Some, like the report from CoinCodex, predict a bullish surge to $185 by July 10th. However, this optimism clashes with the bearish technical indicators and the “greed” reading on the Fear and Greed Index, which could signal overvaluation. The path forward for Solana hinges on several factors. External influences, like regulatory decisions or broader market trends, could significantly impact its price. Additionally, the success of upcoming projects on the Solana blockchain could reignite investor interest and propel the token value upwards. Related Reading: Ready To Strike? Bitcoin Poised For A Big Move After Major Consolidation Solana’s current predicament is a microcosm of the broader cryptocurrency market. While innovation and potential abound, uncertainty and volatility remain constant companions. Investors in the Solana ecosystem, along with the rest of the crypto world, are left in a wait-and-see mode, eagerly awaiting the next move in this intricate game of digital value. Featured image from Live Wallpaper, chart from TradingView

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Ethereum Whales Sell, Solana Stalls, & BlockDAG Buyer Battles Take Over

Ethereum (ETH) whale action signals profit exits, Solana (SOL) price action pauses at resistance, and BlockDAGs Buyer Battles heat up its run for top performing crypto.

The post Ethereum Whales Sell, Solana Stalls, & BlockDAG Buyer Battles Take Over appeared first on Kanalcoin.

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XRP Holders Stack Coins Despite Price Dip: Bullish Signal Or HODL Of Desperation?

The cryptocurrency market has been battered by recent storms, with many altcoins experiencing significant price drops. XRP, however, seems to be weathering the tempest with a hint of defiance. While its price has dipped, on-chain data reveals intriguing trends that suggest a potential silver lining for XRP investors. Related Reading: Is MATIC Poised For Takeoff? Key Area Breaks Records, Fueling Bullish Outlook XRP Accumulation On The Rise: Diamond Hands Or Whale Whispers? Despite the price decline, a surprising trend has emerged. The number of investors holding between a thousand and 1 million XRP tokens has actually grown by 0.20% over the past month, according to data from Santiment. This could signify a growing population of “diamond hands” investors who hold onto their XRP despite market volatility, believing in its long-term potential. However, another possibility exists. The decrease in the number of whales holding between 1,000 and 1 million XRP tokens could indicate these larger investors are consolidating their holdings, potentially accumulating even greater amounts of XRP. This consolidation could be a precursor to future market moves by these whales. Source: Santiment Technical Indicators Whisper Of A Price Reversal: Bullish Undercurrents? Technical analysis paints a cautiously optimistic picture for XRP. The Chaikin Money Flow (CMF), an indicator that tracks the flow of money into and out of an asset, has been trending upwards despite the price decline. This “bullish divergence” suggests that even as the price falls, there might be a hidden buying force accumulating XRP. Investors might be interpreting the price drop as a buying opportunity, anticipating a future upswing. Total crypto market cap currently at $2.29 trillion. Chart: TradingView A Sea Of Uncertainty: Legal Battles And Market Headwinds While the on-chain data and technical indicators offer some positive signs, it’s crucial to acknowledge the storm clouds still lingering over XRP. The ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow. The outcome of this case could significantly impact XRP’s price and overall market perception. Related Reading: PEPE Primed For A Big Leap: 80% Price Increase Incoming? Furthermore, the general health of the cryptocurrency market remains a significant factor. If the broader market continues its downward trend, it could drag XRP down with it, regardless of any positive on-chain developments. A Coin To Watch? XRP’s current situation is a curious mix of resilience and vulnerability. The uptick in smaller investors and potential whale consolidation suggest some underlying belief in XRP’s future. The technical indicators hint at a possible price reversal, but the legal battle and broader market uncertainties create a complex landscape. Featured image from VitalMTB, chart from TradingView

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Traders say Bitcoin price fights last resistance at $69K before new all-time highs

Bitcoins price has remained stuck below $69,000 over the past 10 weeks, but analysts say it is a healthy price action.

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Biggest Friend.tech whale dumps tokens as users struggle to claim airdrop

The largest Friend.tech whale has sold all their holdings, causing the new token to fall over 50% in value while other users can still not claim the airdrop.

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Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its bullish momentum, with the Bitcoin price reclaiming the crucial $61,000 threshold.  This recovery follows a week-long downtrend that led to a 20% drop to $56,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger. Bitcoin Bulls Eye $68,000 According to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as $67,000 to $68,000. However, at the present moment, this level continues to pose a significant resistance. Related Reading: Standard Chartered Bank Analysts Sound Warning Alarm: Bitcoin Price Can Still Drop To $50,000 Analyzing the recent correction in the Bitcoin price, analyst Crypto Con suggests that the market correction was necessary for the long-term price trajectory.  The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to indicator support zones, such as the Directional Movement Index, indicate a healthy price consolidation. In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment.  According to their data, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price. Bitcoin Price Poised For Bullish Surge Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, suggesting that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory.  This occurrence has historically been followed by an upward price movement in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure. Related Reading: Why This Crypto Bull Run Might Not Live Up To The Past: Analyst Another positive signal highlighted by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement.  The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the cycle top is approximately 19 months, indicating the potential for a sustained upward trend. Currently trading at $61,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends. Featured image from Shutterstock, chart from TradingView.com

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Why Did CORE Price Surge 20% While The Crypto Market Dumped?

CORE, the native token of the layer-1 network CoreChain, has surged over 20% in the last 24 hours. This is a notable price increase, considering the downward trend in the broader crypto market with the prices of other major cap tokens, including Ethereum (ETH) dumping.  Related Reading Why CORE Soared By Over 20% COREs price [...]

The post Why Did CORE Price Surge 20% While The Crypto Market Dumped? appeared first on Crypto Breaking News.

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