Crypto News

Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon

Avalanche (AVAX) price is seen to soar by 24% or $32 within its consolidation period. A breach projected overshooting the descending parallel channel would nudge AVAX closer to its hurdle or resistance level at $25. After AVAX was able to maintain support at $22.50, a bull run is anticipated to happen. Avalanche was recently rejected at $25 due to strong selling activity which precipitated a rebound seen in the last week of July. The challenge here lies with AVAX ability to soar above the descending parallel channel to stir up a spike of 24% from along the neckline of the inverse head-and-shoulders (H&S) pattern. Chart from TradingView.com Related Reading: Polygon, In Steady Bullish Trend, Could Jack Up MATIC To $1.5 Can Avalanche Slice Through Resistance At $25? To establish the bullish reversal following the token’s slump in the last couple of month, AVAX price retested the $25 resistance levels twice without breaching it. The token nosedived a bit from July 22 to 26 giving way to an inverse H&S pattern, which when validated, may pump up AVAX price by 25%. However, AVAX price will have to breach the descending parallel channel giving the token enough force to slice through the resistance at oHo $25.00. More so, AVAX should also maintain its price above the 50-day SMA to deter bearish corrections in the range between $22.50 and $19.50. The social significance or social volume metric of AVAX has spiked immensely as seen in the period from July 26 to August 3  implying a bullish momentum as AVAX is gearing up to move at the support seen at $22.50. Increased Investor Interest With Upcoming AVAX Hackathon The token’s supposed rally towards $32.00 could happen with the increase in investor interest. Meanwhile, the launch of Avalanche’s hackathon happening in Seoul is a widely anticipated event as it brings together the most popular and reputable icons in Web3 such as Tracey Bowen, Mark Shim, and others. The event is set to happen from August 11 to 12 which is said to trigger an uptrend for AVAX price shooting for $32. According to CoinMarketCap, Avalanche price is showing a bearish stride as it faces resistance noted at $24.09 and support spotted at $22.99. Currently, AVAX price has dropped by 2.65% or $23.27. Daily chart for AVAX price shows the token has been on a decline as the buyers were not able to punch the prices to surpass the resistance level of $24.09. Additionally, a head and shoulders pattern has also formed which means the prices can plunge back to the support of $22.99 and resistance of $24.09. Related Reading: Meme Coin CateCoin Silently Balloons Over 250% – Time To Buy CATE? Crypto total market cap at $1.03 trillion on the daily chart | Source: TradingView.com Featured image from AAX Academy – Chart from TradingView.com

Crypto News Ethereum

How High Can Ethereum Go Before The Merge

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees. Related Reading: Proof of Work Vs Proof of Stake – Laneaxis The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain. POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths.  As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify. Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get rewarded.  “The Merge” is a massive step for Ethereum and the community; it is important to note that the Beacon chain is shipped separately from the Ethereum mainnet. It means the Beacon works in parallel as POS, and all accounts, transactions, balances, and smart contracts remain secured by POW  until the final merge to POS. Ethereum Price Remain Strong Despite Daily Resistance Ethereum keeps showing great strength of bullish movement as the anticipated merge gets closer. Ethereum is currently trading at a resistance of $1,730 at the point of writing on the 1D daily chart.  A break of this region would send Ethereum’s price to $2,400 and even higher if the bulls and sentiments of the market stay strong ahead of the merge. Ethereum looks really good from the chart on a daily timeframe which is a good sign as we head into a new month. Due to a low volume on a weekend, Ethereum would have a tough time breaking the resistance. If Ethereum is unable to break out successfully, we could retest the region of $1,600 as the nearest support before a major upside movement. Ethereum Price On the 4H Chart Ethereum is currently facing resistance at $1,730 with a low volume accompanying it. If there is going to be a pullback over the weekend the support at $1,600 would be a good entry.   Related Reading: Will The Ethereum Merge Skyrocket ETH? The relative strength Index (RSI) is above the 50 mark indicating the market looks healthy but with less price action. With bulls pushing Ethereum in the coming days, breaking the resistance at $1,730 would not be much of a challenge.  

Bitcoin Crypto News Ethereum

Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

price-analysis-7/29:-btc,-eth,-bnb,-xrp,-ada,-sol,-doge,-dot,-matic,-avax

Bitcoin price has hit resistance at the $24,000 level, resulting in a slight pullback in select altcoins. Is the rally over? Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If More

The post Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX appeared first on BTC Ethereum Crypto Currency Blog.