Crypto News Ethereum

Ethereum Price Broke Out Of Descending Channel, What’s Next?

Ethereum price has been trading within a descending trendline, which is a sign of bearishness. Over the last 24 hours, the Ethereum price has been different as the coin registered a 6% appreciation. As the coin appreciated, it broke outside of the descending channel. Over the last week, the Ethereum price lost more than 7% of its value. The buyers have entered the market, which has helped Ethereum climb on its chart. Although buyers are attempting to make a comeback, the sellers continue to drive the price action on the one-day chart. The $1,400 price mark continues to remain a tough resistance zone for Ethereum price. A break past from the aforementioned support line will help ETH revisit its next price ceiling. The technical outlook for Ethereum continues to remain bearish at the time of writing. Bitcoin’s price recovery has helped major altcoins pick pace over the last 24 hours. Ethereum Price Analysis: One Day Chart ETH was trading at $1,340 at the time of writing. In the past 24 hours, the buyers have helped the coin break outside of the descending trendline. The immediate and strong resistance remained at $1,400. The altcoin has struggled to break past that level over the last couple of weeks. Once the $1,400 mark is broken, Ethereum can attempt to trade close to $1,700. On the other hand, a fall from the $1,340 price mark will push ETH down to $1,100 and then to the $1,000 level. The past trading session for Ethereum was green, signifying an increase in the number of buyers. Technical Analysis On its chart, ETH was attempting to recover. However, the buyers have remained low at the time of writing. Technical indicators have pointed towards a bearish outlook. The Relative Strength Index was below the half-line, which also indicated that buyers were fewer in number than sellers. Ethereum price was below the 20-SMA line, which signified low demand. It also meant that sellers were driving the price momentum in the market. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? ETH’s other indicators have also shown that the sellers were in control of the market at the time of writing. The demand for the coin has to go up in order for the coin to touch its next resistance mark. The Moving Average Convergence Divergence indicates the price momentum and overall price action. MACD witnessed a bearish crossover and formed red histograms at the time of writing. This reading is connected to the sell signal for the coin. The Chaikin Money Flow displays the capital inflows and capital outflows at a given period in time. The CMF was below the half-line and that points towards low capital inflows, although there was an uptick on the indicator. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? Featured image from UnSplash, Chart: TradingView.com

Crypto News

Ripple Outperforming Almost The Whole Market, What’s Pumping XRP Price? 

The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning. Crypto influencer Ben Armstrong claims to know the reason behind this continuous climb amid the current general crypto bear market. The multiple-crypto holder shared his two cents about the state of events with his 800k plus followers on Twitter yesterday. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? Influencer Believes Impending Close To Ripple-SEC Case Is Responsible According to Armstrong, multiple factors are causing Ripple’s insane price surge. However, he can confidently trace one primary reason to the ongoing SEC court battle with the sixth strongest crypto. The influencer tweeted that SEC has given up on its 2-year struggle of trying to prove XRP is a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads. The last weekend saw both parties in the ongoing case filing for summary judgment. In other words, Ripple and SEC believe enough evidence has been provided for a verdict outside a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. A court battle that started way over in 2020 might soon be coming to an end. Ripple And XRP Community Expect A Favorable Verdict Like Ben Armstrong, the Ripple community and Ripple Labs are expectant of a favorable ruling. If that happens, XRP will not be considered a Security but a digital asset, just as Ripple intended.  Another crypto influencer predicted that if this happens, it will be the needed boost the bearish crypto market needs. David Gokhshtein tweeted that the crypto market will go parabolic should XRP win this case. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset. Whale Movements On XRP Blockchain Also Partially Responsible For Price Boost Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics firm, Sentiment data reveal an increase in whale transactions on the Ripple blockchain.  Furthermore, the Whale Alert crypto tracker revealed multiple anonymous transfers of significant amounts of XRP in the past week. Data showed that a 261 million XRP transfer and another 582 million XRP transaction took place. Ripple was involved in both transactions, moving 80,000,000 of the tokens externally. In total, close to a billion tokens exchanged hands in whale transactions last week.  Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? These two factors mentioned above are mainly responsible for the continuous climb of XRP tokens over the last week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today per Coinmarketcap data.  Featured image from Pixabay and chart from TradingView.com

Crypto News

Maker DAO Shows Bullish Sentiment After A While, Eyes $800?

MKR trades below 50 and 200 EMA on the daily timeframe.  Price breaks out of a falling wedge with eyes set on key resistance of $800. The price looks strong on low and high timeframes. Maker DAO (MKR) price has had a rough time recently as price beaks out of falling wedge on the daily timeframe against tether (USDT). Despite being a major player in the crypto industry, the price of Maker DAO (MKR) has struggled to replicate its run to a high of $8,000. (Data from Binance) Related Reading: Sandbox Struggles In A Bear Market, How Low Can Price Go? Maker DAO (MKR) Price Analysis On The Weekly Chart  The price of MKR has had a fantastic run, with such movement from a low of $750 to a high of $8,000 in a matter of weeks, creating a sense of surrealism in the hearts of traders and major crypto players. Despite such a run, the bear market has had an impact on MKR’s price, which has fallen from $8,000 to $600, a drop of more than 70% from its all-time high. The price of MKR rallied from its weekly low of $600 to a high of $1,100 before failing to break above that region to higher heights and falling to a low of $650. MKR’s price must break and close above $1,100 in order to have a better chance of trading higher. The price of MKR has formed a downtrend line, which is acting as resistance; flipping the area of $1,100, which is acting as weekly resistance, into support will signal a more relief bounce for the price of MKR. If the price of MKR fails to break through this key resistance region, the price of MKR may retest the $600 support and demand zone for more buy orders. Weekly resistance for the price of MKR – $1,100 Weekly support for the price of MKR – $650. Price Analysis Of MKR On The Daily (1D) Chart The daily timeframe for MKR prices looks promising, as prices broke out of a falling wedge, indicating a shift from a downtrend to an uptrend. With this volume from MKR prices, we could see them retest their daily resistance of $800. On the 1D timeframe, MKR is currently trading at $681, below the 50 and 200 Exponential Moving Averages (EMA), which act as resistance. The resistance levels of the 50 and 200 EMAs are represented by the prices of $790 and $1,200, respectively. The price of MKR needs to flip the $1,000 resistance into support to signal a relief bounce as the price of MKR has kept trading at its daily low. The Relative Strength Index (RSI) for MKR is above 40 on the daily chart, indicating low buy order volume.  Daily resistance for the MKR price – $800. Daily support for the MKR price – $600. Related Reading: U.S. Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React? Featured Image From Market Periodical, Charts From Tradingview

Crypto News

Sandbox Struggles In A Bear Market, How Low Can Price Go?

SAND trades below 50 and 200 EMA on the daily timeframe.  Price continues to range with little or no volume despite having strong fundamentals. A break above $1 could trigger a relief rally for SAND price. Sandbox (SAND) price has had a rough time recently as price ranges in a daily timeframe channel against tether (USDT). Despite having good fundamentals with so much backing from top investors and partnerships, the price of Sandbox (SAND) has struggled to replicate its run to a high of $8. (Data from Binance) Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why Sandbox (SAND) Price Analysis On The Weekly Chart  The price of SAND has had difficult moments, with such movement from a low of $0.5 to a high of $8 in a few weeks, creating euphoria in the hearts of traders and major crypto players. Despite being backed by strong investors and partnerships, the bear market has impacted the price of SAND, which has dropped from $8 to $1, a drop of more than 70% from its all-time high. SAND’s price showed great strength as it rallied from its weekly low of $1 to a high of $1.5 before failing to break above that region to higher heights. The price of SAND has remained range-bound, unable to break above a weekly resistance of $1.5 to trend higher to the $2 region. To have a better chance of trading higher, the price of SAND must break and close above $1.5. The price of SAND has formed a downtrend line, acting as resistance; flipping the area of $1.5, which is acting as weekly resistance, into support will signal a more relief bounce for the price of SAND. If the price of SAND fails to break through this key resistance region, we may see the price of SAND range within this channel or retest the $0.6 and lower support and demand zone for more buy orders. Weekly resistance for the price of SAND – $1.5 Weekly support for the price of SAND – $0.6-$0.5. Price Analysis Of SAND On The Daily (1D) Chart The daily timeframe for SAND prices remains in a range channel, with prices unable to break out due to low volume. After being rejected from a high of $1.5, the price continued in a range in a channel, with eyes set on flipping the $1.5 rejection area, where SAND prices have tested several times. The price of SAND is currently trading at $0.92 on the 1D timeframe, below the 50 and 200 Exponential Moving Averages (EMA), which act as resistance. The prices of $1 and $1.6 correspond to the 50 and 200 EMA resistance levels, respectively. The price of SAND needs to flip the $1 resistance into support to signal a relief bounce as the price of SAND has kept trading at its low since the major rally. Daily resistance for the SAND price – $1-$1.6. Daily support for the SAND price – $0.6. Related Reading: U.S Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React? Featured Image From Breakingnews, Charts From Tradingview

Bitcoin Crypto News

GEM Digital Invests $50 Million In ParallelChain Lab’s Mainnet Development

Ahead of ParallelChain mainnet launch, GEM Digital Limited, a digital asset investment, has reportedly invested $50 million into the firm. The investment is targeted at the ParallelChain Lab Layer-1 protocol development project. The blockchain industry keeps growing in strength as more funds enter the industry. The DeFi community is one part of the blockchain industry […]

Crypto News

Algorand (ALGO) Undermines Crypto Bloodbath, Adds Over 27% In A Week

This week has been eventful in the crypto market. Many cryptocurrencies have recorded massive losses since Monday, September 19. The Merge on September 15 kickstarted another downtrend for crypto prices. Afterward, CPI data made the feds hike the interest rate by 75 basis points, sending assets price downwards.  Related Reading: Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance But as these macroeconomic factors push many digital assets down, others resist the pressure and move forward instead.  Algorand ALGO is one of these assets, recording price gains in its 24 hours movements. But BTC and ETH haven’t fared well. For instance, on September 20 and 21, Bitcoin lost its grip on $19K, falling to $18K.  On September 22, BTC climbed again to $19K, an intraday high, and did not hold on to that level till press time. Currently, the BTC price is again bounced to $18,914, representing a 1.91% loss in 24 hours.  Algorand’s ALGO Not Affected By Macros While many cryptocurrencies bleed, ALGO is recording positive price movements. Currently, the ALGO price is $0.3761 on TradingView, and CoinMarketCap shows a 2.48% growth in 24 hours while 27.98% in the last week. So far, ALGO price movements are all green, as seen in the chart above. The coin started an upward climb since the close of the market on September 17. It jumped from $0.2973 to $0.3109 the same day.  On September 18, ALGO lost some of its gains to close the market at $0.2925. But a few hours later, the coin jumped again and closed the market at $0.3172 on September 19. Since then, to press time, ALGO has continued its upward movement.  It climbed to $0.698 on September 22 and is today trading at $0.3767. So far, the ALGO price movement shows a continuous price gain for three consecutive days.  Analysts have also pointed out that ALGO’s moving average convergence divergence is positive. Also, the coin’s RSI (Relative Strength Index) is at 58.18, showing that ALGO is closing to the overbought region.  Why Is ALGO Surging  Even though the crypto market is negative, a lot is happening in the ALGO ecosystem. Currently, the total volume locked on the ecosystem has grown considerably. The DeFi blockchain is recording massive interest, evidenced by the $244 million worth of TVL.  This figure was its data as of September 22 after adding 4.09% growth in its TVL. Data also reveals that $100 million out of this liquidity came from AlgoFi.  Apart from growing TVL, Algorand has made partnerships. The prominent one recently is the FIFA& Algorand partnership enabling the crypto network to FIFA+ Collect. This platform is where users will buy NFT items of many types.  Related Reading: Compound Prepares For A Major Rally To $80, Here Is Why According to the details of FIFA+ Connect, the platform will operate like NBA Top Shot. Its users can purchase artwork, highlights, images, etc., from prestigious soccer competitions. The platform will launch before the World Cup, slated for November.  Featured image from Pixabay and chart from TradingView.com

Crypto News

Compound Prepares For A Major Rally To $80, Here Is Why

The price of COMP remains above the daily 50 EMA as it approaches $80. Price remains bullish, holding above key support areas COMP price ranges in an asymmetric triangle with high buy orders. The Compound (COMP) token price has recently been volatile as price ranges in an asymmetric triangle prepare for a breakout to a region of $80 against tether (USDT). Despite the fact that the crypto market is in a state of flux, the Compound (COMP) price has shown tremendous strength as it attempts to break out of its trading range. (Data from Binance) Related Reading: PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20% Compound (COMP) Price Analysis On The Weekly Chart  Despite a drop in price from $850 to $30, a drop of more than 70% from its all-time high. COMP’s price showed great strength as it rallied from its weekly low of $30 to a high of $60 before failing to break above that region to higher heights. The price of COMP has remained in a range as it is unable to break above a weekly resistance of $66 in order to trend higher to a region of $80. To have a better chance of trading higher, the COMP price must break and close above $66. The price of COMP has formed an uptrend line that is acting as support; flipping this area of resistance into support will signal a more relief bounce for the price of COMP. If the price of COMP fails to break through this key resistance region, we may see the price of COMP range within this channel or retest the $40 and lower support and demand zone for more buy orders. Weekly resistance for the price of COMP – $66 Weekly support for the price of COMP – $40. Price Analysis Of COMP On The Daily (1D) Chart The daily timeframe for COMP prices is still strong, with prices ranging in an asymmetric triangle with high volume. Despite being rejected from a high of $65, the price has remained in a range forming an asymmetric triangle, with volume increasing in anticipation of a major breakout. On the daily timeframe, the price of COMP is currently trading at $61, above the 50 Exponential Moving Average (EMA), which acts as a support for the price of COMP, and below the 200 EMA, which acts as resistance for the price of COMP. The price of $54 corresponds to the 50 EMA support, while the price at $80-$86 corresponds to the resistance. The price of COMP needs to break above this resistance to rally high. The Relative Strength Index (RSI) for COMP is above 60 on the daily chart, indicating more buy order volume.  Daily resistance for the COMP price – $66. Daily support for the COMP price – $54-$45. Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? Featured Image From zipmex, Charts From Tradingview 

Crypto News

Reserve Right Token Spikes Leaving Many In Euphoria, Eyes $0.01

RSR price holds above daily 50 EMA as price eyes $0.01  Price continues to look bullish, holding above key support areas RSR price breaks out of daily asymmetric triangle with high buy orders.  Reserve Right (RSR) token price has had a rough time in recent weeks breaking out of its range but could rally to $0.01 as price broke out with more buy orders against tether (USDT). Despite the crypto market facing so much uncertainty as to where the market is headed, the price of the Reserve Right (RSR) token has shown a tremendous amount of strength as the price cracks double-digit gains. (Data from Binance) Related Reading: Ripple Gains While Bitcoin Remains Below $20,000 Reserve Right (RSR) Price Analysis On The Weekly Chart Despite a decline in its price from $0.1 to $0.0037, over 70% decline from its all-time high. The price of RSR showed great strength as the price bounced from its weekly low of $0.003, rallying to a high of $0.008 before facing a rejection to break above that region to higher heights. The price of RSR has continued to move in range as the price cannot break above a weekly resistance of $0.008 for the price of RSR to trend higher to a region of $0.01.  RSR price needs to break and close above $0.008 to have a better chance of trading higher. The Fibonacci retracement ratio shows the price of RSR is faced with resistance at 23.6%; flipping this area of resistance into support will signal a more relief bounce for the price of RSR.  If the price of RSR fails to break this key region acting as resistance, we could see the price of RSR retesting $0.0055, acting as a support and demand zone for more buy orders. Weekly resistance for the price of RSR – $0.008-$0.01. Weekly support for the price of RSR – $0.0055. Price Analysis Of RSR On The Daily (1D) Chart The daily timeframe for RSR prices continues to look strong as the price broke out of an asymmetric triangle with strong volume. Despite RSR being rejected from a high of $0.01, the price continued in a range forming an asymmetric triangle before breaking out with good buy volume. On the daily timeframe, the price of RSR is currently trading at $0.0074, holding its price above the 50 Exponential Moving Average (EMA), acting as support for RSR price. The price of RSR is trading below 200 EMA as it eyes $0.01, being a major resistance. The price of $ and $0.0063 corresponds to the support at 50 EMA, and $0.01 correspond to the resistance at 200 EMA for the price of RSR.  The Relative Strength Index (RSI) for SOL is above 40 on the daily chart, indicating more sell order volume.  Daily resistance for the RSR price – $0.01. Daily support for the RSR price – $0.0063. Related Reading: Fall Of Crypto King, A Canadian Driven-Lambo Records $35M Losses Featured Image From zipmex, Charts From Tradingview 

Bitcoin Crypto News

Ripple Gains While Bitcoin Remains Below $20,000

A recent plunge pushed Bitcoin below the $19,000 mark, but it gradually recovered. This action followed its 6% gain as of yesterday. Meanwhile, Ripple Coin (XRP) seems to be among the notable digital tokens in the bullish trend. Investors incurred huge losses due to the ongoing crypto winter. Many believed that the Ethereum Merge would halt the market’s bearish trend. On the contrary, most altcoins, including BTC, depreciate their prices. Related Reading: What Ethereum Can Bring On The Table For ETH Investors In Q4 Bitcoin Fails To Jump Above $20,000 Last week, Bitcoin made some promising moves toward the $23K price level. But, unfortunately, that was where its bullish journey ended. From then up to now, the crypto market condition has not been pretty, particularly for investors. Following the introduction of the U.S. CPI numbers, BTC lost a few more thousand, dropping to the $20K price mark. It maintained this position for a couple of weeks until it rose to about $20,500 on Sunday. That looked like a start for a bullish move until Monday when its price dropped massively, hitting the $18,300 price level. The three-month low became its lowest bearish benchmark. As of September 20, BTC gained some push to arrive at $19,500. The 24-hour growth of 1.72% reduced its weekly losses to around 10.90%. While this seems like a good price movement, the token and the crypto market remain in the red zone. Recently BTC fought to regain the $19K price. It made some bullish movements at the time. Unfortunately, BTC has lost about 2% of its value in the last 24 hours. Chances are that it will plunge even further before the close of the market. The token is now down to 39.4% regarding its dominance over other digital tokens. Meanwhile, its market cap has dropped to about $360B. Ripple XRP Growth Amid Bear Market Amid the bleeding market, XRP (Ripple) seems to be in the spotlight among the gainers. Its growth can be traced to the recent event between Ripple Labs and the SEC. Ripple trades at $0.4, a 10% increase in the last 24 hours. Following the Monday red zone parade, several other digital currencies gained some bullish push yesterday. Unfortunately, the green glory didn’t last for many of these digital tokens, according to today’s market watch. Among the digital assets with the highest losses was Ethereum. The Merge, as many believed, was meant to take Ether to some green heights. While that is probable, Ethereum is currently plummeting to an unknown price level. Related Reading: Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level A few days back, Ethereum traded at just over the $1,600 mark. Days later, it went down to a little below $1,300. At the time of writing, Ethereum trades at $1,311, around a 1% decrease in the last 24 hours. Featured image from Pixabay, chart from TradingView.com

Bitcoin Crypto News

TA: Bitcoin Price Remains Range bound, Why There’s Hope of a Fresh Rally

Bitcoin started an upside correction from the $18,150 zone against the US Dollar. BTC is back above $19,200 and a break above $19,500 could spark a fresh rally. Bitcoin is showing a few positive signs above the $19,000 level. The price is trading above $19,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could stage a fresh rally if there is a clear move above the $19,500 resistance zone. Bitcoin Price Recovers Bitcoin price remained well bid above the $18,150 level. BTC traded as low as $18,138 and started a decent recovery wave. The price was able to recover above the $18,800 and $19,000 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $19,888 swing high to $18,138 low. The bulls even pushed the price above the $19,200 resistance zone. It is now trading above $19,000 and the 100 hourly simple moving average. There is also a key contracting triangle forming with support near $19,200 on the hourly chart of the BTC/USD pair. Bitcoin price is showing a few positive signs above the $19,000 level. On the upside, an immediate resistance is near the $19,475 level. It is near the 76.4% Fib retracement level of the downward move from the $19,888 swing high to $18,138 low. The next major resistance sits near the $19,680 level. Source: BTCUSD on TradingView.com A close above the $19,680 level might start a fresh surge to $20,000. Any more gains might send the price towards the $20,500 resistance zone. Fresh Decline in BTC? If bitcoin fails to recover above the $19,680 zone, it could start a fresh decline. An immediate support on the downside is near the $19,200 zone and the triangle lower trend line. The next major support is near the $19,000 level and the 100 hourly SMA. A clear move below the $19,000 zone could set the pace for a fresh decline. In the stated case, the price may even test the $18,500 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $19,200, followed by $19,000. Major Resistance Levels – $19,500, $19,680 and $20,000.