At the time of writing, the XRP price noticed upward movement on its chart. After the asset consolidated for a few days, it finally travelled north. Over the last 24 hours, the XRP price registered a 6% appreciation. In the past week, the coin has rallied by over 20%. Buyers were attempting to push the price up, and they finally succeeded over the last 24 hours. XRP was stuck at the $0.38 price mark for a considerably long period of time, but buyers rescued the altcoin despite broader market weakness. Continued pressure from the buyers could make XRP move past its immediate resistance, which would make it invalidate its bearish thesis. On the other hand, if the bulls fail to defend the present price level, then the sellers will take over. If the sellers take over, then XRP could be pushed close to the $0.30 price mark. At the current moment, XRP rests in a crucial support zone. XRP Price Analysis: One Day Chart The altcoin was trading at $0.40 at the time of writing. The XRP price had witnessed weeks of consolidation on its chart. Finally, buyers pushed the price above the next resistance mark. Over the past week, XRP has broken past many resistance lines. The immediate price ceiling for the coin rests at $0.44 as the altcoin has had difficulty moving past that price level for multiple months now. On the flip side, the closest support to XRP was at $0.38, and a fall from that level would bring XRP to $0.30. If buyers remain steady, then XRP could push past $0.42 with a chance of toppling above the tough resistance of $0.44. The amount of XRP traded in the last session declined slightly, indicating that the number of buyers also dropped to a small extent. Technical Analysis Buying strength recovered considerably over the last week, which slowly helped XRP travel upwards on its chart. The Relative Strength Index was almost about to touch the overbought zone but it noted a downtick. Despite the downtick, buyers have substantially outnumbered sellers in the market. Usually, an increased number of buyers creates a price pullback. In the event of that, XRP could rest at $0.38 before it picks up momentum again. The XRP price was above the 20-SMA line, which signalled that buyers were driving the price momentum in the market. Related Reading: Post-Merge Profit-Taking Cuts 13% Off Ethereum Ratio Against BTC The altcoin seems to be registering an increased buy signal on the one-day chart. Moving Average Convergence Divergence depicts the market momentum and the price action of the altcoin. The MACD underwent a bullish crossover and formed green signal bars, which were buy signal for the coin. The increase in the size of the signal bars indicates that XRP will travel up on its chart. The Parabolic SAR also determines the overall market direction, and the dotted lines below the price candlestick signify bullish momentum. Related Reading: XRP Braces For Turbulence Amid Looming Fed Hike, Ongoing Ripple-SEC Court War Featured image from Pixabay, Chart: TradingView.com
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Bitcoin price plummeted consistently after it breached the $20,000 mark. Over the last 24 hours, the Bitcoin has registered very little movement. In the past week, BTC lost close to 16% of its value. BTC quickly attempted to recover from the $19,000 price mark on its chart. However, the bulls couldn’t defend that price mark. The closest support line for the Bitcoin price was $18,000. Bitcoin has been on a consistent downtrend over the past few months. The technical outlook of the coin pointed towards increased bearish strength. Selling pressure continued to exceed buying strength on the one-day chart. The $20,000 price mark will prove to be a strong resistance mark. $20,000 is the key resistance mark for the Bitcoin price. Increased buying power may provide the coin with some temporary relief. The global cryptocurrency market cap today is at $962 billion, with a 0.6% positive change in the last 24 hours. Bitcoin Price Analysis: One Day Chart BTC was trading at $18,800 at the time of writing. A few sessions before this, Bitcoin was trading above the $19,000 price mark. The overhead resistance for the coin was at $20,000, which BTC struggled to move past over the past few days. A sharp decline in buying strength has caused BTC to plunge further and quickly. If BTC moves above the $20,000 price level, the bearish thesis could be invalidated. On the other hand, lower demand for the asset can even drag Bitcoin price to $17,400. A fall below that price mark could attempt to bring the price of the asset to $14,000. The amount of Bitcoin traded in the last trading session declined, signalling that sellers took over at the time of writing. Technical Analysis The fall in buyers caused the Bitcoin price to tumble further. There was a sharp fall in buying strength just a week ago, and ever since, BTC has continued to depreciate on its chart. The Relative Strength Index was below the half-line, which meant that sellers were numerous as compared to buyers. The Bitcoin price travelled below the 20-SMA line, displaying a fall in demand. It also meant that sellers were driving the price momentum in the market at the time of writing. Related Reading: Bitcoin May Retest $20,000 Zone Before It Drops To $18,000 Level Other technical indicators pointed towards a bearish price signal. The Moving Average Convergence Divergence measures the market momentum and overall price direction in the market. The MACD underwent a bearish crossover and then displayed red histograms, which were sell signal for the coin. On the other hand, Chaikin Money Flow remained positive with an uptick above the half-line. The indicator determines the amount of capital inflows and outflows. At the time of writing, CMF displayed increased capital inflows. Related Reading: ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week Featured image from UnSplash, Chart: TradingView.com
Solana price has been volatile over the last week, with no significant change in the last 24 hours. In the last week, SOL fell by 6%. At the moment, the Solana price is neither swaying towards the bullish zone nor the bearish territory. The technical outlook for the altcoin has flashed mixed signals. Broader market weakness could be attributed to the altcoin’s mundane price action. Bitcoin slipped below the $20,000 mark and many other prominent altcoins also travelled south. Buying strength on Solana’s daily chart remains in the negative with chances of it dropping on its chart further. The bulls are also trying hard to defend the $29 price mark. A fall below the aforementioned level could push SOL into a bearish pit. Solana prices had recently formed a rounding bottom, making buyers enthusiastic about its next price movement. However, the coin could not hold onto the bullish anticipation. The global cryptocurrency market cap today is $1 trillion, with a 0.1% negative change in the last 24 hours. Solana Price Analysis: One Day Chart SOL was trading at $33 at the time of writing. The bulls had surrendered to the $37 price level and caused the price to fall to its next support line. At the moment, the bulls are trying to defend the price of the altcoin at $29. The overhead resistance for the coin stood at $37. If SOL moves past the $37 mark, the coin can attempt to trade near the $40 price mark. On the flip side, one push from the bears will make Solana land at $27. The amount of SOL traded in the last session declined slightly, indicating that the number of buyers had slightly declined. Technical Analysis SOL flashed declining buying strength on the one-day chart. Over the last 24 hours, Solana however noted a small uptick in buying strength depicting that buying strength was returning to the market. The Relative Strength Index was seen below the half-line which meant that sellers were more in number as compared to buyers. Solana price was below the 20-SMA which corresponded with decreased buying strength and that sellers were driving the price momentum in the market. Related Reading: Bitcoin Loses $20,000 Grip, Extends Consolidation For 2nd Straight Day The technical indicators for the Solana price pointed towards a mixed signal. Some indicators indicated the onset of positive price action while the other ones continued to remain negative. Moving Average Convergence Divergence signals the market’s momentum and change in price action. The MACD underwent a bearish crossover and pointed towards a sell signal for the coin. Chaikin Money Flow is responsible for measuring capital inflows and outflows at a given point in time. CMF was peeking above the half-line, which showed that capital inflows were more than outflows at the time of writing. Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge Featured image from GOBankingRates, Chart: TradingView.com
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The XRP price climbed 7% over the last 24 hours, turning the technical outlook for the coin bullish. In the past week, the XRP price had not performed too well, but with the recent price surge, it made up for its weekly loss. Currently, XRP has only lost 2% of its market value in the last week. Despite most altcoins staggering under the bearish influence, XRP has managed to display positive sentiments on its daily chart. Buyers seemed to have gained confidence in the asset. The technical outlook also turned towards bullish signals at the time of writing. After registering selling strength over the past few weeks, XRP now trades with increased buying strength. Bitcoin’s price movement is still taking a toll on XRP price movement. At the current price level, XRP is still trading 89% lower than its all-time high of $3.40. The global cryptocurrency market cap today is $1 trillion, with a 0.1% negative change in the last 24 hours. XRP Price Analysis: One Day Chart The altcoin was trading at $0.35 at the time of writing. Tight resistance awaits XRP at $0.38 as the altcoin has struggled at that price level for a considerably longer period of time. Once XRP propels above the aforementioned resistance, there could be a chance for the altcoin to revisit the $0.44 level. On the other hand, support for the coin stood at $0.33. At the moment, the XRP price is trading quite close to that level. The amount of XRP traded in the last trading session declined, which could be a sign that the number of buyers could have declined at the time of writing. Technical Analysis At the time of writing, buyers seemed to have helped XRP push prices up. Technical indicators also indicated that buying strength helped with the altcoin’s recovery. The Relative Strength Index was above the half-line, which meant that buyers took over the price action in the market. On the RSI, however, there was a small downtick, which could mean that the number of existing buyers has declined. The XRP price also peeped through the 20-SMA line, which demonstrated that demand for the coin existed and that buyers were driving the price momentum in the market. Related Reading: Ripple (XRP) Fails To Hit Double-digit Gain, What Could Be Wrong? Buyers have acted on the buy signal flashed by XRP on the daily chart as seen on its indicator. Moving Average Convergence Divergence underwent a bullish crossover and depicted green signal bars, which were buy signals for XRP. The MACD displays the price momentum and the direction of the asset. The Stochastic RSI also reads the market momentum. The indicator was seen above its centre line, which meant the asset was trending higher. Related Reading: Bitcoin Monthly Stats: Cost Basis, Long-Term Holders, And The Cyclical Bottom Featured image from Pixabay, Chart: TradingView.com
The Ethereum price showed no positive effect despite the successful completion of the Merge. Over the last 24 hours, the coin depreciated by 2%, and in the last week, Ethereum noted a 17% decline. At the moment, ETH is trading sideways with very little change in price. A further drop in prices would mean that Ethereum could be captured by the bears. Technical indicators have turned bearish at the time of writing. Sellers are dominating at the time of writing, which points towards increased chances of the bears taking over. The current support line for Ethereum was $1,350, and if buyers push back into the market, Ethereum could move slightly upwards. Ethereum could be facing strong resistance at the $1,500 price level. Bitcoin’s chart also hasn’t looked very positive in the past few days as BTC revisited the $19,800 price zone. Increased buying power could lead to a short-term breakout near the $1,500 price zone for Ethereum. Ethereum Price Analysis: One Day Chart ETH was trading at $1,431 at the time of writing. The coin was moving further close to its immediate support line of $1,350. The immediate resistance mark for Ethereum was at $1,500, which earlier acted as a support zone for the coin. It is now consolidating near the $1,400 price zone. With buyers coming back into the market, Ethereum might be able to zoom past the $1,500 price level. However, it is yet to be seen how long the coin manages to trade above its overhead resistance. The amount of Ethereum traded declined in the past session, signalling that sellers have taken charge of the price action. Technical Analysis ETH registered a fall in the number of buyers as they seemed to have lost confidence in the asset given that Ethereum barely registered positive movement after the completion of the Merge. The Relative Strength Index was below the half-line, as an indication that buyers left the market. The Ethereum moved below the 20-SMA line, and that was also another indication of the sellers’ driving the price momentum in the market. Buying strength can help ETH rise above the 20-SMA, reinstating some positive price action. Related Reading: Ethereum Faces Test Of Survival After Merge, Can $1,400 Support Hold? Other indicators of Ethereum have also depicted bearish price action, with an intense sell-off across most indicators. The Awesome Oscillator measures the price momentum and the overall direction of the asset. AO depicted red histograms underneath the half-line, signifying the sell signal for the coin. Bollinger Bands depict price volatility and fluctuations. The bands narrowed, which was indicative of rangebound price movement for Ethereum. Related Reading: Ethereum Price Stalls While Bitcoin Dips Below $20,000 Post Merge Featured image from Pixabay, chart from TradingView.com
Bitcoin (BTC) and Ethereum (ETH) are looking to pull away from the rest of the pack, with the signs looking positive for the market leaders.
Recently, the market has seen a strong correction due to the Bitcoin price bull run of the past several days. On December 7, 2020, the price hit a low of $19,030.09, which is considered to be a new all-time low. However, the appearance of a double bottom pattern has led to an optimistic outlook on this correction. Bitcoin can rebound, as is now more evident. Obviously, there will be some challenges along the way. The Bitcoin price present momentum is one of the cryptocurrency’s major challenges. The current momentum is merely reversing the past downward trends, thus it may not be enough to break through the $25,000 price level, according to latest analyses. Bitcoin Price: The Familiar Resistance Level Bitcoin’s price actually did reach $25,000 in late August, which is a significant milestone. Such a pattern indicates that the current market has the potential to and likely will attempt to break through resistance. Related Reading: Crypto Market Hasn’t Bottomed Yet, Analyst Says – More Pain Ahead? Chart: TradingView.com Looking at the range during the past four hours, it appears that BTC will be trading between $19,226 and $24,286 for the time being. This challenge is attributable to the traders’ pessimism in response to the most recent CPI report. The survey revealed an annual inflation rate of more than 8 percent. This bleak assessment could be followed by a 1% increase in interest rates. Therefore, the bulls must maintain their position inside the range of $19,226 to create momentum. The prominent oscillator indicator has shown a bullish advance. In contrast, the moving averages exhibited bearish indicators. Related Reading: Bitcoin Price This Tad Close To Reclaim $23,000 – Will It Hit The Target? Sustainable Momentum A Must For Bitcoin To continue driving the price higher, the bulls must generate persistent momentum. Once more, sustainability will reduce the probability of a dramatic correction. The price of Bitcoin should not drop below the 71.60 Fibonacci level. If bears break through to the downside, Bitcoin’s price might fall to $18,000. This occurrence will further bring the price down. A sustainable momentum for a rally should be one of the bulls’ top aims in order to surpass the $25,000 threshold. However, given the present pessimism and panic on the market, it may be some time before BTC reaches the $25,000 barrier. BTC total market cap at $384 billion on the 4-hour daily chart | Source: TradingView.com Featured image from Business World IT, Chart: TradingView.com
Bitcoin price plunged close to 8% over the past day owing to the high Consumer Price Index report. The prices of most altcoins fell on their respective charts after the CPI showed a 0.1% increase in August, which has now taken the unadjusted value to 8.3%. The annual increase was expected to be 8.1%. Over the last 24 hours, Bitcoin registered a 4% loss. Given that the market is undergoing an extended sell-off, a further fall in BTC’s value could be expected. The technical outlook for the coin was bearish as buyers left the market at the time of writing. Bitcoin price has been struggling at $18,900 for the past month, but it has managed to break through this price level in the last week. Bitcoin has soared past the $22,000 level. The recent blow from the CPI report has pushed the coin downwards. Indicators have chosen to side with the bears given how sellers are dominating the market at press time. The global cryptocurrency market cap today is at $1.04 trillion, with a 2.5% negative change in the last 24 hours. Bitcoin Price Analysis: One Day Chart BTC was trading at $20,200 at the time of writing. The plunge from the $22,000 mark was sudden due to the unanticipated number from the CPI report. Immediate resistance for Bitcoin price was at the $21,000 mark. If BTC manages to topple this level, it can get back to trading above the $22,000 price mark. Local support for BTC was at $19,200. However, with the intense sell-off, the coin could fall to trade near the $18,900 support line. The amount of Bitcoin traded in the past session grew slightly, indicating that there was an influx of buying strength. Technical Analysis BTC has registered a sharp fall in buying strength over the last 24 hours. This fall in buyers has further pushed the price near the nearest support line. The Relative Strength Index was seen below the half-line, indicating strong selling strength and, therefore, bearishness. Over the past few trading sessions, RSI noted a small uptick, indicating that the buying strength increased slightly. Bitcoin price just fell through the 20-SMA line, which was also a sign that sellers were driving the price momentum in the market. Related Reading: Crypto Volatility Might Rise After The Major Key Events Ahead BTC displayed buy signal despite the market registering a tiny buy signal after buying strength displayed an appreciation. The Awesome Oscillator depicts the overall market strength and the direction of the price. AO climbed above the half-line, indicating that buyers could act on this price action. Even if buyers act on the buy signal, the price of the asset would hardly notice an upward movement. The Directional Movement Index signals the price direction and momentum. DMI was negative as the -DI (orange) line was above the +DI (blue) line. The Average Directional Index (red) was above the 20 mark, which means that the present price direction has gathered strength. Related Reading: TA: Bitcoin Price Trims Gains, Why $20K Is The Key To Fresh Increase Featured image from Pixabay, Charts from TradingView.com
Bitcoin price displayed strength over the last four days as it finally broke past the $19,000 price zone. Bitcoin price was consolidating over the past week before this rally. At the moment, the $18,000 price level is acting as strong support for the coin. Even though the Bitcoin price has stabilized, the $18,000-$19,000 price range remains critical. If the cryptocurrency fails to trade above its present level and falls near $18,000, its next trading zone will be at $15,000. Buyers seem to have returned to the market owing to the relief rally. Technical indicators have also painted a bullish picture for Bitcoin on the daily chart. Demand for Bitcoin has to remain constant in order for the coin to stay optimistic on its daily chart. The coin could go to $24,000. However, that price level may prove to be a strong barrier for Bitcoin. That could in turn push the price of Bitcoin to its closest support line. If Bitcoin manages to hold above $22,000, there are chances that it could trade close to $24,000. Bitcoin Price Analysis: One Day Chart BTC was trading at $22,100 at the time of writing. However, there has been a relief rally in recent days after a period of consolidation. The immediate resistance for the coin stood at $24,000, but the aforementioned level could prove to be a strong resistance mark for Bitcoin. Local support for the coin was at $19,000 and then at $18,000. If Bitcoin reaches $18,000, it is possible that it will aim for $15,000. The volume of Bitcoin traded in the last session declined, which was a sign of increased selling pressure. Technical Analysis BTC has been flashing signs of optimism over the last couple of days. It is still to be seen how Bitcoin price fares above the $22,000 price mark. The outlook for Bitcoin price has turned positive, with buying strength increasing over the past few trading sessions. The Relative Strength Index was above the half-line, which indicated that buyers outnumbered sellers at the time of writing. Bitcoin price travelled above the 20-SMA line, signalling that buyers were driving price momentum in the market. Increased demand would push the 20-SMA line to crossover the 50-SMA line, thereby increasing the chance of bullishness. Related Reading: Bitcoin Taker Buy Sell Ratio Hits Highest Value in 636 days Other technical indicators of Bitcoin also seemed to side with the bulls at press time. The overall price direction of the coin was positive, as depicted by the technical indicators. The Directional Movement Index was positive, with the +DI line above the -DI line. However, the Average Directional Index (red) sagged slightly. This meant that price momentum could lose steam. Bollinger Bands indicate volatility, and the slight opening of the bands means that there could be a chance of a price fluctuation. Related Reading: TA: Bitcoin Price Rockets to $22k, Next Bullish Levels Traders Should Watch Featured image from Pexels, Chart from TradingView.com
Fidelity Investments might provide its clients with access to Bitcoin trading via its brokerage platform, according to a report from The Wall Street Journal. The firm has been highly engaged in crypto markets, and already announced products that will provide their wealthy clients with exposure to the cryptocurrency. Related Reading: Hive Blockchain To Mine Other […]
A quant has suggested that Bitcoin will again become the driving force in the crypto market once the Ethereum merge hype dies down. Bitcoin Share Of Crypto Trading Volume Already Seems To Be Overtaking Ethereum’s As explained by an analyst in a CryptoQuant post, there are some signs that point to BTC surpassing ETH once more to be the dominant power in the market. The relevant indicator here is the “dominance by volume,” which measures what part of the total crypto trading volume is contributed by each coin in the sector. The “trading volume” is a metric that measures the total amount of crypto being involved in transactions in spot markets. Now, here is a chart that shows the trend in the dominance by volume for both Bitcoin and Ethereum: The value of the metric for BTC seems to have crossed over that of ETH in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin percentage share of the trading volume was significantly higher than Ethereum’s during the start of July. However, as the middle of that month approached, ETH slowly started surging up and passing above the BTC volumes. Related Reading: Bitcoin Taker Buy Sell Ratio Hits Highest Value in 636 days In August, the ETH dominance by volume remained higher than BTC’s for the entire month, save for a couple brief spikes for the latter. This continued into September, until just a few days ago. The reason behind Ethereum leading the bear market for almost two months was the hype created by the upcoming PoS merge. The quant believes that once the merge is finished in approximately two days, this narrative that kept the crypto’s volumes up will be gone. Related Reading: Chiliz and Big Eyes Coin: Two Ethereum-based Cryptos that Might Overthrow the Binance Crypto Project Around three days ago, BTC’s share of the trading volume crossed over that of Ethereum’s and has since stayed up. The analyst points out that this is one of the early signs for a shift in the investor behavior around the merge launch. BTC overtaking the volumes on exchanges now means soon after the merge, Bitcoin will be back to being the main driving force in the crypto market. BTC Price At the time of writing, Bitcoin’s price floats around $22.2k, up 13% in the last seven days. Over the past month, the crypto has lost 7% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been observing some upwards momentum during the last few days | Source: BTCUSD on TradingView Featured image from Peio Bty on Unsplash.com, charts from TradingView.com, CryptoQuant.com
The big boss of Devere Group has confirmed that he is buying the Bitcoin dip in a blog post published this week, undeterred by the ongoing crypto bear market. Nigel Green, the chief executive officer of Devere Group – a financial advisory and asset management firm – explained why he is purchasing more of the […]
Bitcoin bulls have their hands full in the next days to carry out a strong advance to lift BTC out of the pit. Throughout today’s trading session, the market’s performance has been bullish. CoinGecko reports that bulls are driving prices higher for nearly 80 of the top 100 cryptocurrencies. The site has only flagged six coins as the biggest losers so far. CoinGecko has identified Bitcoin as one of the top advancing currencies. With a 24-hour market volume of $34.7 billion the currency has seen a massive increase in value in the last few hours. This increase in price is consistent with the bullish trend seen in the market for other cryptocurrencies Friday, which includes Ethereum. But looking at the big picture, Bitcoin is still far below its August high of $25,000, when it first reached its current value, but in fairness, it already has its sights past the $20K barrier. As shown in the graph, Bitcoin attempted to consolidate its price range over the course of 45 days. Chart: TradingView.com Bitcoin Bulls Resisting Downward Pressure Bitcoin attempted to reduce volatility between August 19 and August 26. Bitcoin’s price fluctuated between $21,897 and $20,790. Despite the bulls’ best efforts to stabilize the price of the coveted token on August 26, its value continued to decline. Investors and traders were frightened by these previous price movements, as their indicators transmitted strong bearish and sell signals. But recently, bulls sped up and gave Bitcoin the push it needs to attempt a big run. Related Reading: Cardano (ADA) Could Shed Another 14% Off Its Price – Here’s Why Chart: TradingView.com Using the Fib retracement tool, the $19,141 support line can be identified at the 78.60 Fib level. As of the time of writing, Bitcoin bulls have broken through the 61.80, 50, 38.20, and 23.60 Fibonacci levels. In addition, real-time data indicates that bulls are attempting to consolidate their gains. As they attempt to settle above the next likely support line at $20,321, they are also testing the strength of the next resistance range at $20,821. Gunning Past The $20K Mark Additionally, we can identify two levels that will be significant in the coming days. Prior to Bitcoin’s entry onto the scene with bullish activity, two support ranges sustained this movement. Related Reading: FLOW Reclaims Green Turf After 7-Day Losing Streak The highlighted regions are the Fibonacci levels 100 and 71.80. The fate of the current market reversal will be decided at these two upcoming junctures. If the bears push the price below these levels and break through, a Bitcoin recovery may not occur at this time. If the bulls persist and overcome the $20,828.14 resistance, the current price reversal will be the relief rally that investors and traders have been anticipating for months. BTC total market cap at $399 billion on the daily chart | Source: TradingView.com Featured image from TechSpot, chart from TradingView.com