Crypto News

Terra Reacts To Case Against Do Kwon, Claims Matter Is Highly Politicized

The collapse of the algorithmic stablecoin Terra and its native token LUNA remained a shocking event in the crypto space. The outcome was the loss of billions of dollars for many individual and institutional investors. It also threw the entire crypto industry into a historic crisis. Lots of changes have taken place following the fall of the stablecoin. Subsequently, some investigations and legal cases have been against the founder of Terraform Labs, Do Kwon. Firstly, the South Korean Prosecutors leveled some allegations against the Terra Chief. Related Reading: Polkadot Price Drops On Chart With Resistance At $6.80, What’s Next? Also, the International Criminal Police Organization (Interpol) issued a Red Notice against him. The Interpol request is for law enforcement’s immediate arrest of Do Kwon globally. There was a massive loss of over $60 billion of investors’ funds through the fall of Terra and its ecosystem in the first half of the year. The South Korean Prosecutors requested the assistance of Interpol for the arrest of Kwon. The prosecutors accused the Terra chief of hiding to avoid their investigations. According to a source, Kwon was seen in Singapore, though the city police noted that he later left. Terra Says Case Against Kwon Is Highly Hyped Up Following the alert from Interpol, there was a slight fall in the prices of Terra Classic (LUNC) and the newly launched Terra LUNA. Some rumors have been that Kwon went into hiding since the collapse of Terra and its ecosystem. Terraform Labs has finally reacted to the case against Do Kwon. The firm stated that the case is highly politicized while speaking to Bloomberg. The spokesperson mentioned that the South Korean Prosecutors’ steps depicted unfairness in all aspects. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate According to the spokesperson, the prosecutors failed to adhere to the basic rights available under Korean Law. Also, he noted that the prosecutors’ allegations against Kwon of breach of capital market laws indicated reasonable bias. Featured Image Pixabay, Charts From Tradingview.com

Crypto News Ethereum

TA: Ethereum Price Momentum Above $1,320: Here’s Why Bulls Are Comfortable

Ethereum started a consolidation phase above the $1,300 level against the US Dollar. ETH could start a fresh increase if there is a clear move above $1,350. Ethereum recovered above $1,300 and started a consolidation phase. The price is now trading above $1,310 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if there is a clear move above the $1,350 resistance zone. Ethereum Price Eyes Upside Break Ethereum started a steady recovery wave above the $1,300 resistance zone. The bulls were active above the $1,300 level and ETH settled into a short-term positive zone. There was a clear move above the 50% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. Ether price even spiked above the $1,340 resistance, but upsides were limited. It is now trading above $1,310 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,340 and $1,350 levels. The next major resistance is near $1,364 level. It is near the 76.4% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. A clear break above $1,364 might start a decent increase towards the $1,400 level. Source: ETHUSD on TradingView.com Any more gains may perhaps open the doors for a move towards the $1,450 resistance zone, above which the price could surge to $1,500. Fresh Decline in ETH? If ethereum fails to climb above the $1,340 resistance, it could start a fresh decline. An initial support on the downside is near the $1,310 level. The next major support is near the $1,290 level and the channel lower trend line. A downside break below the $1,290 level might send the price towards the $1,265 support in the near term.  Any more losses could increase selling and the price might drop to $1,250 or even towards $1,220. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now just above the 50 level. Major Support Level – $1,290 Major Resistance Level – $1,350

Crypto News

Monero Price Continues Its Bullish Streak, Will This Be Its Next Trading Range?

Monero price has been bullish despite the broader market trends. Over the last 24 hours, XMR has continued moving up on its chart. It gained close to 4%. In the past week, Monero price gained significantly as there was a 9% appreciation on the altcoin’s chart. The technical outlook for the coin was bullish on the one-day chart. Monero has experienced low buying pressure over the past few days. The technical indicator now displayed that buying strength was recovering on the charts, which meant that XMR could be headed close to its next resistance mark. With increased demand, XMR could hold onto its bullish momentum. The support zone for Monero price was between $146 and $136, respectively. Bitcoin was also up on the charts, which has helped other altcoins make recoveries on their respective charts. Monero has to move above the $146 price mark. That could only be possible if the demand for XMR continues to increase and remain consistent. Monero Price Analysis: One Day Chart XMR was trading at $146 at the time of writing. The coin’s immediate resistance level was $154. The coin needs to move past that level for the bullish streak to strengthen on the chart. The other tough price ceiling for Monero price to break past would be $163. The bulls have been rejected at that level for multiple weeks now. On the flip side, if Monero prices go through a pullback, the first level for Monero would be $134. A fall below the $134 price mark could cause XMR to move down to $127. The amount of Monero traded in the last trading session decreased, which indicated that selling strength had fallen at the time of writing. Technical Analysis XMR’s technical indicators have reflected the increase in buying strength, painting a positive price action. Selling strength on the chart declined, which could help XMR move up on its chart further. At the moment, the Relative Strength Index moved up near the half-line, and buying strength and selling strength were almost even. As the indicators displayed, the chart sided with the buyers more. Monero price moved up above the 20-SMA as buying strength recovered. It also meant that buyers were driving the price momentum in the market. Related Reading: Polkadot Price Drops On Chart With Resistance At $6.80, What’s Next? XMR’s other technical indicators are also inclined towards the bullish side. The Moving Average Convergence Divergence indicated the price momentum and overall price action. The MACD underwent a bullish crossover and formed green signal bars, which was buy signal for the coin. The Parabolic SAR determines the price direction of a particular crypto. The dotted line below the price candlestick means an upward trend for Monero price. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate Featured image from The Street, Chart: TradingView.com

Bitcoin Crypto News

TA: Bitcoin Price Forms Bullish Pattern, Why BTC Could Rally Above $20K

Bitcoin price is holding gains above the $19,000 level against the US Dollar. BTC could rally if there is a clear move above the $19,660 resistance zone. Bitcoin remained stable and consolidated above the $19,000 support zone. The price is trading above $19,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh surge if there is a clear move above the $19,660 resistance zone. Bitcoin Price Consolidates Bitcoin price started a recovery wave from the $18,500 support zone. BTC bulls remained active above the $18,500 level and managed to push the price above the $19,000 resistance zone. There was a clear move above the 50% Fib retracement level of the key decline from the $20,382 swing high to $18,486 low. The price even climbed above the $19,500 resistance zone, but the bears were active near the $19,650 and $19,660 levels. Bitcoin price is now consolidating above $19,100 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $19,500 level. The next major resistance sits near the $19,660 zone. It is close to the 61.8% Fib retracement level of the key decline from the $20,382 swing high to $18,486 low. Source: BTCUSD on TradingView.com A clear move above the $19,660 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone, above which the price may perhaps revisit the $21,000 zone. Another Drop in BTC? If bitcoin fails to rise above the $19,660 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,350 zone and the 100 hourly SMA. The next major support is near the $19,220 zone and the bullish trend line. The main support is near $19,000. Any more losses might call for a drop towards the $18,500 support zone in the coming sessions. 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 – $19,220, followed by $19,000. Major Resistance Levels – $19,660, $20,000 and $20,500.

Bitcoin Crypto News

Bitcoin Sells-Off Amid Strong Economic Data, Can $18,600 Hold The Line?

Bitcoin has been unable to break above or below its current rage, and price action remains undecided. During yesterday’s trading session, the cryptocurrency saw upside volatility, but gains were surrounded once more today as macroeconomic forces took over BTC. Related Reading: MEV Crypto Bot Gains $1M But Loses Same To Hack Same Day At the time of writing, Bitcoin (BTC) trades at $19,200 with sideways movement in the last 24 hours and 4% profits in the last 7 days. While large cryptocurrencies have been able to preserve some of their gains from the past week, most are following the general sentiment in the market. U.S. Economy Report Tumbles Bitcoin Price As Bitcoin was moving into its upcoming resistance level at around $20,500, the U.S. published its recent economic report on the job sector. The initial jobless claims for September’s last job came in at 193,000, the lowest level since April 2022, according to a report from CNBC. This represents a 16,000 decline from the previous week when the jobless claims stood at 215,000. This data indicates that the U.S. economy has continued to see a spike in its job force, with fewer people reporting unemployment. The Jobless continuing claims also saw a decline of 29,000 for a total of 1.3 million. This data has relevance as the U.S. Federal Reserve (Fed) is set at stopping inflation from rising, as measured by the U.S. Consumer Price Index (CPI). The latter metric is currently at a multi-decade high which forced the financial institution to hike their interest rates. However, the Fed’s monetary policy seems to be having no impact on U.S. economic growth. The report stated: The strong labor numbers come amid Fed efforts to cool the economy and bring down inflation, which is running near its highest levels since the early 1980s. Central bank officials specifically have pointed to the tight labor market and its upward pressure on salaries as a target of the policy tightening. Bitcoin Far From Seeing A Price Bottom? As a result of this data, the legacy financial markets and Bitcoin traded to the downside. Market participants must be pricing in further interest rate hikes and more aggressive measures from the Fed as it attempts to cool down inflation. As the data went public, President of the Cleveland Federal Reserve Lorretta Mester spoke about doing “what we must do to get back to price stability”. Other members of the financial institution are likely to adopt a similar stand. This will translate into more pain for Bitcoin and risk-on assets. Commenting on the data, an analyst for Material Indicators said the following, while sharing the chart below showing the crypto market’s reaction to the jobless report: FireCharts shows how BTC traders responded to the economic news. Strong economic report means FED tightening hasn’t had much if any impact yet. Translation: More aggressive rate hikes through Q4 and into 2023. Macro Analysis: THE BOTTOM is not in. Related Reading: Solana Price Fails To Break $34 Again, What Could This Mean? As NewsBTC reported yesterday, Bitcoin must stay above $18,700 to $18,600 to sustain any potential bullish momentum. If bulls can defend these levels, the cryptocurrency could see a relief that will push its price north of $20,000 ahead of more economic announcements from the Fed.

Crypto News

Solana Price Fails To Break $34 Again, What Could This Mean?

SOL price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength.  SOL rally caught short as BTC price continued to range. The price must hold $30 support or face a drop-down to a weekly low.  The price of Solana (SOL) has recently shown some bullish strength, but it has struggled to break above key daily resistance against tether (USDT). Solana (SOL) prices have continued to fluctuate as bulls and bears play chess with SOL. SOL’s lack of bullish strength has left many traders and investors perplexed as to where it might go next. (Data from Binance) Related Reading: QUANT Basks In Green As QNT Coin Surges 35% On 7-Day Rally Solana (SOL) Price Analysis On The Weekly Chart  After bouncing from its weekly low of $30 as a price rally to a high of $45 before facing a stip rejection, the price of SOL has recently declined, and the price has continued to struggle to rejuvenate its bullish trend. The price of SOL remains marginally above a key support level of $30; this level of support is acting as a good demand zone for buy orders. For SOL to have a chance to trend higher, the price must break through its weekly resistance of $35. To restore a relief bounce, the price of SOL must break and hold above the $35 resistance with good volume. This area of resistance has kept the price of SOL from rising. If the price of SOL continues to reject $35, we could see a retest of $30 support and possibly a lower support area of $24 on the weekly chart if there is a sell-off. If the price of SOL breaks and holds above $35, it could spark a major rally to a region of $45-$58, which has historically been a difficult area for SOL price to break out of. Weekly resistance for the price of SOL – $35. Weekly support for the price of SOL – $30. Price Analysis Of SOL On The Daily (1D) Chart In the daily timeframe, the price of SOL remains below key resistance as it attempts to break above higher levels. After forming a downtrend line that acts as a resistance for SOL price, the price of SOL has shown strength as it faced rejection in an attempt to break out of its downtrend range. SOL’s price is $33 below the 50 and 200 Exponential Moving Averages (EMA). On the daily timeframe, the prices of $35 and $55 correspond to the prices at the 50 and 200 EMA for SOL. A break and close above $35 could see the price of SOL rally high to a high of $45 and higher. Daily resistance for the SOL price – $35-$45. Daily support for the SO price – $30. Related Reading: Bitcoin Price Climbs Upward With Trading Volume At A 3-Month High Featured Image From NewsBTC, Charts From Tradingview

Bitcoin Crypto News

TA: Bitcoin Price Resilience Suggests A Fresh Rally is Imminent: Here’s Why

Bitcoin found a strong buying interest near $18,500 against the US Dollar. BTC is recovering and there could be a fresh increase above the $20,000 resistance. Bitcoin remained stable and the bulls again protected the $18,500 support zone. The price is trading above $19,000 and the 100 hourly simple moving average. There is a short-term channel forming with support near $19,280 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh rally if there is a clear move above the $19,650 resistance zone. Bitcoin Price Holds Key Support Bitcoin price declined heavily from well above the $20,000 pivot level. BTC dropped below the $19,000 level, but the bulls were active near the $18,500 support zone. It seems like the price is well supported near the $18,500 zone and there are multiple rejections visible around the same area. The price is now rising and there was a move above the $19,000 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $20,383 swing high to $18,487 low. Bitcoin price is now trading above $19,000 and the 100 hourly simple moving average. There is also a short-term channel forming with support near $19,280 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $19,600 level. The next major resistance sits near the $19,650 zone. It is close to the 61.8% Fib retracement level of the downward move from the $20,383 swing high to $18,487 low. Source: BTCUSD on TradingView.com A close above the $19,650 level might start a fresh increase. In the stated case, the price could rise towards $20,000. Any more gains might lead the price higher towards the $20,500 resistance zone. Another Decline in BTC? If bitcoin fails to recover above the $19,650 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,280 zone and the channel trend line. The next major support is near the $19,200 zone and the 100 hourly SMA. The main support is near $19,000. Any more losses might call for a drop towards the $18,500 support zone in the coming sessions. 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 – $19,650, $20,000 and $20,500.

Crypto News

Solana Price Reverses Its Green Start, What’s The Next Target?

Solana price was off to a good start this week despite choppy market conditions. The bulls have tired out over the last 24 hours. In the past day, the altcoin fell by 3%. Solana prices have risen by nearly 6% in the last week. The technical indicator continued to demonstrate that the bears were in control at press time. If buying strength continues to head in the same direction, then most of the coin’s weekly gains would be nullified. The technical outlook for the coin was negative as the sellers took over at the time of writing. The current support zone for the coin is between $33 and $26. If SOL falls below its current price level, then the bears will gain momentum on the chart. With Bitcoin consistently wavering near the $19,000 mark, most altcoins also started to wobble on their respective charts and moved closer to their immediate support levels. For Solana price to reach its next price ceiling, the demand for the coin has to increase on its chart. Solana Price Analysis: One Day Chart SOL was trading at $33 at the time of writing. The coin had registered recent gains over the past few days, but the bulls faced resistance and it fell on its chart. The immediate resistance for the coin stood at $38 and then another price ceiling was at $41. If Solana price decides to move above the $41 level, then bulls could come around on the chart. On the other hand, the closest support line was at $29, and a fall from that level would cause the altcoin to trade at $26. The volume of altcoin traded decreased in the previous session, indicating that buying strength has decreased on the chart. Technical Analysis The altcoin showed more selling strength on its one-day chart. Solana, despite gains in the last few days, has not witnessed a surge of buyers. This also meant that demand was present at the lower levels. The Relative Strength Index displayed an uptick and the indicator was on the half-line, which meant that there was an even number of buyers and sellers. Other indicators, however, aligned with the selling strength on the chart. The Solana price was below the 20-SMA line, which also indicated that the sellers were driving the price momentum in the market. With a slight appreciation in demand, SOL could travel above the 20-SMA line. Related Reading: Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence SOL’s other technical indicators were yet to turn entirely bearish, although the indicators depicted the onset of bearish pressure. The Moving Average Convergence Divergence indicates the price momentum and overall price direction. The MACD continued to display green histograms, which were buy signal for the coin. The green signal bars were declining, which also meant that the positive price momentum was on a decline. The Directional Movement Index showed the price momentum and it was positive as the +DI line was above the -DI line. Average Directional Index was below the 20-mark, showing that the current market action had less strength. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate Featured image from Tecxpla, charts from TradingView.com

Bitcoin Crypto News

TA: Bitcoin Price Trims Gains, Why BTC Could Dive To New Monthly Low

Bitcoin failed to stay above the $20,000 resistance against the US Dollar. BTC is sliding and might even break the $18,250 support zone. Bitcoin failed to stay above the $20,000 resistance and started a fresh decline. The price is trading below $19,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $19,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower below the $18,250 support zone in the near term. Bitcoin Price Restarts Decline Bitcoin price attempted a decent upward move above the $19,500 resistance. BTC even climbed above the $20,000 resistance and the 100 hourly simple moving average. However, the crypto market faced a fresh selling interest after the US Dollar regained strength. As a result, bitcoin price topped near the $20,383 level and started another decline. There was a sharp move below the $20,000 level. Besides, there was a break below a key bullish trend line with support near $19,450 on the hourly chart of the BTC/USD pair. The pair declined below the 61.8% Fib retracement level of the upward move from the $18,645 swing low to $20,383 high. It is now trading below $19,000 and the 100 hourly simple moving average. An immediate support on the downside sits near the $18,600 level, with a bearish angle. On the upside, an immediate resistance is near the $19,000 level. Source: BTCUSD on TradingView.com The next major resistance sits near the $19,200 zone and the 100 hourly simple moving average. A close above the $19,200 level might start a decent increase. In the stated case, the price could rise towards $19,500. Any more gains might lead the price higher towards the $20,000 resistance zone. More Losses in BTC? If bitcoin fails to recover above the $19,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,500 zone. The next major support is near the $18,250 zone. It is near the 10236 Fib extension level of the upward move from the $18,645 swing low to $20,383 high. Any more losses might call for a drop towards the $17,500 support zone in the coming sessions. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $18,500, followed by $18,250. Major Resistance Levels – $19,000, $19,200 and $20,000.

Crypto News Ethereum

TA: Ethereum Price is Showing Early Signs of Fresh Rally, But $1,400 is the Key

Ethereum is gaining pace above $1,360 against the US Dollar. ETH could start a fresh rally if there is a clear move above the $1,400 resistance zone. Ethereum is showing positive signs above the $1,320 and $1,350 support levels. The price is now trading above $1,350 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,342 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its rally if it clears the key $1,400 resistance zone. Ethereum Price Aims Higher Ethereum was able to form a support base above the $1,260 level. ETH started a steady increase after it cleared the $1,300 resistance, similar to bitcoin. The price cleared the $1,330 and $1,350 resistance levels to enter a positive zone. Besides, there was a break above a major bearish trend line with resistance near $1,342 on the hourly chart of ETH/USD. The pair is now trading above the 76.4% Fib retracement level of the downward move from the $1,419 swing high to $1,219 low. Ether price is also trading above $1,350 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,395 and $1,400 levels. The next major resistance is near $1,420 level. A clear break above $1,420 might start a decent increase towards the $1,465 level. It is near the 1.236 Fib extension level of the downward move from the $1,419 swing high to $1,219 low. Source: ETHUSD on TradingView.com Any more gains may perhaps open the doors for a move towards the $1,500 resistance, above which the bulls could aim $1,580 in the coming sessions. Dips Limited in ETH? If ethereum fails to climb above the $1,400 resistance, it could start a downside correction. An initial support on the downside is near the $1,350. The next major support is near the $1,320 level and the 100 hourly simple moving average. A downside break below the $1,320 level might send the price towards the $1,250 support in the near term.  Any more losses could increase selling and the price might drop to $1,200. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,320 Major Resistance Level – $1,400

Bitcoin Crypto News

TA: Bitcoin Price Gearing For Another Lift-Off to $21K, Recent Breakout Suggests

Bitcoin is gaining pace above the $19,500 resistance against the US Dollar. BTC could rise further above $20,000 if it stays above the $19,000 support. Bitcoin started a decent increase and was able to clear the $19,500 resistance zone. The price is trading above $19,000 and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could stage a strong increase if it clears the $20,000 resistance zone. Bitcoin Price Breaks Hurdle Bitcoin price remained well bid above the $19,000 support zone. The crypto market was able to recover and BTC climbed higher above the $19,200 resistance zone. There was a clear move above a connecting bearish trend line with resistance near $19,220 on the hourly chart of the BTC/USD pair. The pair even surpassed a major resistance zone near the $19,500 level to move into a positive zone. Bitcoin price is now trading above $19,000 and the 100 hourly simple moving average. It traded as high as $19,863 and is currently consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent increase from the $18,645 swing low to $19,863 high. On the upside, an immediate resistance is near the $19,850 level. The next major resistance sits near the $20,000 zone. Source: BTCUSD on TradingView.com A close above the $20,000 level might push the price further into a bullish zone. In the stated case, the price could rise towards $20,500. Any more gains might lead the price higher towards the $21,000 resistance zone. Dips Supported in BTC? If bitcoin fails to rise above the $20,000 resistance zone, it could correct lower. An immediate support on the downside is near the $19,550 zone. The next major support is near the $19,250 zone. It is near the 50% Fib retracement level of the recent increase from the $18,645 swing low to $19,863 high. The main support sits near the $19,000 level, below which the price might move into a bearish zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $19,550, followed by $19,000. Major Resistance Levels – $19,850, $20,000 and $20,500.