Cardano (ADA) has officially made a lower low to prices not seen since January 2021. Ever since the April/May drop, ADA has failed to achieve much upward movement, even during BTC’s bear market rally to $25k. Recently, the price of ADA has reached $0.3750, which has not happened for the coin since the beginning of…
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The alleged fraudsters built a BAYC and MAYC NFT focused website that masqueraded as a service to animate the apes but instead phished victims details to steal their NFTs.
Ripple CEO Brad Garlinghouse says he thinks “we’ll have an answer in the first half of next year” in the U.S. Securities and Exchange Commission (SEC) lawsuit over xrp. Maintaining that xrp is not a security, the executive stressed that the case “is about the whole industry” and “Everyone acknowledges how important this is.” Ripple’s […]
Bitcoin price is consolidating near the $19,000 level against the US Dollar. BTC seems to be forming a short-term bullish pattern and might rise towards $20,000. Bitcoin is struggling to gain pace for a move above the $19,200 level. The price is trading below above $19,400 and the 100 hourly simple moving average. There is a new connecting bearish trend line forming with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase unless there is a clear move below the $18,950 level. Bitcoin Price Remains In A Range Bitcoin price was seen trading in a range below the $20,000 resistance zone. BTC even settled below the $19,500 level and the 100 hourly simple moving average. The last swing low was formed near $18,860 before there was a minor upside correction. The price was able to clear the 23.6% Fib retracement level of the downward move from the $19,560 swing high to $18,860 low. The bulls even pushed the price above the $19,200 level. However, the bears were active above the $19,200 level. Bitcoin price struggled to clear the 50% Fib retracement level of the downward move from the $19,560 swing high to $18,860 low. It is now trading below above $19,400 and the 100 hourly simple moving average. It seems like there is a short-term inverse head and shoulders pattern forming with breakdown support at $18,950. On the upside, an immediate resistance is near the $19,200 level. There is also a new connecting bearish trend line forming with resistance near $19,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com A clear move above the trend line might send the price towards the $19,500 resistance. Any more gains might start a steady increase towards the $20,000 resistance zone. More Losses in BTC? If bitcoin fails to rise above the $19,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,950 zone. The next major support is near the $18,860 zone. A downside break below the $18,860 support zone send the price towards the $18,550 level. Any more losses might call for a drop towards the $17,800 support zone. 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 – $18,950, followed by $18,860. Major Resistance Levels – $19,200, $19,500 and $20,000.
Crusoe Energy Systems has just acquired the operating assets of Great American Mining, a sign that further consolidation could be ahead.
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XRM price breaks down into a ranging channel as price failed to break above resistance, holding price from trending higher. XRM trades below 50 and 200-day Exponential Moving Average as the price struggles to regain bullish signs as the price continues ranging in a descending triangle. The price of XRM needs to break out of the descending triangle with good volume to rally high to a region of $200. Monero (XRM) prices continue to struggle as they range in a channel in an attempt to rekindle their bullish movement against tether (USDT). Monero (XRM) and other crypto assets experienced a relief bounce in recent weeks, which saw the crypto market cap look good for cryptocurrencies across the industry, with many producing double-digit gains. Monero (XRM) showed some relief bounces but was quickly rejected into a range price movement. (Data from Binance) Related Reading: Why These Experts Believe The Ethereum Price Could Soar to $5,000 Monero (XRM) Price Analysis On The Weekly Chart Despite having a tough time in recent months with the price falling to a low of $100 with over 70% drop from an all-time high of $517. This incredible price movement was cut short due to the market condition. The crypto market has remained in a bear market for over six months, leading to many crypto assets retesting their weekly low while others hang on to key support. After the price of XRM rallied to a high of $260, the price declined as it dropped to a weekly low of $100, where the price held strong after forming support, and this region looked like a demand zone for prices. The price of XRM bounced off from this region of $100 as the price rallied to a weekly high of $150 as the price faced resistance to breaking higher as the price continued to range in a channel. The resistance value corresponds to the Fibonacci ratios (Fibs) at 38.2%, acting as resistance for the price to go higher. For XRM to trend, a higher price must overcome the resistance at $150. Weekly resistance for the price of XRM – $150. Weekly support for the price of XRM – $100. Price Analysis Of XRM On The Daily (1D) Chart On a daily timeframe, the price of XRM remains below the 50 and 200-day Exponential Moving Averages (EMA), which is not conducive to an upward price trend in the short term. Prices of $150 and $162 correspond to the 50 and 200 EMAs, which act as resistance for XRM. For the price of XRM to resume its bullish trend, it must break above $162 with good volume closing above it. Daily resistance for the XRM price – $162. Daily support for the XRM price – $100. Related Reading: Dogecoin Must Do This One Thing For Price To Hit $0.1, Here Is Why? Featured Image From zipmex, Charts From Tradingview
Ethereum completed one of its historic upgrades in mid-September. The Merge created the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Unfortunately, the post-Merge events brought deflationary situations for the blockchain. As predicted by some crypto experts, the price of Ethereum has dropped drastically following its transition to PoS. Also, the dynamics of ETH supply have changed after the upgrade. Related Reading: Crypto Market Shows No Signs Of Positive Movement, Is ‘Uptober’ A Myth? According to data from Ultrasound Money, there’s a reduction in the daily amount of ETH that hit the market. Furthermore, the data revealed that the declining record was about 90% after the Merge. This change could be because Ether is no longer mined since it’s now a PoS network. Burning Mechanism Reduces Ethereum Supply A careful study of Ethereum supply indicated a reduction over the past five days. With such a trend, the total supply for the second largest crypto asset plunged by about 5,500 ETHs since October 8. The decline is linked to the implication of EIP-1559 and the burning mechanism for the token. This ensures that a percentage of fees paid for ETH transactions is burned. Before the transition to PoS, miners receive about 13,000 ETH from the Ethereum network as rewards. The network makes payments daily to secure the ecosystem and for processing transactions. But the Merge changed the sequence for the network. The Ethereum network is now issuing a daily reward of about $1,600 ETH to validators. This is because the base fees for processing ETH transactions are burned. With such a practice, Ethereum will be deflationary, especially when the usage increases. Today, almost 7,525 ETH has hit the market as a new token supply after the Merge. But in comparison with its operation as a PoW blockchain, the value would have reached about 340,000 ETH. XEN Crypto Project Plays A Role The ETH burning mechanism must take more tokens out of circulation. The ETH Foundation calculated that ETH would be deflationary if the gas price reached 15 gwei. Related Reading: Bitcoin Boredom Causes Trading Volume To Dive 38% From September Highs On Sunday, XEN Crypto was launched on the Ethereum blockchain. Unfortunately, its project operates as a new Ethereum gas guzzler, and some users have already started minting the crypto XEN. The sudden activity spiked Ethereum gas fees over the weekend. Since every address on the Ethereum network could mint XEN, this accounts for increased Ethereum gas prices. Minting XEN to sell immediately has an incentive. Also, users receive more significant amounts just by locking the tokens. Hence, the scenario with the airdrop is that of the gold rush. It places XEN as the gold and Ether as the pickaxe for its mining. Etherscan revealed that it took about 1,470 ETH as gas fees to mint XEN in a day. This value represents up to 40% of the total gas expenditure on the Ethereum network. Hence, ETH supply is dropping as the amount of burned ETH is more significant than what stakers gain as a reward. Featured image from Pixabay and chart from TradingView.com
The CEO of Devere Group, a financial advisory and asset management firm, anticipates further volatility in the crypto market before year-end. However, he stressed that “for serious investors, this will not necessarily be seen as a bad thing,” noting that “Savvy, long-term crypto investors will be looking to benefit from panic sellers by buying their […]
The crypto market has been showing signs of decline recently as prices of Bitcoin and other crypto assets keep dropping. With the hikes in interest rates from most of the global central banks, the global economy is getting tighter. The impact on both the crypto and traditional markets is significantly devastating. Following the events, the International Monetary Fund (IMF) warned about economic decline. Furthermore, it speaks of a possible worse global recession in 2023. This means that financial markets will go risk-off, creating extreme fear for the markets. Related Reading: Here’s Why SUSHI Is Down More Than 10% In The Last 24 Hours Hence, there could be a drastic decline in the prices of crypto assets and conventional stocks. BTC Price Correlates With Stocks? The price of Bitcoin has depicted a strong correlation with equity assets for more than a year. This is seen with most of the trends for BTC and some stocks in most cases. Several factors and conditions have been highlighted as explanations for the correlation. One of the stocks with a solid link to Bitcoin is S&P 500. Bitcoin witnessed a price drop during the global pandemic recession in 2020. This was the same story for equity stocks. But as the economic conditions gradually progressed positively, the system transited accordingly. As a result, the crypto and equity markets sold off in December 2021 and May 2022. Most of the correlated trends could indicate the performance of markets for securities once they hit a certain liquidity threshold. But, conversely, it could suggest that institutional fund has reached a sizable portion of capital inflows. The price of Bitcoin could be tossed around firmly and fiercely despite the causative factors of a declining economy. However, the primary crypto asset could meet a drastic fall once there’s a global recession. This will propel investors to pull out their funds through massive sell-offs. BTC Could Offer Long-Term Bullish Overview The price of Bitcoin will boost in a situation with favorable intervention. For example, the US Federal Reserve and other central banks globally could take the IMF warnings and cut down rates to curb recession. Such a situation will create a price rally for Bitcoin and other crypto assets. Also, equity stocks will strive positively. Related Reading: Bitcoin Mining Difficulty Adjustment May Force Miners To Dump Their BTC However, there could still be hope even without the intervention of the central banks. This means that a recession will emerge and pull down the crypto market, with the price of BTC dropping. Such lower prices could become an attractive entry point for some investors of the crypto assets. Recall that the 2008 recession brought no prominence to Bitcoin. But following its collapse in March 2020, the primary cryptocurrency got a massive bull market that spiked its dominance in the crypto market. From then, Bitcoin rallied far above the equities and has been sustaining its stance. With the overall outplay of events, Bitcoin depicts a bullish outlook on a long-term basis. At press time, the BTC price is around $19,137, indicating a drop over the past 24 hours. Featured image from Pixabay and charts from TradingView.com
