Category: Cryptocurrency News

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P2P aims to retain its lead among EigenLayer validators ahead of the protocol’s expected boost to restaking rewards.

Axelar’s Interchain Amplifier and Mobius Development Stack can bring blockchain interoperability to TON’s ecosystem.

Industry watchers are pointing to Bitcoin’s increasing correlation with the winning odds of former President Donald Trump.

Bitcoin has seen a significant price movement today, reaching a high of $67,803, breaking above a descending falling wedge pattern on the daily chart. While this breakout has captured attention, Bitcoin is yet to close a daily candle above this resistance, which would confirm the breakout as successful. Regardless, this development has sparked fresh analyses from prominent crypto commentators, many of whom are now sharing their latest insights on the next target for Bitcoin following this pattern breakout. Related Reading: Bitcoin Open Interest Hits Record $19.8 Billion—Is The $100K Rally About to Begin? Analysts Weigh In On Bitcoin Wedge Pattern Breakout A CryptoQuant analyst, known by the pseudonym Papi, referred to the falling wedge pattern as the 2024 “nope zone” in a recent post. Papi stated, “2024’s Nope Zone is undefeated. For now. Will this time be different?” He pointed out that this is the first time Bitcoin has retested the price successfully above the “nope zone” on a four-day chart. The analyst also mentioned that high open interest (OI) and ETF flows showed bullish signals, although net flows on derivative exchanges remained neutral. “Even if we don’t break out this time, we are getting very close,” Papi added, emphasizing the importance of dollar-cost averaging during this period of consolidation. He also highlighted the support levels at $60,000 and the mid-$50,000 range as strong backstops in case of any pullback. Road to $90,000? Despite the initial breakout, Bitcoin has faced a minor correction, trading at $66,047, up by 0.2% in the past 24 hours. This small pullback has not deterred analysts from making bullish predictions. Captain Faibik, another well-known crypto analyst, took to X to comment on Bitcoin’s price movement. He noted, “So far, so good… Bitcoin is once again heading towards the $68k crucial resistance. A successful wedge breakout could send Bitcoin to $88k-$90k in November.” Faibik remains optimistic, anticipating a larger move upwards if BTC can clear this key resistance level. Similarly, another prominent analyst, RektCapital, shared his perspective on the current price action. RektCapital pointed to Bitcoin’s historical rejections from the downtrending channel top, noting that previous pullbacks were progressively deeper. Related Reading: Bitcoin Reclaims $66k But Retail Investors Lag—Is A Final FOMO Wave Coming? The analyst added: “This current rejection is Bitcoin’s first chance to show that this downtrending channel top resistance is weakening as a point of rejection.” #BTC Here are historical rejections from the Downtrending Channel Top (red) From mid-March, the rejections have resulted in progressively deeper pullbacks: Initially -17% followed by -22% then -26% then -29% This current rejection is Bitcoin’s first chance to show that this… https://t.co/wXePIvVs5D pic.twitter.com/k2lMLje0yO — Rekt Capital (@rektcapital) October 15, 2024 Featured image created with DALL-E, Chart from TradingView

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When Musk tweets, the crypto market listens — and often pays the price.

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MicroStrategy is up over 1,500% since 2020, while the S&P 500 index rose just over 111% during the same four-year period.

Polkadot (DOT) has seen a price increase in the daily timeframe as the crypto market soars. Some market watchers suggested the cryptocurrency is gearing up for a breakout, setting new targets for the short and mid-term timeframes. Related Reading: Crypto Prices Go Up: A ‘Cautious Bullish’ Outlook Amid Fed Worries And Market Volatility Polkadot Breaks Out Of Falling Wedge Pattern Polkadot has registered a 10.9% increase in the last week following the market’s performance. DOT jumped from the $4.32 support zone to the $4.53 mark before retracing, registering a 4.8% daily surge in the early hours of Tuesday. The cryptocurrency also saw a 56% rise in market activity, recording a $259.3 million daily trading volume. This increase has made DOT retest the upper trendline of a falling wedge pattern. Market analyst CryptoBull360 stated that Polkadot is “getting ready for a massive breakout” from the bullish pattern after a long consolidation period. DOT has been moving within the falling wedge for the past seven months, consolidating between $4-$4.8 since August’s Black Monday. The analyst noted that the token had a strong bounce from the Point of Control (PoC) value zone, surging 11% in the last three days. Today’s jump saw the token break above the pattern’s upper trendline, momentarily sitting above it. CryptoBull360 expects a retest of March highs if the token successfully breaks out of the falling wedge. To him, a 160% surge for the midterm is imminent, which would target the $11.46 yearly high. Is DOT Preparing To Reclaim $20? Crypto analyst Ali Martinez suggested that Polkadot could “be following Fantom’s footsteps.” Per the post, DOT’s chart looks similar to Fantom’s before its March performance. Ahead of the Q1 rally, FTM rose two times to the upper range of its accumulation zone and retraced before its 263% bullish run toward its yearly high. If Polkadot were to follow, and its current pattern holds, DOT’s price could rise to $9.7 in Q4. Following the surge, the cryptocurrency would face a pullback to the $6.5-$6.7 support zone before skyrocketing to $20 by Q1 2025, a level not seen since April 2022. Related Reading: Bitcoin’s Road To $70,000? Analysts Set Next Targets As BTC Retests Key Levels Despite the bullish forecasts, some investors remain cautious about Polkadot. A crypto trader noted that DOT followed Bitcoin’s lead like most of the market. The cryptocurrency surged to its daily high of $4.53 as BTC retested the $67,000 resistance level. However, DOT quickly fell to Monday’s levels as BTC was rejected from its resistance zone. The trader questioned DOT’s 24-hour trend, stating, “BTC stops pumping, DOT rises a few percent, while most things don’t rise, as soon as it gets going, the entire market falls and DOT immediately loses everything it had previously gained.” As of this writing, DOT is trading at $4.42, a 2.2% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com