As a seasoned trader with over two decades of experience under my belt, I find myself intrigued by the current market movements. The Polkadot (DOT) price action is particularly interesting as it seems to be finding solid support at its 20-day SMA. This resilience is reminiscent of a boxer who keeps getting knocked down but always manages to get back up.
Bitcoin (BTC) is approaching the $65,000 threshold following its surge beyond $63,000 early Monday morning. The leading cryptocurrency has seen a 2% increase in the last 24 hours and has climbed nearly 10% over the past week.
Ethereum (ETH) has also continued its upward trajectory and has registered an increase of almost 18% over the past week to march past the $2,600 level. The overall crypto market cap has also registered a jump of nearly 2% to move to $2.25 trillion.
Most significant cryptocurrencies have begun the week on an upward trend, with Solana (SOL), Toncoin (TON), Polkadot (DOT), Dogecoin (DOGE), Dogewhatever (WIF), Bittensor (TAO), and FET starting the week with gains.
Crypto Markets Record Growth
1) Over the last week, the worldwide cryptocurrency market has seen a surge of approximately $220 billion due to the Federal Reserve’s decision to reduce interest rates by 50 basis points. This announcement sparked renewed optimism in the markets, and Bitcoin (BTC) quickly rose above $64,000, with other significant altcoins like Ethereum (ETH) mirroring this trend. Additionally, the U.S. Securities and Exchange Commission (SEC) has given its approval for options trading on BlackRock’s spot Bitcoin ETF. These ETFs were introduced at the beginning of 2024 and have attracted significant institutional attention as Bitcoin’s popularity continues to grow.
The SEC’s action is widely considered a major milestone on the path to Bitcoin being accepted as standard practice in conventional financial sectors.
Kamala Harris Makes First Comment On Crypto
2020 Democratic presidential nominee Kamala Harris has voiced her opinions on cryptocurrency for the first time, expressing a desire to foster investments in artificial intelligence and digital currencies. These remarks were made at a Wall Street fundraising event in Manhattan. In essence, she indicated support for these emerging technologies.
Together, we’ll collaborate on investing in America’s competitive edge, its long-term prosperity. We’ll foster innovative technologies such as AI and digital currencies while safeguarding consumers and investors. Our goal is to establish a secure business climate with clear, fair regulations. We’re committed to funding the development of semiconductors, renewable energy, and other forward-looking sectors, all while trimming unnecessary red tape.
The crypto community hopes Harris will take a friendlier approach to crypto than President Joe Biden, who has adopted a very strict approach. Harris’ senior campaign adviser Brian Nelson hinted last month that Harris would support the crypto industry if elected but added that the industry needs some “rules of the road” given the spate of collapses.
Coinbase policy chief, in response to the remarks, stated on X,
“Kamala Harris made a significant statement about digital assets that is worth noting. While her stance isn’t as aggressive or visionary as Donald Trump’s specific policy positions, it does demonstrate an understanding of the importance of digital asset innovation and its relevance to cutting-edge technologies like AI.
FET And TAO Lead AI Tokens
Artificial Intelligence (AI) tokens, specifically FET and TAO, have experienced significant growth, outperforming other market sectors significantly. In September alone, FET saw an unprecedented price surge nearing $1.70. Over the past week, this token has risen by more than 27%. The recent decision by the Federal Reserve to lower interest rates seems to have rekindled investor interest in AI tokens, with FET and TAO at the forefront. The growth of TAO is truly remarkable, having increased almost 93% over the past week and currently trading close to $600.
BTC Miners Turn To Fractal Bitcoin Mining
Data has shown that the blockchain network Fractal Bitcoin continues to capture around 226 exahash per second from the main Bitcoin blockchain. An additional 18.1 EH/s of permissionless mining also boosts network operations. According to the available on-chain data, 40,354 Fractal Bitcoin blocks have been mined, and 2,068,925 FB tokens are in circulation. Mining giant Antpool dedicates 82.34 EH/s to Fractal Bitcoin, while F2Pool dedicates 25.48 EH/s and Spiderpool dedicates 7.72 EH/s.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) and the broader cryptocurrency market have experienced substantial price fluctuations due to an uptick in investor enthusiasm that’s pushing prices upward. Over the weekend, BTC surged past $64,000 but has since dipped to its current value of around $63,700. Analysts anticipate that Bitcoin could potentially reach $85,000 by the end of 2024. One cryptocurrency trader interprets the weekly Relative Strength Index (RSI) of BTC as a sign of a breakout for this digital currency, suggesting it’s on an upward trajectory.
Translation: “By the close of this week, Bitcoin’s RSI (Relative Strength Index) suggests a powerful surge may occur before the year ends. In fact, traditionally, when September concludes with positive gains, the final quarter of the year tends to be bullish.
Nevertheless, while there’s a sense of optimism among traders, they remain cautious. One trader stated that for Bitcoin (BTC) to maintain its positive trend, it must sustain a sequence of higher peaks and troughs on the daily chart. This trader also pointed out that $61,000 is a significant level for BTC. If BTC manages to stay above this price point, analysts believe the bullish momentum will persist. The recent fluctuations in BTC’s value suggest buyers have taken control from sellers, as BTC surpassed $60,000 last Tuesday. The bullish nature of Bitcoin can be validated by the Relative Strength Index (RSI), which switched to a bullish stance on Thursday. Since then, BTC has broken through critical resistance levels as buyers gradually gained dominance.
The graph indicates that Bitcoin is attempting to break through the barrier at $64,000, with buyers aiming for $65,000 and beyond. On Thursday, Bitcoin peaked at $63,886 before dipping and ending at $62,912, representing a 1.84% rise. The trend continued in the positive direction on Friday as Bitcoin climbed to $63,229, but sellers managed to prevent it from surpassing $65,000. Over the weekend, Bitcoin maintained its upward trajectory, increasing by 0.25% on Saturday and 0.32% on Sunday, reaching $63,856. However, despite these gains, it was unable to break through the $64,000 mark as sellers persistently held their ground at that level.
In this ongoing trading period, Bitcoin (BTC) is showing a slight decrease as both buyers and sellers vie for dominance. Buyers aim to push BTC beyond $64,000, while sellers try to pull it down to $60,000. The question remains: What will happen next? If BTC manages to break through the resistance at $64,000 and the 200-day Simple Moving Average (SMA), there’s potential for a rise above $65,000. A successful close above these points could lead BTC to soar towards $70,000. Conversely, sellers will work to pull BTC back below $60,000. If BTC maintains its position above the $60,000 mark, it would suggest that sellers are losing their grip and a positive market outlook is resurfacing.
Ethereum (ETH) Price Analysis
Over the last seven days, I’ve observed a noticeably optimistic price trend in Ethereum (ETH), with its value climbing nearly 16%. This surge in value has been accompanied by a significant rise in trading volume, which has increased by approximately 56% within the past day alone.
On Thursday, ETH surpassed its 20-day Simple Moving Average (SMA) following a nearly 4% rise to reach $2,465. Subsequently, it broke through the significant $2,500 level and the 50-day SMA on Friday after a further increase of 3.90%, reaching $2,561. The weekend saw a fluctuating trend for ETH as it climbed above $2,600 on Saturday following a 2.14% growth to reach $2,614. However, sellers gained control on Sunday, attempting to drive ETH below the $2,500 mark. This selling pressure caused ETH to dip to a daily low of $2,525. Despite this, it managed to recover and close at $2,583, once again falling below $2,600 and ending the week on a bearish note.
During this ongoing period, Ethereum (ETH) has bounced back significantly, increasing by 2.30%. This surge has allowed ETH to reclaim the $2,600 mark and is currently being traded at $2,643. Buyers have made an effort to push ETH above $2,700, but sellers have managed to hold it back. Sellers aim to drive ETH down below $2,500, but with the momentum swinging and support strengthening at that level, they might find it challenging to suppress the bullish mood. On the other hand, buyers are planning to challenge the resistance at $2,700 again. If they succeed in breaching this barrier, ETH could aim for the significant $2,850 level. Conquering this level could lead ETH to reach $3,000.
Solana (SOL) Price Analysis
Attempts by Solana (SOL) to surpass the $150 mark have been unsuccessful due to persistent selling from traders guarding resistance points. This has led to significant selling pressure on SOL, even though it had shown a very bullish trend towards the end of last week. On Wednesday, SOL broke above its 20-day Simple Moving Average (SMA), following a 2.07% rise that took it to $134. The buying momentum picked up on Thursday, with SOL recording a 6.36% surge and crossing the $140 mark, closing at $142. Importantly, this increase also allowed SOL to move above its 50-day SMA, which could potentially be turned into a support level by buyers.
On Friday, SOL made an attempt to go beyond $150, reaching a peak of $152, but sellers managed to push it back below $150, ending the day at $146 following a 2.67% rise. The weekend was varied; on Saturday, SOL climbed to $149, only for sellers to regain control on Sunday and cause a 3.20% drop to $144. An effort was made to drive the price below $140, but the 50-day Simple Moving Average, where buyers were entering, provided support, allowing the price to rebound. As of now, SOL is slightly up as both buyers and sellers are vying for control in the current session.
Solana (SOL) encounters obstacles at approximately $150 and $155. The 200-day Simple Moving Average (SMA) serves as a flexible barrier of resistance in this range. If SOL manages to surpass these thresholds, it signifies a shift in market sentiment, with bears starting to relinquish control. However, investors need to prevent Solana’s price from dipping below $140 for this bullish trend to become evident.
Dogecoin (DOGE) Price Analysis
Over the past week, the well-known meme cryptocurrency Dogecoin (DOGE) has increased by more than 6%. However, it hasn’t been able to surpass $0.110 despite this growth, dipping during the weekend. In the last seven days, DOGE demonstrated a bullish trend, using its 20-day Simple Moving Average (SMA) as a foundation and moving beyond its 50-day SMA on Wednesday. By Thursday, DOGE was attempting to break through resistance at $0.105, reaching a daily high of $0.107. The cryptocurrency experienced significant fluctuations. This volatility continued on Friday as buyers aimed to maintain a position above $0.105, while sellers tried to push the price below $0.100.
On Saturday, DOGE surpassed $0.105 and climbed to $0.109 due to a nearly 4% growth, giving buyers the advantage. However, sellers regained control on Sunday as DOGE dipped 3.19%, ending at $0.106. Currently, the session shows DOGE experiencing minimal loss but high volatility as both parties strive for dominance. In the price chart, we observe that buyers have tried to push DOGE above $0.110, while sellers have attempted to force it below $0.105.
Polkadot (DOT) Price Analysis
Over the weekend, Polkadot (DOT) experienced a downturn as it failed to surpass the $4.50 mark once more, with sellers persistently blocking any advancement above this threshold. Last week, despite dipping to a low of $3.98 on Wednesday, DOT showed considerable bullishness, recovering and climbing back over $4 to reach $4.17. On Thursday, the price continued to ascend, registering a 2.16% growth, surpassing the 20-day Simple Moving Average (SMA) and settling at $4.26. Attempts were made on Friday to push DOT above $4.50 as it reached a peak of $4.49. However, the momentum of buyers waned as selling pressure intensified at higher levels, allowing sellers to drive DOT below the 50-day SMA to $4.34. Despite this selling pressure, DOT still managed to increase by 1.88%.
On Saturday, DOT surpassed its 50-day Simple Moving Average (SMA) again, but this time, buyers managed to keep it afloat instead of allowing sellers to push it down. The closing price was $4.46, representing a nearly 3% increase. However, the anticipated move above $4.50 did not occur on Sunday as sellers regained control, causing DOT to drop by over 3.36%, sliding back below the 50-day SMA and settling at $4.31 after briefly dipping to $4.24. Currently, in the ongoing session, DOT is up by approximately 0.70% and trading near $4.34. In the price chart, we notice that buyers have successfully prevented sellers from pushing DOT below the 20-day SMA, while sellers have also stopped another attempt by buyers to drive the price above $4.50.
Based on its recent trends, it appears that DOT is finding support at its 20-day Simple Moving Average (SMA). The price has bounced back from this point not once, but twice, suggesting growing support. If DOT manages to establish a higher base and maintain itself above this level, buyers might gather enough strength to push it past $4.50. A successful break and close above this figure would suggest that the bears have weakened, potentially leading to an upward movement towards $5. However, with support forming around $4.20, sellers may find it challenging to drive DOT prices down any further. If DOT were to fall below its 20-day SMA, a drop to $4 could be expected – a level that has previously attracted buyers on multiple occasions.
Bittensor (TAO) Price Analysis
The price trajectory of Bittensor’s TAO token has left analysts amazed, some even using the term “crazy” to describe it. Despite varying opinions on the matter, it’s challenging to find words that fully capture TAO’s extraordinary rise surpassing $500 and approaching its resistance at $560. In just a week, TAO skyrocketed by an astounding 95%, and during the current session, it has climbed nearly 18%. Over the past seven days, its growth has been a staggering 89%. During the ongoing session, TAO breached the $560 resistance level, reaching an intraday high of $582 before falling back to its current price of $549. As TAO continues its upward trend, analysts ponder whether it will surpass $600 during this bull run.
Looking at the price trend, it’s clear that TAO has posted significant gains of more than 10% on most days since Tuesday. A surge over 15% on Saturday propelled the price above $450 and stabilized at $469. Sunday was marked by volatility as sellers attempted to push the price below $450, but failed. Currently, TAO is up by an impressive 16.51%, with buyers firmly in control of the market. Analysts are optimistic about TAO reaching $560 or even $600 before any downturn and encourage followers to capitalize on price drops, implying further growth potential. One analyst noted,
The TAO chart seems ready for a potential shift. Let’s observe how robust the support remains during any market corrections. I’m closely monitoring specific price points, as they might offer excellent chances to buy at discounted prices during downturns.
Ripple (XRP) Price Analysis
Ripple (XRP) is currently experiencing a phase of horizontal movement rather than making significant progress above the $0.60 mark. It’s been bouncing between roughly $0.55 and $0.60. The 50-day Simple Moving Average (SMA) has functioned as a crucial support, hindering any further downward trend, but with interest in buying diminishing at higher levels, XRP hasn’t managed to surge upwards. A noticeable selling pressure was observed on Wednesday, causing the price to dip to a daily low of $0.56. However, buyers succeeded in pushing XRP back above the 50-day SMA and even recorded a minor increase of 0.17%. The trend continued with a slight increase on Thursday, but Friday saw a modest decrease, as both buyers and sellers have been vying for control over the market without making substantial progress.
Over the weekend, there was a shift in power: buyers managed to gain an edge on Saturday, causing XRP to rise by 2.28% to 0.59. They even made an attempt to surpass $0.60, but couldn’t quite make it. However, sellers reclaimed control on Sunday, causing XRP to drop by 1.62%, leaving the weekend with a bearish tone. As of now, the session shows XRP slightly rising and displaying significant volatility as both buyers and sellers are vying for dominance.
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2024-09-23 13:15