Crypto Price Analysis 9-27 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, RIPPLE: XRP, BITTENSOR: TAO, RENDER: RNDR

As a seasoned cryptocurrency analyst with years of experience under my belt, I must say that the current state of XRP is rather intriguing. The sideways trading we see today is a familiar sight for those who have been around the block a few times. The battle between buyers and sellers at the $0.60 level is reminiscent of a game of chess, with neither side willing to concede an inch.

Four weeks have passed since Bitcoin (BTC) last surpassed the significant $65,000 mark, but it has now done so again, boosting nearly 3% over the past day. My portfolio is rejoicing as this milestone nears, as it comes just before the expiration of approximately $5.8 billion in options contracts. Analysts predict that these contracts could cause heightened volatility within the crypto markets. The surge appears to be mainly fueled by monetary stimulus measures in both the U.S. and China, leading to a considerable increase in the overall crypto market.

Nearly all major cryptocurrencies are in the green, led by Solana (SOL), which has been up over 5% in the past 24 hours, and Dogecoin (DOGE), which has been up almost 12%. Other major gainers include Polkadot (DOT), up 4%; Chainlink (LINK), up 5.35%; Bittensor (TAO), up almost 2%; and Render (RNDR), up just over 5%. The overall crypto market cap also registered a substantial increase, rising by nearly 2.5% to $2.29 trillion.

Bitcoin (BTC) Reaches Critical Level

It’s worth noting that Bitcoin (BTC) isn’t the only cryptocurrency experiencing significant growth; Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and others like Avalanche (AVAX) are also seeing gains. As Bitcoin surpasses $65,000, it’s an important moment for BTC, as this is close to the expiration of $5.8 billion in options contracts. The price of $65,000 has been a significant hurdle for Bitcoin, with the cryptocurrency repeatedly testing this level. If Bitcoin breaks through this level, it could trigger a substantial rally; however, if it fails, it might initiate a selloff. Similarly, Dogecoin (DOGE) is also experiencing considerable growth, increasing by over 11%, along with SOL, AVAX, and various other cryptocurrencies.

As reported by Deribit CEO Luuk Strijers, approximately one fifth of Bitcoin options are currently “in the money,” meaning they’re profitable for their holders, in anticipation of this Friday’s expiration. This substantial event could potentially cause a notable impact on the market as traders adjust their trades, according to Strijers. Darius Tabai, CEO of Vertex, also commented on this matter.

Before options expire, the market is expected to fluctuate, as the influence of gamma hedging becomes more prominent near the $60,000 and $65,000 price points.

Solana (SOL) Registers Record Daily Net Inflows

In simple terms, Solana (SOL) is performing exceptionally well among prominent digital currencies. It recently broke through $150 and has seen a 6% rise in the last day. Additionally, it’s experienced significant investment influxes totaling $992 million as per Artemis Terminal data. This surge has allowed Solana to overshadow Ethereum. A positive net flow signifies increased demand, price growth, and appreciation.

Turkey Scraps Planned Crypto Tax

According to Vice President Cevdet Yilmaz’s announcement, Turkey has abandoned its intention to levy a fresh tax on profits from the stock market and cryptocurrencies. Instead, the government will concentrate on lowering existing tax breaks. Yilmaz clarified that as of now, there is no plan in motion to institute a new tax for stocks or cryptocurrencies.

“We don’t have a stocks tax on our agenda. It was discussed previously and fell from our agenda.”

Discussions about a possible tax on stock market transactions surfaced earlier in the year as a means to combat rising inflation. This proposal, however, sparked worry among investors and a decrease in trading activity. Consequently, Turkey’s Treasury and Finance Minister, Mehmet Simsek, indicated that the plan would be reconsidered. Currently, Turkey is grappling with substantial difficulties, as its inflation rate stands at 52%. Yilmaz emphasized that strengthening public finances is crucial for resolving the current fiscal predicament and remains a top priority.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) surpassed $65,000 for the first time since August, spiking investor interest in spot Bitcoin Exchange-Traded Funds (ETFs). BTC peaked at $65,687 as markets reacted to monetary stimulus in both the U.S. and China. The upward trend of BTC began after the Federal Reserve announced a rate cut, marking the first reduction since the Covid pandemic. Instead of the anticipated 25 basis points (bps) cut, the Fed opted for a more substantial 50 bps reduction. Financial analysts anticipate another rate cut following the Fed’s next meeting on November 7.

Instead, let’s consider another way of expressing the same idea: The recent surge in optimism across both traditional and cryptocurrency markets can be attributed to China, where the government is considering injecting approximately 1 trillion yuan ($142 billion) into its largest banks to stimulate economic growth. This announcement caused a substantial price increase, including for Bitcoin. The price rise of Bitcoin has, in turn, sparked renewed interest in spot Bitcoin ETFs. On Wednesday, BlackRock’s IBIT saw inflows totaling $185 million due to increased investments.

Examining the Bitcoin price graph, we notice that BTC encountered substantial obstacles during the weekend and the start of this week. The buyers found it tough to surpass the 200-day Simple Moving Average (SMA) and the $65,000 mark. Additionally, BTC experienced considerable volatility on Monday following a push by buyers that reached a daily high of $64,712, but subsequently lost momentum. This allowed sellers to take charge and drive the price down to a daily low of $62,592. Eventually, BTC stabilized at $63,348 after dropping 0.37%. Buying interest picked up on Tuesday as BTC rose above the 200-day SMA, recording a 1.46% increase and reaching $64,275.

Yesterday, I observed a swift decline in Bitcoin’s price as it fell below both the 200-day Simple Moving Average (SMA) and $64,000, shedding nearly 2% to settle at $63,167. However, the changing market sentiment, fueled by several positive developments, lured buyers back into the market on Thursday. Consequently, Bitcoin surged by 3.19%, overcoming the 200-day SMA and the significant $65,000 threshold to settle at $65,183. Currently, in this session, buyers are holding the reins with Bitcoin up by 0.49% and trading around $65,500. At present, Bitcoin is testing the resistance levels. A breakthrough above $65,000 could potentially ignite a rally towards $70,000. On the contrary, if we see a breakdown from this level, it might trigger a selloff, causing Bitcoin to slide below $60,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) appears to be leaning towards a bullish trend, boosted by robust Exchange Traded Fund (ETF) investments and a favorable funding rate that attracts investors. However, it’s crucial for investors to stay vigilant as a potential correction could occur, given the increase in ETH’s exchange reserves. On Wednesday alone, Spot Ethereum ETFs saw approximately $43 million in net inflows, adding to the impressive total of $105 million over the past two days. This influx suggests a renewed interest in the asset after a period of relatively stable prices. Some investors speculate that the initial subdued performance of Ethereum ETFs might have been due to their launch coinciding with the holiday season.

On Friday, Ethereum (ETH) surpassed its 50-day Simple Moving Average (SMA), reaching over $2,500 and settling at $2,561. Sellers attempted to drag ETH back below $2,500 on Saturday, but it bounced back from the 50-day SMA, resulting in a 2.04% rise to surpass $2,600 and settle at $2,614. Selling pressure grew on Sunday, enabling sellers to lower the price to below $2,600 at $2,583 after a decrease of 1.19%. Yet, buyers responded to the selling pressure as ETH experienced an increase of 2.48% on Monday and rebounded above $2,600 to settle at $2,647. Volatility escalated on Tuesday as sellers tried to push ETH below $2,600, but it recovered after dropping to a low of $2,593 and settled at $2,654 following a minor increase.

On Wednesday, the price dropped significantly to $2,580, decreasing nearly 3%, but bounced back on Tuesday with a rise of over 2% and exceeding $2,600 again to finish at $2,633. In the current trading session, ETH has climbed by approximately 1.22% and is hovering around $2,665. The key support for ETH appears to be building up at $2,500, with buyers aiming to keep it from dipping below this point. Meanwhile, sellers are actively guarding the $2,700 level. If ETH manages to break through this barrier, it may advance towards the critical $2,850 mark.

Solana (SOL) Price Analysis

This week, Solana (SOL) has shown strong bullish momentum following its recovery from the 50-day Simple Moving Average (SMA) on Sunday, when it dipped to a daily low of $141. Subsequently, it surpassed $150 and even breached the 200-day SMA. The opening of this week was marked by significant volatility as both buyers and sellers vied for control, resulting in minimal gains for SOL. However, buying interest spiked on Tuesday, propelling SOL beyond $150 after a 5.50% surge, reaching $152. With the 200-day SMA acting as a dynamic resistance level, SOL saw a reversal and declined by 3.12% to $148 on Wednesday.

On Thursday, Solana (SOL) surged by more than 5%, soaring past the 200-day simple moving average (SMA) and landing at approximately $155. With the $155 mark overcome, SOL now finds itself nearly 2% higher and hovering around the $158 region as it aims for $160. If buyers manage to keep up the pace and propel SOL beyond $160, we may witness a push towards $180 or even $190. Conversely, sellers will attempt to pull SOL back below $160, potentially causing it to slide down again to $150 or even below.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) has broken through the $0.110 barrier, fueled by a shift in sentiment toward bullishness over the last few days. Known as the world’s favorite meme token, DOGE has risen nearly 16% over the past week, an impressive gain even amidst the recent market volatility. To begin the current week, DOGE saw significant fluctuations. However, it concluded the previous week on a bearish note, falling more than 3% on Sunday. Despite experiencing volatility on Monday, DOGE still managed to rise by 1.41%, reaching $0.107. The trend continued on Tuesday with buyers in control, causing DOGE to climb further to $0.110 after a 2.23% increase.

Despite numerous sellers being active on Wednesday, Dogecoin (DOGE) experienced a decline of approximately 1.91% and closed at $0.108. However, on Thursday, as the markets gained momentum, DOGE followed suit, soaring nearly 10% to surpass $0.110 and reach $0.118. In the current trading session, Dogecoin continues to show a bullish trend, with its price increasing almost 5%, moving above $0.120 and currently trading at $0.123.

Ripple (XRP) Price Analysis

Regardless of the positive shift in overall crypto market mood and significant gains by other major cryptos, Ripple (XRP) remains stuck within a range, failing to surpass the $0.60 mark since mid-September. Sellers have managed to prevent any substantial breakout, causing XRP to fluctuate between $0.55 and $0.60 this week. Neither buyers nor sellers have been able to instigate significant price swings in this tight range. The fact that XRP has struggled to breach the $0.60 level suggests persistent selling during rallies, with sellers aiming to push the price under $0.55 and below its 20 and 50-day Simple Moving Averages (SMAs). However, bulls are anticipated to step in to safeguard this level; a fall below here might trigger a drop down to $0.50.

Instead, let’s consider a different way of expressing the same idea: If you look at it from another angle, investors will try to push the price above $0.60. A leap beyond this point might lead XRP to reach $0.64. As you can see in the graph, sellers made an effort to pull down XRP below its moving averages on Thursday, but buyers successfully blocked a drop and propelled XRP to $0.59 after a 1.22% increase. In this current trading session, buyers and sellers are engaged in a battle to gain control, with XRP showing a slight decline.

Bittensor (TAO) Price Analysis

AI-related tokens have experienced significant growth over the last week, with Bittensor (TAO) spearheading this trend. At one point, TAO soared nearly 90%, marking a remarkable rise from its low of $282. Although its pace has slowed, TAO continues to be up by approximately 35% over the week, as its price escalation was temporarily halted due to resistance at the $560 price point. As illustrated in the graph, TAO kicked off the week on a highly optimistic note, skyrocketing almost 15% and reaching $540 after peaking at $582. With robust resistance around $560, buyers started losing steam due to intense selling. Eventually, TAO recorded a minor increase of 1.71% and settled at $550.

On Wednesday, buyers made an effort to surpass $560 but failed, eventually retreating after reaching a peak of $582. At the end of the day, TAO closed at $552, recording minimal growth. Sellers dominated the market on Wednesday, guiding TAO to its lowest point of $503 for the day. However, buyers managed to prevent a fall below $500 and rebounded the price, causing TAO to close at $529 after a decrease of 4.09%. In the current session, TAO is almost 3% higher, as buyers have once again blocked an attempt to break through the resistance at $560.

Render (RNDR) Price Analysis

This week, Render (RNDR) has shown strong optimism and is attempting to break past $6.50. The bullish outlook grew following a rebound from a low of $4.62 on September 17. Over the course of the ensuing rally, RNDR surpassed its 20-day and 50-day moving averages, climbing to $5.62 by the weekend. The new week started with RNDR experiencing a significant jump of over 10%, propelling it above $6 and settling at $6.20. On Tuesday, there was an increase in selling pressure that pushed the price down to $5.95. However, buyers managed to push the price back above $6, causing RNDR to close at $6.25 after a 0.89% increase.

On Wednesday, sellers gained dominance, causing RNDR to plummet by about 5.48% to reach $5.91. However, it swiftly recovered on Thursday, surging nearly 7% and climbing back over $6 to end at $6.30. Currently, in the ongoing session, TAO is rising by almost 1%, trading around $6.37. Buyers aim to push RNDR beyond $6.50, and if it breaks this level, the price might escalate to $7. Conversely, sellers are trying to force RNDR down below $6. If successful, the price could tumble to either $5.80 or $5.50.

2024-09-27 15:11