As a seasoned crypto trader with years of experience under my belt, I’ve seen market swings as dramatic as a roller coaster ride. Let me break down the current price analysis for Ripple (XRP), Render (RNDR), and Dogwifhat (WIF).
Today, Bitcoin (BTC) dipped as low as $60,300, largely due to intensifying conflicts in the Middle East causing unease in both cryptocurrency and traditional markets. In the past 24 hours, BTC has dropped nearly 4% since Iran’s attack on Israel. This drop brings Bitcoin back close to its value before the Federal Reserve’s announcement of a rate cut, indicating that it has mostly lost the gains made after this announcement.
Over the last 24 hours, I’ve noticed significant losses across various cryptocurrencies I hold such as Solana (SOL), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Toncoin (TON), and a few more. This has led to a decrease in the total crypto market cap by approximately 4.50%, now standing at around $2.16 trillion.
Investors Retreat To Safe Haven Assets
Bitcoin (BTC) experienced one of its largest drops in almost a month due to escalating tensions in the Middle East, causing a steep decline in riskier assets like cryptocurrencies. The price of BTC plummeted to $60.168, marking one of its more substantial decreases since September 6. Similarly, Ethereum (ETH), Dogecoin (DOGE), and Avalanche (AVAX) also saw significant drops. This decline took place as investors moved towards safer investments, causing bonds, oil, gold, and the US Dollar to surge. Cryptocurrency supporters have often argued that BTC shares qualities with an uncorrelated asset like gold.
Regarding Bitcoin, it’s often seen as a new, worldwide financial option. It’s scarce, accessible everywhere, managed without a central authority, and not tied to any specific nation. What makes it unique is its absence of country-related risks and the absence of potential default by another party (counterparty risk).
In the last 24 hours, US stocks experienced a significant drop, while oil prices surged sharply. Data from CoinGlass indicates that more than $250 million in futures positions have been liquidated across all major cryptocurrencies. Yesterday, ETH was trading above $2,600, but it has since fallen below $2,500. Similarly, Solana (SOL) dropped below $150. Despite this, some analysts remain optimistic about BTC and other digital assets, suggesting that the impact of war news on prices is usually not long-lasting.
BlackRock CEO Issues Warning
As an analyst, I’m adjusting my outlook in response to Larry Fink’s advice for the market to moderately curb anticipation regarding a potential Federal Reserve interest rate reduction. On the other hand, analysts are predicting that China’s central bank will unleash a massive wave of liquidity into their economy.
The steepness of the predicted increase is astonishing. While I think there’s potential for further decreases, it shouldn’t be as drastic as the projected trend suggests.
Experts and financial backers estimate that there’s approximately a 33% likelihood the Federal Reserve will lower interest rates by another half of a percentage point in November, and could reduce rates by 1.90 percentage points by the close of 2025. The financial markets were taken aback by the Federal Reserve’s move to reduce interest rates by half a percentage point in September, marking the first such reduction since the pandemic. This action is anticipated to initiate an easing of monetary policy that might stimulate assets correlated with risk, such as Bitcoin.
Japan Considering Changes To Crypto Rules
It seems that Japan is contemplating modifications in its crypto regulations, aiming to evaluate their impact over the coming months. This review might pave the way for the introduction of crypto Exchange-Traded Funds (ETFs) within the country. The examination will focus on updates in the financial sector brought about by digital assets, and it will be based on the Payments Services Act that was enacted in 2009. This law acknowledges Bitcoin (BTC) and other cryptocurrencies as legitimate possessions and necessitates cryptocurrency trading platforms to register with Japan’s Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations.
The Financial Instruments and Exchange Act (FIEA) of Japan plays a significant role in regulating digital assets. The Japanese Financial Services Agency (FSA) is working to ensure that these rules adequately protect investors, given that Japanese traders primarily use cryptocurrencies as investments rather than for transactions.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has experienced a substantial drop in the last few trading periods due to heightened conflicts in the Middle East causing market turbulence, leading investors to seek secure assets instead. This dip means BTC has lost nearly 4% of its value over the past day. The recent fall almost erases all the gains BTC made after the Federal Reserve announced their rate cut. Furthermore, US Bitcoin ETFs saw a withdrawal of more than $240 million, ending an eight-day streak of deposits. According to CoinGlass data, Bitcoin recorded over $140 million in liquidations, with $126 million from long positions and $16 million from short positions being closed out.
Over the past week, Bitcoin (BTC) displayed a strong bullish trend, surpassing $65,000 on Thursday following a 3.19% surge. Though buying interest decreased on Friday and Saturday, BTC still managed to gain 0.95% and 0.12%, respectively. However, the buying momentum faded on Sunday as BTC dipped into the red, losing 0.38% to close at $65,634. The bearish trend strengthened on Monday when Bitcoin failed to maintain its position above $65,000, causing a 3.46% drop and falling below the 200-day Simple Moving Average (SMA) to $64,365. BTC buyers made an attempt at recovery on Tuesday, briefly regaining the 200-day SMA, but ultimately failed to sustain the momentum.
In response to mounting unrest in the Middle East, traders shifted their focus towards secure investments such as gold. This shift caused a significant decline in Bitcoin (BTC), which dropped by nearly 4% and fell below its 20-day Simple Moving Average (SMA), settling at $60,873 after briefly dipping to $60,205. However, the current trading session shows BTC increasing by 1.55%, currently hovering around $61,700. Traders have been buying the dip around $60,000. The $60,000 level provides strong support for BTC, and buyers aim to keep it above this point. If the price falls below this level, sellers may push it down to $55,000. Buyers will strive to regain the 20-day SMA and surpass the $65,000 mark again.
Ethereum (ETH) Price Analysis
Similar to Bitcoin, Ethereum (ETH) experienced a significant drop after increasing turmoil in the Middle East caused it to break through a crucial support level and fall below $2,500. Despite a relatively optimistic week prior, ETH saw gains of 2.01% on Thursday and 2.39% on Friday, ending at $2,696. However, ETH encountered a significant resistance barrier at $2,700, a level it had failed to surpass in the past. The buying momentum waned after reaching this hurdle, causing ETH to slip back into negative territory on Saturday, losing 0.73% and falling to $2,677. Selling pressure persisted on Sunday, leading to another decline of 0.59%, bringing ETH down to $2,659.
On Monday, there was a strengthening of negative sentiment towards Ethereum (ETH) as it started the week with a 2.10% decline to $2,603. Analysts anticipated that ETH would maintain its position above this point, but the crypto market experienced a significant downturn on Tuesday, exacerbated by the escalating crisis in the Middle East. This led to a near 6% drop for ETH, causing it to fall below both the 20 and 50-day moving averages and the $2,500 mark, reaching $2,449. However, during the current trading session, ETH has risen by 1.41% and is now at $2,479. In the near future, buyers will aim to regain the $2,500 level. If Ethereum continues to rise, we might see an effort to reclaim $2,600 and move towards $2,700.
Solana (SOL) Price Analysis
Over the past few days, Solana (SOL) dipped below $150 due to growing pessimism in the crypto market, causing most significant altcoins to experience a significant drop. However, on Thursday, SOL surpassed its 200-day Simple Moving Average (SMA) with a 5.14% increase, propelling it past $150 and up to $155. Despite escalating selling pressure, SOL continued to climb higher on Friday, recording a 1.37% rise and reaching $157. The weekend showed a varied performance by SOL as it fell by 0.58% on Saturday before rebounding on Sunday, ending the day at $158 following a 1.10% increase.
This week started off with Solana (SOL) dipping beneath its 200-day Simple Moving Average on Monday following a nearly 4% decline that took the price down to $152. The selling pressure intensified on Tuesday when SOL dropped almost 5%, falling below $150 and ending the day at $145. Sellers pushed SOL to a daily low of $142 before it bounced back above its 20-day SMA, settling at $145. Currently, SOL is up by about 2% and hovering around $147. Bulls aim to regain the $150 level, and if the trend continues positively, they may push towards $160. Conversely, bears are aiming to drive SOL below $140. If this support is broken, SOL could slide down to $130.
Dogecoin (DOGE) Price Analysis
Over the past 24 hours, I’ve noticed a nearly 9% dip in my Dogecoin (DOGE) investments due to market turbulence following recent geopolitical events. Interestingly, DOGE was showing signs of growth until the weekend, although it was quite volatile, with sellers capitalizing on rallies. Despite this volatility and the pressure to sell, DOGE managed to climb above $0.125 on Saturday and settle at $0.128. However, the bearish trend resumed on Sunday as selling pressure intensified, causing DOGE to drop by almost 3% and close the weekend at $0.124. The selling pressure only increased on Monday, with DOGE plummeting by 8.33% to reach $0.114. On Tuesday, buyers made an effort to recover, pushing DOGE up to a daily high of $0.119. Yet, with the overall market conditions turning bearish, sellers managed to regain control and push the price back down.
Due to some factors, Dogecoin (DOGE) dropped below $0.110 and its 20-day Simple Moving Average (SMA), reaching a low of $0.102. However, it later bounced back and is now at $0.107, representing a decrease of about 6.38%. In this ongoing session, DOGE has risen by 1.68%, as investors aim to push the price back towards $0.110.
Ripple (XRP) Price Analysis
On Tuesday, Ripple (XRP) dipped to its $0.58 support due to a broader crypto market downturn. Previously confined within a narrow range since September 14, XRP surged past $0.60 on Saturday following a 4.41% growth and reaching $0.61. The bullish momentum continued into Sunday, with buyers driving the price up to a daily peak of $0.66. However, with sellers active at this level, the price retreated to $0.64, registering a 4.29% increase.
In my analysis as a researcher, I noticed that on Monday, buyers made an effort to drive the price of XRP above $0.65 but failed to do so. As buyer enthusiasm waned, sellers capitalized on this lull and drove down the price of XRP by 4.58%, settling it at $0.61. The following day, XRP showed considerable volatility, reaching a high of $0.63 and a low of $0.57 before closing at $0.59, representing a decrease of 2.43%. Currently, the session shows XRP gaining 0.70%, aiming to regain the $0.60 price level. If buyers can gather momentum, we might see XRP pushing back towards $0.65. Conversely, sellers will aim to keep XRP below $0.60 and potentially push the price down to $0.55.
Render (RNDR) Price Analysis
As an analyst, I observed a significant surge in Render (RNDR) prices on Friday, pushing it above $6.50 and peaking at $6.69, as bullish investors aimed for $7. However, encountering solid resistance at higher price levels, RNDR experienced a dip on Saturday, falling by 2.40% and struggling to maintain its position above $6.50. A recovery was seen on Sunday, with a 2.08% increase that brought the price back up to $6.67. Yet, the optimism waned again on Monday as RNDR dropped by 3.43%, sliding below $6.50 and settling at $6.44. The bearish trend intensified on Tuesday, largely due to unfavorable market conditions and geopolitical factors.
Consequently, RNDR experienced a decline exceeding 10%, reaching its daily low at $5.55 before slightly regaining ground to close at $5.79. Presently, RNDR has risen by 3.27%. Investors aim to maintain RNDR above the $6 mark and the 20-day Simple Moving Average (SMA). Dropping below these levels could indicate a resurgence of heavy selling. On the contrary, investors hope to keep the price above $6 and reattempt the $6.50 resistance level.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) is aiming to challenge the resistance at $2.50 again, bouncing back after a tumultuous and bearish Tuesday. Last week, WIF showed tremendous bullish momentum, recording significant gains and surpassing critical resistance points. It peaked at $2.42 on Friday, but heavy selling pressure at this level and heightened volatility caused the price to dip. By the end of trading, WIF closed at $2.26, marking a 2.72% increase. However, sellers tried to push WIF below the $2.20 support level on Saturday, but their efforts were thwarted as buyers took control and drove the price up by 4.68%, closing the day at $2.37.
On Sunday, WIF experienced a substantial surge in fluctuations, peaking at $2.57 and dipping to $2.25 before closing at $2.45, marking an increase of 3.43%. The ongoing week has been marked by volatile trading as both buyers and sellers vied for control. By the end of the period, WIF saw a slight rise and closed at $2.46. However, Tuesday brought another wave of volatility to the market, causing WIF to drop by 6.40% to $2.30. Currently, WIF is up more than 5% and trading near the $2.42 level.
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2024-10-02 14:08